29 Jul
Forex & Commodity Weekend Technical Analysis
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Daily Technical Analysis on 29 July 2016
Today’s Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDJPY, BRENT- OIL & GOLD.
EURUSD
The euro finally grew to the two-week highs across the dollar on the back of positive results from Germany and Italy. The Fed decision kept weighing on the dollar. The pair gives a quiet bearish tone. The gauge grew to the 1.1130 zone where the pair sold off. EURUSD pair closed bearish on Thursday. The resistance comes in 1.1130, the support remains in 1.1050 levels.
The value broke upwards the 50, 100 and 200 EMAs in the 4HR chart. Still, the pair was not able to grip there & recurred under the 200-EMA. The EURUSD pair is below pressure. If the pressure endures the value will resume the downside movement. In the outlook where sellers recur to the market place the euro declined to 1.1000 levels.
GBPUSD
The dollar is under pressure following the weak Initial Jobless Claims report & the Fed decision to keep the rate unmodified. The growth was blocked at the mark level of 1.3247 where the pair twisted downwards & looks a negative dynamics. The instrument clogged the day in the red region. The current resistance remains at 1.3300, the support comes in 1.3100 levels.
MACD indicator is at the centerline will indicate sellers’ growing strength. If MACD recurs into the positive zone the buyers will take force over the market. RSI stays neutral. The values showed a short-lived growth over the 50 and 100 EMAs. After touching the mark 1.3242 levels the pair reduces and turns back between the 50 and 100 Day EMAs. Still it remains bearish trend. The pair next stop might be at the 1.2900 levels.
AUDUSD
The dollar is under pressure following the Fed decision to keep the rate unmodified. The markets did not get a strong confirmation that the controller will modify the rate in September. The instrument declined from the daily high at 0.7550 levels. The pair tested the 0.7500 levels & closing the day bearish. The resistance stands in 0.7600 levels, the support stays in 0.7500 levels.
Technically, the value is surrounding the 50 and 100 Day EMAs in the 4HR chart. The moving averages of 50, 100 and 200 are in neutral. If the pair makes getaway of 0.7500 levels & consolidates under the downside trend will be constant. The sellers’ next target will be the support level of 0.7400.
USDJPY
The yen strengthened across the dollar previously the BoJ meeting on Friday. The market predicted the regulator will diminish its policy. The pair was in horizontal near to the level 104.50 throughout the day. The value regained its growth at the American session & touched the level 105.30. The resistance stays in 105.30, the support stands in 104.50 levels.
MACD and RSI indicators are still generates sell signal. The gauge grew from the 100-EMA in the 4HR chart. The value broke the 50 and 200 EMAs on its path. The pair closed the day over the moving averages which are neutral in position. We consider the growth will be sustained now. The first target level will be 105.30. We do not ignore the decline to 103.50 levels.
BRENT- CRUDE OIL
The Brent failed to recur & resumed its decline among growing fears about the oversupply growth. The tone is yet negative in the market place; the Brent futures deal with additional downside pressure. The value reduced and lost regarding 1.53 percent throughout the course of the day. The resistance appears in 44.00 levels, the support stands in at 42.80 dollars per barrel.
Indicators set up a sell signal. Decreased MACD hints the sellers’ spot strengthening. RSI is in the oversold region. It signs a sell signal. The value was driving from 50, 100 and 200 EMAs in the 4HR chart. The moving averages of 50, 100 & 200 are directing downwards momentum. Sellers still take over the market. We predict the price reduce additionally towards 41.40 levels.
XAUUSD
The gold build-up when the markets did not get any idea when the Fed will raise the rate. The gold spent the full day in horizontal near to the daily highs at 1345 levels. The pair resumed it’s reduce at the American session where the value declined to the 1330 zone. The resistance appears in 1360, the support seems in 1330 levels.
MACD is in the positive area which hints the buyers’ growing strength. RSI rebound from the overbought region. Technically, the instrument is over the 50, 100 and 200 EMAs in the 4HR chart. The 50, 100 and 200 Day EMAs are driving upsides. To trigger further upward momentum the yellow metal requires consolidating above the local high at 1345 levels. In this outlook the buyers shall advancing the value towards 1360 levels.
