Wednesday, 22 August 2018

Technical analysis 22/08/18

Posted by Anonymous at 11:07 Labels:

EUR/USD
The trend is objectively bullish. Buyers managed to lead the EUR/USD currency pair to the 1.1600 hurdle yesterday. The euro paused its growth after that and spent the night swinging back and forth between 1.1600 and 1.1550. MACD remained in the positive area. RSI kept consolidating in the overbought zone. The moving averages continued their slope. The resistance resides at 1.1600, the support lies in at 1.1550.
The 1.1600 hurdle now seems to protect the immediate upside. If this level is broken it might prompt some growth towards 1.1630. Meanwhile, the euro came under some profit-taking pressure and may ease to 1.1530 now.

GBP/USD
The US dollar is trading on a soft note vs. its UK counterpart. We witnessed a fresh buying-wave yesterday which lifted the pound from the 1.2800 level up to 1.2900. The major came close to the EMA100 which is defending this area. This barrier stopped bulls and they spent the night in this area. The indicators recommend long positions. MACD and RSI are giving buy signals. The EMA50 started to change its course while the EMA100 and the EMA200 are still moving south. The resistance resides at 1.2900, the support comes in at 1.2800.
GBP/USD is overbought and may need some downward correction. If so, the major may ease to 1.2850 amid profit-taking following the recent rally.
USD/JPY
The yen started Tuesday on the defensive. Sellers lost control in the 109.80 area where the spot turned around and started to move higher. The rebound was in force the whole day and buyers managed to reverse a small portion of their recent losses. They drove the price to the 110.50 hurdle where sellers fought back control and sent the rate to 110.00.  The moving averages are moving straight downwards. MACD is growing in the negative territory while RSI is holding near overbought readings. The resistance lies at 110.50, the support is at 110.00.
The US dollar approached the upper limit of the ascending channel and may stay here for a while before turning bearish again.
AUD/USD
The upward pattern remained intact on Tuesday. The AUD extended its near-term bullish momentum and broke through 0.7350. The buying momentum did not last long after that and soon bulls lost impetus when they were trying to overcome the 0.7380 hurdle. The AUD bounced off the level and softened to the 0.7350 in the night. The short-term indicators (MACD and RSI) are giving buy signals. The moving averages are still moving south. The resistance stands at 0.7400, the support is at 0.7350.

If buyers want to preserve their dominate positions, they need to regain the 0.7380 hurdle. However, they need to pull back to gather some steam first. The possible rebound target is the 0.7330 area.
USDCHF
Sellers managed to extend the sell-off on Tuesday. The pair came under renewed selling pressure and registered fresh lows. The downward trajectory stalled in the 0.9870 area where the major spent the whole day. The selling pressure increased in the evening and the major probed the 0.9850 area where the spot stayed for the night. The moving averages started to move downwards. MACD is declining in the negative area, RSI turned lower. The resistance stands at 0.9900, the support is at 0.9850.

Buyers may start a recovery and may move the currency pair to the 0.9870 region now.
Gold
The up-move stalled in the 1195 area. Buyers failed to advance beyond this mark and the spot pulled back to the 1190 handle. The commodity found fresh bids over there and recovered back to the 1195 area afterwards. The moving averages are still moving downwards. MACD entered the positive area. RSI is still within the overbought readings. The resistance resides at 1200, the support comes in at 1190.
The precious metal has a little potential to extend its recovery. The nearest target is the level 1200 which is well defended by sellers.
Brent

The positive mode is still in place. However, the buying momentum lost legs when buyers tried to extend their gains. The level 72.50 is defended by the EMA100. This barrier is strong and bulls spent the whole Tuesday trying to overcome it, but failed to show any meaningful result. MACD remained at the same level which confirms the strength of buyers. RSI is gaining upward traction and is currently around 70. The resistance stands at 72.50, the support is at 71.50.
A move above 72.50 will confirm the strength of buyers. In this case the benchmark may hit the high of 73.00. If bulls fail to regain this resistance, Brent oil prices may soften to 72.00.
DAX
The demand for DAX remained unabated on Tuesday. The upward momentum was strong and the index reached fresh weekly peaks. Buyers moved the rate to the 12400 region where the EMA50 blocked their way. MACD is about to enter the positive area. RSI is flashing overbought. The moving averages are heading lower. The resistance stands at 12400, the support is at 12300.   
If buyers overcome 12400, they will be able to move the market to 12500.
Bitcoin
Bitcoin continued its consolidation phase on Tuesday. The coin was moving in a small range between 6400 and 6300. A bout of fresh buying interest emerged in the night when the crypto currency pushed away from 6400 and spiked to the 6900 hurdle. The EMA50 is neutral while the EMA100 and the EMA200 are heading south. MACD is around the mid-line, RSI is staying around 50.The resistance stands at 6900, the support is at 6600.

We believe that Bitcoin will remain rather unchanged today.
Ethereum

The downward pressure is still intact. Sellers were unable to drive Ethereum below 275.000 and stayed in this region. They were pressuring the level the whole Tuesday, but failed to regain the handle. The buying pressure started to grow in the Asian session. Buyers fought back control and drove the coin to 300.000. The moving averages are still declining. MACD is staying in the negative area. RSI is consolidating within oversold area. The resistance stands at 300.000, the support is at 275.000.

We believe that sellers will attack 275.000 in the short-term. A break below this handle will show room for further downside towards 250.000. We do not rule out another buyers’ attempt to start a recovery and move the Ethereum to the 325.000 area.

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