forex

Technical Analysis – EURJPY rises to 23.6% Fibonacci level after sharp sell-off

Posted on June 20, 2018 at 8:35 am GMT

EURJPY pared some of Tuesday’s losses and re-challenged the 23.6% Fibonacci retracement level of the downleg from 137.50 to 124.60, around 127.65. The momentum indicators are supportive of the short-term bullish correction, with the RSI flattening into negative, the MACD oscillator approaching the trigger line, while stochastic is moving higher. If the price successfully surpasses the aforementioned strong obstacle and jumps above the 20-simple moving average in the 4-hour chart, it could hit the 128.50 resistance level. However, should prices climb higher again, above the 40-SMA, [..]

Technical Analysis – AUDUSD jumps above 13-month trough of 0.7346; still looks negative in medium-term

Posted on June 20, 2018 at 6:34 am GMT

AUDUSD recorded an aggressive bearish rally over the past four days, reaching a fresh 13-month low of 0.7346 on Tuesday. Today, though, the pair is on the backfoot and the technical indicators seem to be mixed as the market could ease a little bit in the short-term. In the daily timeframe, the RSI indicator is sloping slightly to the upside after the rebound on the oversold zone, while the MACD oscillator is currently increasing negative momentum below its red-trigger line and [..]

Technical Analysis – USDZAR extends rally to 7-month high but looking overbought

Posted on June 19, 2018 at 3:29 pm GMT

USDZAR hit a near 7-month high of 13.9095 today as the pair stretches an uptrend that began in late February. Momentum indicators are all in positive territory, pointing to a continuation of the strong bullish bias in the near term. However, the RSI has crossed into overbought levels, suggesting a downside correction could be due soon. If prices continue to trend higher, the next resistance will likely be met at just below the 14 handle around 13.95, while further up, [..]

New Zealand GDP predicted to expand in slower pace while kiwi stalls near $0.70 – Forex News Preview

Posted on June 19, 2018 at 2:02 pm GMT

New Zealand will publish GDP figures on Thursday (Wednesday 2245 GMT) for the first quarter. Investors will be cautious for any clues as to whether the Reserve Bank of New Zealand (RBNZ) will raise or decrease interest rates. Economic growth is expected to have slowed down further in the first quarter of 2018. Analysts are estimating New Zealand’s economy grew by just 0.5% in the three months to the end of March, easing slightly from the previous two quarters of 0.6%. On an annual [..]

Technical Analysis – AUDJPY in sharp downside pressure in near term; stands in consolidation area

Posted on June 19, 2018 at 11:21 am GMT

AUDJPY is set to record the fourth straight bearish day with strong momentum as it posted a fresh 12-week low near 80.61 on Tuesday. In the medium-term, the price has been developing within a trading range since mid-February with upper band the 84.50 resistance level and lower band the 80.60 support level. The RSI is currently increasing negative momentum towards the threshold of 30, while the MACD is slowing down in negative territory, both hinting that the next move in prices could be [..]

Technical Analysis – GBPUSD moves slightly above 6-month low; further losses are expected

Posted on June 19, 2018 at 6:32 am GMT

GBPUSD decreased considerably in the previous week following the bounce off the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.3200, near the 1.3475 resistance barrier. The cable is trying to pare some of its losses but remains weak as it is still developing below the mid-level of the Bollinger Band (20-day simple moving average) in the near term. In the daily timeframe, the RSI indicator is moving in the negative territory and is flattening near the threshold of [..]

Technical Analysis – EURUSD pares some losses; bearish view remains in near term

Posted on June 18, 2018 at 6:41 am GMT

EURUSD is attempting to reverse some of Thursday’s aggressive losses but the risk is still to the downside as the trend remains bearish. The price dived below the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2560, around 1.1710. The short-term technical indicators are neutral to bearish and point to more weakness in the market. Looking at the daily timeframe, the moving averages are sloping down following the price action. The Relative Strength Index (RSI) is flat in the negative [..]

Technical Analysis – GBPJPY retreats sharply; maintains short-term bearish bias

Posted on June 15, 2018 at 8:26 am GMT

GBPJPY plunged below the 38.2% Fibonacci retracement level of the downleg from 153.80 to 143.20, around 147.25, which overlaps with the 40-simple moving average in the 4-hour chart. The aggressive bearish rally started during yesterday’s session and has shifted the near-term bias from positive to negative. Also, the momentum indicators are supportive of the bearish picture. In the short-term, the Relative Strength Index indicator dropped below the 50 threshold after it bounced off the positive area, while the MACD oscillator lies below the trigger and zero lines. [..]

Technical Analysis – USDCAD prints fresh 1-year high; strongly bullish in near term

Posted on June 15, 2018 at 6:33 am GMT

USDCAD has been surging seen Thursday’s trading session, creating a fresh one-year high of 1.3140. The price is trying to surpass the 61.8% Fibonacci retracement level of the downleg from 1.3800 to 1.2060, around 1.3130, increasing the chances for more aggressive advances. The technical indicators continue to send bullish signals, suggesting that the strengthens in the market is not over yet. The RSI is currently increasing positive momentum towards its threshold of 70 and is pointing upwards, while the MACD [..]

Technical Analysis – USDMXN close to 1½-year high; possibly overbought

Posted on June 14, 2018 at 2:46 pm GMT

USDMXN has appreciated considerably after reaching an eight-and-a-half-month low of 17.9347 on April 17. On Wednesday, it touched a near one-and-a-half-year high of 20.8235, while it is currently trading not far below that peak. Adding to the clearly bullish short-term picture are the positively-aligned Tenkan- and Kijun-sen lines. The Chikou Span, however, may be pointing to an overbought market; a reversal in the near-term should not be ruled out. Further advances may meet resistance around yesterday’s high of 20.8235, while [..]

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