Daily Technical Analysis on 10th January 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The Euro-zone released blended data on Yesterday. Industrial Production in Germany came in poorer than anticipated even as Trade Balance grew. The EU's Unemployment Rate stayed unaffected at the same moment. As an effect traders blocked buying the euro & twisted their concentration to the US dollar. Following a brief consolidation throughout the Asian session bulls made a further attempt to regain the position 1.105 in the European hours. Buyers were harassed with the level the total morning but unsuccessful to recover it.
The mark smashed the 200-EMAs downside & headed towards the 100-EMAs in the 4Hr chart. The 100-EMAs & the 200-EMAs handled their bearish slant whereas the 50-EMAs pointed higher. The resistance is at 1.055 levels, the support comes at 1.050 levels.
The pound began the week in the red levels. The Cable undermined as Hard-Brexit concerns comes back to the market. The pound got an insignificant support from House Prices from Halifax which comes in positive. Sellers sustained to control on last day. The pound slits lower at the daily open & quickly extended its weakness towards 1.22 levels grip. After reaching the level the selling pressure paled & the cable ongoing a consolidation phase. Yet, the consolidation did not last extended; one more wave of selling pressure led the pair towards 1.21 levels. A downside impetus washed out a few pips over 1.22 levels, after reaching the mark levels of 1.2123 the spot bounced off & cleaned a minor part of its latest losses.
The sterling cracks all its moving average downside in the 1Hr chart. The 50-EMAs twisted lower even as the 100 & 200-EMAs were horizontal in the same chart. The resistance finds in 1.22 levels, the support lies in 1.21 levels. Indicator MACD moves into the negative zone. RSI was holding close to the oversold region.
The Japanese markets were stopped among Coming-of-Age Day. The main focal point was shifted to the Fed's representative’s speeches. Fresh bids just about 117 levels helped the US dollar to extend its growth in the Asian hours on yesterday. Still, the buying pressure ran out of mist soon. After reaching the spot of 117.50 levels the pair twisted around and returns into 117 levels in the mid-European session. Sellers forced the mark lower before the US session opening.
The pair intersects the 50-EMA downside & tested the 100-EMAs in the 4Hr chart. The 100 & 200-EMAs handled their bullish angle while the 50-EMA remains horizontal. The resistance seems at 118 levels, the support appears at 117 levels. MACD indicator was at the centerline remains neutral in position. The RSI left overvalued zone & headed south.
The yellow metal prices stirred lower among dollar strengthening across the board. The pair had a good start on yesterday. The value pushed away from 1170 levels & headed towards its quick resistance levels at 1180 levels in the previous trades. Still, buying impetus did not have supports & the value stands in a range between the present support levels & resistance levels during the Asian session. Buyers thrive to retake the level before the US session opening. After breaking the obstacle the pair advanced towards 1185 levels.
In the 1Hr chart, the price broke the 50-EMA & moved away from the moving averages. The moving average preserves their bullish slope in the same time frame. The resistance exists in 1190 levels; the support stays in 1180 levels. MACD grew which hints the buyers’ spot strengthening. RSI oscillator remained within the overbought areas.