News

Technical Analysis – WTI futures reach 3-month high; positive risks not faded yet

Posted on November 24, 2020 at 1:45 pm GMT

WTI crude oil futures have been in a strong upside tendency since November 2, reaching a fresh three-month peak of 43.7 in the short-term timeframe. From a technical viewpoint, the price is still hovering beyond the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud. The RSI indicator is edging north, approaching the overbought territory, while the MACD is extending its bullish structure above its trigger and zero lines. In the positive scenario where the price continues to [..]

Daily Market Comment – Dollar comeback falters, gold gets burned

Posted on November 24, 2020 at 10:45 am GMT

US PMIs show economy firing up, dollar bounces but falls back Stocks power higher, yet the Fed remains a wild card Kiwi cheers potential changes to RBNZ mandate Gold burned by a stronger greenback and higher yields Strong PMIs send ripples across markets A perfect storm of encouraging news has engulfed global markets early this week, reawakening some animal spirits. The latest AstraZeneca vaccine isn’t as effective as its counterparts but is much cheaper and easier to store, the US [..]

Technical Analysis – EURJPY range bound; positive sentiment improves

Posted on November 24, 2020 at 10:03 am GMT

EURJPY is currently trading between the 50- and 100-day simple moving averages (SMAs) after forming a fresh low at 122.83. The pair seems to be stuck between the margins of the 121.61 low and the 125.23 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 119.30 to 127.06. The gradual inclines in the 100- and 200-day SMAs are safeguarding advances, while the declining 50-day SMA is conveying weakness in the pair. The short-term oscillators are [..]

Technical Analysis – GBPUSD unlocks 3-month high; holds in ascending channel

Posted on November 24, 2020 at 8:18 am GMT

GBPUSD came close to breaking the eight-and-half-month high of 1.3487 on Monday, finishing the day at new three-month high slightly below the 1.3400 handle. Moreover, the price has been developing within an upward sloping channel since September 23, holding above the simple moving averages (SMAs) and the Ichimoku cloud. According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped above its neutral threshold of 50, and the MACD oscillator is holding above its trigger and zero lines. On the [..]

Technical Analysis – AUDUSD suppressed by key resistance section

Posted on November 23, 2020 at 4:12 pm GMT

AUDUSD is retreating below the 50-period simple moving average (SMA) at 0.7290, after deflecting off the upper Bollinger band, currently encompassed in the resistance ceiling of 0.7324-0.7344. The advancing 100- and 200-period SMAs are promoting strength in the pair, while the 50-period SMA is transmitting a more neutral tone. The short-term oscillators mirror the recent weakening in the price. Strengthening negative momentum is displayed in the dipping of the RSI underneath its 50 mark and the declining stochastic %K line [..]

Technical Analysis – US 500 index edges east, capped by 50-MA

Posted on November 23, 2020 at 2:30 pm GMT

US 500 index (Cash) appears to be stuck trading between the 3,511 and 3,640 levels. The price seems to be consolidating underneath the 50-period simple moving average (SMA) after retreating from the upper boundary of the sideways move. The rising 100- and 200-period SMAs are sponsoring the positive picture, while the directionless Ichimoku lines and the flattening 50-day SMA are endorsing the short-term horizontal bias. The short-term oscillators are reflecting weak momentum but are slightly tilting to the upside. The [..]

Daily Market Comment – New batch of vaccine hopes and the Brexit endgame

Posted on November 23, 2020 at 10:01 am GMT

Fresh vaccine news boosts risky assets, but only barely Vaccines losing their mojo in lifting markets? Sterling cruises higher as speculation around a Brexit deal grows European PMIs not quite as dismal as feared Diminishing positive returns from vaccine news? The vaccine hype train keeps on rolling. AstraZeneca was the latest drug maker to announce its late-stage trial results and even though the efficacy rate was only 70% – much lower than that of Pfizer or Moderna – the news [..]

Technical Analysis – Gold range bound; foundation floor under pressure

Posted on November 23, 2020 at 9:49 am GMT

Gold recently has been tiptoeing around the base of a more than two-month sideways market, after plunging below the Ichimoku cloud and the 50- and 100-day simple moving averages (SMAs). The slipping 50-day SMA and the unclear bearing of the horizontal Ichimoku lines, are promoting consolidation in the yellow metal. The short-term oscillators reflect conflicting signals in directional momentum. The MACD, in the negative region, is holding below its red trigger line, while the stochastic %K line is pushing over [..]

Technical Analysis – USDJPY finds strong support around 103.70; continues to drift lower

Posted on November 23, 2020 at 9:12 am GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower from the 105.65 resistance. However, the pair is finding strong support around the 103.68 level. The short-term technical indicators are flattening and point to more weakness in the market. Looking at the 4-hour chart, prices are looking capped by the 20-period simple moving average (SMA) and the red Tenkan-sen line which are negatively aligned. The RSI indicator is holding in the negative region with weak momentum, while the [..]

Technical Analysis – EURUSD consolidates around 1.1900; indicators are flat

Posted on November 23, 2020 at 7:54 am GMT

EURUSD has been trading within a consolidation area of 1.1611-1.1960 over the last four months, remaining above the Ichimoku cloud and the short-term simple moving averages (SMAs) the last five days. According to the technical indicators, the RSI is moving sideways in the positive area and the MACD is standing above its trigger and zero lines with weak momentum. Immediate resistance could come from the 1.1915 barrier, tested several times in the past. Driving the market higher, the 1.1960 hurdle [..]

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