LeTechs Forex Blog - Forex & Gold Technical Analysis on 8th September 2016

08 Sep

Forex & Gold Technical Analysis on 8th September 2016

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Daily Technical Analysis on 8th September 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, and XAUUSD.

EURUSD

The dollar back down from the fresh lows. Yet, we believe it’s improve will be limited in the shiny of the depressed US reports. Following a sharp growth the pair holds under the levels of 1.1270. The consolidation is so to long waiting within 1.1230 and 1.1270 regions. The euro remains over the 50, 100 and 200 EMAs in the 4HR chart. The moving averages are twisting upside directions. The resistance finds in 1.1270 levels, the support remains in 1.1200 levels.

MACD indicator stands in the same level which affirms the buyer’s strength. The indicator RSI sustains to consolidating within overbought zone. The value might reverse few of its losses and reduced to the 1.1180 levels where the moving averages consists. These lines can give support for the value which might bounce upside to presume it’s developed. The next buyers target will be 1.1270 levels.

GBPUSD

The pound diminishes due to a weak Industrial Production report. The production cut down more than expected in last July. The pound accomplished a solid rally across the US dollar on last day. Now the sterling came under revived selling force. The pair retreated from the fresh highs and is testing the support level of 1.3360. The 50, 100 and 200 Day EMAs preserve a solid bullish slope. The 50-EMA is intersecting the 200-EMA upwards which signs a buy signal. The current resistance seems at 1.3500 levels, the support stays at 1.3360 levels.

MACD shows a discrepancy in the 1HR chart. Indicator RSI remains within the overbought region. All eyes are currently at the support level 1.3360. Consider that level break down and the pair will return to a decline. Sellers’ targets levels are 1.3270 and 1.3200. The pound will sustain to lead upwards if the values smashed the mark level of 1.3440. The next buyers’ target will be the resistance levels of 1.3500.

USDJPY

The yen extend across the dollar after the Foreign Reserves report for August. A poor than expected numbers declined the possible policy softening in this month. The pair outlook has changed to neutral from bearish. The instrument remains at the fresh lows. The 50, 100 and 200 EMAs are twisting downwards in the 4HR chart. The 50-EMA bounced from the 200-EMA in the 4HR chart. The resistance comes at 102.50, the support remains at 101.40 levels.

Indicators MACD moved into the negative zone decreased which affirms the seller’s strength. RSI indicator stands within negative region. The pair stays in pure red numbers. Any bounce back over the 101.40 levels should be considered alterative. The pair might grow up to the 102.15 areas where the 200-EMA might limit its additional improvement. The next sellers’ target will be the 101.40 and 100.40 levels.

XAUUSD

The yellow metal futures are yet in green figures following a surprisingly weak US service sector report which declined expectations for the upcoming US rate hike late this month. The metal value stays at the weekly highs on yesterday. Buyers seem to have run out of power and the pair is going rear & front in a tough range between the levels of 1345 – 1352.

The yellow metals are over the moving averages which are directing upwards in the 4HR chart. The resistance finds at 1350, the support appears in 1330 levels. All the indicators MACD and RSI little bit modified from yesterday provides a buy signal. The overall picture stands bullish, for rise towards the resistance level of 1360. Still, as the pair is overbought we consider a short term alteration towards the level of 1330.

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