Daily Technical Analysis on 14th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro upturned a minor part of its losses after the results of Abe-Trump meeting. For the moment, argument concerning help Greece weighing on the euro. All eyes are on Germany GDP at present where analysts predict the growth in the Q4. The pair preserved its undertone on last day. The value stayed in a descending channel. The euro initiates a solid support at 1.060 levels & bounced off the line at the daily session open. The spot move towards the upper limit of a downward channel post-European session open. The euro set up fresh offers before the US session opening & unlimited its losses afterwards.
The key failed to retake the 200-EMAs & forced away from it in the 4Hr chart. The spot remained under its moving averages throughout the day. The 50-EMAs crossed the 100-EMAs downside. The 100 & 200-EMAs pointed advanced whereas the 50-EMA pointed lower in the same timeframe. The resistance finds at 1.065 levels, the support comes at 1.060 levels. RSI indicator consolidated within the oversold areas.
Yesterday, U.S. & UK's economic calendars were empty. The trading was prejudiced by the dollar fluctuations & a risk-on tendency. The marketplace will be focused on UK inflation report. Traders anticipate seeing a growth in January comparing to the last year. The price twisted bullish in the early trades on last day. The pair met further buying pressure at the weekly opening trades. Buyers forced the value upwards & broke 1.250 levels in the Asian hours. Still a new selling interest comes back the cable under 1.250 levels in the US session.
The value bounced off the 100 & 50-EMAs in the 4Hr chart. The key stayed around the 50 & 100-EMAs during the day. The 50-EMA headed lower whereas the 100 & 200-EMAs handled their bullish angle in the mentioned chart. The resistance lies in 1.250 levels, the support exists in 1.240 levels. MACD indicator was at the centerline. Oscillator RSI remained within the neutral zone.
The dollar rose against the yen after a meeting between US President Trump & Japanese Prime Minister Shinzo Abe. The Japanese GDP came in a little under the expectations adding a few additional pressures to the yen. The Japan currencies maintained organize of the flows. Regardless of the positive opening the bid tone did not last long. Buyers tested the 114 lines in the Asian hours but lost to reclaim it. Sellers fought back manage & forced the spot to the opening prices in the early European trades.
According to the 4Hr chart the pair continued developing well over the 50 & 100-EMAs. The 50 & 100-EMAs remained neutral whereas the 200-EMA kept pointing lower in the 4Hr chart. The resistance seems at 114 levels, the support appears at 113 levels. The indicator MACD is bullish & is still in positive zone. RSI oscillator was within the overvalued region.
The yellow metal values weakened on earlier day after the Trump's last actions which reduced investor’s worries concerning his controversial policies. All eyes are on Janet Yellen's speech on later the day. The bullish spike lost its floor a few pips under 1240 levels. Buyers lost to extend its recovery & moved reverse. The metal comes back into 1230 levels & stayed within its line before the US session opening. A latest selling interest emerged in the US session & drives the metal towards 1220 levels.
In the 4Hr chart shows that the yellow metal prices bounced off the 50-EMAs upside. All moving averages handled their bullish angle in the 4HR timeframe. The resistance remains in 1230 levels, the support stands in 1220 levels. MACD declined which hints the buyer’s spot weakening. Indicator RSI consolidated within the neutral region.