Tech Analysis for today

 

Gold

The metal continues to climb looking to test the $1309 Fibonacci resistance. Seven straight days of gains and so a “pullback” / correction would be expected, but no specific sell signal seen on the charts. The bias remains BULLISH with support at 1296 and resistance 1309.

 


GBPUSD

Cable fell just slightly short of the 50% Fibonacci resistance at 1.3338 as weakness creeps in. Stochastics turn lower from an overbought condition and notice the divergence shown on the RSI between the previous high and the present price. This suggests that the recent rally may have run its course. A break below 1.3245 will add confidence that we can see further weakness targeting 1.3155 levels. Above 1.3245 keeps the uptrend in place.

 


EURUSD

The upside Fibonacci 50% retracement target at 1.1880 was reached and subsequently, EURUSD has fallen back followed by a DOJI bar showing the indecision as stochastics point lower from an overbought condition. Downside target now is seen at 1.1722 as the cross looks to test this significant support once again

 

 



USDJPY

Dollar-Yen fell significantly on Friday as anticipated with the cross having reached the 200-day Moving Average at 111.78 and now coming very close to test the lower Bollinger Channel Band at 111.57 Stochastics point lower with no divergence identified on the RSI, however, for the Bears, caution is advised at these levels. A break of 111.57 will target 111.10. Bias still remains bearish.

 



CL-NOV17 - Crude Oil

Crude Oil – Crude breaks above the 52 Resistance approaching the Upper Bollinger Channel Band at 52.50 levels. Stochastics point higher giving the expectation of further gains as the resistance has broken even as the commodity enters an overbought condition, but notice the divergence seen on the RSI. All in all, Crude has been Range trading and as we now approach the upper end of the range, it remains to be seen if we break much higher or begin the move lower once again – no clear signal seen on the charts besides from the recent Bullish Pin bar.

 
 
 
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