Daily Technical Analysis on 1st December 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro strengthened on last day among positive Euro-zone data. Retails Sales in Germany shows growth, Unemployment Rate coincided with trader’s forecast. Still, a solid US unemployment data together with Personal Income report wiped out all its growth. The pair traded around fresh highs on yesterday. Bulls made a struggle to reclaim the level of 1.0650 in the yearly trades but lost as the level was together defended by sellers support. The value forced away from the level & fell under the level of 1.0600. The pair smashed the 50-EMAs & hovered regarding it throughout the European session in the 4HR chart.
The moving averages handled their bearish slope. The resistance finds at 1.0600 levels, the support comes at 1.0550 levels. The MACD histogram reduced which hints the seller’s power. Indicator RSI trended downsides. A crack of 1.0650 levels might trigger the upcoming leg of upside movement for the pair, buyers might advance the prices to 1.0700 levels.
The blank UK calendar turned investors focal point to the US data & OPEC meeting conclusion. The US Employment data promotes the dollar & weighed on the pound. Traders kept the value in a horizontal position on yesterday. The pair comfortably traded over the 1.2500 levels, being helpless to place short-term direction throughout the 1st part of the day. Sellers forced the price lower in the Europe session. The pound sharply fell to the lower limit of the area.
The GBPUSD stands above the moving averages in the 4HR chart. The moving averages styaed neutral. The resistance remains in 1.2500 levels, the support seems in 1.2400 levels. All the technical indicators MACD & RSI stands neutral. Inability to smash 1.2500 levels put bullish plans on hold. The value might bounce of the level & touch 1.2400 levels in the next sessions.
The yen weakened across the dollar among the poor Industrial Production release. Moreover, the positive US statistics promotes the greenback. The dollar was solid on yesterday, trading close to the local high against the yen. After improving from 112.00 levels to the pair faced a strong barrier at 113.00 levels & struggled tough to crack it during the European session. Bulls smashed the level before the US session opening & trended towards 114.00 levels.
The value broke the 50-EMAs & 100 EMAs in the 1HR chart & remained above them throughout the day. The 50, 100 & 200 EMAs were directing much higher. The resistance levels will be at 114.00, the support levels will be at 113.00. The MACD histogram grew which hints buyer’s growing strength. Indicator RSI moved upside directions. A lost to break over the 113.00 levels risks a slide to 112.00 levels. A jump below 112.00 levels might ease the buying pressure now, unlocking the path to additional losses towards 111.00 levels.
The yellow metal weakened on the rear of the positive US data & due to anticipations of the rate hike action by the Fed this month. The metal values stayed restricted within a trading range around 1190 levels in the European session. A try to take out the level lost. After reviving a daily high at 1193 levels the value drived below the level where it spent the whole day. The value broke the 50-EMAs & 100-EMAs in the 1HR chart in previous trades. Still, the metal lost to extend its growth & comes back under the lines post-Europe session open. The moving averages handled their bearish slope.
The resistance appears in 1180 levels, the support stands in 1170 levels. The indicators little bit modified from previous day. MACD stayed in the negative region. RSI jumped downside directions. Any moment above the quick resistance would boost chances of testing the levels of 1200. A lost test of the 1190 barrier might impact additional extension towards 1180 levels & 1170 levels.