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Technical Analysis – USDCHF stands in descending triangle near 0.9100

Posted on August 13, 2020 at 10:20 am GMT

USDCHF has been in a slightly descending movement since August 3 with strong support level at the 0.9050 barrier. Currently, the price is holding beneath the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud, however, the technical indicators are suggesting a rebound. The RSI is pointing marginally up in the negative zone, while the stochastic is creating a bullish crossover in the oversold territory. A climb above the 23.6% Fibonacci retracement level of the down leg from [..]

Daily Market Comment – Dollar slips as no stimulus deal in sight yet; Gold pares losses

Posted on August 13, 2020 at 8:34 am GMT

US Treasury yields fall back as Washington no closer to reaching stimulus deal Dollar retreats, helping gold recover some losses; stocks subdued US data, China trade talks on markets’ radar for the next few days Talks on virus relief bill stumble again The Trump administration and Democrats appear no closer to finding a compromise deal on a new virus relief package as the latest efforts to kick start the negotiations prove fruitless. Talks between the two sides have been at [..]

Technical Analysis – AUDJPY fights long-term resistance area; bearish divergence detected

Posted on August 13, 2020 at 7:32 am GMT

AUDJPY stepped on the supportive ascending trendline earlier this week and shifted north again to fight the heavy ceiling around 76.70, which has been active since June 2016. While the RSI and the Stochastics continue to consolidate within the bullish area, they have been printing lower highs over the past two months in contrast to the price which has been holding around the upper surface of its range. The pattern reminds a bearish divergence structure and could be a signal [..]

Technical Analysis – EURJPY rescued by Ichimoku cloud, positive course on track

Posted on August 13, 2020 at 7:15 am GMT

EURJPY is tackling the fresh near 16-month high of 126.20 after a recent bounce on the cloud’s upper surface repowered the positive incline. The Ichimoku lines currently reflect a pause in the ascent, while the rising simple moving averages (SMAs) command a clear bullish bearing. Glancing at the short-term oscillators, they too reflect some stalling in the positive momentum. The MACD, in the positive section, has marginally smoothed above its red trigger, while the stochastic lines flirt with the overbought [..]

Technical Analysis – WTI continues the smooth upside movement

Posted on August 13, 2020 at 6:56 am GMT

WTI crude oil futures are moving higher with weak momentum and reached a fresh five-month high of 43.52 in the preceding days. The MACD oscillator is showing a negative divergence, suggesting slowing upside movement that is indicating a bearish reversal on price. However, the RSI is still pointing upwards in the positive territory. A clear upside rally above the 43.52 resistance could open the way for a revisit of the 48.80 barrier, registered on March 3. Breaching this level, the [..]

Technical Analysis – JP 225 index gains some traction above SMAs

Posted on August 12, 2020 at 3:08 pm GMT

Japan 225 stock index (Cash) is currently trailing the upper Bollinger band and has broken above the 23,172 high. The latest climb from 22,665 is acquiring positive ground after passing recent highs, something also suggested by the short-term oscillators. The MACD, some distance in the positive region, is strengthening above its red trigger line, while the upward sloping RSI ascends back above the 70 mark. Additionally, should the 50-period simple moving average (SMA) complete a bullish crossover of the horizontally [..]

Australian jobs data: Statistical shenanigans – Forex News Preview

Posted on August 12, 2020 at 2:23 pm GMT

Australia’s employment data for July will hit the markets at 01:30 GMT Thursday. Forecasts point to a spike in the unemployment rate, though that’s likely owed to more people coming back to the labor market, not a setback in the economy. As for the aussie, its broader direction will depend mostly on global risk sentiment and vaccine news. Yet, given the RBA’s yield curve control strategy, encouraging vaccine headlines might not boost the aussie across the board – only against [..]

Technical Analysis – CADJPY jumps to 2-month high but needs steeper moves for bullish bias

Posted on August 12, 2020 at 1:24 pm GMT

CADJPY looks to be mostly neutral despite the latest ascent move from the 77.65 low. Currently, the pair is testing a new two-month high and if there is a bounce off at the 81.90 resistance it could endorse the horizontal trajectory. The short-term oscillators reflect a positive momentum. The RSI, in the positive area, has moved above its 50 level and is approaching the overbought region. Additionally, backing this view are the stochastics, which are currently flirting with the 80 [..]

Technical Analysis – EURGBP creeps sideways below limiting 200-MA

Posted on August 12, 2020 at 1:18 pm GMT

EURGBP is currently attempting to jump above the heavy 200-period simple moving average (SMA), which has kept the deterioration of the pair alive. The SMAs are somewhat all flat for now, reflecting the neutral tone of the pair, but an approaching bearish cross of the 200-period SMA by the 100-period one may revive negative tendencies. The short-term oscillators suggest that positive directional momentum is strengthening. The MACD, in the negative region, has pushed above its red signal line and has [..]

US retail sales may dim hopes of a quick recovery – Forex News Preview

Posted on August 12, 2020 at 12:55 pm GMT

US retail sales for the month of July will hit the markets on Friday at 12:30 GMT and expectations are for a sharp slowdown from June’s remarkable growth. While a weaker data set is highly expected, traders may pay attention to the size of damage that the virus caused on consumption. The outcome may provide some policy direction, driving the dollar accordingly. US retail sales to sharply decelerate in July Following May’s historical monthly expansion of 18.2%, US retail sales [..]

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