LeTechs Forex Blog - Forex & Gold Technical Analysis on 25 October 2016

25 Oct

Forex & Gold Technical Analysis on 25 October 2016

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Daily Technical Analysis on 25 October 2016

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

EURUSD

The pair strengthened on the rear of solid Services PMI in the EU on yesterday. The pair unlocked on a weaker note on last day. The value remained close to last week low during the day. The EURUSD bounced off the border of the oversold area and reversed its few losses in the European session. The value grew to 1.0900 where the upward momentum faded.

In the 1HR chart, the price remained under the moving averages which are all directing lower. The resistance lies in 1.0900 levels, the support remains in 1.0830 levels. MACD chart little bit modified from previous week grew which indicates the seller’s spot weakening. RSI indicator sustains consolidating within the oversold region. Overall outlook remains Bearish.

GBPUSD

The pound remained below in pressure due to an absence of market movers and a stronger dollar. The neutral phase that began a week ago is yet intact. The pair traded in the mid of the stiffs range between 1.2300 - 1.2200 levels. The price regained to 1.2250 levels in the European session where the upward lane faded as the pair bumps into bear's resistance.

In the 1HR chart shows that the pound cracks the 50-EMA and pierced 100 EMAs. The price tackled with bearish 100-EMAs during the day. The 50, 100 and 200 EMAs are moving lower the 1HR chart. The resistance seen at 1.2300 levels, the support stands at 1.2200 levels. MACD indicator is at the centerline histogram which moves into the positive zone that will indicate buyers increasing strength. If MACD comes back into the negative zone the sellers will take the market control. RSI remains neutral.

USDJPY

The yen strengthened after the positive Trade Balance report and Manufacturing PMI for this month. The USDJPY stays under pressure in the mid-European session. The pair again lost to smash above 104.00 and recover below the level. The value was in-between the mark levels of 103.70 and the 104.00 levels on yesterday. The 50-EMAs provided a strong support for the pair. The value tested the line and bounce upwards in the 4HR chart. The 50, 100 and 200 EMAs are driving upwards.

The resistance currently appears in 104.60 levels, the support comes in 104.00 levels. MACD indicator is at the centerline histogram which moves into the negative zone that will indicate seller’s gaining strength. If MACD comes back into the positive zone the buyers will take the market control. RSI stands in the neutral region. USDJPY scenario was Bullish stayed above 103.00 levels.

XAUUSD

Gold prices slightly modified on last day. The US dollar was strengthening sustained weighing on the pair. Our short-term debates are negative. The pair traded in a tight range between 1262 - 1266 levels on yesterday. Prices attempt with the 1260 level which is defended by buyers currently. According to 4HR chart, the price is between the 50 and 100 EMAs. The 50-EMA remains neutral but the 100 and 200 EMAs slowed down their reduces.

The resistance finds in 1270 levels, the support stays in 1260 levels. MACD remained at the equal level which confirms the seller's increase. RSI indicator stands in neutral. A clear break under the levels of 1260 will extend the yellow metal losses towards 1250 levels. Alternatively, the price might sustain struggling with the 1270 level. If achieved, the metal will grow to 1275 levels.

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