LeTechs Forex Blog - Forex Daily Technical Analysis 2 August 2016

02 Aug

Forex Daily Technical Analysis 2 August 2016

admin Forex Technical outlook 0 Comments

Daily Technical Analysis on 2nd August 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, BRENT- OIL & GOLD.

EURUSD

The dollar kept growing across a basket of its key peers after the negative Manufacturing PMI for July. The pair is in a narrow range at the start of the week. EURUSD traded in an upward channel. The euro little bit retreated since the 5-week high set earlier Friday. The resistance finds at 1.1200, the support remains in 1.1130 levels.

The entire indicator yet gives a buy signal. RSI is in the overvalued region. Index generates signs a buy signal. In the 4HR chart, the instrument is flying over the 50, 100 and 200 Day EMAs. The moving averages are twisting upsides but the 50-EMA is crossing the 100-EMA upwards. We do not ignore a bright euro correction to the 1.1100 zones where we predicts to turn over and additional increase. The buyers’ target will be 1.1200 & 1.1270 levels.

GBPUSD

The pound fell on Monday trades on the rear of the negative Manufacturing PMI in the nation. The technical scenario presents a slightly bullish tone. The pair tried to attain the 1.3200 level. Still, the weak UK Markit’s manufacturing PMI counterbalance on the pound which retreated from the daily highs. The gauge is now trading around 1.3200 levels. The current resistance lies at 1.3300, the support finds at 1.3100 levels.

The price is getting promotes from the 100-EMA in the 4HR chart. The moving averages of 50, 100 and 200 EMAs are neutral. The moving average doesn’t generate any signal. Traders do not hesitate to trade previously of the BOE's meeting this week. We expect neutral trades within its normal range.

USDJPY

The dollar twisted few of its losses which it goes through when the BoJ announced only modest stimulus measures on Friday. The USDJPY traded at the local lows which were set previous weekend. The gauge is in a narrow channel. The resistance finds in 103.50 levels, the support finds in 102.50 levels.

MACD and RSI indicators still generate sell signals. RSI is nearly the oversold region. The instrument smashed the 50, 100 and 200 Day EMAs downsides in the 4HR chart. The moving averages lines are driving downside directions. The pair might bounce off the boundary of the oversold region. The buyers can advance the value from the immediate support levels at 102.50 to the 103.50 territory.

BRENT- CRUDE OIL

The Brent traded close to the three-month lows as oil production growth in the US weighed on the oil futures. The trend is equitably bearish. The Brent stands in red figures & sustained to grind lower. The session low is marked at the level of 41.85. The resistance remains in 42.80, the support finds in at 41.40 dollars per barrel.

Indicators yet generate a sell signal. RSI returned to the oversold region. In the 4HR chart the value declined and drive away from the 50, 100 and 200 Day EMAs. The 50, 100 and 200 Day EMAs are moving downwards. The approach to the level of 42.80 might advance to a price bounce back down. The potential rebound targets will be the support levels of 41.40 & 40.00.

XAUUSD

The gold futures slightly reduced on beginning of the week. Focus twists towards the stock markets from the safe capitals. The declines in expectations that the Fed will raise the rate this year holds the yellow metal nearly the 3-week high. The trend is absolutely bearish at present. Traders forced the dollar higher. The pair is surrounding the resistance level of 1360. The session high was marked at the level of 1352.44. The resistance appears in 1360, the support remains in 1330 levels.

The price is hovering over the 50, 100 and 200 EMAs in the 4HR chart. The 50-EMA is crossing the 100-EMA upside directions. The 50, 100 and 200 Day EMAs are turning upsides. The moving average generates a buy signal. The whole scenario remains bullish, for a rise towards 1360 levels of resistance zone. We do not ignore a bearish correction rear to 1330 levels where the 50 and 100-EMAs stands.

Previous Next