LeTechs Forex Blog - Forex & Commodity Technical Analysis on 28 July 2016

28 Jul

Forex & Commodity Technical Analysis on 28 July 2016

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Daily Technical Analysis on 28 July 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, Brent- Crude Oil & GOLD. EURUSD

The dollar engaged everyone’s attention on Wednesday in bright of the Fed meeting. The US controller left its rate unmodified. EURUSD presented a modest bearish tone throughout the day. The trading gauge spent the whole day at the level 1.1000. Still, the pair grew following the Fed meeting decisions announcement. The resistance currently in 1.1030, the support remains in 1.1050 levels.

MACD indicator is nearly the centerline which enters the positive zone that will hints buyers’ growing strength. If MACD turns back into the negative zone the sellers will take control around the market. The 1HR chart showed that the value smashes the 50, 100 and 200 EMAs. The 50, 100 and 200 EMAs are twisting upwards. Overall scenario stands bearish. Yet, the pair regain its growth. If the pair keeps driven the level of 1.1130 will be touched soon.

GBPUSD

The pound declined yesterday in spite of positive GDP for the Q2. Still, the British currency got a modest support at the American session on the rear of the news from the US. The pound remains neutral most of Yesterday. The trading gauge stands at the support level of 1.3100, moving back and forth throughout the course of the full day. The pound got a modest support following the Fed results to leave the rates unmodified. The current resistance level was 1.3300, the support levels are 1.3100.

MACD is in the negative region close to the centerline which will indicate sellers’ strength. If MACD turns back into the positive zone the buyers will take the control. The 50, 100 and 200 Day EMAs are turning downsides, creating a bearish cross around in the 1HR chart. The instrument cracks the 50, 100 and 200 Day EMAs & leads north in the 1HR chart. The pair is below the risk of declining under the level of 1.3100. Conversely, the pair will grow to 1.3300 levels.

USDJPY

The yen fell among stimulus package details. Bank of Japan plans to gadget a package of 28 trillion yen to upgrade the economy. The dollar reversed few of its losses throughout the yesterday trades. Buyers led the value from the mark levels of 103.94 to 106.56. The bulls once again declined to return the 106.00 level and the values retwist below of it. USDJPY closed bearish on Wednesday. The resistance comes in 105.30 levels; the support seems in 104.50 levels.

RSI indicators returned to the oversold region which signs a sell signal. The indicators tested the 50-EMA in the 4HR chart. The moving averages of 50, 100 and 200 are modifying their upside direction to the downside one. The tone is yet negative in the market place. The pair needs to smash the level 104.50 to resume a downside momentum towards 103.50 levels.

BRENT- Crude Oil

The Brent stands under pressure among oversupply & weak demand. Still, the Brent reduced on the rear of the crude oil inventories growth. This is the 1st time in ten-weeks the inventories have grown. Currently bears have the ball & regulate the market. The instrument had a sharp fall under the support level of 44.00. The Brent lost regarding 2.95 percent throughout the course of the day. The resistance remains at 44.00 levels, the support stands at 42.80 dollars per barrel.

Indicators setup a sell signal. MACD indicator decreased is in the negative zone which indicates the sellers’ spots strengthening. RSI surrounded the undervalued zone which signs another sell signal. The value grew to the 50-EMA & rebound downwards from it in the 1HR chart. The moving averages of 50, 100 and 200 are trending downside in the 4HR chart. The more oil declines the more engage it becomes for buying. The price might extend its reduce towards the 42.00 zone.

XAUUSD

The gold strengthened when the dollar got below the pressure in the USDJPY following Abe Sindzó’s statements about the fiscal stimulus implementation next week. The Fed results about the rates and the regulators’ comments promoted the yellow metal by conclude of the day. Technically, the key trend is up. Traders forced the gold higher on Wednesday; the session roof was marked at 1340 levels. The resistance stands in at 1360 levels; the support comes in 1330 levels.

MACD enters the positive zone, which will indicate buyers’ spots strength. If MACD turns back into the negative zone the sellers will have the ball. RSI grew to the overbought region. Technically, the 1HR chart shows that the gauge grew & cracks through the 50, 100 and 200 EMAs. The 50, 100 and 200 Day EMAs are twisting upsides. We consider the yellow metal will grow towards the resistance levels of 1360.

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