EFXglobal Daily Technical Analysis Report 04.12.2017


EUR/USD

EUR/USD on Friday made an intraday low of US$1.1850/EUR, high of US$1.1940/EUR and settled the day down by 0.058% to close at US$1.1895/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 overbought territory and giving positive crossovers to signal for bullish outlook for intraday. 14D RSI is currently approaching oversold region and giving wards directions to consider buy.


GBP/USD

GBP/USD on Friday made an intra‐day low of US$1.3443/GBP, high of US$1.3548/GBP and settled the day down by 0.377% to close at US$1.3471/GBP.

On daily charts, prices are sustaining above 20DMA (1.3306) 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 Friday made intra‐day low of JPY111.40/USD and made an intraday high of JPY112.87/USD and settled the day down by 0.310% at JPY112.17/USD.

In daily charts, JPY is sustaining above 200DMA (111.73), 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 oversold territory and signaling to sell as it has given negative crossover to confirm bearish stance.


Gold – XAU

Gold on Friday made its intraday high of US$1289.07/oz and low of US$1271.53/oz. Gold was up by 0.424% at US$1293.56/oz.

In daily charts, prices are below 100DMA (1278) and breakage above will call for 1312-1321. 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 neutral territory and giving positive crossover to confirm bullish stance for intraday trade.


Silver – XAG

Silver on Friday made its intraday high of US$16.54/oz and low of US$16.23/oz. Silver settled down by 0.001% at US$16.41/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 oversold region and giving positive crossover to show upside move for the intraday trade.


Oil – WTI

Crude Oil on Friday made an intra‐day high of US$58.86/bbl, intraday low of US$57.27/bbl and settled up by 1.65% to close at US$58.27/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 in overbought 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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