Daily Technical Analysis on 10th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The US dollar trades against the euro in a thin range as the political & economic future of the US became more hesitant. Inventors favor risk-off sentiment. The market unobserved the weak export & trade balance data in Germany. Besides, Evans & Bullard’s reports - the FOMC representatives will be under the focus later the day. The value was positive throughout the night session. Having found new bids around 1.067 levels the mark levels turned bullish & rallied to 1.070 levels. Still, a bid tone sharply weakened in the European session. The spot lost to retake 1.070 levels & retreated.
In the 4Hr chart showed that the value continued staying between the 100 & 200-EMAs all through the day. The 50 & 100-EMAs were neutral whereas the 200-EMAs pointed superior in the same timeframe. The resistance finds at 1.070 levels, the support comes at 1.065 levels. MACD grew which signs the seller’s spot weakening. RSI indicator left the oversold regions & moved north side direction.
British Parliament accepted bill without modify to begin Brexit of 494 votes to 122. The British PM will soon establish parting with the EU. The decision boosted the sterling's increase. In the meantime, political indecision in Europe also contributed the cable growth. The pound preserved its bullish bias in the early trades on last day. A new buying pressure around 1.250 levels forced the spot upside. The Cable rallied & touched 1.260 levels post London's session open. Still, the rally seems to have run out of steam before the US session opening. The key slowed down & slightly moved reverse.
The value bounced off the 100-EMAs & smashed the 50-EMA upside in the 4Hr chart. The majors remained over their moving averages afterwards. The 100-EMA remains bullish, the 50 & 200-EMAs were neutral in the 4Hr chart. The resistance lies in 1.260 levels, the support exists in 1.250 levels. Indicator MACD moves into the positive area. If MACD remains in the positive zone, buyer’s positions will grow strengthen. RSI left the neutral region.
The yen trades against the US dollar in a fine range due to the conference between Trump & Japanese Prime Minister Shinzo Abe. The Japanese yen appears to benefit from the growing political hesitation in Europe. The pair remained below pressure on last day. The value was horizontal out hovering over the 112 levels during the morning session. The rise in the dollar demand forced the majors upwards post-European session open.
The value sustained developing well under its moving averages in the 4Hr chart. The 50, 100 & the 200-EMAs kept pointing lower in the same timeframe. The resistance seems at 113 levels, the support appears at 112 levels. Indicator MACD reduced which hindts the buyer’s positions weakening. Oscillator RSI left the oversold area & moves into the neutral zone.
The yellow metal values reasonably strengthened, staying nearly 3-months high due to the growing concerns around the political circumstances in Europe & US economic insecurity. The trend is clearly bullish for at this moment. The value negated night losses & refreshed its highs in the European session opening. The pair bounced from 1240 levels & moved to 1243 levels in the early European hours. After reaching the mark levels a buying pressure ran out of steam & the spot sharply fell under 1240 levels. The pair remained in an upside channel. Temporarily, the metal tested its lower boundary before the Wall Street opening.
The metal price hovered over its moving averages in the 4Hr chart. The 50, 100 & the 200-EMAs handled their bullish angle in the mentioned chart. The resistance remains in 1240, the support stands in1230 levels. Indicator MACD declined which hints the buyer’s positions weakening. RSI oscillator left the overvalued region.