Technical Analysis for 16/12/2016
EUR / USD – EURO US DOLLAR
A positive report about the increase of the business activity in Germany was the reason for a short time growth of the euro. But the American dollar still keeps the leading position.
After the short-time growth the euro continued dropping. For some time the currency pair EUR / USD stayed by the level 1,0500 during the Asian session.
After the European session had opened, the currency pair again got under pressure and started dropping. Further, the currency pair passed the level 1,0500 and tested the level 1,0450 during the European session. Before the opening of the American session, the currency pair EUR / USD passed the level 1,0450 and tested the level 1,0400.
The support is located at the level 1,0400, the resistance – at the level 1,0450.
MACD continues dropping, hence, the sellers` positions are improving. RSI stays in the overbought zone.
Bears are managing the market. Most likely, the currency pair will continue dropping till the levels 1,0400 and further till 1,0350.
GBP / USD – BRITISH POUND DOLLAR
The British report showed the growth of sales in the retail sector, but the British currency ignored this news and continued falling.
Bears are ruling the market. After a short break the currency pair GBP / USD continued falling till the level 1,2500. In the middle of the European session this level was done. The pair GBPUSD dropped till the level 1,2400 before the opening of the American session.
The support is at the level 1,2400, the resistance is located at the 1,2500 mark.
MACD moved in the negative zone. If the MACD histogram stays there, sellers will strengthen their positions. RSI stays in the overbought zone.
Bears will be in the market till the pound is below the level 1,2500. If the price stays there for a while, the pair GBPUSD will continue dropping. The next target is at the level 1,2400.
USD / JPY – US DOLLAR JAPANESE YEN
The American dollar has grown to the maximum over the last 10 months in relation to the Japanese currency. The Federal Reserve of the USA increased the rate till 0,25%, that will make the dollar stronger.
The currency pair USD / JPY grew above the level 117,00. At the start of the European session the currency pair USDJPY continued movement till the level 118,00 and in the middle of the European session passed it.
The support is at the level 117,00, the resistance is at the level 118,00. MACD is growing, that indicates the strengthening of the sellers` positions.
RSI stays in the overbought zone.
If the currency pair manages to pass the level 118,00, then the ascending trend will be in the market for some time more. The next target can be the level 119,00.