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Technical Analysis – NZDUSD bullish at 8-month top of 0.6787

Posted on September 2, 2020 at 6:51 am GMT

NZDUSD is continuing last week’s rebound with strong momentum, reaching eight-month highs at 0.6787 today and at the same time confirming the bullish tendency again. The short-term bias looks positive as the MACD keeps gaining ground above its red signal line, while the RSI seems to be making its way up above its 70 mark, though more progress is needed from the latter. However, the stochastics is looking overbought, as it turns lower above the 80 level. The 0.6940 resistance level identified [..]

Technical Analysis – UK 100 index looking increasingly negative below SMAs

Posted on September 1, 2020 at 3:20 pm GMT

UK 100 stock index’s (Cash) somewhat stalled short-term picture is under strain as the index is encountering growing negative pressures, which are attempting to return a bearish bias. The price is currently testing the 5,850 barrier while the red Tenkan-sen line dips lower. Nonetheless, as things stand, no clear directional signals are reflected in the converging 50- and 100-day simple moving averages (SMAs), while the 200-day SMA maintains a negative bearing. That said, the RSI is falling in bearish territory, [..]

Technical Analysis – Silver holds positive compass, despite some weakening

Posted on September 1, 2020 at 1:37 pm GMT

Silver propelled above the 28.46 high, securing the recently acquired ground from the 26.50 mark. Reinforcing this move is the intact bullish bearing of the Ichimoku lines. Looking at the short-term oscillators, positive momentum appears to be on track despite the recent reflected weakness in price. The MACD, in the positive section, is above its red trigger line, while the RSI has dipped slightly below the 70 level. Additionally, the stochastic lines have yet to confirm a bearish shift in [..]

Technical Analysis – Japan 225 index struggles below 6-month high; slightly bullish

Posted on September 1, 2020 at 1:06 pm GMT

The Japan 225 index has been in a slightly bullish tendency over the last two-and-half months, hovering above the strong 200-day simple moving average (SMA). The RSI, in the positive territory, is pointing north, while the MACD, above the zero level, is moving horizontally and confirming the recent weak momentum on price action. Should the price stretch higher, the 23,445 level which the bulls were unable to break in the preceding week could provide immediate resistance. Moving higher, the focus [..]

Daily Market Comment – Sinking dollar lifts all FX boats

Posted on September 1, 2020 at 11:06 am GMT

Dollar breaks down across multiple charts, without a clear trigger Other major currencies climb alongside gold, Nasdaq hits new records Today: European inflation, US manufacturing, and Fed’s Brainard Dollar: The pain train rolls on There is no shortage of volatility in the FX arena. The world’s reserve currency continues to break down, in fear that the Fed’s new regime shift may succeed in driving inflation higher and diminish the greenback’s future purchasing power. The dollar index sunk to a fresh [..]

Technical Analysis – USDCAD communicates a commanding bearish bias

Posted on September 1, 2020 at 9:06 am GMT

USDCAD seems to be pursuing its proclaimed bearish direction, something also conveyed through the dominant negative bearing within the simple moving averages (SMAs). The short-term oscillators as well as the falling Ichimoku lines deliver a negative demeanour reinforcing this view. The MACD, some distance in the negative region, is decreasing below its red signal line, while the RSI is slipping further in oversold territory. Moreover, the stochastic oscillator has retreated back into the oversold zone, promoting further losses in the [..]

Technical Analysis – GBPUSD bullish at 9-month high; 2019 peak next in focus

Posted on September 1, 2020 at 7:13 am GMT

GBPUSD found strong support along the upper line of an upward-sloping channel and accelerated above a five-year old descending trendline, avoiding the confirmation of any bearish trend pattern. The price is currently trying to claim the 1.3400 area and crawl towards the 2019 peak of 1.3515, which is a possible scenario as the technical indicators reflect a cautiously bullish bias. The pair is comfortably above its simple moving averages (SMA), the MACD is regaining strength above its red signal line, [..]

Technical Analysis – EURJPY flirts with 18-month peak of 126.83

Posted on September 1, 2020 at 7:11 am GMT

EURJPY recorded a stunning rally towards an 18-month high of 126.86 after finding strong support at the 20-day simple moving average (SMA) and the rising trend line several times in the preceding days. The RSI is currently increasing positive momentum towards its 70 level, while the MACD is strengthening its movement and is trying to post a bullish crossover within its trigger line. Moreover, the moving averages are continuing to slope north. Should the market extend gains, resistance could be [..]

Technical Analysis – EURCHF ranges above Ichimoku cloud; positive signals grow

Posted on August 31, 2020 at 3:00 pm GMT

EURCHF appears to have found a foothold on the 50-day simple moving average (SMA) and near the bottom of the sideways market. The Ichimoku lines reflect the neutral tone, which has controlled the pair for the last one-and-a-half-months. Nevertheless, a nearing bullish crossover of the 200-day SMA by the 100-day one looks to be forming, as the 50- and 100-day SMAs hold their gradual positive incline. The short-term oscillators suggest that positive momentum may be picking up. The MACD remains [..]

Technical Analysis – EURAUD ticks slightly up after 5-week low

Posted on August 31, 2020 at 1:27 pm GMT

EURAUD is ticking higher over the last sessions after rebounding off the five-week low of 1.6150. The stochastic oscillator created a bullish crossover within its %K and %D lines, while the MACD is trying to jump above its trigger line in the 4-hour chart. However, the 20- and 40-period simple moving averages (SMAs) are still moving down. Should prices decline, immediate support could be found around 1.6150, an area which has provided as strong support on July 22. Then a leg below that level, the pair [..]

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