08 Feb

Forex & Gold-Daily Technical on 8 February 2017

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Daily Technical Analysis on 8th February 2017

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
Industrial Production in Germany showed unfortunate numbers pushing the euro lower. Further, a broad based dollar upturn weighed on the particular European currency. The bearish scenario succeeds on yesterday. The pair was below intense selling pressure the full day. The euro pressed away from 1.075 levels at the daily open & sharply fell to 1.070 levels. The lever did not stop sellers who bust it in the early European hours. Bears kept pushing the value lower throughout the day & tested 1.065 levels in the mid-European session. After reaching the level the downside impetus lost its power, the mark had to draw back. 
The pair smashed the 50 & 100-EMAs downside in the 4Hr chart. The value sustained developing well over the 200-EMA afterwards. The moving averages kept directing superior in the same timeframe. The resistance finds at 1.070 levels, the support comes at 1.065 levels. Indicator MACD moves into the negative area. If MACD remains in the negative zone, seller’s spot will strengthen. RSI indicator left the neutral zone & headed Southside.
The UK released Like-For-Like Retail Sales & Halifax House Prices. Both indices came in fine underneath potential. In addition, Brexit concerns also weighed on the key. The pound vanished floor among broad dollar's strength on last day. The cable bounced off 1.250 levels in the early hours & fell under 1.240 levels throughout the European session. Sellers sustained moving the value lower post London's open heading towards 1.230 levels. 
According to the 4Hr chart the value cracks the 50 & 100-EMAs downwards & tested the 200-EMAs. The 100-EMAs drive superior whereas the 50-EMAs pointed lower & 200-EMA remains neutral in the same chart. The resistance lies in 1.240 levels, the support exists in 1.230 levels. The MACD histogram declined which signs the sellers’ strength. RSI stayed within the oversold regions.
The US dollar extended its growth on yesterday. The US dollar found a hard support at 111.5 levels which discarded the value upwards. The pair gradually grew in the Asian hours & accelerated its convention following the European session open. Buyers sustained driving the mark upwards throughout the day impending 113.5 levels. 
The price constant developing fine under its moving averages in the 4Hr chart. All the moving averages preserved their bearish angle in the same timeframe. The resistance seems at 113 levels, the support appears at 112 levels. MACD grew which hints the sellers’ spot weakening. Oscillator RSI bounced off the oversold region & advanced north side direction.
The yellow metal values gave up their latest gains among the US dollar recovery. Still, the turn down appeared to be limited as the hesitation over the US President Trump's policies supports the demand for the metal. The pair stopped its captivating streak & showed mild negative bias on last day. The yellow metal gave up its new growth in the Asian session & moves back a bit towards 123 levels afterwards. The 1230 levels hold slowed sellers' move ahead holding the metal spot within its zone. 
In the 4Hr timeframe showed that the metal values hovered over its moving averages. The 50-EMAs crossed the 100-EMAs upside direction. The moving averages pointed superior in the 4Hr chart. The resistance remains at 1240 levels, the support stands at 1230levels. The MACD histogram grew supports the buyer’s strength. RSI indicator consolidated within the overvalued zone.
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