News

Technical Analysis – WTI futures muted; weak directional momentum persists

Posted on October 22, 2020 at 7:40 am GMT

WTI oil futures are presently confronting the Ichimoku cloud after having dipped slightly below the flat red Tenkan-sen line, as well as the 50- and 100-day simple moving averages (SMAs). The bullish overlaps of the 200-day SMA are still intact although the averages have adopted a more horizontal demeanour, as have the Ichimoku lines, all further backing the ranging market. The short-term oscillators reflect a rather frozen state in the commodity. The MACD and the RSI indicate evaporated directional momentum [..]

Technical Analysis – AUDUSD creates bearish correction near 0.71 in short-term

Posted on October 22, 2020 at 6:41 am GMT

AUDUSD is looking slightly bearish around 0.7100 in the short-term, after the pair pulled back off the two-year peak of 0.7413 on September 1. The RSI is turning lower in the negative territory, while the MACD is moving sideways below the zero level. Both are confirming the recent bearish correction of the long-term bullish picture. In light of negative pressures, initial tough support could develop from the zone of the 0.7000 round number and the 23.6% Fibonacci retracement level of the [..]

Technical Analysis – USDCAD’s plunge hits a snag; negative outlook intact

Posted on October 21, 2020 at 1:53 pm GMT

USDCAD seems to have stalled its negative dive under the 50-period simple moving average (SMA) as the pair improves slightly from the 1.3075 – 1.3086 support section. Nonetheless, the falling 50- and 100-period SMAs are promoting extra price deterioration, while the bearish crossover of the 200-period SMA by the 100-period one may boost the broader negative structure. However, the short-term oscillators reflect improvements in positive momentum. The MACD, in the negative region, is slowing below its red trigger line, while [..]

Technical Analysis – EURGBP plunges in consolidation area below 0.91

Posted on October 21, 2020 at 1:37 pm GMT

EURGBP is sharply decreasing in the 4-hour chart, touching the 23.6% Fibonacci retracement level of the down leg from 0.9290 to 0.9005 at 0.9073. Over the last month the price has been trading within a trading range with the 50.0% Fibonacci of 0.9148 as the upper boundary and the 0.9020 support as the lower boundary. Technically, the stochastic oscillator is moving lower, heading towards the oversold zone, while the MACD oscillator posted a bearish crossover with its trigger line in [..]

UK retail sales and PMIs to turn spotlight on recovery amid Brexit shenanigans – Forex News Preview

Posted on October 21, 2020 at 11:39 am GMT

It may be hard to escape the latest bombardment of Brexit headlines but crucial economic data coming up at the end of the week may help divert attention to the recovery in Britain as COVID-19 cases continue to rise rapidly across the country. Retail sales numbers for September are due on Friday at 09:00 GMT, to be swiftly followed by the flash October PMIs at 08:30 GMT. Although growth in the economy has stayed positive since May, there are increasing [..]

Eurozone PMIs: Putting a double-dip recession on the map? – Forex News Preview

Posted on October 21, 2020 at 9:33 am GMT

The Eurozone’s preliminary PMIs for October will hit the markets at 08:00 GMT Friday and will reveal just how much damage businesses have suffered by the second wave of coronavirus that is rampaging through Europe. The euro has not reacted much so far to the restrictions and curfews imposed in many countries, but that could change if the PMIs spark fears of another negative GDP print in Q4. Covid rages on European coronavirus infections have sadly gone through the roof [..]

Daily Market Comment – Stimulus deal moves closer; stocks cheer but dollar sags

Posted on October 21, 2020 at 8:58 am GMT

Talks continue on virus relief bill as Trump backs large stimulus Stocks rise but gains contained amid doubts about Republican support Dollar slumps to one-month low as euro soars, gold catches a bid too Markets anxiously await a stimulus deal Growing optimism that a bipartisan deal on a new coronavirus aid package in the United States is within reach lifted equities on Wednesday while investors dumped the safe-haven US dollar. Talks between House Speaker Nancy Pelosi and Treasury Secretary Steven [..]

Technical Analysis – NZDUSD optimism prolonged; price action remains stalled

Posted on October 21, 2020 at 8:20 am GMT

NZDUSD is currently trading in the vicinity of the 100-day simple moving average (SMA) and the red Tenkan-sen line, continuing to edge sideways, capped by the flattening 50-day SMA and Ichimoku cloud. The tone of the 50- and 200-day SMAs promotes a directionless market, while the 100-day SMA holds a positive course. Dried up directional momentum is also reflected in the horizontal Ichimoku lines as well as the short-term oscillators. The MACD is located barely below its zero mark and [..]

Technical Analysis – Tesla stock loses steam in short term; strongly bullish in long term

Posted on October 21, 2020 at 8:15 am GMT

Tesla stock price has declined after touching the 466.12 resistance level, edging towards the 50-day simple moving average (SMA), failing to improve the bullish picture in the long term. The stochastic oscillator entered the oversold zone, while the RSI indicator is sloping south, meeting the neutral threshold of 50. The next immediate support is coming from the 23.6% Fibonacci retracement level of the upward wave from 69.52 to 502.55 at 398.64, which is also within the Ichimoku cloud. Beneath this [..]

Technical Analysis – USDJPY bears still have control; holds in falling channel

Posted on October 21, 2020 at 6:47 am GMT

USDJPY has been making lower highs and lower lows since the end of March when it touched the 111.70 resistance level. The technical indicators, though, continue to send neutral signals, suggesting that the softness in the market is not over yet in the very short-term timeframe. The RSI has flattened near the neutral threshold of 50, indicating that the market could weaken a little bit until the pair falls further in the descending channel. The MACD oscillator is still heading [..]

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