Daily Technical Analysis on 17th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
The employment in Germany rise at the slowest speed for 3 years in the Q4 2016. The unemployment level in France goes down more than expected. Yet, the euro rose on last day among the US dollar broad based retracement on profit taking achievement. The pair seems to have jog through new bids around 1.050 levels on Wednesday. The position conventional the upward impetus & moved upside. The ordinary European currency extended its recovery on yesterday. Buyers smashed the 1.060 levels hurdle in the Asian hours & forced the spot superior. The pair was growing the full morning session & surrounded 1.0650 levels in post-European trades open.
In the 4Hr chart showed that the value tested the 200-EMAs in the late European hours. The 50-EMAs crossed the 100-EMAs downside pressure. The 50 & 100-EMAs moved south whereas the 200-EMA remains neutral in the same timeframe. The resistance finds at 1.065 levels, the support comes at 1.060 levels. Indicator MACD grew which signs the sellers’ spot weakening. RSI stayed within neutral zone.
The pound comes back some of its early losses & approach back to the session highs even with the disappointing inflation & labor market reports. Today all UK investors are eyes on the retail sales release. Sellers clogged when they met a fence at 1.240 levels on last day. The levels discarded the price which spiked upwards right away after the mark level test. The pound was gradually growing throughout the Asian session & accelerated its upside trajectory in the European trades. The pair tested the 1.250 levels at the London session open but lost to advance away from it.
The pair bounced off the 200-EMAs, smashed the 100-EMAs upside & tested the 50-EMAs in the 4Hr chart. The moving averages remained bullish-neutral in the 4Hr chart. The resistance lies in 1.250 levels, the support exists in 1.240 levels. MACD indicator was at the neutral line. Oscillator RSI left the oversold areas stirring upwards.
According to the Japanese PM Aso, the present yen rate is not low at all. For the meantime, investors favored to take profit among the dollar retracement. The pair twisted bearish on yesterday. The value got below intense selling force & sharply dropped. Traders smashed the 114 levels at the daily open & drive the value lower in the post session. European traders sustained pushing the value lower & touched the 113.5 mark levels in the mid-European session.
The pair cracks the 200-EMAs downside in the 4Hr chart. The position stayed between the 50 & 100-EMAs throughout the day. The 50-EMA remains bullish whereas the 100 & 200-EMAs moved south in the mentioned chart. The resistance seems at 114 levels, the support appears at 113 levels. Decreased MACD signs the buyers’ spot weakening. Indicator RSI left the oversold regions & moves into the neutral zone.
The yellow metal rose against the US dollar broad based weakness. Still, the metal advance was limited in the light of optimistic views more Trump's tax reform plans. Yellen's hawkish commentary also limited its gain. Buyers fought back manage over the market. The value upturned its direction when sellers lost to reclaim 1220 levels. The spot discarded metal prices upside which rallied through 1230 levels on last day & slowed down in the Asian session. A fresh day refreshed buyers’ power pushing the position higher. The pair touched 1240 levels in the mid-European hours. The level blocked bulls’ move ahead.
The metal prices bounced off the 100-EMAs & broke the 50-EMAs upside in the 4Hr chart. The yellow metal sustained developing well over its moving averages full day. All the moving averages moved higher in the same timeframe. The resistance remains in 1240 levels, the support stands in 1230 levels. MACD indicator stays at the centerline spot. If the histogram move into the negative zone, that will hint sellers’ growing strength. If MACD comes back into the positive zone the buyers will take the market control. Oscillator RSI consolidated within the overvalued regions nearly the neutral area.