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Technical Analysis – EURAUD spikes up; gains ground after several negative periods

Posted on October 6, 2020 at 1:12 pm GMT

EURAUD advanced considerably over the last period following the bounce off the 20-period simple moving average (SMA). The stochastic oscillator is ready to create a bullish crossover within its %K and %D lines near the overbought zone, while the MACD oscillator is extending its movement above the trigger line in the negative territory. A jump above the Ichimoku cloud could send the market until the 1.6547 resistance before meeting the 1.6580-1.6590 area, which includes the four-month peak. More upside pressures [..]

Fed minutes: Shedding light on the next move – Forex News Preview

Posted on October 6, 2020 at 11:05 am GMT

The developments around a new stimulus package and Trump’s health will likely overshadow everything else this week, but as far as scheduled releases go, the main event will be the minutes of the latest FOMC meeting at 18:00 GMT Wednesday. This was when the Fed adopted its new inflation overshoot regime and markets will be looking for hints on whether more stimulus is in the pipeline. They are unlikely to find any, which may briefly boost the dollar. From ‘all [..]

Technical Analysis – WTI oil futures aim for more recovery but the way ahead could be rocky

Posted on October 6, 2020 at 10:12 am GMT

WTI oil futures increased their recovery odds after advancing above the middle Bollinger band in the four-hour chart on Monday which is also the 20-period simple moving average (SMA). However, there are still some barriers that bulls need to remove to extend the rally although the RSI and the MACD are reflecting a positive short-term bias, with the former rising above its 50 neutral mark and the latter climbing above its zero and signal lines. The bottom of the Ichimoku cloud is [..]

Daily Market Comment – Dollar steadies as Trump’s health, US stimulus in focus

Posted on October 6, 2020 at 8:49 am GMT

Trump is discharged from hospital but question marks remain about his health US fiscal stimulus edging closer but no deal yet Dollar firms slightly, equities subdued as road ahead still foggy Relief as Trump returns to the White House Markets were calmer on Tuesday as the panic over President Trump’s health subsided further while negotiations for a new coronavirus relief bill continued. Asian stocks got off to a positive start, lifted by news that Trump had been discharged from the [..]

Technical Analysis – GBPUSD acquires positive drive after rebound off 200-day SMA

Posted on October 6, 2020 at 8:29 am GMT

GBPUSD is in the process of pushing beyond the 1.3000 mark after pivoting around the bullish crossover between the 100- and 200-day simple moving averages (SMAs), and pressing above the mid-Bollinger band at 1.2861. The rising 50- and 100-day SMAs support bullish sentiment while the short-term oscillators mirror the pickup in positive price action. The MACD, in the negative region, has climbed above its red trigger line and is nearing its zero line, while the RSI is improving above its [..]

Technical Analysis – GBPUSD acquires positive drive after rebound on 200-day SMA

Posted on October 6, 2020 at 8:17 am GMT

Technical Analysis – EURJPY rallies above 124.00; retests bearish trend reversal pattern

Posted on October 6, 2020 at 7:41 am GMT

EURJPY had a constructive day on Monday, bouncing sharply back into the 124.00 area until it met strong resistance around the 50-day simple moving average (SMA). The positive correction closed marginally above the 124.40 neckline of a bearish head and shoulder pattern, and it remains to be seen if the pair can sustain strength above that level, eliminating the risk of a down-trending market. Still, the momentum indicators have yet to show a clear bullish bias, suggesting that the bears have not fully faded. [..]

Technical Analysis – USDCAD hits 2-week low and returns back above

Posted on October 6, 2020 at 7:28 am GMT

USDCAD is pointing upwards after the strong selling interest from the two-month high around 1.3418. The pair surpassed the 38.2% Fibonacci retracement level of the upward wave from 1.2993 to 1.3418 at 1.3255. The momentum indicators are also endorsing a bullish bias in the very short-term. The stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, while the RSI is heading north in the negative territory. Immediate resistance is coming from the 20-period [..]

Technical Analysis – USDJPY crowned by 200-MA; price appears static

Posted on October 5, 2020 at 12:08 pm GMT

USDJPY is struggling to push above the 200-period simple moving average (SMA) as directional momentum has dampened. The Ichimoku lines appear powerless in aiding the stagnant pair while the flattening out of the simple moving averages (SMAs) promotes additional sideways development. The MACD has improved marginally above zero and its red trigger line but remains around its neutral zone, while the RSI is losing pace in bullish territory. Moreover, the stochastics %K line is stalling in the overbought section but [..]

Daily Market Comment – Equities recover as Trump keeps stimulus hopes alive

Posted on October 5, 2020 at 10:40 am GMT

Sentiment recovers on signs that stimulus deal is still in play Stocks rebound alongside crude oil, Japanese yen and gold retreat Markets to stay focused on ultimate game of ‘Deal or No Deal’ Coming up: ISM non-manufacturing and RBA policy decision Markets take solace from signs stimulus is coming Global markets opened on a cheerful note on Monday, emboldened by hopes that a relief package deal can still be brokered in America and that President Trump’s health is improving. The [..]

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