News

Technical Analysis – WTI builds confidence above Ichimoku cloud

Posted on June 4, 2020 at 8:38 am GMT

WTI oil futures pierced above the 100-day simple moving average (SMA) located at the 36.10 level, that being the 50.0% Fibonacci retracement of the down leg from 65.61 to 6.62. The commodity’s correction from the 6.62 bottom has breached the Ichimoku cloud and looks to be preparing to accelerate above a critical limiting region. Additionally, the rising Ichimoku lines and the turn up in the 50-day SMA may further assist this short-term view. The short-term oscillators presently seem to maintain [..]

Daily Market Comment – Dollar steadies as stocks pause rally; euro eyes ECB stimulus

Posted on June 4, 2020 at 8:33 am GMT

Dollar regains some positive footing as risk rally eases Euro takes a breather ahead of ECB decision Oil pulls back amid doubts about OPEC+ extending output cuts Dollar fights to end losing streak as stocks lose steam The US dollar fought back on Thursday to retain its reign over FX markets, which has come under threat over the past week as rising optimism about the global economy recovering from the pandemic has revived risk assets. The dollar index, which measures [..]

Technical Analysis – AUDUSD dives below 5-month peak after significant bullish rally

Posted on June 4, 2020 at 7:09 am GMT

AUDUSD had a considerable advance over the previous three days, driving the price towards a new five-month peak of 0.6982 after the penetration of the long-term descending line, which had been holding since December 2018. Currently, the price is retracing towards the diagonal line, increasing the case for more losses if the line fails to act as support. According to the momentum indicators provide a mixed picture. The RSI, in the overbought zone, is suggesting a potential downside correction in the near term, as it is [..]

Technical Analysis – GBPJPY’s postponed rally attempts to resume gains

Posted on June 3, 2020 at 3:26 pm GMT

GBPJPY is in the process of breaking above the 136.93 level – that being the 61.8% Fibonacci retracement of the down leg from 144.94 to the 41½-month low of 123.97 – and the nearby 137.19 barrier. The pickup in price is starting to be reflected in the Ichimoku lines and the short-term oscillators. The MACD, deep in the positive region, is increasing above its red trigger line, while the RSI is beginning to improve in the overbought section. Furthermore, the [..]

Technical Analysis – EURGBP sellers take control, obstructing advances

Posted on June 3, 2020 at 2:04 pm GMT

EURGBP’s recent ascent to 0.9054 seems to have stalled, reversing back down to the 0.8889 level, that being the 50.0% Fibonacci retracement of the up leg from 0.8281 to the 11-year peak of 0.9498. The current neutral demeanour within the pair is also reflected in the flattened Ichimoku lines. Directional momentum appears to have dried up with conflicting signals now emerging from the short-term oscillators. The MACD, in the positive section, has slipped below its red signal line, while the [..]

Technical Analysis – US Dollar index plunges towards an almost 3-month low

Posted on June 3, 2020 at 1:16 pm GMT

The US dollar index plummeted to an almost three-month low of 97.24 earlier today, continuing the sell-off of the last six days. The price penetrated the 200-day simple moving average (SMA) and the 61.8% Fibonacci retracement level of the up leg from 94.50 to 103.80 at 98.06, opening the path for a bearish picture in the short term. The RSI turned lower near the oversold territory. At the moment, it has flattened near the 30 line in support of a [..]

Technical Analysis – Gold looking to rebound on 38.2% Fibonacci after pausing downtrend

Posted on June 3, 2020 at 10:32 am GMT

Gold prices are heading sharply lower and have hit the lower surface of the Ichimoku cloud after bouncing off the 100-period simple moving average (SMA). The commodity has paused its bearish move at the 38.2% Fibonacci retracement level of the up leg from 1,614 to 1,765 at 1,718. Looking at the technical indicators, the RSI is pointing slightly up in the negative zone, however, the MACD is decreasing below the zero and trigger lines. If the price fails to dive beneath the 1,716 support it could challenge [..]

Daily Market Comment – Dollar slumps as recovery hopes gather pace

Posted on June 3, 2020 at 8:38 am GMT

Increasing optimism of strong economic recovery pummel the dollar Yen loses shine too, but gold holds within range as US and China risks linger Loonie nears 3-month high as BoC and OPEC+ decisions eyed Markets shrug off US unrest, look to recovery After a brief scare on Tuesday, it didn’t take long for risk appetite to get back into full mode as investors largely ignored growing unrest in the United States to instead focus on the increasing signs that a [..]

Technical Analysis – NZDUSD surges above 200-day SMA; positive signals intact

Posted on June 3, 2020 at 8:14 am GMT

NZDUSD recently received a positive boost that thrusted the price above the 200-day simple moving average (SMA). The pair is continuing its approach towards the 0.6451 level, which is the 76.4% Fibonacci retracement of the down leg from 0.6754 to the 11-year low of 0.5468. Further backing the appreciation in price is the improving 50-day SMA at 0.6063 and the rising Ichimoku lines. The MACD is accelerating above its red signal line in the positive region, while the rising RSI [..]

Technical Analysis – USDJPY jumps near 2-month high after sharp increase

Posted on June 3, 2020 at 6:35 am GMT

USDJPY increased to an almost two-month high of 108.87 earlier today after the aggressive buying interest on Tuesday’s session, surpassing the flat 200-day simple moving average (SMA) and the upper Bollinger band. Also, the 20- and 40-day SMAs posted a bullish crossover, confirming the recent upside rally in the short-term. According to the momentum indicators, the RSI is slowing down in the bullish territory, while the MACD is holding above trigger and zero lines but is failing to continue its [..]

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