forex

Technical Analysis – AUDCAD builds base around 0.95; broader trend is negative

Posted on August 23, 2018 at 1:31 pm GMT

AUDCAD is set to record the second strong negative day in a row, posting a fresh one-week low near 0.9493. The bearish picture in the short and medium term is further supported by the MACD, which is falling below the zero and trigger lines, while the RSI is approaching the 30 level with weak momentum at the moment. The price has eased around the 0.9505 barrier and if there is a closing candle below this area it would endorse further downside pressures. A bearish rally would drive the pair until [..]

Technical Analysis – NZDUSD bounces off downtrend line; indicators signals more losses

Posted on August 23, 2018 at 8:33 am GMT

NZDUSD has been creating a pullback since yesterday after it challenged the medium-term descending trend line near the 0.6720 resistance level. However, the pair has found immediate support at the 20-simple moving average (SMA) in the 4-hour chart and the technical indicators are focusing for bearish movements as well. Looking at the near-term picture, the stochastic oscillator is heading sharply lower towards the oversold zone, while the MACD oscillator has dived below the trigger line with strong momentum. However, the price holds above the [..]

Technical Analysis – USDJPY finds support at 2-month low; outlook still bullish

Posted on August 23, 2018 at 6:47 am GMT

USDJPY reversed higher after touching an almost two-month low of 109.75 on August 21 but remained below the 20- and 40-day simple moving averages (SMAs). Moreover, the technical indicators showed some improvement as well, endorsing the short-term bullish structure, with the RSI edging higher towards its neutral threshold of 50 and the MACD gaining positive momentum to climb above its red-trigger line in the negative zone. In case of further advances in the price, immediate resistance may be found near the 23.6% Fibonacci retracement [..]

Technical Analysis – EURJPY finds support near 38.2% Fibonacci; indicators signal further losses in very short-term

Posted on August 22, 2018 at 9:09 am GMT

EURJPY rallied aggressively on Tuesday, momentarily surpassing the 128.00 psychological level and roughly 1.0% on the day to pause the previous downtrend movement. However, some technical indicators continue to send bearish signals, suggesting that the strengthening of the market may be over soon. The RSI and the stochastics have both weakened, with the former dropping below 70 and the latter moving lower after the green %K line and the red %D line posted a bearish crossover – this is a negative signal in the very short-term. The MACD oscillator, though, is heading higher above its red-trigger and [..]

Technical Analysis – AUDUSD to hold bullish momentum in short-term

Posted on August 22, 2018 at 6:37 am GMT

AUDUSD turned positive after its downfall to the new 19-month low of 0.7200 in the previous week. The pair posted four straight bullish days and trades within the 40-day simple moving average (SMA) and the mid-level of the Bollinger Band (20-day SMA). In the short-term, the upward rally is likely to be continued as the RSI strengthens to the upside to break the 50 level and the MACD deviates further above its red signal line towards the zero line. In case the pair [..]

FOMC meeting minutes eyed for trade concerns – Forex News Preview

Posted on August 21, 2018 at 3:06 pm GMT

The US Federal Reserve is scheduled to release the minutes from its latest policy meeting on Wednesday at 1800 GMT and while the central bank opened the path for further rate increases this year, giving a strong assessment on the US economy, investors will be closely reading the detailed record to confirm that policymakers are indeed comfortable to raise borrowing costs even under a worsening outlook on global trade. Having already delivered seven rate hikes since the financial crisis, the Federal Open Market Committee (FOMC) announced on August [..]

Technical Analysis – GBPAUD ticks higher but still holds below descending trend line

Posted on August 20, 2018 at 1:56 pm GMT

GBPAUD is paring some of the losses from previous days but remains in a descending movement that has been holding since April 26. The pair exited from the trading range between 1.8180 and 1.8475 around mid-May and retreated sharply, posting a seven-month low of 1.7280 on August 9. The technical indicators, though, are sending neutral to positive signals, suggesting that a bullish retracement is possible in the near term. The RSI indicator is positively-sloped in negative territory, while the MACD oscillator jumped above its trigger line though it still remains below the zero line. Should the price [..]

Technical Analysis – EURUSD on recovery after rebound on 1.1300; risks still on the downside

Posted on August 20, 2018 at 6:38 am GMT

EURUSD recorded three consecutive green days following the rebound on the 14-month low of the 1.1300 strong psychological level, achieved on August 15. The technical indicators continue to move in bearish zones, with the RSI flattening below the threshold of 50 and the MACD oscillator developing beneath zero and its red signal line. However, the stochastic oscillator is approaching the positive zone as it is pointing up. Moreover, the price is still trading below the 20- and 40-simple moving averages (SMAs) in the [..]

Technical Analysis – USDCAD stands above SMAs but with weak momentum in near term

Posted on August 17, 2018 at 6:32 am GMT

USDCAD continues to move higher after it formed a seven-week bottom at 1.2960 and successfully surpassed the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385, around 1.3072. Moreover, the pair climbed above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, confirming the bullish picture. However, the RSI indicator and the MACD oscillator have both weakened in the positive area, with the former slightly sloping down above the 50 level. The latter is heading above its [..]

Technical Analysis – NZDUSD pares losses after hitting 2 ½-year lows; 0.6600 resistance eyed

Posted on August 16, 2018 at 8:15 am GMT

NZDUSD paused its steep downfall at the 2 ½-year low of 0.6543 on Wednesday, reversing higher to recover losses made earlier this week. The RSI in the 4-hour chart stretched to the upside as well and is set to test its neutral 50 mark for the first time in 8 days after dropping below 30 in oversold territory. While this increases the chances for further recovery, the fast stochastics suggest that negative corrections are not unlikely as the green %K line is looking on track to break below the red %D [..]

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