LeTechs Forex Blog - Forex & Gold Technical Analysis on 21 October 2016

21 Oct

Forex & Gold Technical Analysis on 21 October 2016

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Daily Technical Analysis on 21 October 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & XAUUSD.

EURUSD

The pair remained unmoved following the ECB left its monetary stance unchanged. The price handled its bearish tone on yesterday. The EURUSD stays around its fresh lows during the day. The euro little bit strengthened towards 1.1000 before the US session opening. The 50-EMAs limited the euro recovery in the 1HR chart. The moving averages of 50, 100 and 200 maintained their bearish trend. The resistance comes in 1.1000 levels, the support remains in 1.0950 levels. MACD remained at the equal level which sure the strength of sellers. RSI oscillator is consolidating within the negative territory.

GBPUSD

The pound edged lower on last day after the unexpected Retail Sales publish. The pair remained close to its recent highs, consolidating its growth. The pound traded horizontally, staying within a stiff range between 1.2300 - 1.2260 levels. The prices jumped downside from the upper limit of the range towards its reduced boundary throughout the day.

According to the 1HR chart, the price is sandwiched between the 50EMAs and 200 EMAS. All moving averages of 50, 100 and 200 are neutral in the 1HR chart. The resistance seen at 1.2300 levels, the support finds at 1.2200 levels. MACD indicator is at the centerline histogram which enters the negative zone that will hint sellers’ growing strength. If MACD comes back into the positive zone the buyers will take the market control. RSI moved towards the oversold region.

USDJPY

The USDJPY edged superior on growing expectations over the Fed's monetary policy act. The pair remained in a wide sideways channel in the 4HR chart. The value touched the lower limit of the range on day-before-yesterday and bounced upwards following test it. Bulls were adept to reverse most of its recent losses on last day. The pair was adept to escalate up to 103.75 before US session opening.

In the 4HR chart, the price met a solid barrier in the 103.00 levels, around the 100-EMAs which ignored the pair upwards. The pair comes above the 50-EMAs and stands there during the day in the 4HR chart. The resistance can be found at 104.00, the support comes in at 103.00. MACD remains negative grew which hints the seller’s spot weakening. RSI indicator bounced off the oversold region.

XAUUSD

Gold prices remained close to the two-week highs as speculations over Fed rate-hike sustained. Technically, the short-term outlook is modestly bullish. The recovery from 1260 levels hammered at the 1270 level which holds aggression of bulls. The pair traded in a narrow sideways range of 50 pips or less throughout the session. The 100-EMAs limit yellow metal additional strengthening in the 4HR chart. The 50-EMAs remain neutral, the 100 and 200 EMAs are moving much lower.

The resistance currently in 1270 levels, the support comes appears in 1260 levels. MACD stands at the same level which confirms the strength of buyers. RSI indicator is consolidating within the positive territory. The trend is still positive in the market. Should metal prices leads beyond the 1270 level, the rally can too long in the short term up to 1280 levels. A drive under the level will ease buyer’s spot, giving them a chance to jump the value to the monthly lows.

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