Daily Technical Analysis on 20th December 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro strengthened among positive Business Climate report in Germany. Still, a fresh selling interest clogged its additional improvement. The week began gently, the dollar little bit weakened against its key rivals in the Asian session. The particular European currency took an advantage of a weaker dollar & improved in previous trades on start of the day. Buyers were adept to drive prices to 1.0476 levels where the value faced seller's resistance. A latest selling pressure forced the pair under the 1.045 levels in post-European session open.
The 50 EMAs intersect the 100 EMAs downside in the 4Hr chart. All moving averages directed lower in the 4Hr chart. The resistance finds in 1.045 levels, the support comes in 1.04 levels. MACD reduced which hints the seller’s spot strengthening. The RSI indicator was grasping close to the oversold areas, favoring a fresh move lower.
The empty UK calendar joined with a solid dollar following the Fed's plans for 2017 statement kept on weighing on the pound. The pair seems to be shape a near-term descending tone channel. The pair clashed with the 1.25 levels in the previous trades on yesterday. Buyers lost this battle being powerless to extend their growths. The level unwanted the pound which piercingly fell towards 1.2400 levels in the mid-European session.
The 4Hr chart shows that the value bounce off the 200 EMAs. The 100 & the 200 EMAs directed advanced although the 50 EMAs pointed lower in the 4Hr chart. The resistance lies at 1.24 levels, the support appears at 1.23 levels. The indicator resumes their decrease within the negative zone. MACD traded to the downwards while RSI stayed within the oversold zone.
The yen grew among Export & Import data was positive on yesterday. Still the yen posted moderate growth as trader took hold form before the BoJ meeting. Investors predictable the controller would depart its policy unmodified & did not path surprises from the controller. The pair experienced a tiny retracement in its bullish trend on last day. After rallying more than 190 pips throughout the earlier week the dollar drives gone & gives room for the yen. Sellers forced prices from 118-117 levels where the pair spent the whole day battling to smashed lower.
The value float over the moving averages in the 4Hr chart. The moving averages kept bearing higher. The resistance seems at 118 levels; the support stands at 117 levels. MACD reduced which indicates the buyer’s spot fading. RSI superior southward which confirm the downward movement now.
The yellow metal handled its gloomy trend staying just about 6 week lows on last day. The metal values upturn is limited among a solid dollar following the latest FOMC meeting. The metal prices tried to recover on yesterday. The pair overturned its few losses after posting a new low at 1120 levels. Bulls stirred to 1140 levels which emerged to be a solid barrier on its path upwards. The slowed downhill buying force & the gold spent the whole day flirting with the region.
The price continued rising well under the moving averages in the 4Hr chart. The moving averages handled their bearish angle. The resistance remains in 1140 levels, the support stays in 1130 levels. MACD grew which hints the seller’s spot fading. The RSI indicator was holding close to the neutral areas.