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Technical Analysis for 21/11/2016

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Technical Analysis for 21/11/2016

Technical Analysis for 21/11/2016
November 21
09:00 2016

EUR / USD – EURO US DOLLAR

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The dollar has stabilized after the speech of the Chairman of the European Central Bank Mario Draghi on Friday. Mario promised to follow the current policy until the inflation in the Eurozone stabilizes. The currency pair EUR / USD has been under pressure since Friday, the previous week.

The bearish trend will be observed this week, too. The currency pair price has fallen to the lowest level during the last two years – the level 1,0600. And with that the movement has stopped. During the European session the EURUSD pair stayed at this level. But right before the start of the American session, the pair fell to the level 1,0580.

Support is at the level 1,0550. Resistance – at the level 1,0600. MACD is without changes. RSI is in the overbought zone. This is the evidence that the position of the sellers is stabilizing.

Now, two options are possible. The pair will pass the level 1, 0600. And then, it may fall to the level 1,0550. Another option is the possible pair correction. Then, it is possible that the pair will grow to the level 1,0700.

GBP / USD – BRITISH POUND DOLLAR

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The US dollar has strengthened its positions recently. The economy of Great Britain is stable. All economic indicators comply with the forecasts. A representative of the English Bank confirmed that once more.

But the British currency hasn’t profited from that. The sterling is constantly falling. The day has started from the level 1,2400. During the night session the situation improved, but not so much. The GBPUSD grew to the level 1,2430. But the US dollar is still controlling the market. During the European sessions the sellers again started controlling the situation. The currency pair fell till the level 1,2400. During the American session the dropping continued, to the level 1,2300.

Support is at the level 1,2300. Resistance – at the level 1,2400. MACD started moving down. RSI turned into the overbought zone. The current situation proves that the position of sellers is improving. If the currency pair continues falling, then, the next would be level 1,2300. If the currency pair reaches 1,2400, there is a possibility that it will be stabilizing.

USD / JPY – US DOLLAR JAPANESE YEN

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During the night session the US dollar reached the maximum values over several years. The currency was ascending. It reached the level 111,00. And then, the ascending trend was over. The bullish movement is still present, but it is not so intensive.

Support is at the level 110,00. Resistance – at the level 111,00. MACD is at the same level. RSI is near the overbought zone. It is expected to fall. Hence, to keep the bullish movement, the currency pair USD / JPY should be higher than the 110,00 level. And the further movement will be ascending if the pair manages to pass the level 111,00. Then, it is possible that the currency pair will grow till the 112,00 level.

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