EFXglobal Daily Technical Analysis Report 09.01.2018


EUR/USD


EUR/USD on Monday made an intraday low of US$1.1.1955/EUR, high of US$1.2051/EUR and settled the day down by 0.498% to close at US$1.1966/EUR.

On daily charts, prices are sustaining below 100DMA (1.1700), which become immediate resistance level, break above will target 1.1750-1.1800. MACD is below zero line but histograms are increasing mode which will bring bullish view. Stochastic is in oversold territory and giving negative crossovers to signal for bearish outlook for intraday. 14D RSI is currently approaching oversold region and giving wards directions to consider buy.


GBP/USD


GBP/USD on Monday made an intra‐day low of US$1.3522/GBP, high of US$1.3584/GBP and settled the day up by 0.125% to close at US$1.3566/GBP.

On daily charts, prices are sustaining above 50DMA (1.3263) is become major support level. 14-D RSI is currently in neutral region and direction is difficult to predict on RSI bases. The Stochastic Oscillator is in oversold territory and giving negative crossover to confirm bearish stance. MACD is below zero line and histograms are decreasing lead to downward movement.


USD/JPY


USD/JPY on Monday made intra‐day low of JPY112.87/USD and made an intraday high of JPY113.38/USD and settled the day down by 0.044% at JPY113.08/USD.

In daily charts, JPY is sustaining above 200DMA (111.61), which is major support on the daily chart. 14-D RSI is currently in neutral region and direction is difficult to predict on RSI bases MACD is above zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is approaching overbought territory and signaling to sell as it has given negative crossover to confirm bearish stance.


Gold – XAU


Gold on Monday made its intraday high of US$1322.03/oz and low of US$1314.64/oz. Gold was up by 0.003% at US$1320.30/oz.

In daily charts, prices are below 200DMA (1267) and breakage above will call for 1280-1290. MACD is below zero line and histograms are decreasing trend and it will bring upward stance in the upcoming sessions. RSI is in oversold region and more downside is expected before it gets stretched. Stochastic Oscillator is in overbought territory and giving positive crossover to confirm bullish stance for intraday trade


Silver – XAG


Silver on Monday made its intraday high of US$17.23/oz and low of US$17.01/oz. Silver settled down by 0.581% at US$17.10/oz.

On daily charts, silver is sustaining above 200DMA (17.16), breakage below will lead to 16.70-16.35. MACD is above zero line and histograms are increasing trend and it will bring bullish stance in the upcoming sessions. RSI is in oversold region, indicating buy signal for now. The Stochastic Oscillator is in overbought region and giving negative crossover to show downside move for the intraday trade.


Oil – WTI


Crude Oil on Monday made an intra‐day high of US$61.95/bbl, intraday low of US$61.31/bbl and settled up by 0.519% to close at US$61.90/bbl.

On daily charts, oil is sustaining below its 200DMA i.e. 49.60 which is a major resistance and breakage above will call for 50.30-51.00. MACD is above zero line and histograms are in increasing mode will bring bearish stance in the upcoming sessions. The Stochastic Oscillator is approaching oversold region and giving negative crossover for confirmation of bearish stance; while the RSI is in oversold region and more downside can be expected.


Daniel Pritchard | FX Analyst | EFX Global

Daniel Pritchard | FX Analyst | EFX Global

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