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Technical Analysis for 7/12/2016

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Technical Analysis for 7/12/2016

Technical Analysis for 7/12/2016
December 07
09:00 2016



The data on the GDP from European Union influenced the euro in a positive way. Italians will not hurry with the new government elections after Renzi’s quitting, this also influenced the euro positively. But later the mood changed. After the sudden growth and hitting the maximum of 1,0785, the currency pair EUR / USD started falling in price again. The pair EURUSD passed the level 1.0750 and approached the level 1,0700.

The support is at the level 1,0700, the resistance – at the level 1,0750. MACD is falling, hence, the sellers` positions are becoming weaker. RSI left the overbought zone.

Most likely, the currency pair will continue moving downwards, till the level 1,0700 and further till the level 1,0650.



The pound is getting stronger. The ascending trend is there, the British currency hit the maximum during the last 2 months. The currency pair GBP / USD passed the level 1,2700 and got to the level 1,2770.

All moving averages are directed upwards. The support is at the level 1,2700, the resistance – at the level 1,2800. MACD stayed at the previous level. The sellers` positions are strengthening. RSI is by the overbought zone.

Most likely, the currency pair GBPUSD continues its growth till the level 1,2800. There is a probability of ascending movement, till the level 1,2700 and even 1,2600.



The currency pair USD / JPY is in the neutral zone. In Japan as well as in America there are no significant events that could influence the currency. The trend is bullish. The currency pair USD / JPY was being traded by the lower line of the ascending channel. It spent the day by the level 114,00.

MACD stayed in the usual positions. RSI stayed in the neutral zone. The currency pair USDJPY can still grow till the level 115,00, but if that doesn’t happen, the pair will be dropping till the level 113,00, and then, even till the level 112,00.

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  1. Boris
    Boris December 07, 16:22

    It is possible that Renzi will leave his post even if there is a positive outcome of the general public vote, in order to get re-appointment and to form the new government

    Reply to this comment
  2. Elizabeth Evans
    Elizabeth Evans December 07, 18:20

    There are some options that the potential, which the euro has gained, will soon be exhausted in the next 12 months and the European currency will reach parity with the dollar. We’ll see soon!

    Reply to this comment

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