24 Feb

Weekend Forex & Gold Technical on 24 February 2017

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Daily Technical Analysis on 24th February 2017

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
Germany GDP came out as predictable without changes in the Q4. The GDP rose at fine pace last year despite Brexit. All focus is on the presidential election in France. The pair traded with gentle bearish bias on last day. The euro touched 1.050 levels but lost strength after reaching the level & twisted to the upwards. Buyers upturned all its fresh losses & come back into the spot levels 1.0550 where the key stayed in a directionless trading throughout the European session. The spot smashed the 50-EMAs & remained within its area in the 1Hr chart. All the moving averages sustained moving downside. The resistance finds at 1.0550 levels, the support comes at 1.050 levels. MACD grew which hints the seller’s spot weakening. RSI remains neutral.
The pair traded in the slight range due to the empty UK’s calendar. In the meantime, the US Fed meeting minutes did not motivate investors to buy the dollar. The pound remains range bound on yesterday. Sellers found a strong fence at 1.2400 levels & had to retreat. The value bounced off the switch but unsuccessful to build a tough up-move & stalled under the 1.2500 psychological level.
The pound reached the 50-EMAs in the 4Hr chart. The moving averages appeared to be a burly obstacle to crack at once. The pair stays in-between the 50 & 200 EMAs during the day difficult to go higher. The 50 & 100 EMAs pointed lower whereas the 200-EMA unlimited its bullishness. The resistance lies in 1.250 levels, the support exists in 1.240 levels. Indicator MACD is at the centerline. RSI also stayed within the neutral zone.
The dollar weakened a crumb even though the FOMC meeting minutes which talks about the probable Fed monetary policy tightening. The Japanese schedule remains skinny & uneventful the pair will typically depend on the US data. The pair remained range bound on last day being limited in a stiff range between 113 - 113.50 levels. The value remained horizontal out whole in the Asian & European session & became more nimble before the US session opening. Sellers led the value lower & smashed 113 levels. 
In the 4Hr chart showed that the pair was squeezed in between the 100 & 50 EMAs during the full day. The 50, 100 & 200 EMAs handled their gentle bearish angle in the same time frame. The resistance seems at 114 levels, the support appears at 113 levels. MACD indicator is at the neutral line. Oscillator RSI was horizontal in position.
The yellow metal completes its sideways consolidation on yesterday. The fresh up move lost its upside momentum around 1240 levels where the yellow metal traded the 1st part of the day. The metal twisted bullish in the US session. Buyers smashed over 1240 levels & led the pair to 1245 levels. According to 4Hr chart the pair sustained to stay over its moving averages which extended their bullish angle. The resistance remains at 1240 levels, the support stands at 1230 levels. MACD is at the centerline. If the histogram goes into the positive zone, that signs buyers’ grow strength. If MACD comes back into the negative zone the sellers will take the market control. Oscillator RSI stayed within the neutral region.
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