Technical Analysis for 11/01/2017

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Technical Analysis for 11/01/2017
January 11
09:00 2017

EUR / USD – EURO US DOLLAR

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The European currency is growing in relation to the dollar. Though, after FOMC made a decision to change the monetary police, the dollar managed to recover its positions.

After the currency pair EUR / USD managed to climb till the level 1,0600, the ascending impulse was over. The pair made its maximum per day when it reached the level 1,0626, but after the start of the European session the currency pair EURUSD returned to the level 1,0600. Sellers were controlling the market till the American session started.

The support is located at the level 1,0500, the resistance – at the level 1,0600.

MACD dropped within the positive zone. RSI stays in the overbought zone.

It is expected that bears will start controlling the market. After the currency pair passes the level 1,0550, it can drop again. If that happens, the next target for sellers will become the level 1,0500.

 

GBP / USD – BRITISH POUND DOLLAR

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After the speech of  British Prime Minister Theresa May, the pound collapsed. Bears started controlling the market.

During the Asian session the British pound continued dropping. The currency pair GBP / USD achieved the level 1,2100. Before the American trading session started, the pair had consolidated.

The support is at the level 1,2100, the resistance – at the level 1,2200.

MACD is dropping, RSI still stays in the oversold zone. The pound started recovering its positions. Bears are still controlling the market.

The British currency is oversold, hence it can compensate the losses partially. It is also possible that the currency pair GBPUSD will start moving to the level 1,2200. Though, there are no clear signals that this may happen.

 

USD / JPY – US DOLLAR JAPANESE YEN

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The positive report about the households trust index in Japan supported the Japanese currency.

During the early trading the currency pair USD / JPY started moving downwards. After it tested the level 115,00, the pair continued trading under the influence of bears.

The American currency spent the first half of the day at the level 116,00.

The support is at the level 115,00, the resistance – at the level 116,00.

MACD is dropping, which indicates the strengthening of the sellers` positions. RSI is still in the oversold zone, but it approaches the neutral line.

Bulls control the market. If the currency pair moves to the level 116,00 and passes it, further will follow the 117,00 level. If the pair USDJPY is not able to recover its positions further, then we can expect the dropping till the level 114,00.

The analysis has been prepared with the participation of the analytical department of the company HBC Broker.

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