forex

Technical Analysis – USDCAD slips below 23.6% Fibonacci; bearish correction is possible

Posted on July 27, 2018 at 6:40 am GMT

USDCAD remains under pressure as it holds below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385, around 1.3073. Moreover, the price plummeted below the 20- and 40-simple moving averages (SMAs) on Wednesday in the daily timeframe, indicating for a possible bearish correction. From the technical point of view, the momentum indicators seem to be negative and the market could ease a little bit more in the short-term. The RSI indicator is in negative territory after declining sharply [..]

Technical Analysis – CADJPY erases negative rally; could strengthen further in short term

Posted on July 26, 2018 at 1:37 pm GMT

CADJPY has finally returned to the upside after the rebound on the 84.25 support, completing a bearish correction of the short-term uptrend movement. Also, the price climbed above the 23.6% Fibonacci retracement level of the upleg from 82.15 to 85.73, around 84.88 over the last hours and holds above the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Momentum indicators in the daily chart though are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the [..]

Technical Analysis – NZDUSD bounces off upper boundary of trading range; looks neutral in near term

Posted on July 26, 2018 at 12:55 pm GMT

NZDUSD has come under renewed selling pressure, falling back below the 38.2% Fibonacci retracement level of the downleg from 0.7060 to 0.6686, near 0.6828. In the 4-hour chart, the price is set to record the third straight negative session, indicating further declines during the day. Broadly, the pair has been trading within a consolidation area since July 3 with upper boundary the 0.6850 resistance level and lower boundary the 0.6712 support. Looking at momentum oscillators, they suggest further bearish extensions in the [..]

Technical Analysis – USDJPY seems to be in progress for further bearish pressure; stands below uptrend line

Posted on July 26, 2018 at 6:53 am GMT

USDJPY has been underperforming in the past six days following the pullback on the six-month high of 113.16, achieved last Thursday. The prices seem to be in a negative correction mode as it dived below the 20- and 40-simple moving averages (SMAs) in the daily timeframe, suggesting bearish pressure. The short-term technical indicators are bearish and point to more weakness in the market. Having a look at the momentum indicators, the RSI is moving south below the threshold of 50 and [..]

Technical Analysis – NZDJPY drops back below cloud; remains bearish in longer term

Posted on July 25, 2018 at 1:04 pm GMT

NZDJPY has retreated from the one-month top of 76.84 it touched last week, falling back below the Ichimoku cloud and the 50-day moving average. However, the negative momentum has eased in the past few days and the near-term bias is now looking more neutral as the RSI has flatlined just below the 50 neutral level. If the RSI fails to rise above 50 in the next day or two and the immediate support of the Kijun-sen line around 75.45 fails, [..]

Technical Analysis – EURJPY maintains short-term bearish bias; struggles below 23.6% Fibonacci

Posted on July 25, 2018 at 12:15 pm GMT

EURJPY remains under pressure and risk is still to the downside as prices continue to drift lower from the two-month high of 131.97, achieved last week. The short-term technical indicators are neutral to bearish and point to more weakness in the market over the next few sessions. Looking at the 4-hour chart, prices are looking capped by the 20- and 40-simple moving averages (SMAs) which are negatively aligned after a bearish crossover that took place on July 20. The RSI indicator is moving [..]

With QE exit plans laid out, ECB to offer little new at July meeting – Forex News Preview

Posted on July 25, 2018 at 10:43 am GMT

The European Central Bank will announce its latest policy decision on Thursday at 11:45 GMT. After last month’s big decisions when the Bank outlined its monetary policy course until at least the summer of 2019, the upcoming meetings, including this week’s gathering, look set to be uneventful ones. However, with some confusion surrounding the ECB’s forward guidance on interest rates, markets will be seeking clarification from President Mario Draghi at his press conference. In June, the Bank shocked the markets [..]

Technical Analysis – AUDUSD eases below descending trend line; neutral bias in short term

Posted on July 25, 2018 at 6:39 am GMT

AUDUSD has been moving sideways over the last five weeks as the 0.7475 resistance level acted as a strong obstacle for the bulls and the 0.7310 support as a hurdle for the bears in the previous sessions. Also, the price failed to dip below the 18-month low of 0.7310, achieved on July 2 and holds near the 20- and 40-simple moving averages (SMAs) after the rebound on the latter level, in the daily timeframe. From the technical point of view, [..]

Technical Analysis – GBPUSD dives but is still above 10-month low of 1.2960

Posted on July 24, 2018 at 6:50 am GMT

GBPUSD has been developing above the 10-month low of 1.2960 that it posted last Thursday, but with weak momentum. Moreover, the price seems to be turning negative again as it holds below the 20- and 40-simple moving averages in the daily timeframe. It is worth mentioning that the cable is still developing below the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2960, around 1.3290. In the short-term, the technical indicators are recommending further downside pressure. The RSI indicator is falling with [..]

Eurozone flash Manufacturing PMI next to drive euro – Forex News Preview

Posted on July 23, 2018 at 3:10 pm GMT

Eurozone economic performance has been in question in the second quarter of 2018 ever since a row of soft data raised concerns that the slowdown registered in the first quarter could be more than temporary. Markets will now shift focus to July’s flash Purchasing Managers Index (PMI) figures due on Tuesday (0800 GMT) which are the last evidence on the economy before the European Central Bank policy meeting takes place on Friday. Yet, analysts believe that businesses have experienced another bearish run [..]

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