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Technical Analysis – EURAUD ready for bullish extensions; holds near 5-week high

Posted on June 25, 2018 at 1:00 pm GMT

EURAUD has advanced considerably in Monday’s session and stands above the 40-simple moving average (SMA), while it hit a five-week high of 1.5754 last week. Price action is at the moment taking place not far below this peak. Looking at momentum indicators, the RSI indicator is pointing north above the threshold of 50, suggesting that the market could keep rising in the near term. The MACD also supports this view in the positive territory, while it is strengthening the bullish momentum. In the wake of more [..]

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Technical Analysis – EURUSD finds strong obstacle at 20-day SMA; creates double bottom pattern in medium term

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

EURUSD has been underperforming over today’s session, after the bounce off the 20-day simple moving average in the short-term. The world’s most traded currency pair is trying to snap the two consecutive winning days, while it is in the process of forming a double bottom pattern with trough the 1.1510 barrier and with neckline the 1.1840 resistance level. In the daily timeframe, the technical indicators seem to have lost some of their strong bullish momentum. The Relative Strength Index (RSI) is sloping slightly to the downside [..]

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Week Ahead – Eurozone and US inflation eyed; RBNZ meets; low hopes for Brexit deal at EU summit

Posted on June 22, 2018 at 12:24 pm GMT

Inflation data will be watched in the Eurozone and the United States as both countries make progress towards their price targets. GDP numbers will also be in focus as final estimates are released in the US and the United Kingdom, while Canada publishes monthly growth figures. Central bank activity will come from the Reserve Bank of New Zealand, while an EU summit is sure to make the headlines as European leaders meet to discuss Brexit. Eurozone CPI to hit 2% [..]

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Technical Analysis – GBPCAD hits 8-week high; looking neutral in the medium-term

Posted on June 22, 2018 at 10:57 am GMT

GBPCAD has been on the rise since effectively late May, after touching a five-month low of 1.7051 on May 30. Earlier on Friday, the pair reached an eight-week peak of 1.7686. The positively-aligned Tenkan- and Kijun-sen lines are confirming the view for the existence of a bullish bias in the short-term. In addition, the fact that the two lines are steeply heading higher suggests that bullish movement in the near-term has still room to run. The area around the current [..]

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Technical Analysis – GBPJPY sees sharp buying interest in short term; moves towards descending trend line

Posted on June 22, 2018 at 9:36 am GMT

GBPJPY surged to a new weekly high of 146.61 in today’s European session, jumping above the 146.20 key level. Also, the price surpassed the 40-simple moving average (SMA) in the 4-hour chart while the short-term technical indicators confirm the bullish structure. From the technical point of view, the Relative Strength Index (RSI) is heading higher increasing positive advances in price action and lies above the threshold of 50. Furthermore, the MACD oscillator is rising in the negative territory and is approaching the zero line [..]

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Technical Analysis – USDCAD advances above upper channel; trades near 9-month high

Posted on June 22, 2018 at 6:34 am GMT

USDCAD edged sharply higher over the previous six days successfully penetrating the nine-month ascending sloping channel to the upside. The price recorded a fresh one-year high of 1.3334 during yesterday’s session, however, today it started the day in negative territory. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is above the 70-overbought level and is looking overstretched. The MACD oscillator is rising well above the trigger line in the positive area. Also, [..]

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Special Report – Emerging market and risk sensitive currencies take a hit from rising trade tensions

Posted on June 21, 2018 at 12:18 pm GMT

The United States and China came one step closer to an all-out trade war this week after the Trump administration announced counter tariffs to China’s retaliation to the US’s 25% tariffs on $50 billion of Chinese goods, when they matched it with similar levies. Until now, the growing rift in trade policy between the world’s two largest economies had been met by only modest responses in financial markets. However, following the latest exchange of heated rhetoric, market participants may have [..]

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Canadian inflation data likely to add to dilemma for Bank of Canada – Forex News Preview

Posted on June 21, 2018 at 11:26 am GMT

Canada will see the release of monthly inflation and retail sales figures on Friday at 12:30 GMT. The data comes just under three weeks before the Bank of Canada holds its next policy meeting on July 11 when policymakers will ponder whether to raise interest rates for a second time this year. While strong numbers on Friday would boost rate hike expectations for next month, the Canadian dollar may struggle to find much support from the data amid a worsening [..]

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Technical Analysis – NZDUSD jumps higher after recording 6-month low of 0.6824

Posted on June 21, 2018 at 8:31 am GMT

NZDUSD plummeted to a fresh six-month low of 0.6824 earlier this morning, continuing the aggressive selling pressure that started after the pullback on the 0.7050 resistance level. Currently, the price is recovering from the low and trading slightly above its opening level but still below the 0.6850 resistance barrier. 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 in the oversold zone below 30 level, though the MACD continues to distance itself below its red signal [..]

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Technical Analysis – USDJPY regains some ground after surpassing 200-day SMA

Posted on June 21, 2018 at 6:39 am GMT

USDJPY has struggled in a narrow range over the last few daily sessions with upper boundary the 110.85 resistance level and lower boundary the 38.2% Fibonacci retracement level of the downleg from 118.60 to 104.60, around 109.95. The price is set to complete the second bullish day in a row after the bullish crossover within the 20- and 40-simple moving averages (SMAs) in the daily timeframe. From the technical point of view, the technical indicators are endorsing the scenario for further upside [..]

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