News

Technical Analysis – US 30 index cautiously bullish at ascending trend line

Posted on June 12, 2020 at 8:18 am GMT

US 30 stock index (Cash) found some footing on the supportive trend line at the 25,230 level, that being the 61.8% Fibonacci retracement of the down leg from the all-time high of 29,582.61 to the 40½-month low of 18,170. Negative pressures have risen, as the index has aggressive weakened in the last couple of days. Yet, the Ichimoku indicator is reflecting weakness while the rising trend line and the simple moving averages (SMAs) back an improving picture. The short-term oscillators [..]

Technical Analysis – USDCAD could gear up above 20-day SMA

Posted on June 12, 2020 at 7:54 am GMT

USDCAD flew straight to the 1.3600 territory and back above the 200-day simple moving average (SMA) on Thursday after stubbornly refusing to close below the 1.3400 level during the past few days. The strong rebound in the RSI, which jumped above its 30 oversold mark, and the improving MACD, provide encouragement that the pair could keep recouping losses in the short-term. Still, the battle with the 23.6% Fibonacci extension of latest downfall at 1.3633 and the 20-day SMA at 1.3680, which [..]

Technical Analysis – GBPJPY seems to be looking for recovery after steep losses

Posted on June 12, 2020 at 7:01 am GMT

GBPJPY has come under renewed selling pressure over the past four days following the upside run towards the 15-week high of 139.80. The pair declined beneath the 100- and 200-day simple moving averages (SMAs) but found strong support at the 20-day SMA earlier today. Looking to the short-term oscillators, the stochastic and the RSI promote slight improvements around their oversold and neutral marks respectively, despite diminished directional momentum. Yet, the bullish crossover within the 20- and 40-day SMAs maintains a bullish tone in the [..]

Technical Analysis – Copper futures give up some gains; positive picture stands

Posted on June 11, 2020 at 2:48 pm GMT

Copper futures retreated slightly from their freshly plotted four-and-a-half month high of 2.6959. Confirming the bullish sentiment that has mostly controlled the ascent from the 45-month low of 1.9684 are the rising Ichimoku lines. Additionally, the improving 50-day simple moving average (SMA) is endorsing forthcoming advances. The short-term oscillators are positively tilted in spite of the current weakening in positive momentum. The MACD, deep in the positive region, is waning above its red signal line, while the RSI has dropped [..]

Technical Analysis – Copper futures recoil some gains; positive picture stands

Posted on June 11, 2020 at 2:16 pm GMT

Copper futures retreated slightly from its freshly plotted four-and-a-half month high of 2.6959. Confirming the bullish sentiment that has mostly controlled the ascent from the 45-month low of 1.9684 is the rising Ichimoku lines. Additionally, the improving 50-day simple moving average (SMA) is endorsing forthcoming advances. The short-term oscillators are positively tilted in spite of current weakening in positive momentum. The MACD, deep in the positive region is waning above its red signal line, while the RSI has dropped under [..]

Technical Analysis – US 500 index retreats after touching 15-week high

Posted on June 11, 2020 at 1:22 pm GMT

The US 500 cash index has been retreating over the last few days, after it found strong obstacle at the 15-week high of 3,233. The price has just breached the red Tenkan-sen line and may find support at the 200-day simple moving average (SMA), currently at 3,019, ahead of the 2,986 support, being the 23.6% Fibonacci retracement level of the up leg from 2,183.95 to 3,233. Falling below this line, the 100-day SMA at 2,944 and the 50-day SMA at [..]

Flurry of UK data eyed, can the pound keep going? – Forex News Preview

Posted on June 11, 2020 at 10:28 am GMT

A flurry of UK data including GDP numbers for April will hit the markets at 06:00 GMT on Friday, and forecasts point to abysmal readings. Yet, economic data hardly move the markets anymore, so the pound’s performance will likely be shaped by a combination of Brexit news and global risk sentiment. The risks surrounding the currency seem tilted to the downside, though any potential losses may be more visible against the resurgent euro, not so much against the dollar that’s [..]

Technical Analysis – USDCHF set for a painful weekly close; enters oversold zone

Posted on June 11, 2020 at 10:22 am GMT

USDCHF is set to close deep in the red sea this week following the sharp pullback off the 0.9625 level. The bears are currently ready to pierce the 0.9400 number and open the way towards the 0.9320 support, but some caution should be warranted as the RSI is entering the oversold area, suggesting that negative momentum could soon lose strength. In case the downfall stretches below 0.9320, all attention would shift to 0.9258, where the pair failed to close lower [..]

Technical Analysis – EURJPY dives within Ichimoku cloud; bearish cross within SMAs

Posted on June 11, 2020 at 9:58 am GMT

EURJPY looks to be mostly neutral after an ascent from the May 7 low of the three-and-a-half-month trough of 114.40, returning the price back below the short-term simple moving averages (SMAs) in the 4-hour chart. The short-term oscillators reflect a stall in the positive momentum. The MACD, in the negative area, has moved below its red trigger line and near zero, while the RSI hovers beneath its neutral mark. Additionally, a conflicting bearish picture is currently displayed within the Ichimoku [..]

After incredible rally, oil outlook still uncertain as virus casts shadow over demand – Special Report

Posted on June 11, 2020 at 9:45 am GMT

Few would argue that 2020 has been a good year for oil after the market turmoil sparked by the coronavirus crisis sent WTI prices crashing into negative territory for the first time in the US benchmark’s history. But just as the unexplainable recovery of global equities, oil is looking bullish once again, at least in the medium-term timeframe. The encouraging signs of rebounding economic activity as businesses emerge from the virus shutdowns bode well for oil and other commodities. But [..]

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