01 Feb

Forex & Gold-Daily Technical on 1 February 2017

admin Forex Technical outlook 0 Comments

Daily Technical Analysis on 1st February 2017

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro established hold up from Unemployment Changes in Germany. The Unemployment Rate in the Euro-zone showed positive results as well. The euro extended its growth after the optimistic 4th Quarter GDP. In addition, the US dollar weakened following Trump’s top trade adviser accused Germany of currency utilization. The Asian upturn halted at 1.072 levels. The euro comes back into 1.070 levels afterwards where the place remained throughout the European session. The overall feeling remains neutral among lack of any market movers in the European trades. A fresh buying attention emerged before the US session. The price moved to 1.075 levels &suddenly smashed the hurdle. 
The values bounced off the 50-EMAs in the 4Hr chart. The 50 & 100-EMAs moved superior whereas the 200-EMA remains neutral in the 4Hr chart. The resistance finds at 1.080 levels, the support comes at 1.075 levels. MACD indicator stayed at the centerline. RSI oscillator moved upside direction.
The UK data schedule was glow on yesterday. All focus point is on the BoE- Bank of England & its next meeting. The BoE is to release Manufacturing PMI although the Fed will announce its interest rate decision on last day. The Bank is likely to keep the rate unmoved. The pound came below further selling pressure in the previous trades on Tuesday. The pair lost to carry on the Asian recovery & sharply cut down throughout the morning session. The sterling smashed 1.250 levels & tested latest lows around 1.240 levels in the mid-European trades. The 1.2400 level ignored the price after UK's session opening. The value moved upwards & upturned all its daily losses. 
The spot cracks the 50-EMA upside in the 4Hr chart. The 100-EMAs crossed the 200-EMA upside. The 50 & 100-EMAs kept heading superior whereas the 200-EMAs pointed lower in the same chart. The resistance lies at 1.250 levels; the support exists at 1.240 levels. MACD moves into the negative area. RSI indicator left the neutral zone & moved downside direction.
The BoJ decision to depart the rate unchanged helps the yen on previous day. In addition, a risk-off sentiment made the yen more striking. Further, the US dollar was below pressure after Trump’s decision to limit immigration from 7 Muslim countries & his top adviser allegation towards Germany. The pair reversed early losses on last day. The spot caught new bids around 113.5 levels among some fresh US dollar buying interest throughout European hours. Traders forced the US dollar superior reclaiming the 114 levels hurdle before the US session opening. 
The spot found latest offers around 114 levels. The pair twisted negative & eased towards the daily low at 113 levels. The value bounced off the 50-EMAs in the 4Hr chart. The 50 & 100-EMAs directed lower whereas the 200-EMA remains bearish-neutral. The resistance seems at 114 levels, the support appears at 113 levels. MACD indicator was at the centerline.
The yellow metal prices turned bullish on yesterday when risk-off sentiment returned. The insecurity around the latest US government kept weighing on the US dollar. There has not been a particular day without a revelation Trump's announcement that affects the financial globe since Trump took over the administration. The risky mode washed out away from the market as the upbeat statement strengthened. New bids around 1200 levels pushed the value away from the handle. The metal spot accelerated its gain rallying towards 1210 levels before the US session opening.
The resistance remains in1210 levels, the support stands in 1200 levels. The value broke the 50 & 100 EMAs upwards in the 4Hr chart. Currently, the 50-EMA acts as a support. The 100-EMA pointed superior even as the 50 & 200-EMAs were neutral in the same chart. MACD grew which signs the seller’s spot weakening. Indicator RSI moves into the overbought region.
Previous Next
Share This Post

Why we choose Forex Market?
Oct 06 , 2015

Forex, Commodity and Binary Trading Signals on 5th May 2016
May 04 , 2016

Forex Trading Terminologies
Oct 21 , 2015


Free Forex Trading Seminar In Salem
Aug 19 , 2018

Forex Weekly Technical Outlook on 7-11 August 2017
Aug 07 , 2017

Forex Weekly Technical Outlook on 24-28 JULY 2017
Jul 24 , 2017

watercolor paints

Read ICM Capital Review

  LeTechs Rating  
  Regulation   FCA
  Branches   UAE, China, Russia, Mauritius
  Bonus   $1000


watercolor paints

Read Fidelis Capital Markets Review

  LeTechs Rating  
  Regulation   FSA, St. Vincent and the Grenadines
  Branches   Except USA, Belgium and British Columbia
  Bonus   200% Bonus




Google Plus

Risk warning: Trading foreign exchange (Forex Trading) and contracts for differences (CFDs) on margin carries a high level of risk, and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Please ensure you fully understand the risk involved before trading, and if necessary seek independent advice.

Copyright © 2015 LeTechs. All Rights Reserved.