Currency market forex forecast for today 10/05/2016: Euro, pound, dollar, gold, oil
Technical analysis of the euro dollar (EUR / USD) 05.10.2016
On Tuesday, the US dollar is in great demand, rather than its main rivals.Support for US currency had positive data that was returned to investors hope the Fed raising rates this year.
Current situation
The single European currency was unable to overcome the resistance of 1.1250 and fell sharply below that level in trading Tuesday. Price reduced to the area of 1.1150, where traders have lost the initiative, the EUR / USD decline has slowed and pulled back to the area of 1.1170. The euro broke through the 50 EMA 100 EMA and the 200 EMA in the downward direction on the 4-hour chart. Moving averages are moving the price. Resistance is at 1.1200, support - at 1.1150.
The MACD has decreased, which indicates the position gain sellers. RSI approaches oversold territory.
Forecast EUR / US the D
price needs to overcome 1.1150 level to continue the movement. Break of this level will open the way to the next target in the area of 1.1100. Any rebound from the level 1.1150 up will be considered corrective.
Technical analysis of pound dollar (GBP / USD) 05.10.2016
The British currency on Tuesday plummeted to lows of 31 years in relation to the US currency. The market ignored the positive data from the UK, showing growth of business activity in the field of construction. Pressure on the pound have a growing excitement among investors about the upcoming talks on the country's withdrawal from the EU. The current situation According to the GBP / USD pair on the market negative sentiments persist.The pound fell and updated 31-year lows. Sterling broke the support level 1.2800 and continued to decline, approaching the next level of 1.2700. Resistance is located at 1.2800, support - at 1.2700. The MACD is in the negative zone. Histogram has declined, indicating that sellers gain positions. RSI is in the oversold zone.
Forecast GBP / USD
The initiative is in the hands of the bears. We can expect the breakdown of current support and continue to reduce to the next Target at around 1.2600. Price may be adjusted in the region of 1.2850. After rollback vendors can try to overcome the current barrier again.
Technical Analysis Dollar Yen (USD / JPY) 05.10.2016
Dollar / yen currency Quotes instrument showed a sharp jump upward, as investors once again turned to riskier assets. Pressure on the yen had the results of the Tankan survey, which showed that most companies have questioned the possibility of the Bank of Japan closer to the inflation level of 2% for the period of the Central Bank Mr. Kuroda.
Current situation
neutral market sentiment changed to bullish. The pair continued its movement to the north and was able to test the level of 102.50 at the beginning of the American session. USD / JPY pair moved in a northerly direction moving away from the moving average on the 4-hour chart. EMA-50, 100-EMA-EMA and 200 move following the price and turned up. Resistance is located at 102.50 and 101.40 support area.
The MACD rose, indicating the strengthening of customer positions. Located RSI overbought.
Forecast USD / JPY
Consolidation above the level of 102.50 points to a continuation of the bullish movement. It is possible to expect continuation of movement in the north, while the support level 101.40 is no penetration.
Gold Technical Analysis 10.05.2016
Gold on Tuesday continued trading near lows as demand returned to the US dollar after the release of upbeat reports from the United States, confirming the strength of the economy power, a negative impact on the cost of the precious metal.
Current situation
neutral tone of trading in gold was replaced by a bear. Instrument XAU / USD continued its decline in trading Tuesday. After consolidation during the Asian session, the price plummeted below $ 1310 per ounce and continued to decline in area 1280. The pair broke the level of 1300 and 1290 on the way down. 50 EMA 100 EMA and the 200 EMA accelerated its decline on the 4-hour chart. Resistance is located at 1300 support - to 1290 dollars per ounce.
The MACD has decreased, which indicates the position gain sellers. RSI is in the oversold zone.
Gold forecast for today
Sure breakout and close below the level of 1290 dollars per ounce could send the price to the level of 1280. However, the instrument is oversold and it is possible pullback to the area in 1305.
Oil Technical Analysis for Today 10/05/2016
Crude oil futures are corrected, however, remain in the field of the maximum marks one month. Quotations of "black gold" fell slightly after it became known that the export of Iranian oil approached maximum dosanktsionnomu level.
The current situation
of oil prices on Tuesday were trading near monthly highs. Brent oil quotations remained in the uplink. Crude oil futures rose and updated weekly highs around 51.25 during the day. 50-EMA has accelerated its growth and has crossed the 100 EMA and the 200 EMA in the upward direction on the 4-hour chart. Moving averages are directed upwards. Resistance is located at 51.50 and support - to 50.50 dollars per barrel.
The histogram has grown, which is a signal to buy. RSI close to overbought.
Oil is forecast for today
If buyers are not able to gain a foothold above $ 50.50, oil prices could fall in the area of 49.50. Break up the level of 51.50 will open the way to 52.50.
Based on materials from Fort Financial Services
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