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Technical Analysis – USDCHF moves sideways, but negative trend still in play

Posted on July 1, 2020 at 7:04 am GMT

USDCHF has been consolidating in recent weeks, staying confined within a narrow sideways range between 0.9550 and 0.9420 since mid-June. Nonetheless, the broader price structure still consists of lower peaks and lower troughs, with the pair also trading below a downtrend line drawn from the peaks of March. Short term momentum oscillators are near their neutral levels, echoing the recent lack of direction. The RSI is just below 50 and seems to have flatlined, while the MACD is basically at [..]

Technical Analysis – USDJPY needs support near 107.50 to sustain strength

Posted on July 1, 2020 at 6:49 am GMT

USDJPY bulls entered the 108.00 area on Wednesday after striking their fifth consecutive daily gain on Tuesday despite Fauci’s virus warnings and the Fed’s cautious tone. Previously, the pair bottomed twice around 105.97, and a rally above the 109.60 resistance is now required to switch the neutral status in the three-month picture to a positive one. But currently technical signals for such a noticeable upside move are looking weak; the RSI although above its 50 neutral mark seems unable to [..]

Technical Analysis – Apple continues powerful uptrend, stays near records

Posted on June 30, 2020 at 2:58 pm GMT

Apple’s stock reached a new all-time high of 372.16 last week, continuing its monster bull run above a three-month upside support line and above all its simple moving averages (SMAs), which are also sloping upwards. Momentum oscillators endorse the positive picture. The RSI is well above 50 and is pointing higher, while the MACD – already deep in positive territory – looks ready to cross above its red trigger line soon. If buyers manage to pierce above the record high [..]

Australian retail sales and China PMI may stir but not break aussie’s range – Forex News Preview

Posted on June 30, 2020 at 1:15 pm GMT

As markets grapple with the real threat of escalating virus cases derailing the global economic recovery, the risk-sensitive Australian dollar will be keeping an eye on a number of indicators out of Australia and China this week. The Caixin/Markit manufacturing PMI due from China on Wednesday (1:45 GMT) and Australian retail sales figures out on Friday (1:30 GMT) will be the main highlights for traders. Virus and economic success keep aussie supported After what seemed like an unstoppable rally, growing [..]

Technical Analysis – EURCHF hits a resistance wall, plunges below 200 MA

Posted on June 30, 2020 at 11:43 am GMT

EURCHF today encountered heavy resistance from the 100-period simple moving average (SMA) residing at the Ichimoku cloud’s upper band at 1.0700. As a result the price has retreated back below the 200-period SMA and has strengthened a short-term neutral-to-negative picture. The Ichimoku lines reflect the somewhat recent edging sideways in the price, while the short-term oscillators promote further declines. The stochastic oscillator is negatively charged after a bearish crossover by the %K line was completed out of the overbought region. [..]

Technical Analysis – AUDJPY consolidates, but picture still positive

Posted on June 30, 2020 at 11:19 am GMT

AUDJPY has been confined within a narrow range in recent weeks, between 74.40 and 72.70. Yet, the bigger picture is still bullish as the pair remains above a three-month upside support line and the price structure still consists of higher peaks and higher troughs. What’s more, the 50-day simple moving average (SMA) looks ready to cross above the 200-day one, forming a so-called ‘golden cross’, which would be another positive sign. Short-term oscillators don’t tell us much about the next [..]

Technical Analysis – AUDJPY consolidates, but picture still positive

Posted on June 30, 2020 at 11:11 am GMT

Fed minutes could upset markets – Forex News Preview

Posted on June 30, 2020 at 9:50 am GMT

It’s a packed week in America, where Fed Chairman Powell will testify at 16:30 GMT Tuesday, ahead of the minutes of the latest FOMC meeting at 18:00 GMT Wednesday. The crucial jobs numbers for June will follow Thursday. In a nutshell, the minutes could show a Fed that’s still hesitant towards yield curve control, much like Powell seemed back at that meeting. If so, that might lift the dollar and hurt stocks a little, but in the bigger picture, how [..]

Technical Analysis – WTI futures fails to improve positive mode; neutral in very short-term

Posted on June 30, 2020 at 9:04 am GMT

WTI crude oil futures have been trading within a narrow range, inside the Bollinger band confirmed by the momentum indicators. The RSI is moving sideways in the positive region near the 50 level, while the MACD is flattening marginally above trigger and zero lines. The flat movement is in line with the 40-period simple moving average (SMA), which acts as support for the bears. If the price jumps above the upper Bollinger band, immediate resistance could appear at the 15-week [..]

Daily Market Comment – Virus concerns cast aside as upbeat data boosts sentiment

Posted on June 30, 2020 at 8:38 am GMT

Stocks rebound as risk aversion eases on positive data from China and the US But virus worries linger as Australia and the UK impose local lockdowns Dollar heads higher, eyes Powell testimony and more US data Pound hammered by Brexit and virus woes Risk appetite improves on recovery optimism Hopes for a V-shaped recovery were bolstered after encouraging data out of the United States and China over the past 24 hours showed that the growth revival remains on track in [..]

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