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Technical Analysis – Tesla’s bullish momentum shows signs of exhaustion

Posted on December 4, 2020 at 12:32 pm GMT

Tesla’s stock is seeking to re-challenge its record high of 602.44 having bounced from near the 20-period exponential (EMA) moving average in the four-hour chart. The RSI and the MACD, however, are questioning the positive appetite in the price as the former, although in the bullish area, seems to be printing a series of lower highs, while the latter is showing no strength below its red signal line. The above suggest some slowdown in the market, which could develop towards the 23.6% Fibonacci retracement of the [..]

Technical Analysis – NZDUSD pulls under Ichimoku lines; bullish structure unbroken

Posted on December 4, 2020 at 10:42 am GMT

NZDUSD is receding below the flattening blue Kijun-sen line around 0.7054 in the four-hour chart, after a bullish trend off 0.6612 thrusted the pair up towards a 31-month high of 0.7103. The Ichimoku lines are indicating some stalling in positive price action, while the soaring simple moving averages (SMAs) are safeguarding the positive structure. Nevertheless, the short-term oscillators are echoing clues that a deeper negative retracement could unfold before the climb resumes. The MACD, after hovering for some time beneath [..]

Technical Analysis – GBPUSD eases below 1-year high around 1.3500

Posted on December 4, 2020 at 10:15 am GMT

GBPUSD is losing ground after it reached a fresh one-year high marginally below 1.3500 on Thursday. The momentum indicators suggest there is still some downside move before the pair advances again. The RSI is heading south in the positive area, while the MACD is losing momentum in the bullish territory. Should the price make another run higher, it’s likely to meet resistance at 1.3499. A successful break above this key resistance could open the way for the May 2018 high at 1.3600 before [..]

Technical Analysis – NZDUSD pulls under Ichimoku lines; bullish bias unbroken

Posted on December 4, 2020 at 10:13 am GMT

NZDUSD is receding below the flattening blue Kijun-sen line around 0.7054, after a bullish trend off 0.6612 thrusted the pair up towards a 31-month high of 0.7103. The Ichimoku lines are indicating some stalling in positive price action, while the soaring simple moving averages (SMAs) are safeguarding the positive structure. Nevertheless, the short-term oscillators are echoing clues that a deeper negative retracement could unfold before the climb resumes. The MACD, after hovering for some time beneath its red trigger line, [..]

Daily Market Comment – US stimulus deal moves closer, Brexit talks ‘go backwards’

Posted on December 4, 2020 at 9:49 am GMT

Stocks at records or near highs as US Republicans change tune on new stimulus Brexit talks go down to the wire, but will France cause a last-minute upset? Dollar slide pauses ahead of NFP report Oil jumps to 9-month high despite OPEC+ raising production early Fresh hopes for US stimulus deal before Christmas Support for a bipartisan stimulus proposal of up to $908 billion gained unexpected traction yesterday as more and more Republicans threw their weight behind the plan. The [..]

Fed minutes and slowing consumption may pave way for December easing – Forex News Preview

Posted on December 4, 2020 at 9:00 am GMT

Personal income and spending numbers will be the highlight of the data flurry out of the United States on Wednesday (15:00 GMT), before investors turn their attention to the minutes of the Federal Reserve’s November policy meeting at 19:00 GMT. Rising virus restrictions across the US have dented the short-term outlook and a soft set of numbers would further pile pressure on the Fed to do more. The minutes might offer some clues as to whether monetary easing is forthcoming [..]

Technical Analysis – USDCAD’s breakdown revives March downtrend

Posted on December 4, 2020 at 8:57 am GMT

USDCAD brought its downward pattern from the 1.4667 peak back into play after breaching the 1.2980 floor and the base of a rectangle, which kept the market in a sideways move during the past three months. In its third week of losses, the price is currently trading around a new 27-month low of 1.2846 and comfortably below its simple moving averages (SMA) as the momentum indicators continue to flash a bearish bias. Despite having ticked below their oversold levels, the RSI and the Stochastics [..]

Technical Analysis – USDCHF sinks to 6-year low below 0.89

Posted on December 4, 2020 at 8:37 am GMT

USDCHF plummeted to an almost six-year low on Thursday, hitting the 0.8890 mark. The pair has been in a strong descending movement since March 20, with no clear upside retracement in the daily timeframe. The RSI is approaching the oversold territory, strengthening its bearish momentum, while the MACD is extending its negative structure beneath its trigger and zero lines. However, the Ichimoku lines and the 20- and 40-day simple moving averages (SMAs) seem to be somewhat flat despite the selling interest over [..]

Technical Analysis – EURJPY recedes a little but preserves bullish charge

Posted on December 3, 2020 at 3:00 pm GMT

EURJPY has eased slightly towards the red Tenkan-sen line at 126.26 after having surged to a three-month high of 126.64. The rising red Tenkan-sen line is promoting strengthening momentum while the slowed pace of the blue Kijun-sen line, is reflecting some weakness in positive price action. The upward sloping simple moving averages (SMAs) are endorsing further advances, while the short-term oscillators are suggesting a downside retracement, as upside drive deteriorates somewhat. The MACD, deep in the positive area, is slipping [..]

China trade data to underscore strengthening recovery – Forex News Preview

Posted on December 3, 2020 at 1:21 pm GMT

As markets grapple with the real threat of escalating virus cases derailing the global economic recovery and the news about vaccines, the risk-sensitive Australian dollar will keep an eye on the November China trade data on Monday. These data would be one of the main highlights for traders next week as US-China relations might come back into focus after Joe Biden’s election as the new US President. China’s imports and exports may rise further China’s trade surplus rose to $58.44 billion in October [..]

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