News

SNB: Keeping a rate bullet in the chamber – Forex News Preview

Posted on September 22, 2020 at 3:25 pm GMT

The Swiss National Bank (SNB) will conclude its meeting at 07:30 GMT Thursday, and with Switzerland having fallen back into deflation, markets are pricing in a 30% chance for a small rate cut. That said, the SNB already boasts the lowest rates worldwide, so it is unlikely to cut any deeper as running out of policy ammunition would risk generating a negative expectations loop. Instead, it will probably stick to huge FX interventions. The franc may tick higher on the [..]

Technical Analysis – Tesla’s stock poised for more recovery ahead of battery event

Posted on September 22, 2020 at 1:43 pm GMT

Tesla’s stock has been nicely recovering the downfall that followed the company’s stock split in late August, crawling above the Ichimoku cloud in the four-hour chart and back into the 400 territory. Today’s battery event in California is expected to bring exciting news according to the CEO Elon Musk and questions are rising about whether the stock can rally towards its recent record high of 501.50. From a technical perspective, the short-term bias is viewed as positive, reflected by the [..]

Technical Analysis – EURCHF resonates sideways towards supportive trend line

Posted on September 22, 2020 at 1:03 pm GMT

EURCHF has adopted a fairly horizontal demeanour for nearly two-months now and appears to be approaching a medium-term ascending trend line pulled from the 1.0505 low. The confused simple moving averages (SMAs) further reflect the directionless tone that has grasped the pair. The 50-period SMA has crossed below the steadied 200-period SMA, while the 100-period SMA has become fixed above it. The short-term oscillators reflect conflicting signals in sentiment. The MACD has dropped beneath its red signal line and the [..]

Technical Analysis – GER 30 index records worst day since June; structure remains unchanged

Posted on September 22, 2020 at 12:03 pm GMT

The German 30 stock index (cash) crashed by almost 4% on Monday, recording its worst daily session since June. The index tumbled below its 20- and 50-day simple moving averages (SMA), which have been curbing downside corrections from early August, and landed near the bottom of the Ichimoku cloud. The RSI also followed the price lower, crossing below its 50 neutral mark, while the MACD deviated below its red signal line, both pointing to a weaker trading in the short-term. That [..]

Technical Analysis – WTI futures stabilize near the cloud after selling pressure

Posted on September 22, 2020 at 11:30 am GMT

WTI crude oil futures had a strong selling interest over the previous, touching the 40-period simple moving average (SMA) and the Ichimoku cloud. The commodity found resistance at the 200-period SMA and the technical indicators are falling aggressively. The RSI is standing in the negative territory, while the MACD stands below the trigger line in the positive area. In the light of more negative pressures, initial tough support could develop from the 38.43 support before meeting the lower surface of the [..]

Technical Analysis – USDCAD rallies above 200-MA; positive signals emerge

Posted on September 22, 2020 at 9:49 am GMT

USDCAD is confronting the 1.3346 to 1.3360 resistance zone after the pair commenced actions to shift the short-term bias to positive, by rocketing above the 200-period simple moving average (SMA) and the previous spikes that tried to pierce above it, in the beginning of September. The upward sloping Ichimoku lines are assisting the climb, while the rising 50- and 100-period SMAs and the fresh bullish crossover of the 200-period SMA may reinforce the ascent. The short-term oscillators suggest improvements in [..]

Daily Market Comment – Stocks lick wounds; pound tumbles on lockdown fears

Posted on September 22, 2020 at 9:20 am GMT

Selloff in equities eases but sentiment still subdued amid virus and political woes Dollar and yen hold firm as clouds gather over economic recovery Pound braces for new UK restrictions Aussie skids after RBA’s surprise dovish turn Just a wobble or start of a deeper correction? The market mood remained undeniably downbeat on Tuesday following yesterday’s acceleration in the selloff that’s gripped equities during the course of September. European shares took the heaviest beating as banking stocks were pummelled from [..]

Technical Analysis – USDCAD rallies above 200-MA; positive signals present

Posted on September 22, 2020 at 9:14 am GMT

USDCAD is confronting the 1.3346 to 1.3360 resistance zone after the pair commenced actions to shift the short-term bias positive, by rocketing above the 200-period simple moving average (SMA) and the previous spikes that pierced above it, in the beginning of September. The upward sloping Ichimoku lines are assisting the climb, while the rising 50- and 100-period SMAs and the fresh bullish crossover of the 200-period SMA may reinforce the ascent. The short-term oscillators suggest improvements in momentum. The MACD, [..]

Technical Analysis – GBPUSD increases the case of a downtrend in short-term

Posted on September 22, 2020 at 7:30 am GMT

GBPUSD erased last week’s upward correction and slipped slightly into the 1.2700 region, charting a lower high around the 50-day simple moving average (SMA) in the short-term picture. The recent bearish move follows the creation of a lower low at 1.2760 and hence increases the case of a downtrend. The 200-day SMA that has been flattening around the 1.2710 level for some time could be the next price to claim as the bearish bias is still intact. The MACD continues to expand to the [..]

Technical Analysis – EURJPY plunges to fresh 2-month low; breaks uptrend line

Posted on September 22, 2020 at 7:00 am GMT

EURJPY has been tumbling over the last couple of days, posting a fresh two-month low of 122.51. The 20- and 40-day simple moving averages (SMAs) are creating a bearish crossover, while the momentum indicators are losing ground. The MACD oscillator slipped beneath the trigger and zero lines and the RSI indicator is approaching the oversold zone. More downside pressures could lead towards the 38.2% Fibonacci retracement level of the up leg from 114.40 to 127.07 at 122.25, which overlaps with [..]

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