LeTechs Forex Blog - Forex & Gold Technical Analysis on 1st November 2016

01 Nov

Forex & Gold Technical Analysis on 1st November 2016

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Daily Technical Analysis on 1 November 2016

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

EURUSD

The dollar recovered on last day following a sharp drop last week caused by renewed FBI interest to US president candidate Hillary Clinton. The euro gave up its fresh gains and jumped lower on yesterday. Sellers pushed the value from 1.0992 towards 1.0950 levels where the pair met a barrier and slowed down its decreases for a while. The pair broke the level before US session open and moved towards 1.0900 levels.

The moving averages extended reduces in the 4HRchart. The price rebound from the 100-EMA and drive towards the 50-EMA in the same chart. The resistance finds in 1.1000 levels, the support remains in 1.0950 levels. MACD is in the positive zone. The RSI moved downside direction. The bearish tone stands intact. A downtrend will begin as soon, as the pair fell down to the support level of 1.0900.

GBPUSD

According to the latest news, Mark Carney will deliver a full term through 2021. The news slightly promoted the sterling which declines eventually. The released statistics did not support the pound which sustained to move lower. The pair remained in a horizontal position on yesterday. The price moved lower from previous week high and comes into the range. The pound cleaned the Friday’s recovery growth among renewed dollar buying interest.

The moving averages keep moving lower the 1HR chart. The price cracked the 50 and 100 EMAs and leads lower in the 1HR chart. The resistance seen at 1.2200 levels, the support comes at 1.2100 levels. MACD is in the negative region which indicates the seller’s spot strengthening. RSI stays nearly to the oversold region.

USDJPY

The BoJ started its 2-day meeting on yesterday. Markets expect the controller to handle its policy unchanged. The dollar stands around multi-week highs among volatility around the US presidential election. The pair remained in bulls' hands on last day. The price trended higher, twisting few losses last week. Traders forced the price upwards towards 105.00 levels which appeared a solid barrier on its path upwards as a result the level slowed down the pair recovery.

The moving averages handled their bullish slope. The price smashed the 50-EMA and tested the 100-EMAs in the 1HR chart. The pair lost to drive lower and bounced upwards from the 100-EMAs in the 1HR chart. The resistance currently appears in 105.50 levels, the support finds in 105.00 levels. Indicator MACD histogram grew which signs a buy signal. RSI oscillator remained within the overbought area.

XAUUSD

The yellow metal prices moved lower on yesterday staying around four-week high before the Fed meeting results and among rising volatility over US president election. Furthermore, a growing dollar weighed on the Gold quotes. The pair unlocked on a weaker note on last day. The metal lost to extend its gains following the Friday’s rally. Earlier week upward momentum failed its strength and the pair turned to the downward direction. The value surrounded the level of 1270 in the mid of the European session and remained there ahead of the US session.

Buyers failed to restore the 200-EMAs which ignored the pair downwards. The value moved towards the 100-EMAs and clogged a few pips above the moving. The resistance appears in 1280 levels, the support stands in 1270 levels. MACD stayed at the same level which confirms the seller’s growth. RSI indicator remained within the oversold region.

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