Technical Analysis for 19/01/2017
EUR / USD – EURO US DOLLAR
The euro showed a temporary growth as a result of the consumer reports rate for December. Further the euro left the weekly minimum, 1,0716, and started dropping.
Such a movement can be regarded as the correction movement. The pair EUR / USD dropped again below the level 1,0700 and stayed there till the end of the European session.
The support is located at the level 1,0650, resistance – at the level 1,0700.
MACD is moving downwards, which is the evidence that the sellers lose the control over the market. RSI stays in the overbought zone.
Most likely, the currency pair EURUSD is moving to the support level 1,0760. Hence, traders shall concentrate their attention at the level 1,0600.
GBP / USD – BRITISH POUND DOLLAR
The average salary in Great Britain increased while the unemployment rate decreased. But even this good news was not able to make any effect on baby. Brexit and insecurity in the economical and political situation of the country put the British currency under pressure.
At the start of the Asian session the sterling moved away from the overbought zone and started dropping. The currency pair GBP / USD dropped till the level 1,2400 during the Asian session, and at the beginning of the European session the pair was testing the level 1,2300.
The support is located at the level 1, 2300, the resistance – at the level 1,2400.
MACD is dropping, hence, the sellers` positions are strengthening. RSI stays in the overbought zone.
The market is still being controlled by bears. After the consolidation at the level 1,2200, the currency pair GBPUSD can move to the level 1,2100.
USD / JPY – US DOLLAR JAPANESE YEN
In the middle of the week the demand for the American currency grew.
Hence, the US dollar could recover the losses, even if partially, regarding the Japanese yen.
The currency pair USD / JPY is being traded within the ascending channel. The level 112,5 provided a strong support. After that the dollar started growing and recovered some of its losses.
The support is at the level 112,00, the resistance – at the level 113,00.
MACD is moving downwards. RSI left the overbought zone and moved upwards.
The currency pair USDJPY may develop the bullish trend. If the price passes the level 114,00, the next target will be at the level 114,50.
The analysis has been prepared with the participation of the analytical department of the company HBC Broker.