Daily Technical Analysis on 3rd March 2017
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
Euro-zone inflation achieves its maximum rate ever since the start of 2013. For now the unemployment rate in the area remained at the minimal level since 2009. The US dollar was maintained by expectations about additional Fed monetary policy tightening. The euro initiates a decent support at 1.0513 levels in the Asian session on yesterday. Sellers lost to move ahead under the levels & began consolidating their increase. A new buying interest emerged in the morning session. Bulls temporally fight back control & forced the price towards 1.0550 levels. The key touched 1.0500 levels before the US session opening.
According to 4Hr chart the price bounced offs the 50-EMAs downside. The currency pair was under the moving averages which were all pointing inferior in the same chart. The resistance finds at 1.0550 levels, the support comes at 1.0500 levels. MACD traded to the downwards. The RSI indicator was holding close to the oversold levels, favoring a fresh move lesser.
The pound weakened among the US dollar rising strength. The pair has been dipping for a 5th session in a row among comes again fears of solid Brexit. Still the UK positive data couldn't keep the cable. For February the UK construction PMI showed unpredicted growth, even if no one expected it. The bearish momentum persisted on last day. Still, despite the negative temper the GBP sellers took a gap gathering steam for additional action. The key unsuccessful to advance under 1.2250 levels & traded in a slight range between 1.2300 levels & 1.2250 levels during the night & morning session.
The 50 & 100 EMAs smashed the 200-EMA downside in the 4Hr timeframe. The 50 & 100 EMAs pointed inferior whereas the 200-EMA maintained its bullish angle. The resistance lies in 1.230 levels, the support exists in 1.220 levels. MACD histogram declined which signs a sell signal. The RSI oscillator consolidated within the negative region.
The US dollar builds up against the yen following the Governor Lael Brainard’s statements which improved expectations for a Fed rate hike on March meeting. Weak Japanese data could not carry the JPY. The pair maintained its buy attitude on last day. The US dollar extended its short-term upside trajectory. The spot hardened 114 levels in the Asian hours & cracks the level in the early European trades. After posting the session high at 114.33 levels the pair clogged for a while & unlimited its bullishness before the US session opening.
In the 4Hr chart the value sustained developing well over the moving averages. The 50 & 100 EMAs kept heading advanced whereas the 200-EMA turned neutral in the same timeframe. The resistance seems at 115 levels, the support appears at 114 levels. The MACD histogram grew which hints buyers’ growing strength. Oscillator RSI stayed close to the overbought zone supports a fresh move upper.
The yellow metal prices resumed falling among expectations over the Fed rate hike action this month. The Fed Chair Yellen's speech in Chicago will affords additional information about a possible rate hike before the Fed's next policy meeting planned for March 14-15. The yellow metal remained well accessible on yesterday. The value bounced from 1250 levels at the open & edged lower afterwards. Sellers were forcing the value the full night & the European hours and touched 1240 levels before the US session opening.
The value broke the 50-EMAs & reached the 100-EMA in the 4Hr chart. The moving averages pointed higher in the 4Hr chart. The resistance remains in 1250 levels, the support stands in 1240 levels. MACD indicator was at the centerline in position. If the histogram moves into the negative zone, that will sign sellers’ growing strength. If MACD comes back into the positive zone the buyers will take the market control. RSI stayed within the neutral territory.