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Technical Analysis for 05/01/2017

Technical Analysis for 05/01/2017

Technical Analysis for 05/01/2017
January 05
08:00 2017

EUR / USD – EURO US DOLLAR

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After the EU released a series of positives reports, the demand for the European currency grew.

Technically the currency pair EUR / USD is traded in the descending channel. But at the start of the European session  a weak ascending trend was observed there. The euro slightly recovered its positions regarding the US dollar.

The price of the currency pair EURUSD grew till the level 1,0450, but till the middle of the European session the ascending trend was over.

The support is at the level 1,0400, the resistance is at the level 1,0450.

MACD is growing, this is the evidence that the sellers` positions are being weakened. RSI left the overbought zone and moved to the neutral zone.

The euro will be under pressure till it passes the level 1,0500. If that happens, the European currency will continue growing.

If the price drops till the level 1,0400, this will be the signal for the further descending. The target for the sellers will be at the level 1,0350.

 

GBP / USD – BRITISH POUND DOLLAR

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After the positive report about the business activity in the construction sector had been published, the British pound got some support regarding the American dollar.

Nevertheless, the British currency was not able to recover. The currency pair GBP / USD was being traded below the level 1,2300. Just during the morning session the currency pair GBPUSD recovered its positions at the level 1,2285. After the start of the European session the ascending trend was over.

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

MACD is at the zero level. This indicates that the sellers` are strengthening their positions. RSI stays in the neutral zone.

Bears are ruling the market, the first target is at the level 1,2200. Further the descending trend can lead the currency pair to the level 1,2100. In order to neutralize the descending movement, the sellers shall pass the level 1,2300.

 

USD / JPY – US DOLLAR JAPANESE YEN

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The Japanese currency has been under pressure since the start of the trading session.

The currency pair USD / JPY is being traded in the bullish mood, but the currency pair dropped after it had achieved the level 118,00.

The support is at the level 117,00. The resistance is at the level 118,00.

MACD is moving upwards. RSI left the overbought zone and moved to the neutral zone.

If the sellers control the market, the currency pair USDJPY will grow till the level 118,00. The target for the sellers is at the level 119,00.

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Valeria German

Valeria German

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2 Comments

  1. Radik
    Radik January 05, 10:28

    Recently, it is becoming more and more difficult to choose the currency to store the savings, so the traders are looking for more reliable options for investment. The euro or the US dollar: which one in 2017 will feel better than the other?

    Reply to this comment
  2. Maja Kowalczyk
    Maja Kowalczyk January 05, 12:34

    It is clear that at the moment the dollar is ruling in the world. But don’t discard the British pound and the Japanese yen. These currencies also have the highest score in reliability.

    Reply to this comment

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