News

Technical Analysis – GBPJPY tries to continue the 2-month upward move

Posted on August 19, 2020 at 8:58 am GMT

GBPJPY is looking more neutral in the very short-term as prices are hovering above the simple moving averages (SMAs) and within the 138.55 – 140.18 region. Hence the upside momentum in the last week appears to have run out of steam as prices have been attempting and failing to close above the five-and-a-half-month high of 140.18. The technical indicators seem to be mixed. The MACD is slightly strengthening its momentum above its trigger line, while the RSI is pointing down [..]

Technical Analysis – USDJPY restrained in a drift sideways under SMAs

Posted on August 19, 2020 at 8:30 am GMT

USDJPY appears steadfast in a fairly horizontal direction relatively unaltered by the prevailing negative pressures from the gradual declining simple moving averages (SMAs). The price found some footing around the 105.20 level – that being the 61.8% Fibonacci retracement of the up leg from 101.17 to 111.71 – which has helped to keep the decline at bay and extend the consolidation. The MACD, in the negative region, is above but near its red trigger line, while the RSI improves in [..]

Technical Analysis – NZDUSD ticks up but still beneath uptrend line

Posted on August 19, 2020 at 7:03 am GMT

NZDUSD has ticked higher after the drop beneath the five-month ascending trend line in the previous week. The momentum indicators are gaining ground as the RSI surpassed the 50 level and is sloping north, while the stochastic oscillator is heading towards the overbought level following the bullish cross within the %K and %D lines. The price could hit the six-month peak of 0.6717 ahead of the 0.6750 resistance, registered on December 2019. Even higher, NZDUSD could turn traders’ focus at [..]

Sterling flies ahead of key PMI and retail sales data – Forex News Preview

Posted on August 18, 2020 at 4:08 pm GMT

After a historic collapse in economic output in the second quarter, the United Kingdom will likely enjoy a more cheerful set of data on Friday. Retail sales numbers for July are due at 06:00 GMT, to be followed shortly after by the IHS Markit/CIPS flash PMI readings for August at 08:30 GMT. Ahead of those releases, the July inflation prints will hit the markets at 06:00 GMT on Wednesday, though these are expected to have less of a bearing on [..]

Technical Analysis – USDCAD relays gloomy forecast, despite foothold

Posted on August 18, 2020 at 2:23 pm GMT

USDCAD is conveying a negative trajectory despite its recent footing around the near seven-month low of 1.3153. The prevailing negative bearing of the simple moving averages (SMAs) further supports this view. The short-term oscillators are currently reflecting conflicting signals of directional momentum although on a broader scale, the picture is still tilting negative. The MACD, in the negative region, is falling below its red trigger line, while the RSI has climbed back above the 30 mark. The stochastic oscillator appears [..]

FOMC minutes: Setting the stage for September – Forex News Preview

Posted on August 18, 2020 at 12:50 pm GMT

The minutes of the latest Fed meeting will hit the markets at 18:00 GMT Wednesday. Investors will look for any hints as to the Fed’s next move, which will probably be to strengthen the forward guidance. Clear signals that this might be announced in September could weigh on the dollar and boost stocks, albeit not much, as this is the consensus view. Overall, the dollar’s path will be decided mostly by what Congress does and how the virus picture evolves. [..]

Technical Analysis – WTI crude oil find immediate obstacle at 42.90

Posted on August 18, 2020 at 12:46 pm GMT

WTI crude oil futures have found significant resistance at the 42.90 barrier over the last couple of weeks. The technical indicators are showing mixed signals as the RSI is pointing slightly down, while the MACD completed a bullish crossover with its trigger line above the zero line. The Ichimoku lines and the moving averages are still signaling a somewhat upside tendency in the 4-hour chart. In the wake of positive pressures, the market could meet resistance at the five-month high [..]

Canadian inflation and retail sales could push loonie even higher – Forex Preview

Posted on August 18, 2020 at 12:33 pm GMT

Canada will publish its inflation data for the month of June at 1230 GMT on Wednesday before releasing retail sales figures at the same time on Friday. Given the significant rebound in the preceding month, the retail sales report could be a more important market mover among data releases for the loonie, which is expected to move in new upside paths. Has Covid-19 come under control? In Canada, the virus crisis has come somewhat under control as indicated by the latest unemployment numbers. The nation’s economy added [..]

Euro rally stalls: just a pause or is a major correction in sight? – Special Report

Posted on August 18, 2020 at 10:54 am GMT

After getting whipsawed and then clobbered at the height of the virus fallout in March, the euro is fast becoming one of the strongest performing currencies of 2020. Europe’s better handling of the coronavirus outbreak – at least when compared to America – and a big rescue package that is substantially made up of grants, have helped turn the euro’s fortunes around. But as the incredible rally pauses for breath, are investors having second thoughts about the Eurozone outlook amid [..]

Technical Analysis – GBPUSD appreciates, targeting durable resistance border

Posted on August 18, 2020 at 8:13 am GMT

GBPUSD is in the process of re-examining the toughened resistance zone from 1.3185 – 1.3211, which has been keeping advances at bay. The strengthening 50- and 100-day simple moving averages (SMAs) and the recent bullish crossover of the 200-day SMA by the 50-day one, suggest further gains may unfold. Glancing at the short-term oscillators, they reflect a pickup in positive momentum. The MACD, some distance in the positive region, is holding below its red trigger line and appears it could [..]

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