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Technical Analysis for 23/11/2016

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Technical Analysis for 23/11/2016

Technical Analysis for 23/11/2016
November 23
09:00 2016

EUR / USD – EURO US DOLLAR

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Testing of a maximum level is over. The American dollar continues growing. It is influenced not only by the monetary policy of the USA, but also by the expectations from the presidency of Donald Trump. As in his election campaign, the future president promised to increase all economic indicators of the USA. The Republican representative also promised to create thousands of working places and to renew or rather rebuild the infrastructure of the country.

The situation of the European currency is much more complicated, though. Due to the political instability the euro price is falling. The euro is in the correction stage. The pair didn’t manage to climb above the 1,0650 mark. Even though sellers were doing their best. Every time when the euro was testing the level, it was dropping. During the American trading session, the price dropped to 1,0600. Further, the euro managed to stabilize. Then, the European currency continued dropping.

Support is at the level 1,0600, resistance – at the level 1,0650. RSI stayed in the overbought zone. MACD is moving downwards. This is the evidence that sellers are strengthening their positions. The euro will continue falling, most likely. It even cannot climb higher than the 1,0650 level. If this trend is kept, the next target is at the level 1,0500.

GBP / USD – BRITISH POUND DOLLAR

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The currency pair GBP / USD is located in the minimum zone. Great Britain is reporting about the growth of economic indicators, but it doesn’t influence the overall situation. The sterling climbed up to the level 1,2500, but couldn’t pass it. Before the European session the price of the English currency dropped again. During the American session the currency pair tested 1,2400 level. Though, it wasn’t able to grow above the moving average.

Support is at the level 1,2400, resistance – at the level 1,2500. RSI is approaching the overbought zone. MACD is falling. Hence, while sterling is at the level 1,2500, you can start selling. The bearish trend will be there. After the pair passes the level 1,2400, we can expect its dropping to the level 1,2300.

USD / JPY – US DOLLAR JAPANESE YEN

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The mass media of Japan announced about a strong earthquake, moreover, the data on the growth of economic indicators of Japan were published. The Japanese currency has stabilized, further, that was corrected.

The Japanese yen is practically the only currency that feels comfortable with the American dollar. Japanese currency was traded close to the monthly maximum. The price did not cross the channel lines 111,00 and 110,50. All graphs are indicating that the bullish trend will be still there. Support is at the level 111,00. Resistance is at the level 112,00. RSI is in the overbought zone. MACD is falling. The positions of sellers are becoming stronger.

The bullish trend will be there for a while. Then, the next target is the level 112,00. Further, the pair may grow to the level 113,00.

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