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Technical Analysis – WTI futures range bound; buyers pierce above cloud

Posted on August 25, 2020 at 12:34 pm GMT

WTI oil futures penetrated above the 50-period simple moving average (SMA) currently at the cloud’s upper surface around 42.66, following a recent bounce on the 200-period SMA. A consolidated tone has grasped the commodity for the last couple of weeks but a relatively bullish bearing continues to dominate the SMAs. The short-term oscillators reflect a slight increase in positive momentum. The MACD is marginally below zero but holds above its red trigger line, while the RSI is improving from its [..]

Australian Q2 data to shed light on virus slump; unlikely to curb strong aussie – Forex News Preview

Posted on August 25, 2020 at 9:58 am GMT

Australia has yet to publish its second quarter GDP reading (due in a week’s time) and there will be two precursors ahead of it: quarterly construction output is out on Wednesday at 01:30 GMT and capital expenditure will hit the markets on Thursday at the same time. The data are almost certainly expected to underscore predictions that the Australian economy entered its first recession in nearly three decades in the first half of 2020. But that may not be enough [..]

Technical Analysis – USDCAD slows momentum in sideways channel

Posted on August 25, 2020 at 9:01 am GMT

USDCAD has been in a consolidation area over the last week with upper boundary the 1.3245 resistance and lower boundary the seven-month low of 1.3132, reached on August 19. The stochastic oscillator is flattening in the overbought zone and the RSI is ticking down in the positive region, suggesting more losses. The 40- and the 20-period simple moving averages (SMAs) in the 4-hour chart, are acting as strong support levels for the bears at 1.3197 and 1.3186 respectively, near the [..]

Technical Analysis – EURJPY stays bullish despite retreat from 16-month high

Posted on August 25, 2020 at 8:47 am GMT

EURJPY managed to preserve its strongly bullish bearing after finding a foothold at the rising blue Kijun-sen line around 124.42. The pullback from the 126.80 peak seems to be neutralized from the recent positive traction above the red Tenkan-sen line, boosted by a bullish crossover in the simple moving averages (SMAs). The MACD, in the positive area, is below its red trigger line but seems is looking to reclaim it. The RSI has remained above the 50 mark for some [..]

Daily Market Comment – Dollar eases, stocks hit record as US and China reaffirm trade truce

Posted on August 25, 2020 at 8:43 am GMT

US and China hold ‘constructive’ talks, trade deal seen intact Wall Street hits another record; global equities follow suit But dollar only mildly softer as Treasury yields pop higher Phase one trade deal safe for now Washington and Beijing have reaffirmed their commitment to the ‘phase one’ trade deal via a call late on Monday between US Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. The talks, which were originally scheduled for August 15, [..]

Technical Analysis – EURJPY holds bullish, despite retreat from 16-month high

Posted on August 25, 2020 at 8:32 am GMT

EURJPY managed to preserve its strongly bullish bearing after finding a foothold at the rising blue Kijun-sen line around 124.42. The pullback from the 126.80 peak seems to be neutralised from the recent positive traction above the red Tenkan-sen line, boosted by a bullish crossover in the simple moving averages (SMAs). The MACD, in the positive area, is below its red trigger line but seems is looking to reclaim it. The RSI has remained above the 50 mark for some [..]

Technical Analysis – GBPUSD forms strong bullish tendency but stands below 8-month peak

Posted on August 25, 2020 at 7:05 am GMT

GBPUSD is holding beneath the eight-month high of 1.3270 that it reached on August 19, but the outlook remains strongly bullish above the ascending trend line from March 20. The price is currently capped by the 20-day simple moving average (SMA), finding some difficulty to surpass this line, and the RSI indicator is turning slightly higher in the positive area. However, the MACD oscillator is still heading down below its trigger line in the short-term. The Ichimoku lines are pointing [..]

Technical Analysis – USDJPY range bound; momentum dwindles

Posted on August 24, 2020 at 3:14 pm GMT

USDJPY extends its horizontal bearing between the confines of 105.09 and 107.00. The zigzagging of the 50- and 100-period simple moving averages (SMAs) are assisting the sideways action in price, while the Ichimoku lines and cloud mirror a situation of evaporated momentum. The short-term oscillators suggest that directional momentum is weak, but the picture is tilting slightly negative. This is backed by the slipping of the 200-period SMA and the negative charge of the stochastic oscillator. However, the RSI is [..]

Technical Analysis – AUDUSD retains bullish bias, refuels ascent by driving above MAs

Posted on August 24, 2020 at 1:49 pm GMT

AUDUSD retained potency of its positive structure, prodding back above the congested, gradually rising 50- and 100-period simple moving averages (SMAs) and the Ichimoku cloud, around the 0.7177 – 0.7190 zone. The simple moving averages (SMAs) communicate a steady confidence in the pair with their bullish tone still intact. However, the Ichimoku lines’ calm tone reflects a somewhat stalling behaviour within the pair. Glancing at the short-term oscillators, they suggest some improvement in positive momentum. The MACD, in the negative [..]

Technical Analysis – Gold consolidates above 1,900, eyeing peaks again

Posted on August 24, 2020 at 10:08 am GMT

Gold is edging sideways above the 1,900 handle, possibly forming a triangle pattern with the price targeting the upper bound of the triangle around 1,970. The bullish simple moving averages (SMAs) are maintaining a broader positive tone, while the short-term oscillators are helping keep the positive outlook alive. The MACD is holding in the positive region although below its red signal line, while the RSI floats above the 50 threshold, looking to improve. Furthermore, the negative momentum in the stochastic [..]

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