Daily Technical Analysis on 24 November 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro weakened on the rear of solid dollar. The dollar was solid before FOMC minutes. Also, the possible rate hike by the Fed promotes the US currency. The euro sustained to lose its value on yesterday. The value slightly regained & tested the 1.0650 levels in the Asian session. The downward pressure expanded before the Europe opening when the value sharply fell towards 1.0600 levels.
The pair crack the 50 EMAs & 100 EMAs in the 1HR chart. The lines shown to be a tough nut to breaks & the pair faced rejection just following test the moving averages. The 50-EMAs neutral although the 100 EMAs & 200 EMAs handled their bearish slope in the 1HR chart. The resistance finds at 1.0600 levels, the support comes at 1.0550 levels. MACD histogram declined which hints the seller’s strength. Indicator RSI leads south which confirms the downward movement now. Bears will still in the mover’s seat until the level 1.0650 holds. The level 1.0550 we shows as the upcoming intraday promote & probable bearish target. Alternatively, a cracks over 1.0650 levels will trigger the coming leg of upward drives for the pair.
A solid dollar weighed on the pound which remains weak amid the Brexit concerns. Sellers sustained to dominate on lastday. Traders surrounded the support levels of 1.2400 overnight & smashed below it with Europe session opening. After cracaking the level sellers moved the price lower towards its quick support at 1.2300 levels.
The value bounced off the 100-EMAs & drive towards the 200-EMAs in the 4HR chart. The 50 & 100 EMAs are twisting downside although the 200-EMA remians neutral in the 4HR chart. The resistance finds in 1.2400, the support comes in 1.2300. MACD histogram decreased which hints the seller’s strength. RSI oscillator jumped downside directions. If the pair consolidates under 1.2400 levels we forecast its additional extension towards 1.2300 levels.
Japanese stocks were blocked among Labor Thanksgiving Day. The market was below in the external factors influence. The ascending channel pattern remains intact. After touching the level of 111.00 buyers took a pause & sustained driving higher in the mid-European session. The pair smashes the 111.00 levels & moved to 112.00 levels. Having tested the level of the values trended towards 113.00 levels.
The value spent the day over the 50-EMAs in the 1HR chart. The 50-EMA remians neutral although the 100 and 200 EMAs are heading higher. The resistance levels will be at 113.00 levels, the support will be at 112.00 levels. MACD indicator is at the centerline. If the histogram moves into the negative region, that will indicate seller’s growing strength. If MACD comes back into the positive region the buyers will take the market control. RSI stayed within the overbought area. Inability to extend additional gains might increase risks for a much-needed alteration. In this picture sellers might lead values towards 109.00 levels through 110.00 levels. If the upward pressure persists we will consider the test level 113.00 soon.
The dollar bolster among solid Durable Goods Orders & Housing Price Index. The fresh US data weighed on the gold prices. In terms of technicals the bearish trend stayed intact. Markets were calm before the bunch of US data. The yellow metal prices were not adept to record any meaningful recovery on previous day & sustained consolidating within a narrow band close to previous week lows. A fresh seller’s attack forced prices lower. The pair broke 1200 levels & tested 1190 before US session opening. The price spent the day under the moving averages in the 4HR chart. The moving averages kept driving lower. The resistance finds at 1200, the support stands at 1190 levels. The chart slightly modified from last day. The indicators MACD & RSI remains recommend short positions. A breakout of 1210 levels would target us for 1200 levels. A daily close over 1220 levels might provides fresh bullish signal for further lead towards 1230 levels.