Technical Analysis for 16/01/2017
EUR / USD – EURO US DOLLAR
The American currency started recovering. The euro dropped in price, even though the reports on bulk prices from Germany and consumer prices in Spain were positive.
On Friday the European currency made an effort to recover its positions, but during the Asian session it stumbled on the resistance at the level 1,0600.
The currency pair EUR/USD grew and in the middle of the European session it tested the level 1,0650.
The support is at the level 1,0600, the resistance – at the level 1,0650. MACD is growing, which indicates that traders shall buy. RSI is in the overbought zone.
If the currency pair EURUSD doesn’t manage to pass the level 1,0650, the interest to sell will be growing. If the currency pair passes the level 1,0600, the next target will be located at the level 1,0550 and then at the level 1,0500.
GBP / USD – BRITISH POUND DOLLAR
The British pound gave up its positions after the demand for the dollar had grown. The British currency is still under pressure because of possible Brexit.
The report on the retail prices in the USA made the dollar stronger. After the start of the European session the British currency started growing.
From the level 1,2100 the currency pair GBP / USD jumped till the level 1,200. Though, after testing this level, the ascending movement was over. The currency pair GBPUSD dropped till the level 1,2118.
The support is located at the level 1,2100, the resistance – at the level 1,2200.
MACD is moving downwards, RSI stays in the neutral zone.
The currency pair GBPUSD still can start growing, if it manages to pass the level 1,2200. Further, the level 1,2300 will follow . If the pair doesn’t manage to pass the level 1,2200, then it may fall to the level 1,2100, and further till the level 1,2000.
USD / JPY – US DOLLAR JAPANESE YEN
The American currency started growing on Friday. Before the opening of the American session, the currency pair USD / JPY passed the level 115,00.
But then the ascending impulse stopped. During the second half of the American session the currency pair USDJPY dropped till the level 114,00.
The support is located at the level 114,00, the resistance – at the level 115,00.
MACD is growing, indicating that the sellers` positions are weakening. RSI stays in the overbought zone.
Most likely the currency pair USD / JPY will continue its descending movement. First, one shall expect the decrease to the level 114,00 and then further, to the level 113,00.
The analysis has been prepared with the participation of the analytical department of the company HBC Broker.