Daily Technical Analysis on 1st March 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
Although French consumer prices growth the index lost to reach the estimated level. For now, the inflation rate in Italy remained at the same level, while experts forecasted a jump down. Experts anticipate the Germany unemployment rate decrease, whereas the Germany manufacturing PMI is expected to remain unaffected. The euro lost to register any meaningful revival on start of the week. Buyers touched 1.0631 levels where the position found new offers. The value returned under 1.0600 levels & posted a session low at 1.0567 levels in the Asian trades. The particular European currency had upturned a half of its night losses when move towards 1.060 levels by the mid-European hours.
According to 4Hr chart the value was just about the 50-EMAs the 1st part of the day. The 200-EMAs turned lower, whereas 50-EMA remains neutral & 100-ЕМАs handled its bearish angle in the same timeframe. The resistance finds at 1.060 levels, the support comes at 1.055 levels. MACD indicator was at the centerline in position. RSI remained within the neutral region.
The lack of the UK’s news lost to maintain the pound. Investors were also worried about the country's future, in case of a fresh referendum on Scottish independence. In the meantime, market participants preferred be patient mode waiting for Trump's speech to Congress. The immediate focal point currently remains on UK Manufacturing PMI which is predictable to be slightly lower than the earlier one. The pound almost touched 1.250 levels on last day. Still, buyers lost to advance beyond 1.2475 levels where they met sellers’ resistance levels. Sellers come back the value to 1.240 levels holding the spot below pressure the complete European session.
The cable bounced from the 200-EMAs downside in the 4Hr chart. The 50 & 100-EMAs turned lesser, whereas 200-EMA kept heading advanced in the mentioned chart. The resistance lies in 1.250 levels, the support exists in 1.240 levels. MACD histogram decreased which signs the sellers’ growing strength. RSI oscillator was within the neutral zone.
The dollar somewhat fell against the yen among the profit taking following its Monday’s rally. The pair was a bit pretentious by the industrial production volume in Japan, which cuts down for the 1st time in 6 months. The retail sales for January exaggerated the pair as well. The bearish market configuration remained intact on yesterday. Buyers touched the upper limit of the downside channel on previous day. The value bounced off the upper band & border lower in the night hours. The day traders sustained driving the mark lower & had wiped out the half of Monday’s growth by the noon session.
In the 4Hr chart showed that the value remained under the moving averages. The 50-EMAs intersect the 100-EMAs downside. The 50 & 200 EMAs maintained their bearish angle whereas 100-EMA remains neutral in the mentioned timeframe. The resistance seems at 113 levels, the support appears at 112 levels. MACD reduced which hints the sellers’ spot strengthening. The RSI indicator failed upwards strength & stirred downwards.
The yellow metal price slightly cuts down on yesterday. Traders were waiting for Trump's speech to Congress to get more clues & details over tax reform, deregulation & spending on infrastructure projects. The yellow metal prices runs away from latest highs & spent the day in a consolidation. Sellers drove the mark to 1250 levels where the yellow metal stayed in a stiff range throughout the European session.
The price sustained developing well over the moving averages in the 4Hr chart. The moving averages handled their bullish slope in the 4Hr chart. The resistance remains at 1260 levels, the support stands at 1250 levels. Indicator MACD decreased which signs the buyers’ spots weakening. Oscillator RSI lost upward momentum & moved downside direction.