forex

Technical Analysis – GBPUSD remains bearish as recent bounce runs out of steam

Posted on June 12, 2018 at 6:32 am GMT

GBPUSD has been underperforming in the past two days, after the strong pullback on the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.3200, around the 1.3475 barrier. The bearish picture in the short term is further supported by the technical indicators and the moving averages. In the daily timeframe, the RSI indicator is moving in the negative territory and is sloping slightly to the downside, extending the scenario for further bearish movement. Moreover, the %K line of [..]

Technical Analysis – EURCAD extends gains in near term; holds in upward sloping channel

Posted on June 11, 2018 at 12:18 pm GMT

EURCAD moved higher so far on Monday and jumped above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The pair has been consolidating within an upward sloping channel since May 30 and is in progress to turn the medium-term outlook from negative to positive. From the technical point of view, the RSI indicator is sloping upwards in the bullish territory and is approaching the 70 level, while the %K line of the stochastic oscillator is ready to enter the [..]

Technical Analysis – EURUSD on course for positive correction; looks to jump even higher

Posted on June 11, 2018 at 6:40 am GMT

EURUSD is in progress to create a bullish retracement following the pullback from the 10-month low of 1.1510 support level. The aggressive bearish movement, especially in the previous seven weekly sessions, has snapped during the past week, completing a bullish candle. Moreover, the momentum indicators in the near-term are supportive for the bullish correction. From the technical point of view, in the daily timeframe, the RSI indicator is sloping slightly to the upside near the threshold of 50, while the MACD [..]

Week Ahead – Policy shift looms as Fed and ECB meet; UK and US inflation also in focus

Posted on June 8, 2018 at 12:10 pm GMT

All eyes will be on the US Federal Reserve and the European Central Bank next week as the two central banks are expected to take further steps towards policy normalization. In contrast, the policy meeting by the Bank of Japan is anticipated to be a non-event. Economic data will also be making the headlines as inflation figures are released in the UK and the US, employment numbers are due in Australia and the UK, and retail sales data will be [..]

Technical Analysis – GBPAUD posts two-week high; medium-term outlook looks mostly bearish

Posted on June 8, 2018 at 10:55 am GMT

GBPAUD is experiencing notable gains for the second straight day, having risen by around 120 pips so far on Friday. Earlier in the day, it also recorded a two-week high of 1.7733. The RSI is rising in support of a positive short-term picture, while the stochastics are also projecting a bullish picture in the very short-term. Specifically in the case of the latter, the %K line has moved above the slow %D one and both lines are heading higher. Further [..]

Technical Analysis – GBPJPY makes big losses in near term; negative outlook remains

Posted on June 8, 2018 at 8:08 am GMT

GBPJPY is on course for completing a significant bearish session in the 4-hour chart after its dip below the 38.2% Fibonacci retracement level of the downleg from 153.80 to 143.20, around 147.25. The sharp sell-off, especially since yesterday, has shifted the near-term bias from positive to negative. Also, the momentum indicators are supportive of the bearish picture. In the near-term, the RSI indicator dipped below the 50 level after it bounced off the overbought area, while the MACD oscillator lies below the [..]

Technical Analysis – USDCAD supported by 50.0% Fibonacci; next immediate resistance 1.3050

Posted on June 8, 2018 at 6:35 am GMT

USDCAD is still holding above the simple moving averages in the daily timeframe over the last couple of weeks signaling that the pair is ready for more bullish extension. Also, the price remains above the 50% Fibonacci retracement level of the downleg from 1.3800 to 1.2060, around 1.2925 and challenged several times the 1.3050 resistance level in the past, which is acting as strong resistance level. Looking at the short-term chart, based on technical indicators, momentum is too weak to provide a sustained move [..]

Loonie looks next at employment data for direction – Forex News Preview

Posted on June 7, 2018 at 2:51 pm GMT

The weekend after Trump decided to impose tariffs on steel and aluminum imports from Canada, Mexico, and the EU, the Bank of Canada’s Governor, Stephen Poloz, returned to his more cautious style, saying that the central bank will use its data-dependent approach to adjust monetary policy. The statement also came a couple of days after the central bank’s rate statement laid the ground for further monetary tightening this year, with investors now turning focus to upcoming employment data to verify whether [..]

Technical Analysis – NZDUSD remains below the upper Bollinger Band but indicators suggest further gains

Posted on June 7, 2018 at 8:25 am GMT

NZDUSD has struggled below the 0.7050 strong resistance level and touched the upper Bollinger Band, which stands near the 38.2% Fibonacci retracement level of the downleg from 0.7395 to 0.6850. However, the technical indicators are sending bullish signals, suggesting that the bullish correction will continue. From the technical point of view, in the 4-hour chart, the RSI indicator is moving slightly higher, indicating that the market could strengthen in the short-term as it is approaching the 70 area. The stochastic oscillator supports [..]

Technical Analysis – USDJPY hits 200-day SMA obstacle and returns some gains

Posted on June 7, 2018 at 6:25 am GMT

USDJPY has found strong resistance obstacle on the 200-day simple moving average (SMA) early this morning and drove the pair lower. Since its deep fall towards the 108.10 support level, the price has been going back and forth creating a base around the 38.2% Fibonacci retracement level of the downleg from 118.60 to 104.60, around 109.90. Looking at momentum indicators, in the daily timeframe, the RSI indicator is pointing slightly to the downside, standing in the bullish territory, while the [..]

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