forex

Technical Analysis – AUDUSD dips to 25-month low; looks oversold

Posted on September 5, 2018 at 6:37 am GMT

AUDUSD is losing its positive momentum that started the day, while it posted a fresh 25-month low of 0.7156 on Tuesday. The bearish trend could stay in place given that prices continue to fluctuate below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. However, some of the technical indicators are indicating that the pair is oversold and a possible upside retracement may be due. The RSI indicator is flattening in the negative territory with no clear momentum, while the %K line of [..]

Technical Analysis – EURNZD challenges 3-year high; looks overbought

Posted on September 4, 2018 at 12:36 pm GMT

EURNZD has been outperforming over the last couple weeks, after the rebound on 20- and 40-simple moving averages (SMAs) in the daily timeframe. The price reached a fresh almost three-year high of 1.7673, during today’s trading session with strong momentum. The MACD oscillator is strengthening its positive momentum as it lies above its red-trigger and the zero lines. Moreover, the RSI indicator entered the overbought zone after the bounce off the threshold of 50. If price action remains above the 1.7480 support barrier, [..]

Technical Analysis – GBPUSD further losses are expected in short- and medium- terms

Posted on September 4, 2018 at 6:34 am GMT

GBPUSD completed the third consecutive bearish day after it opened with a gap down on Monday and found a strong resistance on the four-week high of 1.3040. In the short-term, the market could maintain declines if the RSI keeps losing momentum below the 50 level and the MACD holds below the zero line. However, regarding the trend, this is likely to remain on the downside in the near-term as the 20- and 40-day simple moving average (SMAs) continue to lose strength. If the [..]

Technical Analysis – EURAUD hits upper boundary of trading range after sharp buying rally

Posted on September 3, 2018 at 1:52 pm GMT

EURAUD posted an aggressive bullish rally in the previous couple of weeks after the bounce off the 1.5580 level. However, the pair has been developing within a consolidation area since the end of January. The price trades within the upper boundary of 1.6140 and lower boundary of 1.5270. Moreover, the pair stands above the 20- and 40-simple moving averages (SMAs), which recently recorded a bullish crossover. However, the technical indicators are suggesting for a bearish movement. The RSI indicator is sloping south in [..]

Technical Analysis – EURUSD fails to post strong bullish correction; stands around 40-SMA

Posted on September 3, 2018 at 6:33 am GMT

EURUSD lost significant momentum over the previous couple of days after the pullback on the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2550, around 1.1710. The world’s most traded currency is hovering near the 40-day simple moving average (SMA), while the technical indicators are still holding in the positive territory. In the short-term the RSI indicator is sloping slightly to the upside with weak momentum and the MACD oscillator is moving sideways above the zero and trigger lines. In case of [..]

Technical Analysis – USDCAD extends recovery above 1.30; looks neutral in short-term

Posted on August 31, 2018 at 6:56 am GMT

USDCAD managed to spike slightly above the 1.30 key level today after the rebound on the 2 ½ -month low of 1.2886, maintaining its downward pattern started from 1.3276 in late June. The RSI has changed direction as well, moving towards its neutral threshold of 50, a sign that the market could continue to recoup the pair’s previous losses in the short-term. However, as long as the RSI indicator holds in bearish territory, downside corrections cannot be ruled out. Should the market extend gains, immediate resistance [..]

Technical Analysis – USDJPY unlocks 1-month highs; looks overbought

Posted on August 30, 2018 at 6:51 am GMT

USDJPY came close to breaking the 112.00 level on Wednesday, finishing the day at a one-month high of 111.86. According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped above its neutral threshold of 50, though the fast Stochastics suggest that the market is located in overbought territory and therefore some weakness is possible; the green %K line is fluctuating around the red %D line in overbought zone above 80. On the upside, the [..]

Technical Analysis – NZDUSD bounces back from 2½-year low but remains bearish below Ichimoku cloud

Posted on August 29, 2018 at 2:40 pm GMT

NSDUSD has rebounded by almost 3% from the 2½-year low of 0.6543 touched on August 15. The downside pressure has eased for now, at least in the short term, with price action moving above the 20-day moving average (MA). However, additional gains look doubtful as the RSI appears to have peaked around the 50-neutral level, indicating lack of momentum in either direction in the near term. To extend the rebound, prices would need to overcome nearby resistance at Tuesday’s near [..]

Eurozone economic sentiment to ease further; CPI to show no change – Forex News Preview

Posted on August 29, 2018 at 2:40 pm GMT

The European Commission is delivering its monthly consumer and business survey results on Thursday at 0900 GMT and forecasts signal that economic sentiment in the 19 countries sharing the euro currency has deteriorated even further in August. While an upside surprise could move the euro higher, traders may stay cautious on their positioning until Eurozone’s August preliminary inflation numbers come out on Friday at 0900 GMT, as those could generate larger volatility to the market given their direct impact on the European [..]

Technical Analysis – EURJPY steep rally stalls but remains within an ascending channel

Posted on August 29, 2018 at 9:34 am GMT

EURJPY rallied considerably, breaking above the Ichimoku cloud, after reaching 2 ½ -month lows at 124.89 on August 15. On Wednesday, though, the rally somewhat stalled, with the RSI in the 4-hour chart suggesting that weakness could persist in the short-term; the RSI exited overbought levels to steady slightly below 70. The red Tenkan-sen line and the blue Kijun-sen line have both flattened, painting a neutral short-term picture. In case the market extends losses, the price could head lower until it reaches [..]

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