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

02 Dec

Daily Forex & Gold Technical Analysis on 1st December 2016

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Daily Technical Analysis on 1st December 2016

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

EURUSD

Manufacturing PMI in EU shows positive results although the same PMIs in Germany & France depressed markets. The dollar rejected the negative US labor market data & handled its upward trajectory on the rear of growing oil prices. The pair had a clear day on last day. Having construct a local bottom over 1.0600 levels the usual European currency bounced to 1.0625 levels. The value hovered over the 1.0600 levels maintain throughout the European hours, handling its neutral posture.

The value grew & cracks the 50-EMA on its path upwards in the 4HR chart. The pair stayed under the 100-EMAs & 200-EMAs in the 4HR chart. The 50-EMA remains neutral while the 100 & 200 EMAs handled their bearish slopes. The resistance finds in 1.0650 levels, the support comes in 1.0600 levels. MACD indicator was at the centerline. Indicator RSI stands within the neutral region.

GBPUSD

The pound boundary higher on yesterday despite a poor Manufacturing PMI. The sterling strengthened among a scenary of USD weakness. The bullish aspects are getting more famous in the market. The pound continued its recovery after forcing abroad from 1.2400 levels handle. The pair smashed 1.2500 levels in yearly trades & sustained advancing upside afterwards. Buyers mounted over the 1.2600 before the US session opening.

The value rebound the 50 EMAs & 100 EMAs and moved upside in the 4HR chart. All moving averages conferred moderately bullish slope in the 4HR chart. The resistance remains at 1.2700 levels, the stays at 1.2600 levels. The MACD histogram grew which hints buyer’s strength. RSI oscillator remained close to the overbought levels, supporting a fresh move higher. The value is anticipated to roll back following the last day’s rally. We consider the pair might comes back into 1.2500 levels in the next sessions.

USDJPY

The dollar grew to nine months high across the yen on the rear of the solid US data. Still, the yen got a slight promotes from Japanese Manufacturing PMI. The bullish views stayed intact on last day. The pair remains around its latest highs throughout the day. The upsides momentum faded over the 115.00 levels. Being together defended by bulls the level ignored values to the 114.00 levels of support zone. The moving averages little bit modified from Thursday.

The resistance lies at 115.00, the support stands at 114.00. Indicator MACD stays at the same level which confirms the buyers growing strength. The RSI indicator is within the overbought region. The overall scenario remained bullish.

XAUUSD

The yellow metal prices little bit recovered following a latest decline to 10-month low. A weak dollar retracement supports the metal to reverse few losses. Still gold regain was limited due to solid expectations of the Fed hike action this month. Overall technical outlooks remained bearish. The metal met a barrier over 1160 levels & bounced off it. The value regained to the 1180 levels where the upside momentum lost its strength before the European session opening. The metal prices suffered a near lived downside movement & drived to 1170 levels in the mid-European trades.

According to the 4HR chart the value sustained developing well under the moving averages which handled their bearish slope. The resistance appears in 1180 levels, the support seems in 1170 levels. MACD stands at the same level which supports the strength of sellers. The RSI indicator sustained consolidating within the oversold area. We believe to see renewed bearish force of the pair. The upcoming levels to aim is 1160 levels.

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