LeTechs Forex Blog - Daily Forex & Gold Technical Analysis on 7th December 2016

07 Dec

Daily Forex & Gold Technical Analysis on 7th December 2016

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Daily Technical Analysis on 7th December 2016

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

EURUSD

GDP upbeat in Eurozone together with Factory Orders in Germany promotes the single currency on yetserday. After Renzi's resignation an interim government will probably work rather in Italy. A new Italian Government is likely to be elected in 2017. The EURUSD switched its trend to negative on last day. Buyers takes hold following an impressive rally on start of the week & consolidated their growth. After posting a session high at 1.0785 levels, the pair twisted lower & wiped out its few recent gains. The pair broke 1.0750 levels & moved towards 1.0700 levels before the US session.

According to the 4HR chart the value tested 200 EMAs & rebound downside quickly after the testing levels. The 200 & 100 EMAs pointed lower, although 50 EMAs drives higher. The resistance seen in 1.0750 levels, the support finds in 1.0700 levels. The MACD histogram jumped lower which hints buyer’s strength weakening. The indicator RSI left overvalued region.

GBPUSD

Despite the empty macro-economic news for the pound handled its bid tone on yesterday. The pound extended its bullish tone & regained 2-month highs on last day. Having broken levels of 1.2700 the pair was adept to grow to 1.2770 levels where the value remained during the full day. The pair hovered over the moving averages in the 4HR chart. Moving averages all directed much higher.

The resistance comes at 1.2800 levels, the support appears at 1.2700 levels. MACD stayed at the same level which sures the buyer’s strength. We also considered MACD divergence in the 1HR chart. Indicator RSI remained within the overvalued areas. If the pound regain its bid tone we expect the pair will grow to 1.2800 levels. Alternatively, a downtrend will begin as soon, as the pair fell under the support level of 1.2700. In this picture sellers will drive values to 1.2600 levels.

USDJPY

The pair was neutral on yeaterday among a lack of any significant releases in Japan. The USA released some minor reports of Trade Balance & Factory Orders. Overall outlook was firmly bullish on previousday. The USDJPY stayed in an ascending channel, trading nearly its lower limit. The dollar wasn’t adept to post latest gains versus the yen but refused to declare. The pair extended its consolidation phase below the new highs at 114.80 levels & spent the full day around 114.00 levels.

The value tested & rebound from the 50-EMAs in the 4HR chart. The moving averages handled their bullish slope in the same chart. The resistance seems at 114.00 levels, the support stands at 113.00 levels. MACD stayed at the same level which sures the strength of buyers. The RSI indicator remains neutral. USDJPY overall scenario was Bullish.

XAUUSD

The yellow meatl was down & remained close to the 10-month low as the anticipations for a possible Fed interest rate hike sustained to weigh on the gold. The prices handled their neutral stance on last day. Having bounced from 1160 levels the metal moved to 1170 levels. The pair remained restricted within a tight trading range between levels to 1170-1175 throughout the day.

The metal stands under the moving averages in the 4HR chart. All moving averages pointed much lower. The resistance lies in 1180 levels, the support seen in 1170 levels. Indicator MACD stayed at the same level which confirms the seller’s spot stengthen. RSI indicator stays within the neutral zone. We might be selling the pair only if the value fell below 1170 levels. In this outlook the potential target was at 1160 levels.

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