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Technical Analysis for 1/12/2016

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Technical Analysis for 1/12/2016

Technical Analysis for 1/12/2016
December 01
09:00 2016

EUR / USD – EURO US DOLLAR

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Germany published the data on sales in the retail sector, which grew by 5%. That influenced the euro in a very positive way. Though, that was at the start of the trading session. Later, we got the published data on the inflation level in the Eurozone, and the euro dropped again.

While the data from the USA is very optimistic, so the dollar is growing. The currency pair EUR/USD tried to pass the level 1,650, but did not manage to do that. The price dropped till the level 1,0600. Moving averages indicate the bearish movement in the market.

Support is at the level 1,0550, resistance – at the level 1,0600. MACD is falling, which indicates the strengthening of the sellers`position, RSI is moving upwards.

If the currency pair EURUSD manages to pass the level 1,0650, then the pair will continue growing till the level 1,0700. If not, then, most likely, the currency pair will drop till the level 1,0550.

GBP / USD – BRITISH POUND DOLLAR

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Great Britain hasn’t been spoiling investors with news recently, that is why all attention of investors was concentrated on the USA. In particular, all are looking forward to publishing Nonfarm Payroll Employment.

According to the preliminary data, the employment level is much higher than it was forecasted. This influences the dollar price in a positive way.

The currency pair GBP/USD was traded within the 1,2500 limit, it hasn’t managed to recover after a short-time growth and the following falling. In the middle of the European session the price dropped more, the currency pair touched the lower line of the channel.

The support stays at the level 1,2400, resistance – at the level 1,2500. MACD and RSI stayed in the neutral zone. The currency pair GBPUSD did not manage to leave the 1,2500 level behind. The bearish trend was ended. During the next sessions we can expect that the price will fall till the level 1,2400. If the currency pair manages to pass the level 1,2500, it will be able to grow further.

USD / JPY – US DOLLAR JAPANESE YEN

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The publication of the data on the rate of the industrial production growth in Japan stopped the growth of the national currency. The dollar is strengthening its position in relation to the yen. After the currency pair USD / JPY had approached the level 112,00, its growth stopped. During the European session the currency pair was trying to pass the level 113,00, but unsuccessfully.

Before the opening of the American session the bulls managed to pass that level. The currency pair USDJPY passed the 113,00 level and started moving to the level 114,00.

The support is located at the level 113,00, the resistance – at the level 114,00. MACD is growing as well as RSI. In these circumstances, the price correction of the currency pair USD/JPY is expected. We should expect its drop till the level 112,00, then till the level 111,00, and even till the level 110,00.

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