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Technical Analysis – GBPJPY holds within squeezed Bollinger band; lacks direction

Posted on November 18, 2020 at 10:14 am GMT

GBPJPY has been moving in a horizontal trajectory over the last week, failing to improve the rebound on the 137.60 support level. The Bollinger band is squeezing, suggesting a neutral bias, and the momentum indicators are flattening. The MACD is holding near the zero level, while the RSI is standing around the 50 threshold. A successful climb above the 40-period simple moving average (SMA) at 138.50 could take the pair towards the 138.85 barrier. More gains could lead the bulls until [..]

Daily Market Comment – Growth worries dent vaccine optimism but can’t stem dollar slide

Posted on November 18, 2020 at 9:50 am GMT

Stocks mostly negative after disappointing US retail sales underline near-term risks Surge in US virus cases and fresh outbreaks in Japan, Australia unnerve markets Cautious tone unable to lift dollar as slump in Treasury yields weighs Kiwi outperforms again, pound is close behind amid hopes of a Brexit breakthrough Renewed growth jitters put brakes on vaccine rally The vaccine euphoria suffered a knockback after stalling retail sales numbers out of the United States yesterday highlighted the short-term challenges policymakers still [..]

Technical Analysis – USDJPY’s compass points south guided by 100-day SMA

Posted on November 18, 2020 at 8:50 am GMT

USDJPY is descending, having already logged four downward red candles in previous sessions, after retreating from the upper Bollinger band and 100-day simple moving average (SMA). The pair’s return underneath the 50-day SMA and the mid-Bollinger band are being endorsed by the dominant bearish tone of the SMAs and the restrictive trend line, drawn from the 111.71 top. The short-term oscillators are mirroring the negative price action, backing the bearish structure below the downward sloping trend line. The MACD, in [..]

Technical Analysis – Gold declines in a neutral picture in medium term

Posted on November 18, 2020 at 8:31 am GMT

Gold prices are in a declining mode after the selling move below the 1,900 psychological level on November 13. However, the technical indicators are suggesting an upside pullback in the short-term. The RSI is pointing up approaching the 50 level, while the stochastic created a bullish crossover within the %K and %D lines near the oversold zone. If the price ticks higher, immediate resistance could come from the 20-period simple moving average (SMA) at 1,887 ahead of the lower surface [..]

Technical Analysis – NZDUSD stretches uptrend to a 20-month high; tests key barrier

Posted on November 18, 2020 at 7:53 am GMT

NZDUSD bulls picked up steam to a 20-month high of 0.6917 following the close above 0.6760, where the frequently tested 61.8% Fibonacci retracement of the long 0.7557 – 0.5468 downleg is placed. The recent bullish action could fade in the short term as the price is currently challenging a key ceiling from 2019 and the RSI seems unable to post a fresh peak above its 70 overbought mark. The MACD also looks to be losing momentum within the positive area, [..]

Technical Analysis – EURCHF consolidates as aggressive ascent remains muted

Posted on November 17, 2020 at 4:53 pm GMT

EURCHF has been stuck for just over a week, creeping sideways following the slingshot off the 1.0679 level and over the simple moving averages (SMAs). The flattening Ichimoku lines are reflecting the stall in positive sentiment, while the soaring 50- and 100-period SMAs promote further advancing in the pair. The short-term oscillators communicate a period of paused positive momentum. The MACD and the RSI are presenting weak demeanours, with the former hovering below its red trigger line in the positive [..]

Technical Analysis – EURCHF consolidates as aggressive ascent muted

Posted on November 17, 2020 at 4:31 pm GMT

EURCHF has been stuck for just over a week creeping sideways towards the Ichimoku cloud, following a slingshot off the 1.0679 level and over the simple moving averages (SMAs). The flattening Ichimoku lines are reflecting the stall in positive sentiment, while the soaring 50- and 100-period SMAs promote further advancing in the pair. The short-term oscillators communicate a period of paused positive momentum. The MACD and the RSI are presenting weak demeanours, with the MACD hovering below its red trigger [..]

Technical Analysis – WTI Oil Futures cling on to bullish structure, for now

Posted on November 17, 2020 at 4:08 pm GMT

WTI Oil Futures remain in a downward pattern following the retreat from last week’s 2½-month top of 43.04. The price is battling to avoid a dip inside the Ichimoku cloud. But given the mixed picture portrayed by the momentum indicators, a slip into the cloud is very likely in the next few hours, which would confirm a shift in the bullish short- to-medium-term outlook to a neutral one. The negatively aligned stochastics continue to trend downwards and although the RSI [..]

Biden’s Trumpism over US-China trade war – Special Report

Posted on November 17, 2020 at 4:07 pm GMT

Trump’s presidency opened several fronts of confrontation between the United States and other key global economic powers, instantly increasing volatility in the markets as traders love to trade. With Biden ready to pick up the torch now, questions are arising over whether he could raise the flag of peace and build stability. However, his recent political shift suggests that the “America first” nationalism may not be easily replaced, and some battles may not see a ceasefire soon. No majority, no control Without majority in the [..]

UK retail sales likely ground to a halt in October but all eyes on Brexit progress – Forex News Preview

Posted on November 17, 2020 at 2:56 pm GMT

It’s another week and another round of negotiations are taking place between UK and EU officials to try and clinch a deal on a post-Brexit trade agreement. With the transition period set to end on December 31, Thursday’s EU summit is seen as a potential date for a draft text to be agreed upon. But although pound traders remain optimistic, there’s already speculation that the latest “deadline” may slip away, dragging the negotiations into December. In the meantime, Britain’s economic [..]

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