forex

Technical Analysis – NZDUSD touches new 29-month bottom; sharp sell-off continues

Posted on August 9, 2018 at 8:43 am GMT

NZDUSD is posting an aggressive bearish rally over today’s session, recording a fresh 29-month low of 0.6641. The price plunged below the lower Bollinger Band in the 4-hour chart, suggesting an extension of the downward pressure. The momentum indicators are supportive of the negative picture, with the RSI falling into the oversold zone below 30 level and the MACD strengthening its falling mode below the trigger and zero lines. Should the market extend losses, support could be met at the 0.6570 hurdle, taken from the low [..]

Technical Analysis – USDJPY dives below medium-term rising trend line; negative mode in progress

Posted on August 9, 2018 at 6:29 am GMT

USDJPY edged sharply lower over Wednesday’s session as it penetrated the medium-term ascending trend line to the downside. Also, the price successfully dropped below the simple moving averages and the 23.6% Fibonacci retracement level of the upleg from 104.60 to 113.16, around 111.13. The technical indicators confirm the bearish retracement mode in the price action. Looking at the daily timeframe, the stochastic oscillator plummeted near the oversold zone, while the RSI indicator is flattening below the threshold of 50. Moreover, the MACD [..]

Technical Analysis – EURGBP hits 10-month high; RSI overbought

Posted on August 8, 2018 at 2:07 pm GMT

EURGBP has risen sharply from its lowest since around mid-July of 0.8854 touched last week. Earlier on Wednesday it posted a 10-month high of 0.9016, while it is currently trading not far below that zenith. The positively aligned Tenkan- and Kijun-sen lines are acting as a testament to the bullish momentum, though the Chikou Span may be hinting to an overbought market; a correction to the downside in the near-term is not to be ruled out. The RSI, which continues [..]

Technical Analysis – EURJPY tumbles near 1-month low; could weaken further

Posted on August 8, 2018 at 9:21 am GMT

EURJPY has come under renew selling pressure today after it found resistance at the 129.46 obstacle. The price tumbled below the 20-simple moving average (SMA) in the 4-hour chart, indicating further losses. The technical indicators are confirming the strong bearish bias. Looking at the short-term timeframe, the Relative Strength Index (RSI) dropped aggressively below the 50 level and is approaching with strong momentum the threshold of 30. Additionally, the MACD oscillator strengthened its negative structure below the zero line but [..]

Technical Analysis – AUDUSD remains in sideways channel; bearish outlook in medium term

Posted on August 8, 2018 at 6:26 am GMT

AUDUSD has been struggling within a consolidation area during the last seven weeks with upper boundary the 0.7475 resistance level and lower boundary the 18-month low of 0.7310. Furthermore, the pair successfully surpassed the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Technically, momentum indicators are endorsing the neutral to bullish movement in the market. The RSI indicator is flattening and stands near the threshold of 50, however, the MACD oscillator is moving higher in the negative territory above [..]

Technical Analysis – GBPAUD bearish and oversold at 2-month low

Posted on August 7, 2018 at 3:22 pm GMT

GBPAUD turned increasingly bearish after breaking support around 1.7627 on Friday in the four-hour chart, diving to a two-month low of 1.7406 on Tuesday. While the MACD signals that negative momentum could persist in the short-term, with the index increasing strength to the downside in negative territory and below its red signal line, the RSI and the Stochastics suggest that chances for a rebound are high as both indicators fluctuate in oversold territory; the former below 30 and the latter under 20. [..]

Technical Analysis – USDTRY sets another record high but rally could be overstretched

Posted on August 7, 2018 at 3:11 pm GMT

USDTRY hit a new all-time high of 5.4243 yesterday before prices pulled back a little today. The upside momentum had eased between May and July but started to gain traction again during August. Momentum indicators are holding firmly in the bullish zone but warn of a possible overextended rally. The RSI has crossed into overbought territory above 70 and is now pointing downwards, suggesting a weakening of the positive momentum. The stochastics paint a similar picture with the %K line [..]

Technical Analysis – AUDJPY stands in the middle of medium-term sideways channel

Posted on August 7, 2018 at 2:00 pm GMT

AUDJPY is trading in the middle of the trading range with upper boundary the 84.50 resistance level and lower boundary the 80.60 support, which has been holding since February 14. Also, the price stands within the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Technically, the Relative Strength Index (RSI) is approaching the positive area with weak momentum, while the MACD oscillator is flattening near its zero line, indicating a sideways movement. If the market extends its gains above the [..]

Technical Analysis – GBPUSD pares some losses but still holds near 11-month low

Posted on August 7, 2018 at 6:30 am GMT

GBPUSD had been in a falling mode over the previous three days as it posted a fresh 11-month low of 1.2919. The rally brought the pair below the 20- and 40-simple moving averages (SMAs) and near the lower Bollinger Band in the daily timeframe. However, the technical indicators are suggesting for a possible upside correction. The RSI indicator is moving slightly higher in the bearish zone, while the stochastic oscillator is ready to post a bullish crossover within the %K [..]

RBA monetary policy meeting: more of the same story – Forex News Preview

Posted on August 6, 2018 at 2:59 pm GMT

On Tuesday the Reserve Bank of Australia is scheduled to announce its monetary policy decision at 0430 GMT and markets are almost certain that the central bank will maintain interest rates at record lows as it did over the past two years. A rate statement will accompany the decision as usually, with fears over a growing global trade war and debt risks in Australia probably being once again the main catalysts feeding the Bank’s accommodative strategy. Headline inflation managed to [..]

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