Daily Forex Technical Analysis Report

Posted: December 24, 2015 in Forex

The GBP/USD made a spike from the 1.48 zone on Wednesday. However, the resistive nature of $1.49 level has recently been quite frequently exhibited, hence we suspect the downtrend might continue for the moment. Currently we are looking to make profits through short positions. 1.50 level might be considered as a ceiling, hence our interest in Long positions will be stirred up only after that. 3 Days Free Trail Signals
The EUR/USD took a dip in light of stronger than expected U.S. New Home Sales report. The pair found a support in the vicinity of the 10-day Moving Average at 1.0920. We see a resistance at 1.1059, that also happens to be in the zone of December highs. Among the indicators, RSI(Relative Strength Index) happens to be in the neutral zone and MACD(Moving Average Convergence Divergence) also isn’t giving positive signals.
The AUD/USD spent the entire session on Wednesday exhibiting pendulum motion as the 0.72 level seems to be a sticky one for the pair. Take a look at the 100-day Exponential Moving Average, it is essentially flat and hardly any defined trends happen to be there. For the moment, it is better to stay away from this pair due to the lack of volatility at present.
The USD/JPY pair had a lazy Wednesday as it continued with its stay in the 120.50 level. Any noise at this level is vibrated to the 118.50 level. At present, we are in search of a good opportunity to take a Long position and a supportive candle might give us the confidence that we lack at the moment. Any chances of a short position are below the 118.50 zone. However, it seems this might take a while before it occurs.


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