02 Feb

Forex & Gold-Daily Technical on 2nd February 2017

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Daily Technical Analysis on 2nd February 2017

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The US dollar is below pressure following Trump’s trade advisor comments where he accused Germany, China & Japan in taking advantages from devaluated currency. Besides, the euro established a few support from positive inflation numbers in the Euro-Zone. Investors’ concentration at present turns to the Fed meeting. The euro remained rather unmoved against the dollar following Tuesday's rally in the untimely trades. Buyers united their gains holding the spot horizontal under 1.080 levels. 
The value broke the 50-EMAs upside in the 4Hr chart. The spot hovered over its moving averages throughout the day. The 50 & 100-EMAs remained bullish whereas the 200-EMA remains flat in the same timeframe. The resistance finds at 1.080 levels, the support comes at 1.075 levels.
UK’s Manufacturing PMI coordinated expectations sustaining the national currency. The pound wiped out all its Monday’s sufferers on last day. The trend is obviously bullish at the moment. Buyers met a fence at 1.260 levels & had to retreat in the Asian session. The cable kept stressed for direction close to the 1.260 levels before UK's opening. Buyers handle to crack the hurdle in the mid-European hours & unlimited their bullishness afterwards. 
The pair sustained developing well over the moving averages in the 4Hr chart. The 100-EMAs crossed the 200-EMAs upside direction. The 50 & 100-EMAs maintained their bullish angle whereas the 200-EMA remained bearish-neutral in the same chart. The resistance lies in 1.270 levels, the support exists in 1.260 levels. MACD indicator was at the neutral in position. Indicator RSI was in the overvalued region.
The pair remained below pressure on yesterday. The US dollar yet again lost floor against the yen on last day. The overnight revival stalled at 113.6 levels where the value stayed before European session beginning. A new selling pressure weighed on the mark pushing it towards 113 levels in the mid-European session. Yet, bulls are not prepared to give up their spot above the 113 levels maintain. 
In the 4Hr chart the value stayed under the 50, 100 & 200-EMAs. The moving averages moved south in the same time frame. The resistance seems at 114 levels, the support appears at 113 levels. MACD moves into the negative zone. If MACD remains in the negative area, seller’s spot will strengthen. Oscillator RSI was within the oversold region favoring a latest move superior.
The yellow metal stirred lower on last day retreating from its latest highs. The value reached the support 121 levels in the late Asian trades & remained around the level afterwards. A descending impetus emerged before the US session opening. The yellow metal spot sharply go down heading towards 1200 levels. The 4Hr chart showed that the value smashed the 100 & 50-EMAs upside direction. The pair sustained developing well over its moving averages. The moving averages kept directing superior in the same chart. The resistance remains at 1220 levels, the support stands at 1210 levels.
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