LeTechs Forex Blog - Daily Forex & Gold Technical Analysis on 8th November 2016

08 Nov

Daily Forex & Gold Technical Analysis on 8th November 2016

admin Forex Technical outlook 0 Comments

Daily Technical Analysis on 8th November 2016

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

EURUSD

The euro got under pressure among a negative Factory Orders in Germany. The US elections dominated the market sentiment. The pair gapped lower at the start on yesterday. The price jumped lower after the gap and smashed the level 1.1100. After breaking the 1.1100 level the euro widened its losses towards its quick support at 1.1050. After testing this mark level the downside momentum faded, the natural currency little bit rolled back.

The 200-EMA clogged the further euro weakening denying the price upwards. The 200-EMA remains neutral, although the 50 and 100 EMAs are moving upside. The 50-EMA crossed the 100-EMA upwards. The resistance finds at 1.1000 levels, the support comes at 1.1050 levels. MACD decreased which hints the buyers’ spot weakening. RSI moved downwards.

GBPUSD

Positive House Prices index promoted the pound and slowed down its decrease on last day. The pound gave up its fresh highs and moved lower on yesterday. The price gapped lower in the Asian session and widened its losses throughout the European time. The value pierced the 1.2400 levels but lost to regain it. After testing 1.2400 levels the price little bit rolled back.

The pair cracks the 50-EMA and stopped its decrease at 100-EMAs in the 1HR chart. The 50-EMA is twisting downwards although the 100 and 200 EMAs keep moving upwards on the 1HR chart. The resistance seen at 1.2500 levels, the support stays at 1.2400 levels. MACD decreased which hints the buyers’ spot weakening. RSI indicator moved downwards.

USDJPY

The BoJ and Fed's did not release anything interesting previous week. Japanese investors are unlikely to take any move until the US elections end. Besides, but oil prices recent drop might drag the pair even lower. The pair gapped higher at the starting of the day. The pair jumped from 103.13 levels to 103.74 levels. Following the gap traders forced the value higher. The buyers handled to advance the price from 103.74 levels to 104.50 levels where the upwards movement faded. The price stands at the level till the US session.

The dollar moved over the moving averages in the 4HR chart. The 50, 100 and 200 EMAs are turning upside. The resistance currently at 104.50 levels, the support stands at 104.00 levels. MACD grew which indicates the sellers’ spot weakening. The RSI indicator is close to the overvalued region, favoring a move lower.

XAUUSD

The yellow metal prices weakened among risk-off sentiment increase. The dollar gained when FBI stated that they did not find any criminal activity from the Democrat candidate Hillary Clinton. Buyers tried 3 times to smash over the 1310 levels but lost. The market switched the tone to bearish soon following that. The yellow metal prices lost floor and headed lower. Sellers forced the price from 1300 levels towards 1280 dollars per ounce. The value blocked a few pips over the level post-European session open and constant its decline during the US session.

The neutral 200-EMAs clogged the further pair leads in the 4HR chart. The 50-EMA is crossing the 100-EMA upwards. The resistance appears in 1290 levels, the support comes in 1280 levels. MACD indicator is at the centerline. If the histogram moves into the negative zone, that will indicate seller’s growing strength. If MACD comes back into the positive zone, the buyers will take the market control. Indicator RSI approached the oversold region.

Previous Next