23
Nov
Daily Technical Analysis on 23 November 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.
EURUSD
The dollar is yet solid expecting a rate act by the Fed upcoming month. Also, markets are waiting for fresh fiscal measures from Trump’s administration hoping them to boost the economy. The alteration phase is yet intact. The value traded under 1.0650 levels the full day. Buyers lost to reclaim the level, the value bounced downside each time it tested the level. The euro faced another wave of selling pressure before the US session opening. Sellers forced the value to 1.0600 levels & tested the level already in the US session.
According to the 1HR chart the euro cracks the 50-EMA & reached the 100-EMAs. The 100-EMAs clogged the euro recovery & ignored it downwards. The value moved down & returned below the 50-EMAs. All moving averages are directing lower. The resistance finds in 1.0650 levels, the support comes in 1.0600 levels. MACD reduced which confirmed the strength of sellers currently. RIS stayed within the oversold region.
GBPUSD
The pound got below the pressure on last day despite the positive Industrial Trends Survey. The sterling depleted among the dollar growing strength. The pair selling pressure is on the rear. The pound tested profitably 1.2500 levels but lost to retake the level. The value reversed its direction & sharply fell before the Europe opening session. Sellers drove values lower & tested 1.2400 levels in the US session.
The pound reached the 200-EMAs in the 4HR chart. The pair lost to hold over the moving & faced its rejection afterwards. The pair decreased and clicked the 50 and 100 EMAs before the US session opening. The resistance will be at 1.2500 levels, the support appears at 1.2400 levels. MACD reduced which confirmed the strength of seller’s currently. RIS turned towards the oversold levels.
USDJPY
The yen strengthened following the earthquake news. Still, the Japanese currency weakened afterwards after Kuroda’s remarks that the Japanese economy steadily keeps recovering. The yen remained within a stiff range horizontal trading around multi-month highs on yesterday. The value stayed between 111.00 & 110.50 throughout the day.
The pair traded well over the moving averages in the 4HR chart. All moving averages hanleded their bullish slope. The resistance is highlighted at 112.00, the support comes in at 111.00. MACD reduced which points to buyer’s spot weakening. RSI consolidated within the overbought zone. If the pair stands bullish our upcoming near-term target is 112.00 levels. Following cracks the level we might see the pair extending its rise towards 113.00 levels.
XAUUSD
The values regained showed few signs of fatigue. Its inability to reclaim the position 1220 barrier returned sellers to the trading market. The value rebound from the level & edged lower towards 1210 levels. The upward trajectory was blocked by the 100-EMAs in the 1HR chart. Having showed rejection over the 100-EMA values moved lower & comes back into below the 50-EMAs in the 1HR. The resistance exists at 1220 levels, the support stands at 1210 levels. MACD reduced which confirms seller’s strength. RSI moved to the oversold area. Overall picture stays bearish for an additional reduced under the 1210 levels. After smashed 1210 the level 1200 levels will returns to the radar.