Technical Analysis for 20/12/2016
EUR / USD – EURO US DOLLAR
Thanks to the harshening of the monetary policy from the side of the Federal Reserve of the USA, the demand for dollar is still high. The perspective of increasing the percent rate makes the American currency even stronger.
When the week started, the dollar gave away some positions during the Asian session. The euro recovered during the morning trading. The sellers managed to get the level 1,4750.
After the start of the American session, the currency pair EUR / USD started falling again, this time till the level 1,0450. During the American session the currency pair EURUSD tested the level 1,0400.
The support is at the level 1,0400, the resistance – at the level 1,0450.
MACD is falling that indicates the strengthening of the sellers` positions. RSI stays around the overbought zone and will drop, most likely.
If the currency pair EUR / USD manages to consolidate its efforts under the level 1,0450 it will continue falling till the level 1,0400 and 1,0350.
GBP / USD – BRITISH POUND DOLLAR
The monetary policy of the FRS in the USA influenced the US dollar in a positive way. The American currency is being traded at it maximum. Great Britain, though, cannot influence its national currency.
On Monday morning the currency pair GBP / USD was trying to break out through the level 1,2500. But those efforts were not too successful. In the middle of the European session the currency pair GBPUSD fell till the level 1,2400.
At the start of the American session the pair GBP / USD passed the level 1,2400 and continued moving to 1,2300.
The support is located at the level 1,2300, the resistance – at the level 1,2400.
MACD is falling, RSI is in the overbought zone.
Bears are in the market. Even if there is an ascending trend, though that is not likely, it will still stop at the levels 1,2535 – 1,2540. Most likely, the currency pair will reach the level 1,2400 and move to the level 1,2300.
USD / JPY – US DOLLAR JAPANESE YEN
The Japanese currency strengthened its positions due to the news release about import and export. Soon we will know the results of the meeting of the Central Bank of Japan as well. Changes in the monetary policy are not expected.
The pair USD/JPY moved away from the bearish trend. The currency pair USDJPY passed the level 118,00 and moved to the level 117,00.
The support is at the level 117,00, the resistance – at the level 118,00.
MACD is dropping, RSI is directed to the south.
The US dollar may continue dropping, especially after the sudden increase recently. But most likely, the situation will still be different. If the currency passes the resistance level at 118,00 then the next target may be the level 119,00.