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Technical Analysis for 24/11/2016

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Technical Analysis for 24/11/2016

Technical Analysis for 24/11/2016
November 24
09:00 2016

EUR / USD – EURO US DOLLAR

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The currency pair EUR / USD continues falling, the dollar is strengthening its positions. Investors are looking forward to the next meeting of the American regulator. Most likely, there will be made a decision in favour of the further growth of the dollar price.

During the Asian session the euro price was more or less stable. During the Asian session the euro grew till the level 1,0650. When the European session started, the pressure on the euro increased. As a result, the price of the European currency fell again, this time till the level 1,0600. When the American session opened, the price of the euro fell even more.

Support is located at the level 1,0550. Resistance – at the level 1,0600. RSI is moving downwards. MACD is falling, too. These factors are the evidence that sellers` position is stabilized. At the moment, the currency pair EURUSD is moving within limits 1,0650 and 1,0550. Bears are still controlling the market. The level 1,0650 can become a target for bears. But if the currency pair EUR / USD manages to pass this level, then, most likely, it will start growing.

GBP / USD – BRITISH POUND DOLLAR

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The British currency is still under the influence of Brexit. Investors are inactive, as they are expecting the publication of reports of the Ministry of Finance of Great Britain. This also influences the British Pound in a negative way.

On the contrary,the American dollar is enjoying optimistic forecasts. The Federal Reserve is planning to increase the interest rate in December this year. Hence, the dollar price is increasing.

Sellers control the market totally. At night, the currency pair GBP / USD approached the support level. When the European session started, the currency pair passed this level. Further, the GBP quotations fell. As a result, the currency pair GBPUSD fell till the level 1,2300. Support is at the level 1,2300, resistance – at the level 1,2400.

MACD is falling, RSI is falling as well. Those are the indicators that sellers are controlling the market.

USD / JPY – US DOLLAR JAPANESE YEN

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Japan was celebrating the Labour Thanksgiving Day on Wednesday. Japanese market was closed. The liquidity level at the market was very low. After the markets opened, Japanese currency slightly grew.

The currency pair USD / JPY is still growing. After the currency pair reached the level 111,00, its growth stopped. In the middle of the European session the USDJPY started growing again and reached the level 112,00. But even at this level the situation didn’t stabilize. The price grew to the level 113,00.

Support is at the level 112,00. Resistance – at the level 112,00. MACD is at the zero level. Here, we have two options. If the histogram moves downwards, this will indicate the strengthening of sellers` position. If MACD starts moving upwards, then buyers will be controlling the market. RSI is in the overbought zone.

The correction risk is increasing, as with time the USDJPY will not be able to achieve new levels. The price may fall till the level 109,00. If the ascending trend will stay though, the pair may climb above the level 113,00.

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