Fibonacci

Technical Analysis – EURJPY neutral bias in short-term

Posted on February 16, 2017 at 8:00 am GMT

EURJPY maintains a neutral bias in the near term. The horizontal 50-day and 200-day moving averages are indicating that there is no trend in the market now. The RSI is flat, also suggesting no direction in the market. Since February 10, EURJPY has been trapped between 120.21 and 121.37, after falling to a low of 119.30 on February 8. Prices bounced back up from here but have since found strong resistance at 121.37. This level is defined by the 23.6% [..]

Technical Analysis – NZDJPY pauses uptrend, bullish bias remains

Posted on December 20, 2016 at 8:53 am GMT

NZDJPY paused its strong rally that took the pair to a high of 83.71 on December 15. This was the highest level since mid-2015. The market structure remains bullish but in the near term the market is consolidating as upside momentum has lost some steam. It can be seen that the daily RSI has fallen sharply but still remains in bullish territory above 50. The indicator rose into overbought territory last week and this consequently led to NZDJPY making a [..]

Technical Analysis – AUDUSD in neutral bias as it struggles to move past 0.75

Posted on December 13, 2016 at 11:15 am GMT

AUDUSD has made several attempts over the past week for a clear break above the 0.75 handle but has been unable to close above 0.7494. There is strong resistance in the area between 0.7488 and 0.75. The 0.7488 level is the 38.2% Fibonacci retracement level of the November downleg from 0.7777 to 0.7310. The near-term bias is neutral with RSI currently just below 50 at 49. Momentum has been gradually improving since November’s 5-month low of 0.7310 but RSI has [..]

Technical Analysis – USDCAD extends decline; short term bearish bias remains

Posted on December 12, 2016 at 9:12 am GMT

USDCAD extended its decline on Monday to touch a low of 1.3110, the lowest since October 20. The short-term bearish bias is still in place and this is highlighted by the falling RSI and MACD. Prices are heading towards the 200-day moving average which would likely act as support and restrict a further decline. This support level lies at 1.3074 and coincides with the 61.8% Fibonacci retracement level of the rise from 1.2762 to 1.3587. Below this, the key 1.3000 [..]

FX Daily Outlook| 07-12-16

Posted on December 7, 2016 at 9:15 am GMT

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Technical Analysis – USDJPY neutral at overbought levels; bullish structure remains

Posted on December 7, 2016 at 8:39 am GMT

USDJPY hit a 10-month high of 114.82 on December 1 and has since struggled to advance further. The bullish market structure remains in place but in the near term the bias has turned neutral as the market consolidates gains after the strong rally that took prices to overbought levels. RSI remains in overbought territory above 70 although the indicator has eased lower from last week’s high of 85. Any decline in USDJPY is expected to find immediate support at 112.86 [..]

Technical Analysis – Japan 225 stock index strongly bullish at 11-month high

Posted on December 6, 2016 at 11:43 am GMT

The Japan 225 stock index has eased from the 11-month high it set last week but the momentum for Japan’s leading share index remains strongly positive. The index hit the highest since January on December 2nd, peaking at 18747. It has now retraced around 60% of the downtrend that took place between June 2015 (20945) and February 2016 (14776). Prices are currently finding resistance at the 61.8% Fibonacci retracement level of this downleg at around 18585. The near-term bias is [..]

Technical Analysis – NZDUSD bullish run finds resistance at 50-day moving average

Posted on November 30, 2016 at 8:50 am GMT

NZDUSD has staged a strong rally since rebounding from below the key 0.7000 level to steadily rise this week to reach a high of 0.7158 early on Wednesday. RSI is rising and is in the process of breaking above the 50 line into bullish territory which suggests that upside momentum in NZDUSD has more room to go. But there is resistance at the 50-day moving average currently at 0.7165. A successful daily close above this would open the path towards [..]

Technical Analysis – USDJPY pauses uptrend after reaching overbought levels; bullish bias remains

Posted on November 29, 2016 at 8:31 am GMT

USDJPY has paused the bullish phase that took the pair to an 8-month high of 113.89 last week. The strong rally that lasted over 2 weeks stopped as the market reached overbought levels – RSI rose to 85. As a consequence of reaching extreme overbought levels, prices fell and found support at the 50% Fibonacci retracement level of the downleg from 123.66 to 98.96 (November 2015 to June 2016 decline). This support lies at 111.34. Solid support comes below this [..]

Technical Analysis – Gold pauses decline just above key 1200 support

Posted on November 22, 2016 at 2:37 pm GMT

Gold’s decline stopped just ahead of the key 1200 level. After reaching a 5-month low of 1202.80 on Friday, prices rebounded to 1220 early on Tuesday. The market is now at a critical area near the 50% Fibonacci retracement level (1210.18) of the rise from 1046.29 to 1375 (December 2015 to July 2016 rally). If the market falls below the 50 % Fibonacci, the bias would shift to bearish. Technical signals are negative as the market is below the 200-day [..]

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