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Technical Analysis – GBPUSD looks positive despite 9 red sessions

Posted on October 23, 2020 at 9:24 am GMT

GBPUSD is pairing some losses that were posted in the preceding nine consecutive red candles in the 4-hour chart. Over the last month, the price has been developing within an ascending channel and the latest bullish action is being confirmed by the RSI, which is sloping slightly up in the positive region. However, above the zero level the MACD oscillator is still holding beneath its trigger and the red Tenkan-sen line is pointing down. If the price continues to gain momentum the next immediate resistance could come from the 1.3175 barrier ahead of the [..]

Daily Market Comment – Markets drift sideways as US stimulus deal awaited

Posted on October 23, 2020 at 9:21 am GMT

US stimulus deal edges closer as talks continue, investors hold tight No clear winner from final presidential debate; uncertainty adds some support to dollar Euro bounces from lows as strong manufacturing shores up flagging Eurozone recovery No deal yet but high hopes for more stimulus Markets remain fixated on the stimulus talks in Washington as the week draws to a close, with the window for a deal to be struck before the November 3 election closing fast. Positive signals about [..]

Technical Analysis – GBPJPY vulnerable, maintains a horizontal tone

Posted on October 23, 2020 at 8:14 am GMT

GBPJPY has become fixed between the capping 50-day simple moving average (SMA) and the mostly flattened 100-day SMA after attempts to improve faltered. The cloud and the steady Ichimoku lines, as well as the deteriorated bullish demeanour of the 50- and 100-day SMAs additionally endorse a directionless market. At the moment the short-term oscillators display momentum that is far from effective. The MACD is barely above its red trigger line and the zero threshold, while the downward-pointing RSI continues flirting [..]

Technical Analysis – USDCAD stops above 1.31; still bearish in long term

Posted on October 23, 2020 at 6:45 am GMT

USDCAD is continuing its downside movement in the longer timeframe after it found resistance around the 1.3420 barrier and the upper surface of the Ichimoku cloud once again. In the very short-term, the pair has been developing in a horizontal trajectory over the last couple of weeks, trading below the 20- and 40-day simple moving average (SMA). In the technical picture, the RSI indicator is pointing slightly higher, while the stochastic is heading north after the bullish cross within the [..]

Technical Analysis – GER 30 index recovers a little; negative risks remain

Posted on October 22, 2020 at 3:06 pm GMT

Germany 30 stock index (Cash) looks to be fading further despite recently finding footing at the 12,339 level. Painting a deteriorating picture are the negatively charged Ichimoku lines, one of which has capped additional progress from the price bounce. Furthermore, the bearish tone of the simple moving averages (SMAs), and specifically the downwards overlap of the 100-period SMA by the 50-period one, may accelerate the decline. The short-term oscillators display the recent price gains but also consider a stall in [..]

Technical Analysis – GER 30 index recovers a little; negative risks remain

Posted on October 22, 2020 at 2:38 pm GMT

GER 30 stock index (Cash) looks to be fading further despite recently finding footing at the 12,339 level. Painting a deteriorating picture are the negatively charged Ichimoku lines, one of which has capped additional progress from the price bounce. Furthermore, the bearish tone of the simple moving averages (SMAs), and specifically the downwards overlap of the 100-period SMA by the 50-period one, may accelerate the decline. The short-term oscillators display the recent price gains but also consider a stall in [..]

Technical Analysis – USDCHF rebounds off 7-week low; negative in medium term

Posted on October 22, 2020 at 12:55 pm GMT

USDCHF has reversed from the seven-week low of 0.9029 after the strong bearish move since September 25. Further backing this short-term view are the Ichimoku lines and the upward slopes on the MACD oscillator which holds above its trigger line in the negative zone. However, for now the RSI and the 20- and 40-period simple moving averages (SMAs) are reflecting contradicting signals as all of them are pointing downwards. If buying interest picks up, early tough resistance could occur at [..]

Technical Analysis – EURJPY remains in consolidation, positive momentum feeble

Posted on October 22, 2020 at 9:26 am GMT

EURJPY has been in a downside tendency over the last sessions, holding within the Ichimoku cloud and the short-term simple moving averages (SMAs). The RSI indicator is losing momentum beneath the 50 level, while the MACD is falling below its trigger line. Also, the red Tenkan-sen line is pointing down and the blue Kijun-sen line is moving sideways, suggesting fading upward momentum. In the event of a downside reversal below 123.75, the 123.34 support level and the 123.00 psychological mark may ease the selling pressure. [..]

Daily Market Comment – Dollar firms, stocks slip amid US stimulus doubts

Posted on October 22, 2020 at 8:49 am GMT

Talks on US stimulus package continue but deal in doubt after Trump slams Democrats Dollar regains some footing, equities drift lower as final presidential debate eyed Brexit progress supports euro and pound as virus cases spiral out of control Stimulus setback after Trump throws a tantrum Hopes for a quick deal on a new coronavirus aid package in the United States have faded somewhat as negotiations between the White House and the Democrats drag on. Disagreement over funding for state [..]

Technical analysis – EURUSD bulls do not look exhausted yet; 1.1880 level eyed

Posted on October 22, 2020 at 7:51 am GMT

EURUSD found strong resistance at 1.1879 on Wednesday, but earlier today the pair completed a bullish doji in the four-hour chart, suggesting that there is more strength in store as the price is making efforts to recoup its moderate losses. Still, the weakness in the MACD hints that some caution should be warranted. A break above 1.1880 is expected to immediately stall within the 1.1900-1.1920 area. Moving higher, the next obstacle could occur around 1.1950, while above that, all eyes [..]

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