Forex Technical Analysis by FX88

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USD/JPY
The deceleration in bearish momentum yesterday resulted in a bullish reversal to start today’s Asian trading session. The pair is testing the 109.25 price level and the 20-period exponential moving average. A break of these two resistance lines will provide confirmation of the uptrend. MACD still has a negative bias, however, is turning more positive. RSI has flattened below the 50 support level.







GBP/USD
The GBP/USD pair has been trading in a fairly tight price range from the 1.284 to 1.290 price level, as neither currency has been able to dominate price action. The pair has hit a resistance level at the upper bound of price range at 1.290 and retraced to also break the 20-period EMA. MACD is approaching the zero line and becoming less negative and RSI remains flat. A previous less significant resistance level is at the 1.288 price level which the pair is starting to test. A full break will represent confirmation of the reversal.









SILVER
Silver prices have been bouncing along the 20-period EMA which is currently acting as a support level. The metal is also reaching the 16.92 price level which when hit on two previous occasions, resulted in a bullish move. MACD is flat just above the zero line and RSI is flat just above the 50 support level, indicating that momentum is moderately bullish. Price action will likely continue to fluctuate between the 17.16 and the 16.92 price levels.









GOLD
Gold prices have also been affected by low momentum. Price action has hit the 1288 price level and the 20-period EMA. A break of these support level will provide some momentum for the bearish move. However, the move seems unsupported by momentum indicators. MACD is flat above the zero line and RSI has a mild downward trajectory just below the overbought 70 level. Volume is low, therefore major fundamentals news is required to generate any significant move for the metal.

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Forex analysis daily insights

Brexit Developments Impact The Euro


EUR/GBP
The EUR/GBP pair was supported by fundamentals in yesterday’s trading session. The U.K. revealed a plan to keep E.U. laws in place after the leaving the union, replacing the direct legislation the Eurozone has over the member state currently. To the markets, it was seen as a concession and a ‘win’ for Europe. Hence, Euro buyers dominated price action yesterday. However, market noise aside, the EUR/GBP has reached a statistical extreme. RSI is currently approaching the 80 overbought area indicating a bearish reversal is overdue. Price action is also testing upper Bollinger band, therefore a break of this upper-bound would indicate the bullish trend may not last.
Impact event: U.K. Q2 GDP data will be released at 11:30 GMT+3 and will impact all Sterling pairs.

[Image: 2017-08-24-08_18_41-1006_-Galactus-Live-...sDaily.png]


GBP/USD
The GBP/USD pair has reached a previous resistance level at 1.277 as bearish momentum hit the pound in yesterday’s trading session. The question is whether bearish sentiment will continue to reach the lows of post election uncertainty in June. MACD has broken the zero line and RSI has flattened at the 30 ‘oversold’ level. A break of the 1.277 price level to the downside would send prices towards the next target at the 1.262 support line.

[Image: 2017-08-24-08_24_06-1006_-Galactus-Live-...sDaily.png]


USD/CAD
The USD/CAD pair is testing the 1.255 price level representing a previous resistance line. Price action recently broke the 20-period EMA and momentum indicators confirm the bearish sentiment. Price action is likely to bounce around within the price range of 1.255 and 1.276 as weakness in the U.S. dollar persists.

[Image: 2017-08-24-08_20_36-1006_-Galactus-Live-...sDaily.png]


GOLD
Gold prices are reaching close to a market top as the metal benefits from weakness in the U.S. dollar. Price action has stalled just below the 1294 price level which represents a previous market top. If prices can push towards this price line, a bearish reversal could be indicated. There appears to be some selling pressure in the current trading session, with interest rising; denoted by the rise in trading volume. MACD remains in bullish territory, however, RSI has flattened just below the 70 line. Fundamental news will be required to determine the direction of the pair in the near-medium term.

[Image: 2017-08-24-09_01_32-1006_-Galactus-Live-...sDaily.png]
From: https://fx88.vn/vi/nghien-cuu-va-cong-cu...-hoi-la-gi

 

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USD/CHF
The USD/CHF pair is testing the 20-period EMA with a series of doji candles forming indicating some uncertainty in the market. A spike in volume in today’s trading session suggests there is still significant interest in the pair. MACD appears to be supporting the positive sentiment, as it is close to breaking the zero line to the upside. RSI is flat at the default line. A break of the 20 -period EMA will make the 0.966 price level the next target. The EUR/GBP pair was supported by fundamentals in yesterday’s trading session.
Impact event: U.S. Core Durable Goods Orders will be released at 15:30 GMT+3 and will impact all U.S. Dollar pairs.

[Image: 2017-08-25-08_56_37-1006_-Galactus-Live-USDCHFsH1.png]


EUR/USD
The EUR/USD pair has bounced off the the 20-period EMA and appears to be heading towards the next target at the 1.17 price level which represents a previous support line. MACD appears to be on the verge of breaking the zero line to the downside. RSI also has a downward trajectory. However, with volume declining, the question is whether the move can be sustained.

[Image: 2017-08-25-09_09_36-1006_-Galactus-Live-EURUSDsH1.png]


USD/JPY
The USD/JPY 1- hour chart indicates that the pair has entered into a uptrend, which has elements of a flag continuation pattern. Buyers appear to have reached a point of exhaustion as price action has moved sideways to start today’s trading session. Declining volume confirms the loss in momentum. Will the trend continue? RSI is approaching the 70 oversold level therefore there is a chance of a bearish reversal, yet MACD indicates that sentiment remains positive currently.

[Image: 2017-08-25-09_08_36-1006_-Galactus-Live-USDJPYsH1.png]


GOLD
Gold prices have moved above the 20-period EMA however, a break of the zero line on MACD will be required to confirm the uptrend. MACD has an upward trajectory and appears to be moving in a more positive direction. However, RSI is flat and volume has almost disappeared, indicating the metal will probably trade in range between the 16.90 and 17.04 price levels.

[Image: 2017-08-25-09_11_58-1006_-Galactus-Live-XAGUSDsH1.png]
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