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

08 Dec

Daily Forex & Gold Technical Analysis on 8th December 2016

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Daily Technical Analysis on 8th December 2016

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

EURUSD

EURUSD remained unchanged on Wednesday expecting European Central Bank’s policy meeting. The euro unlocked greenback across the dollar on yesterday. Still, the particular currency was not adept to twist all its losses it had hurt the other day. The trades were less uncertainty throughout the European session among absent of market movers.

The 200EMA remains below the values in the 4HR chart. The 200 & 100-EMAs pointed downwards, although the 50 EMAs jumped higher & reached the 100-EMAs in the same chart. The resistance finds at 1.0755 levels, the support comes at 1.0705 levels. Indicator MACD stands within the positive region. The indicator RSI stayed within the overvalued zone.

GBPUSD

The pound got some loss after the poor data of Manufacturing & Industrial production reports. The pound continued its downside alteration on yesterday. Following a brief consolidation over the level of 1.2666, sterling fell lower & tested the 1.2605 maintain the European market open. Sellers met a fence around the 1.2610 levels where they took a hold growing strength to smash lower.

The value dropped & tested the 50-EMAs in the 4HR chart. The 50, 100 & 200 EMAs kept moving higher. The resistance seems in 1.2695 levels, the support appears in 1.2605 levels. MACD reduced which hints the buyer’s spot weakening. Indicator RSI drives downside directions. We believe the downwards pressure to reach at 1.25 levels.

USDJPY

The absence of market movers & a solid dollar kept increasing on the yen pause it around many-month lows. The bullish tone market format stayed intact on yesterday. After touching a ten-month high at 114.85 levels the pair had been display certainty trades attempting to stable over maintain the 113.98 levels.

The price rebound the 50 EMA upwards in the 4HR chart. All moving averages handled their bullish ramp. The resistance lies in 114.98 levels, the support stands in 113.95 levels. RSI indicator remains neutral in position. MACD stayed within the positive region.

XAUUSD

The yellow metal jumped higher on yesterday. However, it gains were hold by a solid dollar which was promoted the Fed next week for a rate hike. The pair tried to regain some points yesterday admitting stands around ten-month lows. The value regained from 1170 levels & was adept to smash the 1173 levels in post-European session open.

In the 4HR chart, value increased & tested the 50-EMA. The 50, 100 & 200 EMAs handled their bearish shelf. The resistance occurs at 1185 levels, the support remains at 1173 levels. MACD indicator directed to the upwards. RSI stayed within the neutral region. We believe the additional weakness for the pair cut down to the 1160 levels.

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