News

Technical Analysis – EURGBP reclaims ascent, salvaged by 50-day SMA

Posted on July 15, 2020 at 10:16 am GMT

EURGBP recovered its positive bearing as it recently found a foothold on the rising 50-day simple moving average (SMA). The rescued hike appears to be aided by the upward slopes in the 50- and 100-day SMAs. Glancing at the short-term oscillators, it seems positive sentiment has paused. The MACD, slightly in the positive area, looks to nudge back above its red trigger line, while the RSI’s improvement in the bullish territory stalls. Moreover, the stochastic oscillator holds a bullish tone [..]

ECB to hold fire as Eurozone outlook brightens, but divisions may jolt euro – Forex News Preview

Posted on July 15, 2020 at 9:40 am GMT

The European Central Bank is expected to take a pause in its pandemic response and keep policy unchanged when it announces its latest decision on Thursday at 11:45 GMT. Having been the epicentre of the Covid-19 pandemic at one point, Europe is now one of the few regions in the world that has so far managed to avoid a resurgence. Hence, investors are growing more confident about the recovery of the euro area and President Christine Lagarde will probably echo [..]

Daily Market Comment – Euro surges, stocks bounce back amid fresh vaccine hopes

Posted on July 15, 2020 at 8:33 am GMT

Vaccine hopes boost risk assets; Wall Street selloff is over before it even began Euro and aussie charge ahead; pound and loonie try to catch up Oil holds its nerve as OPEC+ set to ease production cuts Mixed earnings overshadowed by promising vaccine results Global equities were back in bullish mode on Wednesday after a brief wobble earlier in the week had some investors worried that this could be the start of a long overdue correction in the markets. However, [..]

Technical Analysis – NZDUSD struggles to advance, drifts sideways

Posted on July 15, 2020 at 8:30 am GMT

NZDUSD’s current course seems set to sail east as the pair’s appreciation appears to have become paralyzed. Nevertheless, enhancing positive signals are present from the gradual incline in the 100- and 200-day simple moving averages (SMAs), in addition to a recent bullish crossover of the 200-day SMA by the rocketing 50-day one. That said, the delayed positive picture is also highlighted in the short-term oscillators. The MACD, some distance in the positive region, has marginally dipped below its red signal [..]

Technical Analysis – USDJPY consolidates, confirmed by flat SMAs and indicators

Posted on July 15, 2020 at 7:03 am GMT

USDJPY posted a double bottom around the 106.00 psychological mark, retaining the neutral outlook that has been holding since March 26. The sideways behavior is endorsed by the short-term momentum indicators. The RSI is hovering around its neutral threshold of 50 with weak movement, while the MACD is flattening near the zero level. Meanwhile, the simple moving averages (SMAs) keep moving horizontally slightly above the current market price, backing the neutral outlook as well. In case the bulls successfully overcome the 20- and 40-day SMAs, immediate resistance could occur near the 38.2% Fibonacci retracement level [..]

Technical Analysis – WTI futures’ positive picture slows; edges sideways

Posted on July 15, 2020 at 5:49 am GMT

WTI oil futures slid into a range structure from 37.07 – 41.60, following a one-and-a-half-month ascent from 6.62. The commodity is holding above the 200-period simple moving average (SMA) but was unable to close above the 41.28 key upper level of a gap in March. The gradual levelling in the 50- and 100-period SMAs as well as the steadying of the Ichimoku lines and cloud, further aids the consolidation in the price. The technical oscillators reflect a pause in positive [..]

Technical Analysis – USDCAD improves somewhat within trading range

Posted on July 14, 2020 at 1:34 pm GMT

USDCAD recently climbed above all converged simple moving averages (SMAs) and the 1.3594 level, that being the 38.2% Fibonacci retracement of the down leg from 1.4047 to 1.3314. The price is currently resting on the upper surface of the mostly horizontal Ichimoku cloud but appears to have lost the fuel to push for the ceiling of the one-month consolidation. Looking at the short-term oscillators, positive momentum has weakened. The MACD is trading slightly above zero and its red signal line, [..]

Technical Analysis – EURCHF runs above SMAs but Ichimoku cloud acts as strong resistance

Posted on July 14, 2020 at 1:29 pm GMT

EURCHF staged a respectful bullish rally following the bounce off the 100-day simple moving average (SMA) around the 1.0595 support. In the very short-term, the positive bias is confirmed by the momentum indicators. The RSI is climbing above the 50 level, while the MACD, having crossed above its trigger line in the negative region, is trying now to surpass the zero line. Should the price close comfortably above the lower surface of the Ichimoku cloud and the blue Kijun-sen line around the 1.0710 resistance, buyers could push towards 1.0767. Higher, [..]

Aussie may drift lower after employment report – Forex News Preview

Posted on July 14, 2020 at 1:22 pm GMT

June’s employment report for Australia is likely to catch investors’ eyes on Thursday 0030 GMT as the nation’s economy tumbled into a recession in the first half of the year. However, Australia avoided the high Covid-19 cases of other countries, recording less than 10,000 in total or about a sixth of the daily cases seen in the United States in recent days. Unemployment expected to see further increases In the previous release, the unemployment rate jumped to 7.1% from an upwardly revised [..]

BoC meeting: With a little anxiety from the US – Forex News Preview

Posted on July 14, 2020 at 10:03 am GMT

The Bank of Canada (BoC) will wrap up its policy meeting at 14:00 GMT Wednesday, and while no action is expected, the accompanying statement could still be crucial. Even though the Canadian economy is healing, the resurgence of infections in the US is scary given Canada’s exposure to America, and might lead policymakers to strengthen their easing bias. If so, that would argue for a negative reaction in the loonie. Longer term though, the stage seems set for a powerful [..]

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