News

Euro loses its shine as second wave grips Europe; can the rally be restored? – Special Report

Posted on September 29, 2020 at 2:30 pm GMT

It wasn’t so long ago when everything was looking up for the Eurozone economy and the single currency couldn’t put a step wrong. After being ravaged in the spring by soaring deaths from COVID-19 and an economically bruising lockdown, Europe had started to get its house in order by late May. Virus cases were coming down, businesses were allowed to reopen, and European leaders demonstrated a rare show of unity when they agreed on a historic virus relief fund. But [..]

Technical Analysis – USDCAD edges marginally up as progress remains capped

Posted on September 29, 2020 at 1:26 pm GMT

USDCAD has been nicely hovering above the 1.3350 support level but is capped by the 20-day simple moving average (SMA). From a technical perspective, the short-term bias is viewed as positive, reflected by the improvement in the RSI and the stochastic. Yet only a decisive close above the nearby resistance of 1.3418 can boost buying pressure towards the 1.3460 barrier. Stretching further, the bulls may next stop near the 1.3500 psychological mark. In the event of a downside reversal below 1.3350, the 23.6% [..]

Technical Analysis – CADJPY seems to be taking the bulls’ side; key resistance at 79.00

Posted on September 29, 2020 at 9:21 am GMT

CADJPY has been slowly deviating above a two-month low of 78.35 over the past week in the four-hour chart, though a descending trendline drawn from 81.45 and the nearby ceiling of 79.07 have been a hidrance, keeping the pair in a range. The pair is currently pushing for a close above these boundaries and its 50-period simple moving average (SMA) as the momentum indicators seem to be taking the bulls’ side. The MACD continues to strengthen above its red signal line [..]

Technical Analysis – WTI futures lack direction but stand above Ichimoku cloud

Posted on September 29, 2020 at 9:02 am GMT

WTI futures are hovering above the Ichimoku cloud and the 20- and 40-period simple moving averages (SMAs), however, the technical indicators are suggesting a bearish retracement. The RSI is falling in the positive area, flirting with the 50 level, while the stochastic is heading south after the bearish crossover within its %K and %D lines. In case oil surpasses the 40.80 resistance and the 200-period SMA, it could add some optimism for more gains to touch the 41.71 barrier. Breaching this line, the 41.71 [..]

Technical Analysis – EURJPY bounces off 2-month lows; bearish trend pattern intact

Posted on September 29, 2020 at 7:30 am GMT

EURJPY is looking for a rebound after confirming a bearish trend reversal pattern and diving as low as 122.36, the weakest price in two months. The RSI and the Stochastics are justifying any attempt to halt selling pressures as both indicators have bottomed out in oversold area and are heading higher. However, the market has yet to correct the bearish cross between the 20- and the 50-day simple moving averages (SMAs) and that keeps some caution about the market trend. [..]

Technical Analysis – GBPUSD pulls back towards 38.2% Fibonacci; bullish in medium term

Posted on September 29, 2020 at 7:05 am GMT

GBPUSD has finally reversed to the upside after the rebound on the 38.2% Fibonacci retracement level of the up leg from 1.1409 to 1.3487 at 1.2693 and the 100-day simple moving average (SMA). However, the downward movement that started at the beginning of September, may not change unless the market manages to crawl substantially above the 1.3000 psychological mark. The momentum indicators are currently supporting that slightly positive momentum in the very short-term. Specifically, the RSI is picking up speed in the negative territory and the MACD is moving with weak momentum beneath its [..]

Technical Analysis – AUDUSD edges sideways after nosedive; downside risks intact

Posted on September 28, 2020 at 3:22 pm GMT

AUDUSD appears to be consolidating after reaching the 0.7000 mark, following a violent downwards spiral, which extended underneath the Ichimoku cloud and the 200-period simple moving average (SMA). The flattened Ichimoku lines reflect the stall in the pair, while the falling 50- and 100-period SMAs sponsor further negative price action. The short-term oscillators mirror the recent increase in price sentiment. The MACD, some distance below zero, is improving above its red signal line, while the RSI is dipping above the [..]

Technical Analysis – EURGBP keeps erasing September’s rally; enters oversold zone

Posted on September 28, 2020 at 12:42 pm GMT

EURGBP slumped below the 200-period simple moving average (SMA) in the four-hour chart on Monday to test the 61.8% Fibonacci level of the September rally around 0.9027. The downside correction also sent the RSI into the oversold area and where it bottomed out several times in the past few months. While this suggests that an upside reversal could be around the corner, the indicator, as well as the fast Stochastics, need first to find a turning point to convince that [..]

Daily Market Comment – Equities storm back on fiscal hopes

Posted on September 28, 2020 at 9:21 am GMT

Risk appetite improves on hopes that US fiscal deal isn’t entirely dead Dollar climbs despite rebound in stock markets – European worries? Too early to say turbulence is over, but broader path seems bright For now, all eyes are on the Trump-Biden debate and Brexit talks Markets feel the blues in September Global markets have been thrown into turmoil in recent weeks, as a perfect storm of bad news provided a reality check for investors. America is running out of [..]

Technical Analysis – Gold fades from restrictive line to 100-day SMA

Posted on September 28, 2020 at 8:25 am GMT

Gold has found some footing on the 100-day simple moving average (SMA), after deflecting off a preventive line drawn from the all-time high of 2,074 and dropping below the Ichimoku cloud. The paused bearish Ichimoku lines transmit weakness in negative momentum, while all SMAs maintain a bullish tone. That said, the MACD and the RSI reflect the stall in downwards price action, while the stochastics aim to improve. The MACD has eased in bearish territory, while the RSI floats above [..]

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