Daily Technical Analysis on 15th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The euro might not continue its rally & went down after the downbeat Germany & Euro-zone data. The preliminary Euro-zone GDP for the Q4 came in under the expectations. The Euro-zone Economic Sentiment for February reduced as well. The euro closed on a weak note on yesterday. Sellers met a fence at 1.060 levels & lost to retake it. Following a brief consolidation phase latest bids around 1.060 levels helped buyers to raise the spot & to overturn a minor part of its losses in the Asian session on last day.
The value tested the 200-EMAs but lost to reclaim the moving. The spot bounced off the 200-EMAs & moved downwards. The 100 & 200-EMAs remained bullish whereas the 50-EMA headed south in the 4Hr chart. Besides, the 50-EMA intersects the 100-EMAs downside which is an additional sell signal. The resistance finds at 1.0650 levels, the support comes at 1.060 levels. RSI indicator stands within the oversold region.
The pound fell on the rear of disappointing inflation data. The UK’s inflation accelerated to its peak level in more than 2 years in January. Annual raise in January surpassed its earlier figures but remained under the forecast. The pound extended its recovery in the Asian session & touched 3-day highs around 1.255 levels where the position ran through fresh offers. The cable returned under selling force in the early European hours. Sellers moved the pair lower & crack the 1.250 levels with London session opening. The position extended its losses afterwards & placed a daily low at 1.245 levels. After reaching the mark levels downward momentum failed its floor allowing buyers to improve a bit.
According to the 4Hr chart the value smashed the 50 & 100-EMAs downside. The 50-EMA crossed the 100-EMA downside direction. The 50-EMAs pointed lower whereas the 100 & 200-EMAs headed north side in the 4Hr chart. The resistance lies in 1.250 levels, the support exists in 1.240 levels. MACD indicator stayed at the neutral in position. Oscillator RSI left the neutral zone & moved south.
The dollar gets higher against the yen following a conference between US President Trump & Japanese prime minister. The US dollar fell against the yen. Japanese Industrial production surpassed investors’ expectations given that a moderate sustain for the key. The pair maintained its ask-tone on last day. Failure to break above 114 levels returned sellers to markets forcing the position to new lows. The pair unlimited its bearishness in the Asian hours & dropped to 113.2 levels where sellers took a gap post-European session opening.
The pair set up a hard support at the 100-EMAs in the 4Hr chart. The position stayed between the 200 & 100-EMAs throughout the day trades. The 50 & 100-EMAs were horizontal & the 200-EMA headed south side direction in the 4Hr chart. The resistance seems at 114 levels, the support comes at 113 levels. Decreased MACD indicates the buyers’ spot weakening. RSI indicator left the overvalued areas & moves into the neutral zone.
The yellow metal values moderately bounces back on yesterday as investors focused on Yellen’s comments to get some clues on the timing of the upcoming rate hike. The values stalled its recovery mode & traded sideways close to the 1230 levels in the Asian hours. The metal traded reasonably horizontal in position during the European session. The yellow metal bulls appeared to have taken a gasp from Monday’s sharp turn down & consolidated their growth.
The metal tested the 50-EMAs upside in the 4Hr chart. The pair was over its moving average throughout the day. All the moving averages kept directing higher in the mentioned chart. The resistance remains in 1230 levels, the support stands in 1220 levels. MACD indicator was at the neutral line. If the histogram enters the negative zone, that will signs sellers’ growing power. If MACD comes back into the positive zone the buyers will take the market control. RSI oscillator left the oversold region & moves into the neutral side.