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Technical Analysis 01-03-2017

March 1, 2017
By Antonis Vasloos
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EUR/USD

Outlook: Slightly Bearish

The EUR/USD held within a narrow trading range on Tuesday, as prices continued to hover in the mid-1.05 region. Prices have traded within a range of 1.04-1.08, since November, although most of that movement has been a downward consolidation. Looking beyond that, the common currency has been in a prolonged weak for more than two years.

  • Support (daily): 1.0552, 1.0528, 1.0488
  • Resistance (daily): 1.0616, 1.0656, 1.0680

The euro was last down 0.2% at 1.0558 U.S. Relative strength is in the low-40s, a sign of weak underlying momentum.

Technical Analysis -EURUSD - 01-03-2017

GBP/USD

Outlook: Slightly Bearish

The British pound fell to fresh six-week lows on Tuesday, extending a downshift that began on February 24. The GBP/USD has declined nearly 200 pips over that period, but remains within an established range between 1.2350 U.S. and 1.2600 U.S.

  • Support (daily): 1.2342, 1.2304, 1.2240
  • Resistance (daily): 1.2444, 1.2508, 1.2546

Although the pair remains in a long-term bearish trend, the short-term technical indicators suggest further consolidation around 1.2400 is in order. Price action is flat, with the 20-day and 100-day simple moving averages moving on a lateral trajectory.

Technical Analysis -EURUSD 01-03-2017

WTI Oil

Outlook: Neutral/Slightly Bullish

Oil prices resumed their broad consolidation on Tuesday, finding support just above $54.00 a barrel. The West Texas Intermediate (WTI) benchmark for U.S. crude futures was last seen hovering at $54.10. The futures contract enjoyed a productive month of February, rising more than 2%.

  • Support (daily): $53.39, $52.76, $52.34
  • Resistance (daily): $54.44, $54.86, $55.49

Relative strength is holding steady above 50, while the MACD has moved slightly into positive territory. Both indicators confirm a neutral to slightly bullish outlook for the futures contract.

Technical Analysis - WTI- 01-03-2017

Gold

Outlook: Bullish

Gold prices are correcting lower at the time of writing, with the April futures contract falling more than 1% from Monday’s close. Bullion was last seen trading at $1,245.40 a troy ounce. Prior to the decline, the yellow metal was hovering near overbought levels on the Relative Strength Index (RSI).

  • Support (daily): $1,247.44, $1,242.27, $1,237.34
  • Resistance (daily): $1,257.54, $1,262.47, $1,267.64

Bullion continues to trade well above the 100-day simple moving average, and measures of short-term momentum confirm that the upward channel is still intact.