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Technical Analysis for 03/01/2017

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Technical Analysis for 03/01/2017

Technical Analysis for 03/01/2017
January 03
09:00 2017



Bulls started a new trading session but did not manage to keep the market under control. The currency pair EUR / USD passed levels 1,0550 and 1,0600 during the Asian session but at the level 1,0650 it stopped and started falling.

The price dropped again till the level 1,0550 – 1,0500.

The support is at the level 1,0500, the resistance is at the level 1,0550.

MACD is growing, that is the evidence that the buyers` positions are strengthening. RSI stays in the overbought zone with the intention to start the ascending movement.

After passing the level 1,0550 the currency pair EURUSD may continue recovering its positions and grow till the level 1,0600.




The British pound started growing. The currency pair GBP / USD passed the level 1,2300 and then jumped to the level 1,2350. Though, as soon as the American session opened the ascending movement was over.

The currency pair GBPUSD changed the movement direction and started dropping.

The support is at the level 1,2300, the resistance is at the level 1,2400.

MACD is at the zero level. If the histogram moves in the negative direction, that will indicate the strengthening of the sellers` positions. If the histogram moves in the positive direction, that will indicate that the control goes to the buyers.

RSI left the neutral zone and started moving upwards.

The currency pair can continue growing till the level 1,2400. But if the trading session closes when the pair is below the level 1,2300, we shall expect the price drop till the level 1,2200.




The previous trading week is ended with the dollar growing and yen falling in price.

The US dollar was growing during the all European session. The currency pair USD / JPY fell to the level 117, and further continued the movement till the level 116,00.

The support is located at the level 116,00. The resistance – at the level 117,00.

MACD is falling, RSI left the oversold zone and moved in the neutral zone. If the currency pair USDJPY manages to pass the 117,00 level, the next target will be 118,00.

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  1. Vitaly Seryi
    Vitaly Seryi January 03, 12:15

    MACD is an effective technical analysis tool that is very popular, especially among novice traders, so I advice everyone to listen to the signals on the price chart and exploit the proven trading tactics using this indicator.

    Reply to this comment
  2. Sarah
    Sarah January 03, 13:54

    There are a lot of talks around the future of the Japanese currency in connection with the American elections. Particularly, in 2017 the Japanese currency may greatly increase in price. And the reason for the change of the trend that came in sight at the end of this year will become the disappointment in the monetary policy, deceived hopes for a fiscal stimulus or exacerbation of the mutual geopolitical displeasure.Any other ideas?

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