forex

US jobs report sidelined by trade frictions but wage data could still set dollar path – Forex News Preview

Posted on July 5, 2018 at 10:19 am GMT

The nonfarm payrolls report will be eagerly awaited on Friday at 12:30 GMT for the latest indications on the United States labour market. However, with Sino-US trade tensions running high and tariffs on $34 billion worth of Chinese imports and counter tariffs of similar value on US products due to come into effect the same day, the jobs report may fail to generate the usual amount of fanfare. That is not to say that any surprises to the data won’t [..]

Technical Analysis – NZDUSD turns bullish in short term after dramatic slump

Posted on July 5, 2018 at 8:52 am GMT

NZDUSD has advanced considerably since roughly the beginning of the month, hitting the 0.6780 resistance level again, during Thursday’s European session. The price surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, while the technical indicators suggest further advances. Momentum indicators are pointing to a bullish bias in the short term with the RSI above threshold of 50 and the MACD oscillator is rising in the negative territory with strong momentum, indicating a further upside reversal is [..]

Technical Analysis – USDJPY hovers above SMAs; bullish extension is expected

Posted on July 5, 2018 at 6:34 am GMT

USDJPY is on course to set a bullish day after two straight negative sessions. The price surpassed the moving averages in the previous week and challenged a fresh six-week high of 111.12 before the slip to the 20-day simple moving average (SMA). The momentum indicators are supportive of the neutral to bullish picture in the near-term. Technically, the RSI indicator is sloping slightly to the upside in the positive territory, while the MACD oscillator is flattening above the zero line and near [..]

Technical Analysis – EURJPY struggles to jump above medium-term falling trend line

Posted on July 4, 2018 at 9:34 am GMT

EURJPY has declined over the previous couple of daily sessions as the price struggled to jump above the 38.2% Fibonacci retracement level of the downleg from 137.50 to 124.60. Also, the pair is still developing below the medium-term ascending trend line, which has been holding since February 2. Momentum indicators in the 4-hour chart though are currently supporting that the negative momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed to the downside and the MACD continues to hold below [..]

Technical Analysis – AUDUSD possibility of bullish correction in short-term after touching 18-month low

Posted on July 4, 2018 at 6:31 am GMT

AUDUSD reversed back to the upside over yesterday’s trading session following the rebound on the 18-month low of 0.7310. However, the price seems to be under strong bearish pressure as it remains below the 0.7475 resistance level and the 20- and 40-simple moving averages (SMAs) in the daily timeframe. From the technical point of view, the momentum indicators are endorsing a potential upside correction in the near-term. The Relative Strength Index (RSI) is heading slightly higher towards the neutral threshold of 50, while the [..]

Sterling to seek support from UK services PMI as Brexit concerns mount – Forex News Preview

Posted on July 3, 2018 at 9:57 am GMT

The UK services PMI – a gauge of service sector activity – will be watched closely by investors on Wednesday at 8:30 GMT to assess the health of the UK economy. The report from IHS Markit/CIPS is expected to show growth in the dominant services sector holding steady in June. However, a solid reading is unlikely to provide much support for the pound, which has slumped to 8-month lows in recent days amid growing doubts about the UK government’s Brexit [..]

Technical Analysis – GBPUSD remains in bearish mode; struggles below 50.0% Fibonacci

Posted on July 3, 2018 at 6:35 am GMT

GBPUSD started the week in negative territory and slipped below the 50.0% Fibonacci retracement level of the upleg from 1.2100 to 1.4375, around 1.3180. The price has been extending its bearish bias after the touch on the 1.4375 resistance on April 17. Since then, the cable continues the downward movement, shifting the bullish outlook to bearish. Short-term momentum indicators are holding below their neutral levels. The MACD oscillator stands near its red-trigger line with weak momentum, while the Relative Strength Index [..]

Technical Analysis – EURNZD creates 7-month high; bullish bias in short-term

Posted on July 2, 2018 at 1:40 pm GMT

EURNZD has been overperforming over the last two weeks, after the rebound on the 1.6560 support barrier. The price reached a fresh seven-month high of 1.7317, during today’s trading session but currently, it remains below the 1.7290 resistance level. In the daily timeframe, 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 bearish threshold of 30. If price [..]

US Open Preview – Equities retreat amid risk-off tones; aussie softens ahead of RBA decision

Posted on July 2, 2018 at 11:26 am GMT

Here are the latest developments in global markets: FOREX: Dollar/yen traded at 110.75 (+0.08%) on Monday, giving back most of the gains it posted earlier in the session when it briefly touched a one-month high of 111.05, with the yen failing to capitalize substantially on the broader risk-off mood seen in other asset classes, like equities. Meanwhile, the dollar index was up by 0.15% at 94.77. Euro/dollar was down by 0.35%, hovering just above 1.1640 as concerns of a political crisis [..]

Technical Analysis – EURUSD eases below 38.2% Fibonacci; triple bottom formation in process

Posted on July 2, 2018 at 6:36 am GMT

EURUSD has been trading slightly lower over today’s trading session, after the pullback on the 20-day simple moving average (SMA) in the near-term. After the aggressive buying interest in the previous two days, the price is in the process of forming a triple bottom pattern with significant support the 1.1530 barrier and with neckline the 1.1840 resistance level. Technically, in the daily timeframe, the momentum indicators seem to be in confusion for the next price movement. The RSI indicator is sloping downwards [..]

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