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Technical Analysis for 28/11/2016

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Technical Analysis for 28/11/2016

Technical Analysis for 28/11/2016
November 28
09:00 2016

EUR / USD – EURO US DOLLAR

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On Friday the Euro passed the minimum levels that it has had for months, and started moving upwards.

The currency pair EUR / USD grew from the level 1,0550 till the level 1,0600 immediately after the opening of the European session. The euro continued to grow after a short pause. At the level 1,0623 the currency pair EURUSD stopped for a while. Then, after a while, it dropped to the level 1,0600 again.

The moving averages are still moving bearish. Support stays at the level 1,0550, resistance – at the level 1,0600.

MACD is growing. This indicates that sellers are losing their positions. RSI moved away from the oversold zone. If the currency pair EURUSD manages to keep the position higher than 1,0600, it shall be growing further, till it tests the level 1,0650. Further, the growth can continue till the level 1,0700. If sellers show their character, the price may fall till the level 1,0500.

GBP / USD – BRITISH POUND DOLLAR

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According to the published report, the VAT of Great Britain is growing as it was forecasted. Though, the pound is ignoring these data. Moreover, investments of commercial enterprises decreased, and the service rates increased.

The currency pair GBP/USD was stable and was traded within 1,2400 – 1,2500 on Friday. The pair is still under pressure that is why the trading session was closed by the lower line of the channel.

Support is at the level 1,2400, resistance – at the level 1,2500. MACD as well as RSI almost haven`t moved. The market is still bearish. The price, most likely, will be dropping. The first target of bears is at the level 1,2400, then the sellers may drop the price till the level 1,2300.

USD / JPY – US DOLLAR JAPANESE YEN

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The dollar has tested its maximum values during the last 8 months in relation to the Japanese yen. The main reason for that is the profitability growth of the US securities due to the Thanksgiving Day.

The price of the currency pair USD / JPY moved from the upper line of the ascending channel at the level 114,00, and moved down. At the level 113,00 the descending trend disappeared. During the European session the price tested the level 113,00 and stayed there till the end of the day.

The moving averages haven’t changed their directions. Support is at the level 113,00, resistance – at the level 114,00.

MACD started lowering. RSI left the overbought zone. Those are the indicators that the sellers` position is stabilizing. If the currency USDJPY drops below the level 112,00, it will leave the ascending channel. To neutralize the ascending trend, the sellers shall pass the level 111,00.

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