Daily Technical Analysis on 7th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The dollar kept pondering on the euro on last day. The pair weakened among the US dollar recovery following the recent sell-off. Besides, the solitary European currency disregarded positive Factory Orders in Germany. The euro twisted negative after the opening of the week. A breakdown to smash over 1.080 levels caused a little profit-taking making the mark stir lower. The value bounced off the 1.080 levels hurdle & cuts down to 1.075 levels in the mid-European trades. Sellers extended their growth in the US session.
The pair tested the 50-EMAs in the 4Hr chart. The 50, 100 & the 200-EMAs were bullish in the same chart. The resistance finds at 1.075 levels, the support comes at 1.070 levels. MACD decreased which signs the buyers’ spot weakening. RSI left the overvalued regions & drives downside direction.
Yesterday the pound kept losing floor following the BoE showed no hurry to hike rates & Inflation Report previous week. The pound traded blended. The cable lost a little ground in the previous trades & moved inferior. A new buying interest appears in early Europe hours & supported the mark levels. The pair steady in the late European trades & stayed a few pips under 1.250 levels before the US session.
The 4Hr chart shows that the value cracks the 50-EMAs downside & remained over the 100 & 200-EMAs in the 1st part of the day. The 100-EMAs moved upwards whereas the 50 & the 200-EMAs were neutral in the same time frame. The resistance lies in 1.250 levels, the support exists in 1.240 levels. MACD moves into the negative zone. If MACD stays in the negative zone, sellers’ spot will strengthen. Oscillator RSI stayed within the neutral region.
The US dollar extensive its losses on last day following average US jobs report on last weekend. The pair remained in a short-term downside channel on last day. The spot somewhat recovered in the early Asian hours & upturned a minor part of its losses. Though, the recovery slowed down at 112.78 levels where the value stalled & rolled back. A new selling pressure in the post European session forced the spot lower.
The value bounced off the 50-EMAs in the 1Hr chart. The US dollar sustained developing well under its moving averages throughout the daily trades. The 50 & 100-EMAs directed lower whereas the 200-EMA was bearish-neutral in the 1Hr chart. The resistance seems at 113 levels, the support appears at 112 levels.
The yellow metal edged superior after a negative US wage growth figures which weaken expectations for short-term Fed rate-hike action. The yellow metal gained further traction on yesterday. The metal spot grew in the Asian hours & touched the highest level since last year November later the day. The value sustained developing well over its moving averages in the 4Hr chart. The 50 & 100-EMAs remain flat whereas the 200-EMAs directed superior in the same timeframe. The resistance remains in 1230 levels, the support stands in 1220 levels.