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Technical Analysis – NZDUSD surges to fresh 32-month high; strongly positive

Posted on December 2, 2020 at 8:26 am GMT

NZDUSD surged to a new 32-month high of 0.7072 earlier today, continuing the buying interest that started after the pullback off the 0.5470 support level. The price is developing well above the ascending trend line and the 20- and 40-day simple moving averages (SMAs). The MACD seems to be gaining momentum above its trigger line, while the RSI is still hovering around its 70 overbought mark, signaling more cautious trading in the short-term. The pair needs to overcome today’s peak to meet the 0.7160 resistance level, identified by the [..]

Technical Analysis – USDJPY lacks bullish signals, but still close to the channel resistance

Posted on December 2, 2020 at 8:12 am GMT

USDJPY has been moving sideways the past week within the 104.00 area and slightly below its 20-day simple moving average (SMA), showing no intention to escape the eight-month old bearish channel. The bearish cross within the downward-sloping 20- and 50-day SMAs continues to back the negative pattern in the price, while the RSI and the MACD have barely shown any persisting strength over the past week, keeping the case of a meaningful rally in the market muted. On the upside, [..]

Technical Analysis – EURCHF maintains positive structure, despite recent fading

Posted on December 1, 2020 at 1:42 pm GMT

EURCHF portrays an improving picture despite its latest retreat from the 1.0859 resistance mark. The rising simple moving averages (SMAs) retain a bullish tone while the merged Ichimoku lines are flattening in-line with the Ichimoku cloud, supporting dampened price action currently between 1.0794 and 1.0859. The short-term oscillators reflect waning positive momentum. The MACD, in the positive zone, is easing above its red trigger line, while the RSI is diving in bullish territory. Furthermore, the stochastic oscillator is reflecting negative [..]

Technical Analysis – WTI futures rebound off ascending line; still bullish in near term

Posted on December 1, 2020 at 10:35 am GMT

WTI crude oil futures are flirting with the ascending trend line, which has been standing over the last month in the 4-hour chart. The RSI indicator is pointing up in the bullish region, however, the MACD is still falling below its trigger line in the positive area. A rebound on the rising trend line could take the commodity towards the 45.78 resistance ahead of the nine-month peak of 46.26. More gains could lead the market until the 48.48 hurdle, taken [..]

Technical Analysis – USDCAD’s negative bias struggles near multi-year floor

Posted on December 1, 2020 at 10:31 am GMT

USDCAD is finding difficulty in returning under the lower Bollinger band around 1.2949, despite the picture remaining largely to the downside. The simple moving averages (SMAs) are maintaining their controlling bearish demeanour, while conflicting signals in near-term momentum are exhibited within the short-term oscillators. The MACD, in the negative region, has stepped marginally above its red signal line, while the RSI is pointing lower in bearish territory. That said, the gloomy tone of the stochastic oscillator is endorsing further losses [..]

Daily Market Comment – Stocks resume gains, dollar whipsaws as optimism returns

Posted on December 1, 2020 at 10:01 am GMT

Asian recovery gathers speed, pulling global stocks higher Dollar bounces higher, then falls as temporary growth jitters subside Powell offers no policy clues in prepared remarks as US data underwhelms Pound spikes above $1.34 as Brexit deal speculation heats up Recovery back on track, at least in Asia Strong manufacturing PMIs out of Asian powerhouses lifted the market mood on Tuesday, reversing some of the gloom that set in yesterday from soft US indicators. A quickening in the manufacturing revival [..]

Technical Analysis – GBPUSD re-challenges a familiar topside line

Posted on December 1, 2020 at 8:31 am GMT

GBPUSD has been struggling to claim the 1.3400 level and the familiar upper ascending line over the past week, which once again managed to resist bullish forces. Encouragingly, the red Tenkan-sen line and the 78.6% Fibonacci of the short 1.3481 – 1.2674 downleg came immediately to the rescue around 1.3315, providing another opportunity to the bulls. The recent rebound in the RSI and the soft bounce in the MACD, which is currently pushing efforts to return above its red signal line, keep the [..]

Technical Analysis – EURJPY shows signs for bullish retracement around 125.00

Posted on December 1, 2020 at 7:46 am GMT

EURJPY is rising above the descending channel and near the Ichimoku line, suggesting an upside retracement over the last couple of days. According to the simple moving averages (SMAs), the 20-day SMA completed a bullish crossover with the 40-day SMA, confirming the positive move around the 125.00 handle. The RSI indicator is approaching the overbought territory, while the MACD is jumping above its trigger and zero lines. Immediate resistance could come from the 125.07 barrier, which halted bullish moves several times in the past. A successful [..]

Eurozone deflation, PMI slump point to ECB action, yet euro is soaring – Forex News Preview

Posted on November 30, 2020 at 3:50 pm GMT

The flash prints for November inflation are due out of the Eurozone on Tuesday (10:00 GMT) along with a host of other data that should provide the latest glance on how the economy is faring. The inflation numbers are expected to reveal that the euro area experienced falling prices again in November, while the final PMI readings will probably confirm that business activity shrank during the month. The deteriorating economic conditions come as the euro is flirting with the key [..]

Technical Analysis – US 500 index maintains positive bearing; momentum waning slightly

Posted on November 30, 2020 at 3:07 pm GMT

US 500 index (Cash) is consolidating just below its newly formed all-time high of 3,674, finding some stability from its red Tenkan-sen line, marginally below at 3,601. The simple moving averages (SMAs) are maintaining an unbroken bullish tone endorsing further advances. However, the flattening out of the blue-Kijun-sen line and the stalling in the climb of the red Tenkan-sen line are signalling near-term fading in the pair. The short-term oscillators suggest some easing in the upward momentum. The MACD is [..]

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