News

Technical Analysis – GBPAUD bears take a breather at the bottom of a tight channel

Posted on June 5, 2020 at 11:06 am GMT

GBPAUD strengthened its negative momentum within a narrow descending channel and touched a 1½-year low at 1.8053 this week after tumbling below the 1.8500 mark. With the price currently consolidating near the bottom of the channel, and the RSI and the stochastics fluctuating in oversold zone, an upturn is increasingly likely in the near term. Yet, that may depend on how strong the 1.8050 support is. If it fails to reject downside movements, the market could find new sellers to drove [..]

Daily Market Comment – Euro soars after ECB’s surprise; dollar extends slide ahead of NFP

Posted on June 5, 2020 at 8:31 am GMT

Euro skyrockets after ECB increases pandemic stimulus by more than expected Dollar stuck in a downward spiral, unlikely to be saved by US jobs report Oil clings on to gains despite OPEC confusion ECB takes out the bazooka again The resurgent euro, which has been rallying on the back of recovery hopes for the Eurozone economy, got another shot in the arm on Thursday after the European Central Bank delivered a bigger-than-expected stimulus. The ECB boosted its pandemic emergency purchase [..]

Technical Analysis – EURUSD shines at summer highs after ECB presses the stimulus button

Posted on June 5, 2020 at 7:36 am GMT

EURUSD extended Thursday’s rocket rally to a fresh three-month high of 1.1376 after the ECB pushed the stimulus button more strongly than expected and is now set to claim its third consecutive weekly gain. In the short run, the bulls could remain in charge, but it seems that there are a few key obstacles which they need to clear first to confirm another smooth winning race. Particularly, they should close comfortably above the 200 simple moving average (SMA) at 1.1335 [..]

Technical Analysis – USDCAD challenges 3-month low; finds some footing at 200-day SMA

Posted on June 5, 2020 at 7:12 am GMT

USDCAD is trading around the vicinity of 1.3440 – 1.3515, being the bullish gap from March 6. The pair plunged to a three-month low of 1.3467 on Thursday’s session, hitting the flat 200-day simple moving average (SMA). The technical indicators are standing in oversold territories in the short-term. The MACD is still falling below its trigger and zero lines, while the RSI and the stochastic are flattening, suggesting a weak bearish momentum. If sellers continue to have control and drive [..]

Technical Analysis – EURCAD range bound; plots some gains

Posted on June 4, 2020 at 3:05 pm GMT

EURCAD today found footing on the 1.5127 level, that being the 50.0% Fibonacci retracement of the up leg from the 34-month low of 1.4263 to the 2-year high of 1.5991. Despite the fact that positive momentum is increasing, the pair remains confined within a sideways market from 1.5052 to 1.5532, something also reflected in the simple moving averages (SMAs). The MACD is increasing above its red signal line and has moved above zero, while the RSI is rising towards the [..]

Technical Analysis – EURJPY’s upward trajectory under negative strain

Posted on June 4, 2020 at 1:54 pm GMT

EURJPY’s one-month positive incline is stalling ahead of the key 122.86 resistance border. Although positive momentum appears to be waning, the ascent from the 3½-year low remains intact, something also reflected by the upward slopes within the simple moving averages (SMAs). The short-term oscillators appear to be holding on to their positive tone, though slipping slightly. The MACD, deep in the positive region, has slipped below its red signal line but looks to move back above it, while the RSI [..]

Technical Analysis – USDCHF retests 3-month trough; neutral in near term

Posted on June 4, 2020 at 1:35 pm GMT

USDCHF faced a sharp selling interest over the last few hours, flirting with the 0.9590 support level. This move is suggesting more losses, confirmed by the RSI, which is heading south below the 50 leveld. Moreover, the red Tenkan-sen line fell beneath the blue Kijun-sen line and the price is holding well below the 20- and 40-period simple moving averages (SMAs). Yet, the stochastic is hovering in the oversold, signaling that any weakness could be short-lived. Stronger downside pressures could [..]

Technical Analysis – GER 30 index detects overbought signals near 3-month high

Posted on June 4, 2020 at 1:27 pm GMT

The German 30 stock index (cash) finished Wednesday’s session at three-month highs and comfortably above the 200-day simple moving average (SMA) following the close above the 12,000-round level. While the aforementioned notable move foresees the extension of the two-month old uptrend, the market needs first to overcome the 12,600 mark which is currently blocking the way up. Note that the momentum indicators are already located in overbought territory – the RSI above 70 and the Stochastics above 80, hence a downside [..]

Technical Analysis – EURUSD pulls back from 3-month top

Posted on June 4, 2020 at 11:00 am GMT

EURUSD is edging lower over the last four-hour sessions following the bounce off the three-month peak of 1.1256. The technical indicators are weakening in the positive areas. The MACD is slipping beneath the trigger line, while the RSI failed to hold above the 70 level and is approaching the neutral threshold of 50. Further declines could find immediate support at the 20-period simple moving average (SMA) currently at 1.1180, which holds slightly above the 1.1153 and the 23.6% Fibonacci retracement [..]

Could Nonfarm payrolls be a wake-up call for dollar bulls? – Forex News Preview

Posted on June 4, 2020 at 10:29 am GMT

The cocktail of violent protests across US major cities and a rising risk appetite upset the dollar and let other major currencies collect sizeable gains for more than a week now. On Friday at 12:30 GMT the famous nonfarm payrolls report may not be an ideal one, but it could add some floor under the buttered greenback if the data indicate that the worst of job losses is likely behind. The worst could be befind us The destructive protests, which have [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms