Technical Analysis for 6/12/2016
EUR / USD – EURO US DOLLAR
When the European session started, the Euro dropped till the minimum level during the last 20 months. All investors were waiting for the Referendum results from Italy. Italians voted against reforms, and the Euro climbed upwards.
The price passed the level 1,0655 and dropped to the level 1,0625. Further, the currency pair EUR / USD continued dropping. It passed levels 1,0600, 1,0550 and tested the level 1,0500.
There the descending impulse stopped. To the middle of the European session, the pair EURUSD turned to the price that was at the start of the session, and continued growing. When it grew to 1,0700 level, it had passed it before the American session started.
The support is at the level 1,0700, the resistance – at the level 1,0750.
MACD is going to grow, RSI left the overbought zone. The Euro is expected to grow till the level 1,0750, and the level 1,0800 can become the next target.
GBP / USD – BRITISH POUND DOLLAR
An active growth is observed in the service sector of the United Kingdom. The employment level has grown more than during the last 10 months. All those factors caused the growth of the currency pair GBP / USD.
At the start of the week the pound dropped, but not for a long time. When the Asian session started, the pound started growing. The currency pair was being traded above the level 1,2700 during the entire European session.
The support is at the level 1,2600, the resistance – at the level 1,2700.
MACD stays on the same level. This indicated that the seller`s positions are stabilizing. RSI stays by the overbought zone. The currency par GBPUSD is expected to grow till the level 1,2800. If the pair drops till 1,2700, we shall expect the further dropping till the level 1,2600.
USD / JPY – US DOLLAR JAPANESE YEN
After the announcement of the Referendum results in Italy, the Japanese currency is feeling some discomfort. Again, investors are interested in risky currencies. They lost their interest in the stable Yen.
The Japanese currency is losing positions regarding the US dollar. The currency pair USD / JPY has tested the maximum levels over some months. It passed the level 113,00 and moved to the level 114,00. As soon as the level 114,00 was done, the growth of the currency pair was over. At this level the currency pair USDJPY stayed till the American session was opened.
The support is located at the level 116,00, the resistance – at the level 115,00.
MACD stays on previous levels, RSI is growing. The bullish mood is still managing the market. If the level 114,00 is done, the next target may become 115,00.