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Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress

Posted on June 24, 2020 at 2:01 pm GMT

GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. The MACD oscillator is rising above the trigger line near the zero level, while the RSI is pointing south near the [..]

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Technical Analysis – EURGBP crawls towards trend line, clinging to a hike  

Posted on June 24, 2020 at 1:27 pm GMT

EURGBP has reversed from the upper surface of the Ichimoku cloud to the 0.9031 level, that being the 38.2% Fibonacci retracement of the up leg from 0.8281 to the 11-year high of 0.9498. Positive sentiment appears revived after the bounce on the supportive trend line pulled from the February 18 low of 0.8281. Further backing this short-term view are the Ichimoku lines and the upward slopes of the 50- and 100-day simple moving averages (SMAs). However, for now the technical [..]

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After disappointing PMIs, core inflation and personal consumption next on dollar’s agenda – Forex News Preview

Posted on June 24, 2020 at 10:48 am GMT

The Fed’s favourite inflation index will hit the markets on Friday at 12:30 GMT along with personal consumption and income readings. The data could reflect a recovering appetite for consumption which could consequently give some room for improvement to the dollar. However, the gains could be modest as weakness in inflation may suggest more delays in reaching the central bank’s target. Still, upside pressures cannot be ruled out in the years ahead. Consumers start spending more, but inflation may remain [..]

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Daily Market Comment – Gold flies to new highs, RBNZ talks kiwi down

Posted on June 24, 2020 at 8:53 am GMT

Dollar retreats after encouraging PMIs turbocharge euro Gold capitalizes on weaker dollar, reaches heights last seen in 2012 Stocks inch higher led by tech, despite US virus spike and rising bankruptcies RBNZ expresses discomfort with exchange rate, kiwi obliges Gold takes advantage of softer dollar Global markets continue to be torn between conflicting narratives, as signs that the world economy has entered the recovery stage – with a little help from a tsunami of stimulus – clash with a worrisome [..]

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Technical Analysis – NZDUSD’s positive picture lags, crawls sideways

Posted on June 24, 2020 at 8:00 am GMT

NZDUSD is dragging sideways as it lingers in a paused mode that has seized control of the ascent, something also reflected in the red Tenkan-sen line. Positive signals are still unbroken, sponsored by the Ichimoku lines and the rising 50-day simple moving average (SMA), in spite of the mostly flattened longer term averages (100- and 200-day SMAs). The momentum indicators further emphasize the stall in the climb but lean more towards an improving picture. The MACD, although stuck below its [..]

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Technical Analysis – USDJPY in a slippery mode in trading range

Posted on June 24, 2020 at 7:38 am GMT

USDJPY has been in a consolidation mode over the last three months with an upper boundary at the 109.83 resistance level and lower boundary at the 106.57 support. The price has not improved its bullish move that started after the bounce off the 41-month low at 101.15 and it currently stands beneath the short-term moving averages (SMAs). Looking at the technical indicators, the RSI is losing momentum below the neutral threshold of 50, while the MACD dropped under the trigger and zero lines, [..]

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Technical Analysis – US 100 index flies to new records

Posted on June 23, 2020 at 2:43 pm GMT

The US 100 cash index (Nasdaq) entered uncharted waters today once again, breaking above its previous all-time high of 10,155. The picture is overwhelmingly positive, with the price printing higher highs and higher lows above all its simple moving averages (SMA). Short-term oscillators detect strengthening upside momentum, endorsing the bullish picture. The RSI, already in positive territory, looks to be headed for a test of its 70 line soon, while the MACD just crossed above its red trigger line, which [..]

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Technical Analysis – EURCHF exhibits signs for continued consolidation

Posted on June 23, 2020 at 1:07 pm GMT

EURCHF has found a foothold at the 1.0635 level, that being the 23.6% Fibonacci retracement of the down leg from 1.1058 to 1.0504. The pair was unable to sustain the correction that extended above the 200-day simple moving average (SMA) and as such is currently demonstrating weak directional signals, something also reflected within the Ichimoku lines. Although the technical oscillators were unclear of direction lately, they now promote the recent improvement off the 1.0635 mark. The MACD, in the positive [..]

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Technical Analysis – USDCAD fails to surpass flat SMAs; negative in medium term

Posted on June 23, 2020 at 12:48 pm GMT

USDCAD looks to be flat over the last two weeks but is now penetrating the 23.6% Fibonacci retracement level of the down leg from 1.4170 to 1.3315 at 1.3518, inside the Ichimoku cloud. Also, the price holds beneath the 20- and 40-period simple moving averages (SMAs), confirming the neutral bias and the RSI is keeping some distance from the 50 level, pointing down. However, the stochastic oscillator is completing a bullish crossover within its %K and %D lines in the [..]

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Technical Analysis – AUDJPY pulls back, but uptrend still in play

Posted on June 23, 2020 at 12:47 pm GMT

AUDJPY retreated recently after touching a one-year high near 76.80, but the pair found fresh buy orders at 72.70 and rebounded again. The structure of higher highs and higher lows on the daily chart remains intact, and the price is still trading above a three-month upside support line. If the 50-day simple moving average (SMA) crosses above the 200-day one soon, completing a so-called ‘golden cross’, that would be another bullish signal. Short-term oscillators like the RSI and the MACD [..]

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