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Technical Analysis – GBPJPY rises in ascending channel; indicators are weak

Posted on December 18, 2020 at 8:41 am GMT

GBPJPY is edging slightly higher, following the rebound on the 136.80 support level remained in an ascending channel since the end of March. In trend indicators, the simple moving averages (SMAs) are heading north, however, the RSI is flattening in the positive region. Moreover, the MACD is losing momentum below its trigger line, suggesting a possible pullback. Should the price decisively close above the 140.70 resistance level, bulls could extend the uptrend towards 142.70, with the region around that level having acted as resistance back [..]

Technical Analysis – USDCAD seeks a rebound but bears could be around the corner

Posted on December 18, 2020 at 8:05 am GMT

USDCAD’s sell-off is taking a breather around a new 32-month low of 1.2687, which is looking to be a suitable position for an upside reversal as the RSI and the Stochastics seem to have found a bottom in the oversold territory. The negative momentum in the MACD has also eased, backing the above narrative. On the upside though there are two key obstacles that the bulls should overcome first before they stage a notable rebound. The 1.2787 resistance is the [..]

Bank of Japan to continue current path – Forex News Preview

Posted on December 17, 2020 at 4:30 pm GMT

The Bank of Japan will announce its last policy decision for 2020 early on Friday at 03:00 GMT, and the consensus is for the central bank to hold policy unchanged but extend existing funding schemes for pandemic-hit companies. No need for drastic measures Japan’s Cabinet, for its part, submitted a third extra spending bill of $200 billion this week for parliamentary approval, topping the new stimulus package to above $700 billion as a third, more deadly wave of infections pushed [..]

Technical Analysis – CADJPY falls from 10-month high but outlook still positive

Posted on December 17, 2020 at 1:36 pm GMT

CADJPY has been showing an upside tendency since May 7, creating higher lows along a tentative ascending trendline. Despite the latest pullback from a ten-month high of 82.10, the price is still above its simple moving averages (SMAs), though the technical indicators continue to reflect a weakening bias. The RSI is dropping in the positive area and the stochastic is approaching the oversold territory. Immediate support to additional downside movements could come from the 20-day SMA currently at 80.77. Beneath that, the 40- [..]

Technical Analysis – EURUSD’s ascent revived; bullish signals dominate

Posted on December 17, 2020 at 10:31 am GMT

EURUSD is prodding at the 1.2245 border, attempting to extend the upwards drive. The climbing simple moving averages (SMAs) are conveying a positive demeanour, promoting further advances in the pair. The short-term oscillators are displaying growing positive momentum. The MACD, in the positive region, is climbing above its red trigger line, while the upwards creeping RSI is nearing the 70 level. Moreover, the stochastic %K line is moving higher above its %D line in overbought territory and has yet to [..]

Technical Analysis – EURUSD fights to revive the ascent; bullish signals dominate

Posted on December 17, 2020 at 10:08 am GMT

EURUSD is prodding at the 1.2245 border attempting to restore the upwards drive. The climbing simple moving averages (SMAs) are conveying a positive demeanour, promoting further advances in the pair. The short-term oscillators are displaying growing positive momentum. The MACD, in the positive region, is climbing above its red trigger line, while the upwards creeping RSI is nearing the 70 level. Moreover, the stochastic %K line is moving higher above its %D line in overbought territory and has yet to [..]

Daily Market Comment – Dollar whipsaws on Fed’s dovish guidance, upbeat forecasts

Posted on December 17, 2020 at 9:56 am GMT

Fed commits to current pace of QE until it sees “substantial further progress” Dollar jumps on modest tweak, rosy outlook before being pummelled by dovish Powell Pound continues to soar on Brexit deal optimism, euro climbs new highs too Aussie and kiwi on a roll as strong data, US stimulus hopes maintain bullish momentum Fed disappoints before Powell has to reassure The Federal Reserve pledged on Wednesday to keep buying bonds at the existing pace of $120 billion per month [..]

Technical Analysis – USDCHF tumbles to fresh 6-year low

Posted on December 17, 2020 at 9:19 am GMT

USDCHF looks to be strongly bearish after a decent pullback from the November 11 high, causing the pair to retreat towards an almost six-year low of 0.8825. The MACD currently reflects a stall in the negative momentum, in the negative area, suggesting a flattening mode, however, the RSI is weakening further in the bearish territory. That said, a bearish picture is currently displayed within the Ichimoku lines and all the SMAs. If sellers manage to close decisively below the six-year low of 0.8825, the price could move towards the February [..]

Technical Analysis – AUDUSD stretches bullish wave to fresh 2 ½-year high

Posted on December 17, 2020 at 8:30 am GMT

AUDUSD’s impressive rally shows no signs of abating as the pair is set to explore the 0.7600 zone for the first time in 2 ½ years. The pair seems to have completed a three-step corrective cycle (a-c) and is currently building a new bullish wave, with the technical indicators endorsing the positive mode in the market. Although well into the overbought territory, the RSI and the Stochastics have yet to find a turning point, reflecting a cautiously bullish short-term bias. [..]

Technical Analysis – WTI futures signal for more bullish actions; post 9-month high

Posted on December 17, 2020 at 7:44 am GMT

WTI crude oil futures stretched their seven-week rally to a nine-month high of 48.41 earlier today, remaining well above the short-term simple moving averages (SMAs). The MACD seems to be gaining momentum above its trigger line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is pointing up well above the blue Kijun-sen, all signaling a positive trading in the near term. Should the bullish bias extend above the nine-month high of 48.41, resistance to upside movements could be initially detected from the 48.80 barrier. [..]

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