forex

Technical Analysis – AUDUSD dives sharply in near term; next level to watch 18-month low of 0.7310

Posted on July 11, 2018 at 6:37 am GMT

AUDUSD retreated after the pullback on the 0.7475 resistance level on Tuesday which is slightly below the 40-simple moving average (SMA) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. Currently, the price touched the 20-day SMA, which acts as a strong support level for the bulls. However, the RSI indicator is sloping downwards and stands below the threshold of 50, while the %K line of the stochastic oscillator completed a bearish crossover [..]

Technical Analysis – GBPUSD remains below upper Bollinger Band after strong sell-off day

Posted on July 10, 2018 at 6:42 am GMT

GBPUSD had an aggressive roller coaster move on Monday as it opened with a gap up and challenged a new one-month high, but finished the day in the red. Also, the cable almost touched the 50.0% Fibonacci retracement level of the upleg from 1.2100 to 1.4375, around 1.3180, but currently it remains above the 20-simple moving average (SMA) in the daily timeframe. From the technical point of view, the Relative Strength Index (RSI) lost its positive momentum and bounced off [..]

UK data to point to May rebound in output; could seal August rate hike – Forex News Preview

Posted on July 9, 2018 at 1:49 pm GMT

As the pound enjoys a bounce on hopes of a soft Brexit, a flurry of data out of the UK on Tuesday could provide the currency with more reason for cheer if they confirm a rebound in growth in May. With a Bank of England policy meeting just three weeks away, the monthly growth data on industry, services and GDP, as well as on trade, will be watched closely at 8:30 GMT for clues as to whether a rate hike [..]

Technical Analysis – AUDNZD erases previous red days; indicators suggest further gains in near term

Posted on July 9, 2018 at 1:13 pm GMT

AUDNZD has come under renewed buying interest on Monday, snapping three losing sessions as it opened with a gap up. Before the bearish retracement, the price challenged a five-month high of 1.0990 but quickly gave back its gains. The price is developing above the medium-term moving averages in the daily timeframe, while the technical indicators are endorsing the bullish tone in the near term. The Relative Strength Index (RSI) is pointing upwards over the last couple of days, above the threshold of 50 and [..]

Technical Analysis – EURUSD rebounds to challenge the neckline of triple bottom formation

Posted on July 9, 2018 at 6:35 am GMT

EURUSD has been outperforming over the last three weeks, following the touch on the 1.1510 support level on June 21. Also, during Friday’s session, the common currency successfully surpassed the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2550, around 1.1707. The short-term technical indicators are bullish and point to more strength in the market. The positive bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has risen [..]

Week Ahead – Loonie eyes BoC rate hike; UK starts publishing monthly GDP

Posted on July 6, 2018 at 12:39 pm GMT

A policy meeting by the Bank of Canada looks set to be the most exciting item on next week’s calendar as it will be a somewhat muted five days for economic indicators. US inflation will be the data highlight but the introduction of monthly GDP numbers by the UK’s statistics office may also attract quite a bit of attention. Meanwhile, oil traders will be eyeing the latest monthly reports by OPEC and the IEA to evaluate the impact of the [..]

Technical Analysis – EURAUD bullish bias eases, trades above moving averages

Posted on July 6, 2018 at 10:46 am GMT

EURAUD has posted considerable gains after hitting a five-month low of 1.5272 on June 5. On Tuesday, the pair touched a two-month high of 1.5886. The Tenkan-sen is above the Kijun-sen, pointing to a positive short-term bias. However, the fact that the Kijun-sen has flatlined is an indication of easing positive momentum in the near-term. Further upside movement could meet resistance around the 61.8% Fibonacci retracement level of the March 28 to June 5 downleg at 1.5839. Stronger gains would [..]

Technical Analysis – GBPJPY maintains weak bias in near term; medium-term outlook looks mostly bearish

Posted on July 6, 2018 at 9:04 am GMT

GBPJPY is still developing above the moving averages in the 4-hour chart but with weak movement over the last couple of sessions. Also, the price touched a new two-week high of 146.85 on Thursday but reversed some of its gains. Looking at the short-term timeframe, the Relative Strength Index (RSI) hovers above the threshold of 50 and is sloping slightly to the upside. However, the MACD oscillator is flattening above the zero line and seems too weak for any strong upside movement [..]

Technical Analysis – USDCAD bears retake control in short-term; possibility of downside retracement

Posted on July 6, 2018 at 6:30 am GMT

USDCAD continues the negative movement that started in the previous week following the pullback on the one-year high of 1.3385. The bearish run has not shifted yet the positive medium-term outlook to negative as it is still developing above the ascending trend line. The technical indicators, though are sending bearish signals in the near-term, suggesting that a downward correction is near. Having a look at the daily chart, momentum indicators, they suggest further downside pressures may be on the cards in the short-term. The [..]

Technical Analysis – EURGBP fails to exit downward sloping channel; stands near 200-SMA

Posted on July 5, 2018 at 12:51 pm GMT

EURGBP came under strong selling pressure in the prior couple of days, following the pullback on the three-month high of 0.8890 and the descending trend line. Currently, the pair is trading above the short-term moving averages and is trying to have a closing day above the 200-SMA. From the technical point of view, in the daily timeframe, the RSI indicator is pointing up and in positive territory above the 50 level. Also, the MACD oscillator is moving near the trigger line in [..]

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