News

Technical Analysis – GBPCAD in bearish mode, recedes below 200-day SMA

Posted on June 2, 2020 at 5:14 am GMT

GBPCAD’s negative momentum seems to be growing, something also reflected in the short-term oscillators. The pair looks to be restricted by the mid-Bollinger band and the 200-day simple moving average (SMA), following a one-month decline from the 1.7703 peak. The MACD, deep in the negative region, has dipped back below its red signal line while the RSI is falling in the bearish territory. Moreover, the stochastic oscillator is turning negative as the %K line nears a bearish overlap with its [..]

Technical Analysis – US 500 index maintains weak momentum; broader picture is bullish

Posted on June 1, 2020 at 12:47 pm GMT

The US 500 (cash) index is looking more neutral as prices have climbed towards the 12-week high of 3,069, remaining above the 23.6% Fibonacci retracement level of the up leg from 2,765 to 3,069 at 2,998 and the 50-period simple moving average (SMA). The technical indicators seem to be in contrast as the MACD is moving below the trigger line in the positive zone, while the RSI, standing above 50 level, is pointing upwards. In case of an upside move, [..]

Technical Analysis – AUDUSD still bullish; encounters upside tensions

Posted on June 1, 2020 at 11:21 am GMT

AUDUSD today overcame the 0.6684 tough resistance from March 9, producing a nearly four-month high of 0.6772 and pushing the medium-term timeframe back into neutral territory. Although the price appears to have stalled ahead of the 0.6777 high from January 29, the Ichimoku lines retain their positive tone while the rising simple moving averages (SMAs) feed the bigger positive picture. The short-term oscillators at the moment display conflicting signals in directional momentum. Taking a glimpse at the RSI, it has [..]

Technical Analysis – USDJPY retreats near 100-period SMA; neutral picture

Posted on June 1, 2020 at 10:00 am GMT

USDJPY has reversed back down after finding resistance at slightly below the 108.00 handle. The momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the stochastic oscillator deep below the overbought area. Further losses below the 100-period SMA should see the 38.2% Fibonacci retracement level of the upward wave from 105.98 to 108.10 at 107.30. A drop below this area would reinforce the bearish structure in the short-term [..]

Daily Market Comment – Hong Kong relief weighs on dollar and yen but gold lifted by US protests

Posted on June 1, 2020 at 8:33 am GMT

Trump’s mild response over Hong Kong sparks relief; stocks surge, dollar sags Aussie leads the gainers as RBA meeting not seen spoiling the rally But escalating protests across US pose new threat to recovery hopes; gold up Other risks also lurk as Brexit talks, ECB meeting and US jobs report ahead Trump refrains from tough Hong Kong sanctions Widespread relief in financial markets that President Trump stopped short of announcing damaging sanctions on China buoyed risk assets on the first [..]

Technical Analysis – Gold’s positive signals grow, rekindling ascent

Posted on June 1, 2020 at 7:29 am GMT

Gold is nearing the upper Bollinger band that is currently situated at the swing high of 1,754. This occurred after buyers took the upper hand around 1,692 – that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to the 91-month high of 1,765.03. Further aiding a bullish picture are the positively charged simple moving averages (SMAs) and the increased gradient of the 50-day SMA. Additionally, the short-term oscillators reflect some strengthening in positive momentum. The MACD in [..]

Technical Analysis – EURUSD stretches bullish run near 2-month high

Posted on June 1, 2020 at 7:20 am GMT

EURUSD has been in a steep rally over the last four days, creating a new two-month peak around the 1.1145 resistance level. The price rebounded on the bullish crossover within the 20- and 40-day simple moving averages (SMAs), exiting from the short-term consolidation area and surpassing the flat 200-day SMA. Looking at the technical indicators, the MACD oscillator is climbing above the trigger and zero lines with strong momentum, while the RSI is heading towards the overbought levels, suggesting a [..]

Week Ahead – ECB, RBA, and BoC meetings ahead of nonfarm payrolls

Posted on May 29, 2020 at 1:12 pm GMT

The coming week is action-packed, with three central bank meetings, the resumption of critical Brexit talks, and the release of the US jobs report. The ECB looks primed to expand its QE program but paradoxically, that may not hurt the euro. Neither the Reserve Bank of Australia nor the Bank of Canada is unlikely to act – those currencies could be driven mainly by risk sentiment and US-China tensions. Meanwhile, although markets ignored scary economic data on the way down, [..]

RBA meets as Australia reopens for business, aussie rallies – Forex News Preview

Posted on May 29, 2020 at 12:38 pm GMT

The Reserve Bank of Australia is scheduled to hold a policy meeting on Tuesday with an announcement expected at 05:30 GMT. A day later, the GDP growth estimate for the first quarter is due at 01:30 GMT, making it an important week for the very bullish looking Australian dollar. However, with the growth picture improving fast and investors already having made up their minds that the virus hit on the Australian economy won’t be as severe as initially feared, next [..]

Technical Analysis – US 30 index retains a positive outlook above 22,788

Posted on May 29, 2020 at 12:04 pm GMT

US 30 Index’s (Cash) bullish tone is intact with the price currently resting above the 25,219 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. The price is sponsoring gains trading above the Ichimoku cloud and the supportive trend line. Additionally, the bullish Ichimoku lines and the rising simple moving averages (SMAs) further endorse an improving picture. Glancing at the short-term oscillators, they display the recent [..]

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