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Technical Analysis for 29/11/2016

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Technical Analysis for 29/11/2016

Technical Analysis for 29/11/2016
November 29
09:00 2016

EUR / USD – EURO US DOLLAR

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Investors are analysing the speech of Mario Draghi, the Chairman of the European Central Bank, while the euro price is falling. Bears are ruling the market again. The growth of the currency pair EUR / USD that was observed during the last week, stopped at the level 1,0700.

Then, the currency pair renewed its maximums. After the European session opened, the pair again dropped till the level 1,0650. Further, the currency pair EURUSD reached the level 1,0600. Support is at the level 1,0600, resistance – at the level 1,0650.

MACD has grown. RSI has turned south. These indicators show that sellers` position is stabilizing.

Bearish movement in the market is growing. Bulls weren’t able to keep the control over the situation. The first target for bears is at the level 1,0550.

GBP / USD – BRITISH POUND DOLLAR

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The economic calendar of the USA and Great Britain is empty, and the market is not volatile. The Pound did not cross the upper line of the side channel. The price of the currency pair GBP / USD fell till the level 1,2400. After that, before the closing of the American session, the price slowed down falling.

All moving averages are at the neutral level. Support s at the level 1,2400, resistance – at the level 1,2400.

MACD is falling significantly, this shows that the seller`s position is being stabilized. RSI is moving to the overbought zone. If the bearish trend stays, the price of the currency pair GBPUSD will pass the level 1,2400 and move to the level 1,2300.

USD / JPY – US DOLLAR JAPANESE YEN

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At the start of the week the Japanese currency fell slightly, but still was in the ascending channel. The currency pair USD / JPY stayed by its lower line.

During the Asian session the pair made the first efforts to recover its positions. During the European session it started growing even faster and before the American session it reached the level 113,00.

Support is at the level 112,00. Resistance is located at the level 113,00. Sо MACD is growing. It means that the market is under the control of sellers. RSI is moving upwards very confidently. Most likely, the currency pair USDJPY will renew the level of the previous week.

The first target for bears is the mark 113,00. If the currency pair manages to pass it, there are all chances to move to the level 114,00.

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