News

Technical Analysis – AUDUSD holds within bullish channel; golden cross registered

Posted on July 2, 2020 at 7:51 am GMT

AUDUSD has been on the sidelines over the past three weeks, but is still within the three-month old ascending channel, keeping hopes alive that the positive pattern may continue. In other bullish trend news, the 50- and 200-day simple moving averages (SMAs) managed to post a golden cross after more than two years, further brightening the medium-term outlook. A decisive close above the 0.7030-0.7080 restrictive area which the pair failed to successfully overcome this month could bring new buyers to the market, with [..]

Technical Analysis – EURUSD’s positive picture consolidates

Posted on July 2, 2020 at 6:30 am GMT

EURUSD has been in a range for a couple of weeks now with the price currently capped by the 100-period simple moving average (SMA) and the 1.1268 level, that being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The stalled Ichimoku lines and the flattened state within the 40- and 100-period SMAs further sponsor a horizontal picture. Although the short-term oscillators are skewed marginally to the upside, it is on the back of weak momentum for [..]

Technical Analysis – Tesla takes off like a rocket, prints new records

Posted on July 1, 2020 at 2:19 pm GMT

Tesla’s stock levitated to a new all-time high of 1086 yesterday, and today it overcame that too, continuing its relentless uptrend. The picture is overwhelmingly positive, with the structure of higher peaks and higher troughs being reinforced by all the simple moving averages (SMAs) sloping upwards and the price trading above an upside support line drawn from the March lows. Even short-term momentum oscillators are with the bulls, as the RSI just touched its 70 line while the MACD just [..]

Technical Analysis – GBPJPY edges sideways below 200 moving average

Posted on July 1, 2020 at 11:37 am GMT

GBPJPY appears restrained within the Ichimoku cloud by the 50- and 100-period simple moving averages (SMAs) over the previous sessions. The price has found difficulty in maintaining a jump back above the 200-period SMA and thus has adopted a sideways move over the last week. Backing this view are the unclear directional signals reflected in the Ichimoku lines as well as the conflicting slopes of the 50- and 100-period SMAs. Looking at the MACD and the RSI indicators, they reflect [..]

Nonfarm payrolls: A battle between risk taking and safety – Forex News Preview

Posted on July 1, 2020 at 11:30 am GMT

The ISM manufacturing PMI is due today at 14:00 GMT and June’s Nonfarm payrolls will be released on Thursday, a day earlier than usual, at 12:30 GMT as US markets will be shut on Friday for July 4th celebrations. While another upbeat outcome is expected to boost risk sentiment, investors might catch themselves between virus fears and improving data, capping any potential gains. Covid-19 resurgence: a global wake-up call The health community has been repeatedly warning that the removal of lockdown [..]

Technical Analysis – US Dollar index tries to surpass 23.6% Fibonacci

Posted on July 1, 2020 at 11:06 am GMT

The US dollar index rebounded on the three-month trough of 95.60, finding resistance at the 23.6% Fibonacci retracement level of the down leg from 103.80 to 95.60 at 97.52. The technical indicators seem to be contradicting each other as the MACD holds above the trigger line and is looking bullish, however, the stochastic oscillator is turning lower, suggesting a possible pullback in the short-term. If buying interest picks up, early tough resistance could occur at the bearish cross of the 40-day simple moving [..]

Technical Analysis – EURAUD posts ‘death cross’, yet remains quiet

Posted on July 1, 2020 at 9:47 am GMT

EURAUD recently recorded a so-called death cross, meaning that the 50-day simple moving average (SMA) crossed below the 200-day one, which is a negative trend signal. That being said, the pair continues to trade very quietly between 1.6530 and 1.6020 since early June, suggesting that the very short-term outlook looks neutral, even if the broader one is negative. Short-term oscillators paint a mildly bearish picture, suggesting that the next move may be lower. The RSI is below 50 already and [..]

Daily Market Comment – Gold soars on virus risks, softer dollar; US data awaited

Posted on July 1, 2020 at 8:41 am GMT

Gold extends bull run amid growing virus fears and US-China tensions; softer dollar helps too Stocks mostly positive as global recovery appears on track, but rally showing some signs of fatigue Markets await US ISM manufacturing and jobs data for direction Gold sets sights on $1800/oz as pandemic here to stay The safe-haven gold was scaling fresh 7½-year highs above $1785/oz on Wednesday even as investors maintained the view that the economic recovery from the pandemic will be a V-shaped [..]

Technical Analysis – Gold’s strength prevails; defeats all obstacles

Posted on July 1, 2020 at 8:14 am GMT

Gold’s brake pads seem to have no effect on the triumphing bullish structure, which has hiked to an almost 8 year high of 1,788. The commodity’s overwhelming climb is tackling the 1,788 mark, that being the 123.6% Fibonacci extension of the down leg from 1,765 to 1,670. The pickup in positive momentum is also reflected in the strengthening Ichimoku lines. Glancing at the short-term oscillators, they too aid an improving picture suggesting upcoming advances. The MACD is in the positive [..]

Technical Analysis – NZDUSD capped by 20-day SMA; indicators appear mix

Posted on July 1, 2020 at 7:19 am GMT

NZDUSD is capped by the 20-day simple moving average (SMA) and the red Tenkan-sen line in the short-term and has been moving sideways over the past three weeks. The momentum indicators are facing contradicting signals as the RSI is pointing marginally up in the positive region, while the MACD oscillator is standing beneath its trigger line and is losing ground. If the price continues to fall, immediate support would come coming from the 0.6375 barrier and the 23.6% Fibonacci retracement [..]

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