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Daily Market Comment – Dollar on the ropes, aussie unfazed by China tariffs

Posted on November 27, 2020 at 12:09 pm GMT

Greenback hovers near lows, markets quiet overall What’s the outlook for euro/dollar from here? China slaps tariffs on Australian wine, but aussie immune Crunch time in Brexit talks as EU negotiators travel to London All quiet on the FX front It was a relatively subdued session in global markets yesterday with US traders being away on holiday. Most stock indices closed flat and currency pairs generally traded in narrow ranges, with no real headlines to steer the price action and [..]

Canada’s GDP to bounce back in Q3 but loonie still trails peers – Forex News Preview

Posted on November 27, 2020 at 10:22 am GMT

Canada will post its third quarter GDP figures on Tuesday (13:30 GMT) and like other advanced economies that have reported before it, the North American economy is expected to have rebounded sharply in the summer months. However, with daily coronavirus cases accelerating lately in Canada too, the recovery may have already started to lose steam. Yet, vaccine optimism is bolstering the local dollar, even as it lags behind its aussie and kiwi cousins in the rally against the US dollar. [..]

Technical Analysis – GBPJPY maintains neutral bias as momentum loses steam

Posted on November 27, 2020 at 9:18 am GMT

GBPJPY appears to have been again denied passage above the 140.00 mark, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 to 124.00, following a bounce off the 100-day simple moving average (SMA). The sliding 200-day SMA and the horizontal Ichimoku lines aid a pause in positive price action, while the upward incline of the 50- and 100-day SMAs, conveys strength for advances. At this time, the short-term oscillators’ are exhibiting mixed signals in directional [..]

Technical Analysis – GBPJPY maintains aimless bias, as momentum loses steam

Posted on November 27, 2020 at 9:08 am GMT

GBPJPY appears to have been again denied passage above the 140.00 mark, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 to 124.00, following a bounce off the 100-day simple moving average (SMA). The slipping 200-day SMA and the horizontal Ichimoku lines aid a pause in positive price action, while the upward incline of the 50- and 100-day SMAs, conveys strength for advances. At this time, the short-term oscillator’s exhibit mixed signals in directional momentum. [..]

Technical Analysis – NZDUSD flies to 29-month high above 0.7000

Posted on November 27, 2020 at 8:55 am GMT

NZDUSD has been developing near to multi-month highs of 0.7028, continuing the powerful buying interest that started from 0.6586. The RSI indicator is hovering around the overbought region, while the MACD is strengthening its movement in the bullish area but marginally beneath the trigger line. The simple moving averages (SMAs) are endorsing the upside tendency as all of them are ticking higher in the near term. A jump above today’s high could open the way for the 0.7060 resistance, that being the [..]

Technical Analysis – USDCAD stands around often tested 1.2993; bearish bias

Posted on November 27, 2020 at 8:00 am GMT

USDCAD has found significant support at the 1.2993 barrier over the last three months, posting a negative spike around 1.2930, which is a new two-year low on November 9. The RSI indicator is still moving sideways in the negative territory, while the stochastic oscillator is turning higher, ready to complete a bullish crossover within its %K and %D lines in the oversold zone. The price has been remaining in a descending tendency since April 21 and the next support would come [..]

Technical Analysis – EURJPY’s mid-Bollinger band defends positive sentiment

Posted on November 26, 2020 at 4:11 pm GMT

EURJPY is finding some footing at the mid-Bollinger band after a pullback from the freshly formed 124.56 high. The 200-period simple moving average (SMA) is endorsing a more neutral picture while the slight positive incline in the 50- and 100-period SMAs is sponsoring further advances. Nevertheless, the short-term oscillators are currently conveying mixed signals in directional momentum. The MACD, some ways in the positive region, is decreasing below its red trigger line, while the stochastic oscillator maintains a negative bearing. [..]

Technical Analysis – Dollar index springs to life around critical floor

Posted on November 26, 2020 at 2:54 pm GMT

The US Dollar index (December) is nearing the capping mid-Bollinger band at 92.15, after improving slightly from the support section of 91.72-91.80. Despite this recent price development, the bearish bias remains intact, something also being endorsed by the downward sloping simple moving averages (SMAs). The short-term oscillators reflect the fresh increase in positive momentum. The MACD, in the negative region, has nudged above its red trigger line, while the RSI is rising towards its 50 threshold. The stochastic oscillator [..]

Technical Analysis – USDCHF stands in descending channel in near term

Posted on November 26, 2020 at 2:21 pm GMT

Technical Analysis – USDCHF stands in descending channel in near term USDCHF registered losses for the second week in a row, dropping to a more than two-week low of 0.9063 today and near the lower surface of the downward sloping chanel. The RSI in the four-hour chart continues to lack direction in the bearish area, while the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term horizon. However, should the price close comfortably above the 20- and 40-period simple moving averages (SMAs) traders could push the [..]

Technical Analysis – WTI futures’ progress above key resistance hits a snag

Posted on November 26, 2020 at 9:30 am GMT

WTI oil futures’ thrust over the governing 43.76 mark seems to be fading from its recently logged eight-and-a-half-month high of 46.22. Although positive signals remain present, the bullish sentiment looks to be stumbling before reaching the 46.80 resistance level. The currently paused Ichimoku lines are still conveying a positive tone, while the 50- and 100-day simple moving averages (SMAs) are communicating a neutral-to-bullish outcome. The short-term oscillators reflect deteriorating positive drive and suggest a retracement may unfold. That said, the [..]

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