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Technical Analysis for 04/01/2017

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Technical Analysis for 04/01/2017

Technical Analysis for 04/01/2017
January 04
09:00 2017

EUR / USD – EURO US DOLLAR

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The European Union supported the euro with a row of positive reports. Germany published the report on the decrease of the unemployment rate, France published the report on the growth of the consumer price index.

Though, investors are looking forward to the consumer price index report for the EU. Judging from the circumstances, it may be not so optimistic.

At the start of the trading session the currency pair EUR / USD grew till the level 1,0450 and then till the level 1,0500. But then the ascending trend was over. The euro dropped first till the level 1,0450 and then, in the middle of the European session it tested the level 1,0400.

The support is located at the level 1,0350, the resistance – at the level 1,0400.

MACD moved to a negative zone. This indicates that the sellers` positions are strengthening. RSI is in the overbought zone.

Bearish movement is being observed in the market. Judging from the current situation, the currency pair EURUSD will drop till the support level 1,0350.

 

GBP / USD – BRITISH POUND DOLLAR

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The positive report about the business activity from Britain provided some support for the British currency. Investors, though, are waiting for the report about the business activity in the construction sector of Great Britain.

The neutral bearish trend is being observed in the market. The currency pair GBP / USD moved from the minimum level during the Asian trading session but still did not manage to grow above 1,2300.

Then the pound dropped till the level 1,2245. But soon it grew again till the level 1,2300.

The support is located at the level 1,2200, the resistance – at the level 1,2300.

MACD is at the zero level. If the histogram moves downwards, this will indicate the strengthening of the sellers` positions. If the histogram moves upwards, though then the buyers will control the market. RSI stays in the neutral zone.

The bearish trend is being observed in the market. Most likely, the currency pair GBPUSD will move down till the level 1,2200.

 

USD / JPY – US DOLLAR JAPANESE YEN

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The trading platforms of Japan were closed as Japan has been celebrating, though the news release from China supported the dollar, which recovered its positions regarding the Japanese currency.

On Tuesday the bullish trend was observed in the market. After a short consolidation the currency pair USD / JPY grew till the level 118,00. After the pair tested that level, the growth stopped. The currency pair USDJPY stayed at the level 118,00 till the opening of the American session. The support is at the level 117,00, the resistance – at the level 118,00.

MACD is moving upwards. If the histogram stays there, the sellers` positions will be stabilizing. RSI moved to the overbought zone.

The bullish trend is being observed in the market. After the pair passes the level 118,00 the growth will continue till the level 119,00 and further till the level 120,00.

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2 Comments

  1. Gosha
    Gosha January 04, 10:42

    It is not clearly known what will happen to Europe in the coming years. A massive influx of migrants and refugees in the EU countries weakened by “the war of sanctions” will, probably, lead to fragmentation and the split of the European Union.

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  2. Agatha
    Agatha January 04, 13:01

    As we see, the political turbulence in the European Union has led to the deterioration of the euro position. Brexit has caused the collapse of quotations of the British pound. So far, the island of stability is still the US dollar. So, if you do not want to risk your money, just convert it into the foreign currency, which is not threatened with the devaluation.

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