News

Technical Analysis – EURJPY shifts sideways as resistance roof blocks gains

Posted on November 10, 2020 at 9:23 am GMT

EURJPY yesterday was overwhelmed by buying interest that thrusted the pair back above the 100- and 50-day simple moving averages (SMAs). Yet, advances hit a wall and the pair now seems to be steering into a more sideways structure. The minor upward inclines in the 100- and 200-day SMAs are preserving the positive picture, while the falling 50-day SMA promotes negative sentiment. The short-term oscillators also reflect the pair’s recent freeze in positive momentum. The MACD, in the negative region, [..]

Technical Analysis – GBPUSD could see further increases above 1.3180

Posted on November 10, 2020 at 7:58 am GMT

GBPUSD has been trading in an upward sloping channel over the last seven weeks, trying to surpass the 1.3180 resistance level. Technically, the price is still holding above the bullish crossover within the 20- and 40-day simple moving averages (SMAs) as well as beyond the Ichimoku cloud. The RSI indicator is standing in the positive territory and it looks ready to move towards the overbought area. However, the MACD oscillator is ticking marginally up above its trigger and zero lines. [..]

RBNZ set to launch new lending programme; negative rates may have to wait – Forex News Preview

Posted on November 10, 2020 at 6:45 am GMT

The Reserve Bank of New Zealand is due to announce its latest policy decision on Wednesday (01:00 GMT) and will present its updated forecasts in the Monetary Policy Statement to be published at the same time. New Zealand’s economic prospects have started to turn up lately as the country emerges from a second nationwide lockdown. But uncertainty about the global outlook and a soaring local dollar mean the central bank is far from done in its easing cycle and is [..]

UK may show record growth in Q3 but the worst is not over yet – Forex News Preview

Posted on November 9, 2020 at 5:27 pm GMT

The anxiety of the US election is almost over and the focus will shift back to the economic calendar this week, with the UK releasing employment data for September on Tuesday at 06:00 GMT and GDP growth figures for the third quarter on Thursday at the same time. Expectations are for a record economic expansion and another increase in the unemployment rate, though Brexit developments may steal the show instead, reminding markets that the worst is not over yet, as [..]

Technical Analysis – US 500 index skyrockets to new all-time high

Posted on November 9, 2020 at 3:14 pm GMT

US 500 index (Cash) abruptly propelled off the 3,550 mark today, stretching towards a fresh all-time high of 3,674 just above the 3,670 level, that being the 138.2% Fibonacci extension of the down leg from 3,550 until 3,233. The index is currently withdrawing from the new peak, though the Ichimoku lines maintain their strong bullish tone. Moreover, a nearing positive overlap of the 200-period simple moving average (SMA) by the rising 50-period SMA, and the upturn in the adjacent 100-period [..]

Daily Market Comment – Stocks resume furious rally as Biden wins

Posted on November 9, 2020 at 12:09 pm GMT

US election ‘aftershocks’ continue – equities roar higher, dollar slips Several theories floated to justify this relentless rally, but question is, can it last? Markets may revert to trading covid news and prospect of fiscal package Crunch time in Brexit talks too, traders seem confident a deal is coming US stocks back near record highs It’s official. Joe Biden was declared the new president-elect of the United States over the weekend, injecting another dose of optimism into global markets even [..]

Technical Analysis – USDJPY pulls back from 8-month low

Posted on November 9, 2020 at 10:21 am GMT

USDJPY is reversing slightly higher after the aggressive sell-off in the preceding sessions towards the fresh eight-month low of 103.17. From the technical viewpoint, the RSI is ticking up in the negative territory, while the MACD posted a bullish crossover with its trigger line below the zero level. The 20- and 40-period simple moving averages (SMAs), though note that the red Kijun-sen line is flat and the blue Tenkan-sen also appears to be flatlining. If the bulls manage to hold control, then [..]

Technical Analysis – Gold tackles consolidation’s top frontier; drive frail

Posted on November 9, 2020 at 9:11 am GMT

Gold appears shackled as it is struggling to break above the cloud’s ceiling, which coincides with the roof of the two-and-a-half-month ranging market. In spite of the dwindling 50-day simple moving average (SMA), the SMAs defend the broader dictating bullish tone. The near-term gradual fading of the 50-day SMA and the directionless Ichimoku lines promote the commodity’s neutral demeanour. The short-term oscillators maintain a positive attitude despite flimsy sentiment. The MACD is above its red trigger line and the zero [..]

Technical Analysis – EURUSD surges near 1.1900 in consolidation area

Posted on November 9, 2020 at 7:54 am GMT

EURUSD is rallying above the previous high of 1.1880, creating four straight bullish days after the bounce off the 1.1611 support level. The price also jumped above the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud, signaling some more buying interest. Technically, the RSI is confirming the positive outlook as it approaches the overbought territory, while the stochastic is holding above the 80 level suggesting a retracement in the short-term. If the market picks up more speed, [..]

Technical Analysis – GBPUSD’s hike ceases around upper Bollinger band

Posted on November 6, 2020 at 1:30 pm GMT

GBPUSD is consolidating beneath the 1.3175-1.3183 limiting border after surging off the 200-period simple moving average (SMA) and above the 50- and 100-period averages. The fairly horizontal bearing of the SMAs are promoting the neutral picture. That said, the price is currently near the upper Bollinger band and is showing some signs of weakness. The short-term oscillators reflect the stall in positive price action. The MACD is in the positive region and above its red trigger line but looks to [..]

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