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The FxPro Analyst Team

Technical Analysis : USDJPY, EURUSD, and Gold Test Major Resistances

Yesterday the Fed announced rates remain unchanged, ranging at 0.25% – 0.5%. Despite the sound growth in the labour market, the economic indicators have given mixed signals. The Fed has cut the medium-term economic growth projection for 2016, from 2% to 1.8%, also has lowered the Q4 inflation projection, from 1.4% to 1.3%.

The announcement resulted in the slump of the dollar. The dollar index future (December) has plunged 1.27% after testing the significant resistance level at 96.00 yesterday. The Fed’s announcement further drove the price down and broke the uptrend line support.

It is currently trading in the range between the resistance level at 95.20 and the significant support at 95.00, where providing a strong support.

The 4 hourly Stochastic Oscillator is around 10, suggesting a rebound.

The resistance level is at 95.20, followed by 95.40, 95.60.
The support line is at 95.00, followed by 94.80, 94.60.

Keep an eye on the US Initial Jobless Claims, will be released at 12:30 GMT, and the US CB Leading Indicator, will be released at 14:00 GMT.

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After the BoJ’s monetary policy statement released yesterday, USDJPY plunged and broke the support level at 101.00.

The bearish momentum continued leading by the subsequent Fed announcement, it further broke the support line at 105.00 then rebounded after testing the significant support level at 100.00, where provides a strong support.

The level at 101.00 has turned into the major resistance, the upside selling pressure is heavy.
The current pattern is trading in a range between 100.00 and 101.00.

The resistance level is at 101.00, followed by 101.50 and 102.00.
The support line is at 100.50, followed by 100.00 and 99.50.

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The Fed’s announcement released yesterday has contributed a big gain to EURUSD, the bull broke the significant resistance level at 1.1200.

The current price is trading below the next major resistance level at 1.1240, the selling pressure is heavy at this level.
The current trading pattern is oscillating in the range between 1.1215 and 1.1240.
The 4 hourly Stochastic Oscillator Is above 90, indicating a retracement.

The resistance level is at 1.1240, followed by 1.1270 and 1.1300.
The support line is at 1.1215, followed by 1.1200 and 1.1175.

Keep an eye on the ECB president Draghi’s speech, will be released at 13:00 GMT, as it may influence the trend of the EURUSD.

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Spot gold has still been oscillating in a consolidation pattern since August.

The Fed’s announcement released yesterday helped gold spot rally and broke the resistance level at 1330, tested the next resistance level at 1335 then retraced.

The price zone between 1335 and 1345 is a major resistance zone, the pressure is heavy here.
The current trading pattern is oscillating in the narrow range between 1330 and 1335.

The 4 hourly Stochastic Oscillator is around 80, suggesting a pullback.

The resistance level is at 1335, followed by 1340 and 1345.
The support line is at 1330, followed by 1320 and 1310.

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