News

Technical Analysis – GBPJPY prints a bearish shooting star at 3-week highs

Posted on July 10, 2020 at 6:22 am GMT

GBPJPY managed to unlock a three-week high at 135.90 on Thursday, but gains were soon reversed, creating a bearish shooting star candlestick instead – a negative signal that a downside correction may be on the way. With the 50% Fibonacci of the 147.94-124.00 strongly rejecting upside movements at the same point and the Stochastics sloping downwards after peaking above their 80 oversold mark, weakness could persist in the short-term. However, not far below, the ascending trendline that has been supporting the market since the [..]

Technical Analysis – NZDJPY regains strength above 200-day SMA

Posted on July 10, 2020 at 5:26 am GMT

NZDJPY pushed back above the 200-day simple moving average (SMA) after finding footing at the 68.15 level, that being the 61.8% Fibonacci retracement of the down leg from 73.52 to 59.45. Assisting the move is the rising 50-day SMA and its recent bullish crossover of the 100-day SMA. Additionally, the short-term oscillators paint an improving picture though do not rule out some consolidating in the near-term. The MACD, in the positive section, is increasing above its red signal line, while [..]

Technical Analysis – NZDJPY regains strength; moves higher

Posted on July 9, 2020 at 3:05 pm GMT

NZDJPY pushed back up after finding footing at the 68.15 level, that being the 61.8% Fibonacci retracement of the down leg from 73.52 to 59.45, and the 200-day simple moving average (SMA). Assisting the move is the rising 50-day SMA and its recent bullish crossover of the 100-day SMA. Additionally, the short-term oscillators paint an improving picture though do not rule out some consolidating in the near-term. The MACD, in the positive section, is increasing above its red signal line, [..]

Fear gauge and gold are still flashing red; are stocks finally taking note? – Special Report

Posted on July 9, 2020 at 1:02 pm GMT

The resurgence in coronavirus cases appears to have put a pause on the relentless risk rally that has propelled global stocks to recoup almost 80% of the March crash. But as stocks drift sideways while investors re-evaluate the prospect of a V-shaped recovery, the bulls still seem to have the upper hand. A resumption of the uptrend looks like a stronger possibility than a downside correction judging by the market sentiment and technical indicators. However, the markets’ two best barometers [..]

Technical Analysis – US 100 index flies to fresh record peak

Posted on July 9, 2020 at 12:56 pm GMT

The US 100 cash index recorded a new all-time high of 10,727.95 earlier today, continuing the steep increase from the 14-month trough of 6,635. The golden cross within the 50- and the 200-day simple moving averages (SMAs) remains intact and the RSI indicator is heading higher marginally above the 70 level. However, the stochastic oscillator is looking overbought and is flattening, suggesting a downside correction in the short-term. A significant rally above the all-time high could see the index to [..]

Pound: six months remaining for a Brexit trade deal – Special report

Posted on July 9, 2020 at 12:50 pm GMT

While the world is nervous about the Covid-19 second wave, the British pound has another reason to worry about its recovery: the Brexit saga. Six months after its departure from the European Union, the UK has just started to negotiate the terms of a trade deal with the bloc. And while the blame for the slow progress could be largely placed on the social distancing orders, the latest unfruitful round of talks suggests that solidifying an agreement is extremely difficult [..]

Technical Analysis – WTI futures’ positive momentum fades

Posted on July 9, 2020 at 11:40 am GMT

WTI oil futures’ positive drive loses fuel as it creeps sideways below the 41.60 resistance. The slowing in the ascent is also reflected in the Ichimoku lines as their positive bearing begins to flatten out. The short-term oscillators are grasping onto hopes that the positive picture may resume shortly. The MACD, in the positive region, holds just below its red trigger line, while the RSI is floating below the 70 mark. In the stochastic oscillator, the %K and %D lines [..]

Technical Analysis – EURJPY pauses its rise in an upward sloping channel

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

EURJPY has been developing within an upward sloping channel over the last couple of weeks, surpassing the simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators are losing some momentum. The RSI is pointing south near 50 level, while the MACD is moving sideways above the zero line. A pull back may meet immediate support around the 20-period SMA currently at 121.45 while slightly lower the bears could try to touch the 121.30 support. Should the price [..]

Daily Market Comment – Nasdaq and gold take to the skies, dollar tanks

Posted on July 9, 2020 at 9:04 am GMT

Stocks and commodity currencies grind higher without much news Sinking dollar lifts all FX boats, pound and loonie capitalize the most Gold rally keeps rolling – has bullion changed roles with the dollar? Weekly US jobless claims today to reveal initial impact of re-closures Investors stick to crisis playbook, buy tech shares and gold News flow was rather limited on Wednesday, helping global markets to stay in a good mood since ‘no news is good news’ these days, with such [..]

Technical Analysis – USDCHF driven by bears; next key support near 0.9320

Posted on July 9, 2020 at 7:39 am GMT

USDCHF resumed negative momentum this week after failing to climb above the 61.8% Fibonacci retracement level of the March rally that started from the 0.9181 bottom. On the downside there is no key support in sight until 0.9320, hence the sell-off may continue for a bit, with the RSI and the MACD endorsing that bearish view as the former has yet to find a bottom in the oversold area and the latter is strengthening southward again. A break below 0.9320 would expose the market to the 0.9255 [..]

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