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Technical Analysis – Gold seems unstoppable, positive direction intact

Posted on July 13, 2020 at 7:46 am GMT

Gold maintains a healthy bullish bearing despite having slightly pulled back after plotting a fresh more than 8½-year high of 1,817.89. The pair’s retreat from the upper Bollinger band is also reflected in the stochastic oscillator, which displays some weakening in positive momentum, as the %K line completed a bearish crossover of the %D line, dipping from the overbought region. Nevertheless, the predominant positive charge in the simple moving averages (SMAs) suggests a well-defined course northwards. Moreover, the MACD and [..]

Technical Analysis – EURUSD fails to increase bullish bias; indicators are weak

Posted on July 13, 2020 at 7:00 am GMT

EURUSD has been trading sideways over the last month failing to improve the bullish rally that started from the 1.0870 support. Currently, the pair is standing above the 20-day simple moving average (SMA), however, the red Tenkan-sen line dropped beneath the blue Kijun-sen line, suggesting a possible downside retracement. Looking at the momentum indicators, the MACD is hovering near the trigger line in the positive region, while the RSI is marginally sloping up above the 50 level in the short-term [..]

Is the ‘party’ in gold just getting started? – Special Report

Posted on July 10, 2020 at 12:46 pm GMT

Gold prices keep rising, powered by a trifecta of uncertainty among investors, runaway government spending, and rock bottom interest rates for years to come. Even though the metal has already come a long way, there’s not much to stop it from grinding even higher to new record highs. Any more stimulus from the Fed for instance, like an introduction of yield curve control, could sink the dollar and turbocharge bullion. The main downside risk is a successful virus vaccine. Central [..]

Week Ahead – US, China data to keep recovery theme going; ECB, BoJ and BoC meet

Posted on July 10, 2020 at 12:38 pm GMT

There will be no shortage of big headline events over the next few days as major data releases, central bank meetings and an EU gathering should make for a busy week. However, the primary focus will be on the recovery story amid further spikes in coronavirus cases in several countries, including the United States. Retail sales numbers out of America and second quarter GDP figures from China should reveal whether the growth rebound is maintaining momentum. On the other hand, [..]

Technical Analysis – NZDUSD attempts to restore positive sentiment

Posted on July 10, 2020 at 10:57 am GMT

NZDUSD appears to be strengthening after finding a footing on the 40-period simple moving average (SMA), which may enhance the very short-term neutral-to-bullish picture. Although the positive momentum in the MACD and the Ichimoku lines has stalled, the rising SMAs, RSI and stochastic oscillator endorse further gains. The RSI is improving after bouncing on the 50 threshold, while the %K line has completed a bullish crossover out of oversold territory, promoting advances. If buying interest intensifies, early resistance may develop [..]

Technical Analysis – US 30 index loses momentum in short term

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

The US 30 cash index has been on the sidelines over the last month as the 26,410 resistance level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the MACD is changing direction to the downside below the zero line, while the RSI is holding beneath the neutral threshold of 50 but is pointing up. A rebound on the 25,560 support and a rise above the simple moving averages (SMAs) could [..]

Daily Market Comment – Virus acceleration and politics upset markets

Posted on July 10, 2020 at 9:00 am GMT

Wall Street loses altitude, dollar regains ground on US virus spike, Biden remarks But Nasdaq defies gravity, hits new records on relentless ‘defensive tech’ demand In the bigger picture, most charts have gone nowhere for a month now – blame the Fed? Flood of distressing news overpowers stimulus hopes Risk aversion made a comeback on Thursday as a flurry of alarming headlines led investors to cut their exposure to riskier assets, in fear that the avalanche of stimulus globally may [..]

Technical Analysis – USDCAD confronts downtrend line fortified by 40-day SMA

Posted on July 10, 2020 at 7:55 am GMT

USDCAD is currently tackling the downtrend line drawn from the 50-month high of 1.4667 achieved on March 19, aligned with the falling 40-day simple moving average (SMA). Further hindrance is arising from the overlapping 1.3633 level, that being the 23.6% Fibonacci retracement of the down leg from 1.4667 to 1.3314. The bulls seem to have backing from the oscillators that reflect improving positive momentum in the near-term. The MACD, in the negative region, holds above its red trigger line near [..]

Technical Analysis – GBPUSD tumbles after touching 3-month high

Posted on July 10, 2020 at 7:25 am GMT

GBPUSD has been in an ascending move after the rebound on the 1.2250 trough, touching a new three-month high of 1.2670. The price is currently testing the 20-day simple moving average (SMA), while the RSI indicator is pointing slightly down near the 50 level. Also, the MACD is losing momentum beneath its trigger line but it still hovering above the zero line. An extension of the downside movement could hit the 50.0% Fibonacci retracement level of the up leg from [..]

Technical Analysis – USDCAD confronts downtrend line fortified by 50-day SMA

Posted on July 10, 2020 at 7:24 am GMT

USDCAD is currently tackling the downtrend line drawn from the 50-month high of 1.4667 achieved on March 19, aligned with the falling 50-day simple moving average (SMA). Further hindrance is arising from the overlapping 1.3633 level, that being the 23.6% Fibonacci retracement of the down leg from 1.4667 to 1.3314. The bulls seem to have backing from the oscillators that reflect improving positive momentum in the near-term. The MACD, in the negative region, holds above its red trigger line near [..]

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