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Technical Analysis for 22/11/2016

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Technical Analysis for 22/11/2016

Technical Analysis for 22/11/2016
November 22
09:00 2016

EUR / USD – EURO US DOLLAR

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The euro has gained its positions as a result of an insignificant correction of the American dollar. The euro is still under the influence of negative factors, though. The Eurozone is highly instable politically as well as economically. The investors focus their attention on the speech of Mario Draghi, the president of the European Central Bank.

By the level 1,0550, the price met a significant resistance. Here, the euro moved up. It helped the European currency to compensate a little bit in comparison with the American dollar during the Monday trading. But this kind of correction will not last long. The euro is still in the red zone. Before the American session the euro could pass the level 1,0650. But this target has been left as a target.

Support is at the level 1,0600, resistance – at the level 1,0650. Indicators are moving away from the overbought zone. RSI is turning and going to grow. MACD has already grown. Both indicators show actually that the position of sellers is stabilizing.

The further weakening of the dollar could strengthen the position of the euro. But that could hardly happen in the current situation.

GBP / USD – BRITISH POUND DOLLAR

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The price of American currency is growing. It is influenced by the hope of the experts that American economy will recover when the new president comes to power. And in its turn, Brexit influences the British sterling in a negative way. That is why the British currency isn’t very active. During the Asian session it was at the level 1,2320 – 1,2370. Then, during the European session it reached the level 1,2400. The slight bearish trend still has a place.

Support stopped at the level 1,2400. Resistance is at the level 1,2500. Indicators haven’t changed their position though. RSI stayed in the overbought zone. MACD kept its level. Both indicators show the stabilizing of the sellers` position. There is a possibility that the pair price will grow till 1,2450. If that happens, then, the pair may fall to the level 1,2200 and renew minimums.

USD / JPY – US DOLLAR JAPANESE YEN

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After the indicators of the international trade were published, the Japanese currency dropped in price. The dollar is growing, as there is a hope that the US economy will start growing after the monetary policy of the USA becomes stricter. After the pair reached the level 111,00, it started falling. Though, the currency pair USD / JPY was being traded in the green zone. The price stays in the ascending channel, but dropped a little bit within the channel.

Support is at the level 110,00. Resistance – at the level 111,00. RSI stays in the overbought zone, but is going to fall. MACD has dropped. Both indicators show that sellers are strengthening their positions. If the pair manages to pass the level 111,00, it may fall further. First, the currency pair will drop to the mark 110,00 and then – to 109,00.

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