Technical Analysis for 18/01/2017
EUR / USD – EURO US DOLLAR
The dollar is dropping while the euro is stabilizing. Investors are waiting for the consumer price rate to be published. According to forecasts, in December it shall have positive results.
It is recommended to buy now. The currency pair EUR / USD is moving within the ascending channel. In the middle of the Asian session the euro grew and passed the level 1,0650. Further, the currency pair EURUSD got to the level 1,0700 by the middle of the European session.
The support is located at the level 1,0650, the resistance – at the level 1,0700.
MACD is growing, hence, the sellers are strengthening their positions. RSI turned back to the overbought zone.
After the currency pair EURUSD passes the resistance level, we can expect its growth till the level 1,0750. The correction movement to the level 1,0650 and further to the level 1,0600 is also probable.
GBP / USD – BRITISH POUND DOLLAR
The expectation of Theresa May’s speech put the British currency under pressure. Even the increase of the consumer price rate could not provide a sufficient support to the British pound.
Bulls are taking the control over the market. During the Asian session the currency pair GBP / USD passed the level 1,2100 and tested the level 1,2200. During the European session the price stayed at the level 1,2200.
The support is located at the level 1,2100, the resistance – at the level 1,2200.
MACD has grown that indicated that the sellers are strengthening their positions. RSI still stays in the neutral zone.
If the currency pair GBPUSD manages to stay above 1,2200, we can expect the formation of the bullish movement, the currency pair will be growing till the level 1,2300.
If the level 1,2200 appears to be quite an obstacle, the pair may turn back to the level 1,2000.
USD / JPY – US DOLLAR JAPANESE YEN
The currency pair USD / JPY is being traded very indefinitely. The pair has tested the level 113,78 for several times, but without any result. If the pair USDJPY manages to pass this level, we shall expect its fast growth till the level 115,00. The potential target is at the level 118.00.
The analysis has been prepared with the participation of the analytical department of the company HBC Broker.