Technical Analysis for 23/12/2016
EUR / USD – EURO US DOLLAR
Even though the USA published good news, it doesn’t influence the currency pair EUR / USD.
During the European session the euro was strengthening its positions. The currency pair ascended till the recent maximum level. At the start of the European session the currency pair passed the level 1,0450 and tried to achieve the resistance level 1,050. But it did not manage to stabilize there.
Before the start of the American session, the currency pair EURUSD turned back to the level 1,0450.
The support is at the level 1,0400, the resistance is at the level 1,0450.
MACD is growing, hence, the sellers` positions are being weakened. RSI is moving upwards. This is the evidence of the strengthening of the sellers` positions.
The euro, most likely, will not be able to recover. The attention of investors is now attracted to the level 1,0450. If this level is passed, the next target will become 1,0500. If the currency pair EUR / USD doesn’t manage to pass the level 1,0450, prices will continue dropping.
GBP / USD – BRITISH POUND DOLLAR
The currency pair GBP / USD was being traded in a narrow range. The currency pair GBPUSD was being traded close to minimum at the level 1,2300.
The support is at the level 1,2300, the resistance – at the level 1,2400.
MACD is growing, which indicates that the sellers` positions are being weakened. RSI stays in the oversold zone.
If the bearish mood keeps being prevailing in the market, the currency pair may pass the level 1,2300 in the ascending direction. This will open a way to the level 1,2250, and lower, to the level 1,2200.
USD / JPY – US DOLLAR JAPANESE YEN
The currency pair USD / JPY got stuck in the correction movement and cannot find any solution for now, though the impulse doesn’t look like a complete one. That is why, most likely, the currency pair USDJPY will continue growing.
Further, the currency pair will change the movement direction and will start falling in price.
The target for the lesser will be the level 125,50. If the currency pair starts falling, it is supposed that the currency pair USDJPY will grow to the top level. Further, the currency pair is most likely to change its direction and start moving downwards.
The next target for the sellers is the 120,50 level. If the currency pair USDJPY starts falling, the trader shall wait for testing the level and then passing the 114,60 level.