Technical Analysis for 17/01/2017

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Technical Analysis for 17/01/2017
January 17
09:00 2017



The growth of the trading balance in Europe is higher than it was forecasted.

Though, the main event shall be the decision of the European Central Bank on the monetary policy for future.

The euro dropped on Monday. Before the opening of the European session, the currency pair EUR / USD grew till the level 1,0600, but bears started lowering the price till the level 1,0550.

Nevertheless, the movement of the currency pair EURUSD stays within the positive channel.

The support is located at the level 1,0550, the resistance – at the level 1,0600.

MACD is going down, this indicates that sellers are losing the control over the market. RSI left the overbought zone and is moving southwards.

If the currency pair drops below the level 1,0550, the descending movement will be formed and will result in the further pair drop till the level 1,0500.




The British pound has dropped till the minimum level since October previous year.

This is connected with the pressure on the British currency due to the coming speech of the British Prime Minister Theresa May, where she is to specify the details of Brexit.

At the start of the trading session the currency pair GBP / USD dropped from the level 1,2184 to the level 1,1197. Though, later the pound still managed to recover the biggest part of the losses.

Buyers pushed the pair GBPUSD upwards and almost reached the level 1,2100 before the start of the European trading session. Though, the pair did not manage to stay at that level.

The support is at the level 1,2200, the resistance – at the level 1,2000. MACD is moving downwards, this indicates that the positions of sellers are strengthening. RSI stays in the negative zone.

The currency pair GBPUSD is moving to the support level 1,2100. If the pair manages to pass it, the further level can become the level 1,1198.




The market is looking forward to the inauguration of Donald Trump.

Moreover, America was celebrating the Day of Martin Luther King, and the stocks were closed. The dollar was left without support.

That is why at the start of trading the US dollar dropped. The currency pair USD / JPY tested the level 114,00 and left it immediately. At the European trading session the currency pair USDJPY was  being traded in a very narrow range.

The support is located at the level 114,00, resistance is located at the level 115,00.

MACD is growing that indicates the weakening of the sellers` positions. RSI stays in the oversold zone. The center of the traders` attention is now the level 115,00. If the pair manages to pass it, the pair may move to the level 116,00.

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

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