forex

Week Ahead – Resilient dollar looks at US jobs report for new highs; UK PMIs and RBA in focus too

Posted on June 29, 2018 at 3:21 pm GMT

The US jobs report for June will be the highlight of the coming week as the greenback remains unscathed from the rising trade tensions. Canada will also publish employment numbers, while PMI releases in the UK and the US will be watched too, along with the Bank of Japan’s quarterly Tankan survey. In the world of central banks, policy meetings by the Reserve Bank of Australia and Sweden’s Riksbank will be making the headlines. Mixed outlook expected from BoJ Tankan [..]

Technical Analysis – GBPJPY records some gains below falling trend line

Posted on June 29, 2018 at 8:47 am GMT

GBPJPY started the day in bullish territory and surpassed the 20-simple moving average (SMA) in the 4-hour chart. The pair has finally reversed to the upside in the near-term, however, it is still developing within a downtrend in the medium-term picture. Momentum indicators in the 4-hour chart though are currently supporting that positive momentum is likely to weaken in the short-term. Specifically, the RSI is flattening above 50 and the MACD continues to distance itself above its red signal line in the bearish area. Moreover, the stochastic [..]

Technical Analysis – USDCAD erases rally; set to post red week after two positive sessions

Posted on June 29, 2018 at 6:35 am GMT

USDCAD reversed back some of the previous week’s gains, creating a significant red day on Thursday after the bounce off the one-year high of 1.3385. The sharp sell-off 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 the strong bullish bias is over. Looking at momentum oscillators on the daily chart, they suggest further declines may be on the cards [..]

Technical Analysis – NZDUSD plunges to 2-year low; continues dramatic tumble

Posted on June 28, 2018 at 8:32 am GMT

NZDUSD plummeted to a more than two-year low of 0.6756 during early Thursday’s session and is set to complete the fourth red day in a row. The aggressive bearish rally started after the bounce off the 0.7060 resistance level at the beginning of June and the bears seem to have full control of this market. In the 4-hour chart, the RSI is currently increasing its negative momentum in the oversold zone, while the MACD is moving lower in the negative territory, both hinting that the [..]

Technical Analysis – USDJPY surpasses 200-day SMA once again; neutral in short-term

Posted on June 28, 2018 at 6:33 am GMT

USDJPY remains in a narrow range during June with upper boundary the 110.85 resistance level and lower boundary the 109.35 support. Moreover, the 38.2% Fibonacci retracement level of the downleg from 118.60 to 104.60, around 109.95 acts as strong mid-level of the range, as the price is moving around this barrier. The price is set to complete the third bullish day in a row after the bullish crossover of the 20- and 40-simple moving averages (SMAs) and the surpass of the 200-SMA in the daily timeframe. Technically, [..]

Technical Analysis – GBPAUD slips below 40-day SMA; could weaken further in short-term

Posted on June 27, 2018 at 1:12 pm GMT

GBPAUD has touched several times the 23.6% Fibonacci retracement level of the upleg from 1.6160 to 1.8507, around 1.7953 over the previous six days. However, the 40-day simple moving average (SMA) also acted as resistance, hence the upside momentum appears to have run out of steam as prices have been attempting and failing to close above the line in the past sessions. The neutral to bearish bias in the near term is also supported by the RSI, which has been [..]

After PMI boost, euro eyes economic sentiment indicator – Forex News Preview

Posted on June 27, 2018 at 9:43 am GMT

The European Commission will publish its economic sentiment indicator (ESI) on Thursday at 09:00 GMT, which comes hot on the heels of last week’s much better-than-expected Eurozone services PMI from IHS Markit. The flash PMI readings for June raised hopes that the Eurozone soft patch is coming to an end, boosting the euro. However, consensus forecasts for the ESI are for another drop in the indicator in June. Sentiment across the euro area hit the highest since 2000 in December, [..]

Technical Analysis – EURJPY in neutral bias after climbing above 23.6% Fibonacci mark

Posted on June 27, 2018 at 8:33 am GMT

EURJPY holds above the 23.6% Fibonacci retracement level of the downleg from 137.50 to 124.60, around 127.65 in the 4-hour chart but lost its strong momentum from yesterday. From the technical point of view, the momentum indicators are supportive of the short-term neutral mode, with the RSI sloping slightly to the downside below the 50 level and the MACD oscillator holds near zero with weak movement. If the price moves higher and jumps above the 20-simple moving average in the 4-hour chart, [..]

Technical Analysis – AUDUSD bears hold control; hovers near 13-month low

Posted on June 27, 2018 at 6:25 am GMT

AUDUSD is set to post the third consecutive bearish day as it remains under strong downside pressure after the bounce off the 0.7440 high, reached last Friday. The sharp sell-off especially this month endorses the scenario for further declines in the medium-term. In the daily timeframe, the momentum indicators are supportive of the bearish picture, with the RSI falling into negative territory below 50 and approaching the 30 oversold mark. Also, the %K line of the stochastic oscillator created a negative cross [..]

US capital goods orders to rise further in May but trade policy clouds outlook – Forex News Preview

Posted on June 26, 2018 at 8:44 am GMT

Data on durable goods orders will be watched out of the United States this week for an indication of business spending amid a worsening trade row between the world’s biggest trading powers. The report will be published by the US Census Bureau on Wednesday at 12:30 GMT and is expected to show another drop in the headline figure but increases in the more relevant core measures. The US dollar, which has been in retreat since the end of last week, [..]

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