Daily Technical Analysis on 28th February 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
On Monday, the European commission research was detained, investors become more positive about the Euro-zone, as it was predictable in February. Industry confidence grew, whereas manufacturing prospect posted losses. Following a sharp sell-off on last weekend the euro seems to have set up a solid support in the 1.0550 levels. The level discarded the spot which handled to reverse a half of previous Friday's losses. European buyers sustained pushing the value higher impend the 1.0600 levels in the 1st part of the day.
The pair tested the 50-EMAs in the 4Hr chart & remained under the moving averages. The 50-EMAs turned upside, 100-EMAs kept heading lower, whereas 200-EMA remains neutral in the same chart. The resistance finds at 1.060 levels, the support comes at 1.055 levels.
MACD indicator was at the centerline in position. Oscillator RSI remained within the neutral zone.
The pound fell against the key currencies after the news that the UK Government plans to hold a probable Scotland independence referendum. None of the official’s statement on it, but even the rumor made the cable to fell down. Sellers lost strength on last weekend after testing the 1.240 levels which saved buyers once again. After reaching the handle the value stayed within its area in the night hours. European traders ongoing to force the value higher in the early hours but did not move forward much & comes back into the support in the mid European trades.
The value broke all the moving averages downside & sustained trading under them in the 4Hr chart. The 100 & 50 EMA remains neutral whereas the 200-EMAs maintained its bullish angle in the same time frame. The resistance seems in 1.250 levels, the support appears in 1.240 levels. MACD indicator was neutral in position. If the histogram moves into the negative zone, that will signs sellers’ growing strength. If MACD comes back into the positive zone the buyers will take the market control. The RSI indicator was holding close to the oversold levels, supporting a fresh move lower.
The dollar somewhat recovered from 2-week lows in Asian trades on yesterday. Still, the US dollar lacked an upside impulse waiting for Trump's speech concerning his tax reform. After meeting a fence at 112 levels the value bounced off the level. Buyers lost to move ahead far from the handle & remained around it the 1st part of the day.
According to 4Hr chart the value sustained developing well under the moving averages. The 50 & 200 EMAs handled their bearish angle, whereas 100-EMA stays neutral in the mentioned chart. The resistance is at 113 levels, the support exists at 112 levels. MACD waits at the same level which proves the strength of sellers. RSI indicator was close to the below valued area, supporting a move advanced.
The yellow metal unlocked the week inside of a consolidation zone following last weekend’s rally. The upside impetus lost strength around 1260 levels. Buyers gave up their fresh gains & had to move back on the rear of profit-taking. Sellers drove the value lower & touched 1255 levels in the mid-European session. In the 4Hr chart the value was over the moving averages which were all directing superior. The resistance remains at 1260 levels, the support stands at 1250 levels. MACD declined which hints the buyers’ spot weakening. The RSI oscillator was close to the overvalued region, supporting a fresh move lower.