News

Technical Analysis – EURGBP skyrockets to new 2-month high

Posted on May 29, 2020 at 10:45 am GMT

EURGBP surged towards a fresh two-month high of 0.9055 earlier today after picking up momentum above the 0.9000 resistance. Meanwhile, in technical indicators, the RSI is hovering in overbought zone, while the blue %K line of the stochastic oscillator is turning slightly down suggesting a potential downside retracement in the near term. In case of stronger upside pressures the pair could hit the 0.9280 resistance, identified by the peak on March 25. Above that, the 0.9385 barrier from March 23 could attract attention as well. [..]

Daily Market Comment – Stocks ease off ahead of Trump’s Hong Kong decision; dollar skids after Fed comments

Posted on May 29, 2020 at 8:18 am GMT

Stocks drift lower, yen edges up as markets await Trump’s response over Hong Kong But dollar hits 2½-month low on soaring euro and Fed hints of yield curve control Powell speech and US spending data also eyed later today Sino-US relations under strain Markets are bracing themselves for US President Trump’s press conference expected later today for his decision on what actions to take against China over Hong Kong. The Chinese parliament yesterday passed the controversial national security bill, which [..]

Technical Analysis – GBPUSD turns higher from 2-month low

Posted on May 29, 2020 at 7:51 am GMT

GBPUSD has been in ascending mode after the rebound on the two-month low of 1.2075, challenging the 1.2360 resistance level in the 4-hour chart. The technical indicators are currently proposing that the buying interest may continue as the 20- and 40-day simple moving averages (SMAs) are following, the price action and posted a bullish crossover in the preceding sessions. The MACD is surpassing the trigger line and is ready to strengthen its momentum, while the RSI seems to be stabilizing in the [..]

Technical Analysis – AUDJPY rally stalls near 200-day SMA; trendline in focus

Posted on May 29, 2020 at 7:44 am GMT

AUDJPY maintains a clear uptrend in the short-term picture, well supported by an ascending trendline, but now must face the 0.7150 level and the 200-day simple moving average (SMA), which appeared a strong resistance this week, to continue the bullish retracement of the virus-led sell-off. The RSI and the MACD are currently reflecting a weakening positive bias as the indicators seem to be losing steam. Hence, should the price further decelerate, the 70.20 level, which is the 61.8% Fibonacci of the down [..]

Technical Analysis – USDCAD cautiously bearish; declines below base of range

Posted on May 29, 2020 at 7:20 am GMT

USDCAD has found some footing at the 100-day simple moving average (SMA) residing at the 1.3724 key trough, following a break of the foundation of a trading range that commenced around early April. The price has been weakening ever since it tested the ceiling of the horizontal market at 1.4264, backed by the intact negative Ichimoku lines. Promoting additional weakening in price is the declining 50-day SMA and the MACD, which is falling below its red signal line in the [..]

Technical Analysis – USDCHF extends sideways in a range-bound market

Posted on May 28, 2020 at 2:31 pm GMT

USDCHF presently below the 0.9700 mark, continues to zig zag above and below the mostly horizontal simple moving averages (SMAs) in a directionless market that has endured since early April. Glancing at the short-term oscillators, they too mirror weak directional momentum within the confines of 0.9588 and 0.9800. The MACD is just above its red signal line and barely beneath zero, while the RSI has just dipped below its 50 threshold promoting declines. Moreover, the stochastics are also uncertain around [..]

Technical Analysis – US dollar index holds in consolidation after March peak

Posted on May 28, 2020 at 12:11 pm GMT

The US dollar index looks to be mostly neutral after a descent from the March 20 peak of the three-year high of 103.80, returning the price back below the 101.00 barrier and below the 20- and 40-day simple moving averages (SMAs). The decline in the MACD oscillator and the flattening mode in the RSI in the negative region are suggesting more losses in the near term, pushing the market towards the 98.40 support level, which overlaps with the 200-day SMA. Clearing this significant zone, the [..]

Technical Analysis – EURJPY’s ascent retraces, loading for another run up

Posted on May 28, 2020 at 12:07 pm GMT

EURJPY despite the recent pullback in price maintains its bullish bias above the simple moving averages (SMAs) and the Ichimoku cloud. The current horizontal Ichimoku lines reflect a pause in price appreciation, while the short-term oscillators suggest some weakening in positive sentiment. The MACD in the positive region has flattened above its red signal line, while the RSI drifts lower under the 70 level. Looking at the stochastic oscillator, the %K line has deflected off the 80 mark completing a [..]

Daily Market Comment – Hong Kong tensions sink yuan but stocks yet to flinch

Posted on May 28, 2020 at 8:57 am GMT

Hong Kong’s special status with US under threat after Pompeo warning Yuan and Hong Kong shares under pressure but optimism prevails elsewhere Euro surges after European Commission proposes €750 billion rescue fund US and China heading for another clash Hong Kong looks set to lose the special status it enjoys with the United States on a range of areas, including trade, after US Secretary of State Mike Pompeo said the Trump administration no longer considers it to be autonomous from [..]

Technical Analysis – AUDUSD attempts to conquer capping 200-day SMA

Posted on May 28, 2020 at 7:48 am GMT

AUDUSD though having recently failed (in the past two days), appears to persist in tackling the area, from the 200-day simple moving average (SMA) at 0.6642 to the tough border of 0.6684, which includes the 76.4% Fibonacci retracement of the down leg from 0.7031 to the 17½-year low of 0.5506, at 0.6669. The pairs’ efforts to close above this key section is also exhibited within the rising 50-day SMA and the technical indicators. The MACD, deep in the positive region [..]

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