News

Technical Analysis – GBPUSD returns above 3-week low of 1.2400; still negative

Posted on June 19, 2020 at 7:45 am GMT

GBPUSD has declined considerably after touching a three-month high of 1.2815 on June 10, while during yesterday’s session it posted a fresh three-week low around the 1.2400 handle and is currently not far above that nadir. The flat Tenkan- and Kijun-sen lines serve as a testament to the possible upside retracement. The RSI indicator is suggesting a pullback in the very short-term as it is gaining some ground above the 30 level. On the other hand, the MACD is still [..]

Technical Analysis – GBPJPY exposed to bearish risk, but will the trendline give way?

Posted on June 19, 2020 at 7:18 am GMT

GBPJPY bears dominated on Thursday, extending the two-week old downward correction to the 132.00 territory. Simultaneously, the RSI tumbled below its 50 neutral mark, while the MACD lost further ground below its trigger line, both flagging that there is more bearish fuel in store. Yet, it remains to be seen if the tentative ascending trendline drawn from the 3 ½ -year low of 124.00 can approve additional downside corrections that may reach the 130.63 support area. Lower, the 128.00-129.28 restrictive [..]

Technical Analysis – NZDUSD positive picture at risk as lower bound of Ichimoku cloud tested

Posted on June 18, 2020 at 2:51 pm GMT

NZDUSD’s short-term bullish picture is under scrutiny as the pair is presently resting on the lower band of the Ichimoku cloud. The latest sideways move may gain a negative boost should it dip under the cloud and the 50-period simple moving average (SMA) continue its gradual downturn. At this time signals for directional momentum reflected in the Ichimoku lines and the MACD oscillator are unclear. However, the RSI is starting to head lower from its neutral mark while the stochastics [..]

Technical Analysis – EURUSD negative signals increase downside risks

Posted on June 18, 2020 at 1:24 pm GMT

EURUSD has come under intensifying negative stress, which may see selling threats materialize. Even though the price had found a foothold on the 100-period simple moving average (SMA), the lower bound of the Ichimoku cloud at 1.1268 has capped upside moves – the level also being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The convergence in the rising 100-period SMA and the slipping 40-period SMA, plus the stall in the negatively charged Ichimoku lines could [..]

Technical Analysis – EURUSD negative signals increase downside dangers

Posted on June 18, 2020 at 12:46 pm GMT

EURUSD has come under intensifying negative stresses, which may see selling threats materialize. Even though the price had found a foothold on the 100-period simple moving average (SMA), the lower bound of the Ichimoku cloud at 1.1268 has capped upside moves – the level being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The convergence in the rising 100-period SMA and the slipping 50-period SMA, plus the stall in the negatively charged Ichimoku lines could force [..]

Technical Analysis – EURJPY signals downtrend continuation within channel

Posted on June 18, 2020 at 12:20 pm GMT

EURJPY posted another lower low at 119.81 after crossing below the trendline that has been supporting the rebound from the 3½-year trough of 114.42, raising speculation that the market may keep trending within a downward-sloping channel. The break below the Ichimoku cloud and the RSI’s bearish location is another discouraging signal. Currently the 120.50 former support area and the red Tenkan-sen line are restricting upside movements and should they push the price below the 120.00 level, negative momentum could strengthen [..]

Technical Analysis – WTI oil futures support bullish view above 36.00

Posted on June 18, 2020 at 11:10 am GMT

WTI oil futures for July delivery maintain a clear positive structure reflected by the higher highs and the higher lows since late April, with the price printing another higher trough at 34.35 last week. Now it remains to be seen if the outlook can improve beyond the 40.42 peak, which is likely given the recent rebound in the RSI. For that to happen, the 50% Fibonacci of the downleg from 65.61 to 6.62 and the 20-day simple moving average (SMA) [..]

Daily Market Comment – Dollar firms, stocks slip as spike in virus cases begins to cause worry

Posted on June 18, 2020 at 8:50 am GMT

Risk appetite wanes as markets start to take second wave fears more seriously Surge in cases in Beijing and US drive up dollar demand, weigh on stocks Pound weaker ahead of BoE decision; aussie and kiwi stumble on poor data Risk rally on pause as second wave threatens recovery A worrying increase in the number of new COVID-19 cases in several locations around the world appears to have put the brakes on the risk rally that just a few days [..]

Technical Analysis – USDCHF bears may lose their nerve in short-term

Posted on June 18, 2020 at 8:00 am GMT

USDCHF has been consolidating inside the 0.9433-0.9550 area over the past week, not far from the 50% and 61.8% Fibonacci retracement levels of the upleg with a low at 0.9191 and a top at 0.9900. With the MACD easing negative momentum in the bearish area and the flat RSI refusing to return to its 30 oversold mark, the pair could see a more encouraging course in the short-term. Note that a long-legged bullish doji has been created below the lower Bollinger [..]

Technical Analysis – AUDUSD cautiously positive after pullback stalls uptrend

Posted on June 18, 2020 at 7:52 am GMT

AUDUSD appears paused after having pivoted from a formed nearly 11-month peak of 0.7064, something also reflected in the flattened Ichimoku lines. Although the tone of the 50-, 100-day simple moving averages (SMAs) and the Ichimoku lines sponsor an improving picture, the short-term oscillators reflect weakening positive momentum. The MACD, deep in the positive zone, is declining below its red signal line, while the RSI drops in bullish territory. If sellers maintain control and the support section of 0.6749 – [..]

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