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Technical Analysis – AUDUSD hits familiar bullish spot; trend continuation eyed

Posted on November 5, 2020 at 9:12 am GMT

AUDUSD collected marginal gains on Wednesday and closed just around the 50-day simple moving average ((SMA) despite a volatile session within the 0.7100-0.7000 region. Earlier in the week, the 0.7030 support area managed to halt negative movements for the third time, increasing speculation that the downfall from the 0.7412 peak could be temporary. The recent bullish action could also reflect the end of an a-c corrective pattern and the start of a new bullish wave 1-5 according to the Elliot theory. Still, [..]

Technical Analysis – EURJPY wrestles with 50-MA; picture appears somewhat static

Posted on November 5, 2020 at 9:10 am GMT

EURJPY’s current consolidation is tackling the 50-period simple moving average (SMA) and upper Bollinger band after improving off a formed three-and-a-half-month low of 121.61. The downward sloping SMAs and their directing bearish mode promote further dampening in the pair. That said, the price stalemate is also reflected in the short-term oscillators, which confirm fairly oxygen-deprived momentum. The MACD, although soaring above its red trigger line has settled at the zero line, while the upward pointing RSI is zig zagging around [..]

Technical Analysis – EURJPY wrestles 50-MA; picture appears somewhat static

Posted on November 5, 2020 at 8:57 am GMT

Technical Analysis – WTI futures fails to build clear tendency

Posted on November 5, 2020 at 8:07 am GMT

WTI futures have been in a neutral mode over the last five months, trading with weak momentum near the simple moving averages (SMAs). On Monday, the price rebounded off the 33.44 support level, reaching the Ichimoku cloud. The MACD oscillator is flattening marginally below the zero level, while the RSI is sloping marginally down after it achieved the neutral threshold of 50. If the price successfully surpasses the SMAs, immediate resistance could come from the 41.93-43.71 zone before breaking the [..]

Technical Analysis – US 100 index explodes by 5% as Biden leads the polls

Posted on November 4, 2020 at 4:35 pm GMT

The US 100 stock index (cash) exploded by almost 5% on Wednesday to peak at 11,805 as the counting of election votes continues in the US, favoring a Biden win. Today’s rally has breached all the simple moving averages (SMAs) in the four-hour chart and flew above the Ichimoky cloud, retracing more than half of October’s sell-off. But the bullish action does not look to be exhausted yet as the Stochastics and the RSI have yet to admit overbought conditions. The 61.8% [..]

Technical Analysis – EURGBP downtrend converges to 200-EMA

Posted on November 4, 2020 at 3:03 pm GMT

EURGBP has been steadily swinging downwards within a tight descending channel since mid-September, bringing the 200-day exponential moving average (EMA), which successfully curbed negative movements in the same month, back under the spotlight. There is a potential for an upside correction in the short term as the price is hovering around the lower Bollinger band and the Stochastics are sloping upwards after posting a bullish cross within the oversold area. However, unless the 20- and 50-day EMAs, and the upper [..]

Bank of England set to boost QE as lockdown and Brexit cause economic havoc – Forex News Preview

Posted on November 4, 2020 at 10:38 am GMT

The Bank of England will conclude its latest policy meeting on Thursday, announcing its decision at 07:00 GMT. As it’s November, the Bank will also be publishing its quarterly Monetary Policy Report alongside the meeting minutes. But while a virtual press conference is pencilled in too, it will be pre-recorded and released at 09:15 GMT, as has become the customary practice for the BoE during the pandemic. Following the UK government’s decision to place England under a month-long lockdown, it’s [..]

Technical Analysis – USDJPY cements floor within bearish channel

Posted on November 4, 2020 at 9:45 am GMT

USDJPY held a floor within the 104.00 – 104.20 area, keeping the downward pattern paused within the descending channel for the fourth month. Currently, the RSI is running towards its 50 neutral mark after bottoming out within the bearish area, suggesting that the bulls may not abandon the battle in the short-term. Adding to this encouraging signal is the price itself, which is stubbornly refusing to visit the lower band of the channel, hinting that a test of the upper band [..]

Daily Market Comment – Dollar firms, stocks rattled as US election too close to call

Posted on November 4, 2020 at 9:14 am GMT

Anxious wait for election outcome as race much tighter than anticipated Dollar and yen creep higher as election uncertainty mounts Stocks steady until Trump threatens to block mail-in ballot counting Trump closes in on Biden; might be a long wait The race for the White House is proving tighter than many had anticipated and certainly more than what the opinion polls had indicated as incumbent President Trump wins in several battleground states. As of 09:00 GMT, Trump had secured the [..]

Technical Analysis – NZDUSD skewed positive, yet momentum jammed

Posted on November 4, 2020 at 9:02 am GMT

NZDUSD looks motionless around the Ichimoku cloud and stuck between the 50- and 100-day simple moving averages (SMAs). Nonetheless, the slightly upward sloping Ichimoku lines and the 50- and 100-day SMAs are continuing to promote a rather positive tone. That said though, the short-term oscillators reflect a condition of weak directional momentum. The MACD is holding marginally above the zero line but below its trigger, while the downward-pointing RSI is flirting with its neutral threshold. However, the stochastics %K line [..]

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