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Main » 2016 » October » 28 » Technical analysis and forex forecast for today 28/10/2016: Euro, dollar, pound, yen, gold, oil
Technical analysis and forex forecast for today 28/10/2016: Euro, dollar, pound, yen, gold, oil



Euro Dollar Technical Analysis and Forecast 10/28/2016


Blank macroeconomic calendar Thursday in the first half did not bring major changes in the trading of the currency pair EUR / USD. The focus in the US session were reports on the labor market and orders for durable goods in the US. Positive data strengthen the idea of ​​a December rate hike in the United States by increasing demand for the dollar and reducing the appeal of gold.Against this background, the European currency will continue trading underpressure.



Current situation

The EUR / USD declined in Asian trading on Thursday. The price has tested the level of 1.0900, where the downward momentum faded. The pair rebounded from this level and could be strengthened by returning a portion of their losses. On the hourly chart the price is above the 100 EMA, which stands strong support for the euro. 50 EMA and 100 EMA are neutral, and the 200 EMA is directed to the south. Resistance is at 1.0950, support - at 1.0900. 

The MACD rose, indicating a weakening of the position of sellers. RSI is neutral.


Forecast EUR / USD 28.10.2016

The level of 1.0900 limits the weakening of the euro. If this level is broken, the EUR / USD may advance to 1.0850. Closing above $ 1.0950 would weaken the downward pressure and allow the single currency to strengthen to the level of 1.1000.


Pound Dollar Technical Analysis and Forecast 28/10/2016


On Thursday, the pair GBP / USD added 65 points against the background of positive data on UK GDP. The strengthening of the British currency was practically on all fronts. However, soon the US currency quickly recovered, limiting the growth of his opponent.

Current situation

On Thursday, GBP / USD pair has remained in a narrow range near the 1.2200 support. The recent restoration was stopped near the level of 1.2150, which tipped the quotes back. Night trading on Thursday, the pound held near the level of 1.2200 and more appreciated by the middle of the European session. In the American session, the pair GBP / USD weakened. The price rebounded from the 50-EMA, in the area of 1.2200 on the hourly level.GBP / USD pair moved in an upward direction and broke through the 200 EMA on the same chart, it is not bounced off the moving down. EMA 50 and EMA 100 neutral and 200 move downward EMA. Resistance is located at 1.2300, support -. 1.2200 on 

the MACD indicator is located on the ground level. If you go into positive territory, it will point to the strengthening of the positions of buyers. If MACD returns into negative territory control over the market will go to the sellers. RSI has moved into the oversold zone.


Forecast GBP / USD 10/28/2016

If the weakening of the pound continues, the pair GBP / USD may fall to 1.2200 area. With the development of such a scenario, users can send the price to the level of 1.2100. A move above 1.2300 level eased downward pressure. Buyers can raise the price to 1.2350.



Dollar Yen Technical Analysis and Forecast 28/10/2016


On Thursday, the dollar / yen reached new highs as the dollar was supported against the strengthening US government actions and expectations of growth rates in December 2016.

Current situation

On Thursday, the dollar grew against the yen. USD / JPY pair has returned almost all of their losses suffered the previous day. Price remained in the uplink. Trading tool rebounded from its bottom border, and throughout the day moved towards 105.00. The price has risen above the moving averages, which are directed upwards on the 4-hour chart. Resistance is located at 105.00 and 104.50 support area. 

The MACD formed a buy signal. The RSI continues to consolidate in the overbought zone.


Forecast USD / JPY 10/28/2016

For further growth to the level of 105.00, USD / JPY pair is necessary to consolidate above 104.50. On the other hand closing trades below 104.50 will allow a price drop to the level of 104.00.



USD / CAD Technical Analysis for 10/28/2016


The decline of oil prices is putting pressure on commodity currencies, including the Canadian dollar. In addition, comments from the Bank of Canada last week has undermined the prospects of the national currency.  The current situation On Thursday, bullish prospects for the pair USD / CAD retained their relevance. The pair almost did not change its position near the level of 1.3400, which was a critical obstacle for the pair. Price fell slightly before the opening of the US session, but almost immediately returned to growth. Pair USD / CAD remains above the moving averages, when it appears the 50-EMA on the hourly chart support. The pair is trying to overcome the 50 EMA to move down. All the moving averages (50, 100 and 200) are directed upwards on said time frame.Resistance is located at 1.3400, support - at 1.3330. The MACD continues to consolidate in the overbought zone. RSI is stuck in the overbought zone.


Forecast USD / CAD 28.10.2016

Break of 1.3400 levels in the upstream direction will allow the dollar to continue to grow to the level of 1.3470.Break down the level 1.3330 will send the market to 1.3250.



Rate of gold today Technical Analysis 28.10.2016


Quotes of the precious metal rose on a background of the continuing uncertainty regarding the Fed's monetary policy and the results of elections for the presidency of the United States. Demand for safe assets increased after the publication of a weak report on durable goods.

Current situation

The price of gold has changed slightly during the day, staying near the level of 1270 dollars per ounce. Price was inactive after a sharp decline on Wednesday. The pair XAU / USD rose slightly from the level of 1265 to 1270, returning part of the recent losses. The pair tested the level of 1270 before the start of the US session. Precious metals remained between 100 EMA and the 50 EMA on the 4-hour chart. 50 EMA and 100 EMA are neutral, and the 200 EMA is directed downward. Resistance is located at 1270 support - 1260 dollars per ounce. 

The MACD indicator is located on the ground level. If you go down in the negative zone, it will point to the strengthening position of sellers. If the MACD will return to positive territory market control will pass to the buyers. RSI is in the neutral zone.


Gold forecast for today 28/10/2016

The pair may return to monthly highs in 1275 after closing above the level of 1270 per ounce. Closing below 1265 weaken the downward movement.



The forecast for oil prices 10/28/2016


On Thursday, oil futures have stabilized after a decline, trading flat. The momentum of growth has weakened on expectations of the results of the agreement on the reduction of OPEC oil production. Restoring quotes recently substantiated by political instability in Venezuela and demand for raw materials in Asia.

The current situation

for Brent crude traded on Thursday were positive. After a sharp decline on the eve of the price rose, offset by previous losses. Quotes were able to grow on profit taking. In addition, some fundamental factors have supported demand for the futures of Brent crude oil. Price accelerated its growth with the opening of US trading. Quotes of oil obscurities Brent broke through the level of 50.50, and continued to rise to the level of 51.50. The price rebounded from the 200 EMA up to 4-hour chart. EMA-200 neutral, and 100-EMA-EMA 50 downwards. Resistance is located at 51.50 and support - to 50.50 dollars per barrel. 

The MACD is in the negative zone. Histogram rose, indicating a weakening of the position of sellers. RSI rebounded from oversold area.


Oil is forecast for today 10/28/2016

If the current growth continues, crude oil futures for Brent crude may continue to restore the level of 51.50.




Based on materials from Fort Financial Services



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