forex

Technical Analysis – USDCAD struggles above SMAs, signaling further gains in short term

Posted on June 1, 2018 at 6:26 am GMT

USDCAD remains above the simple moving averages in the daily timeframe over the last six days suggesting that the pair is ready for a bullish extension. After the aggressive sell-off on Wednesday, the price pared some of the losses and jumped above the 50.0% Fibonacci retracement level of the downleg from 1.3800 to 1.2060, around 1.2925, once again. Looking at the short-term chart, based on technical indicators, momentum is too weak to provide a sustained move higher. The MACD oscillator is flattening near [..]

Technical Analysis – GBPAUD falls to 4-month low, looks oversold

Posted on May 31, 2018 at 2:02 pm GMT

GBPAUD has declined considerably after touching a two-year high of 1.8507 in late March. During Thursday’s trading, it posted a four-month low of 1.7516, while it is currently not far above that nadir. The negatively aligned Tenkan- and Kijun-sen lines serve as a testament to the negative short-term momentum that is in place. The Chikou Span, though, is signaling a potentially oversold market; a near-term reversal should thus not be ruled out. Immediate support to further declines may be taking [..]

Technical Analysis – GBPUSD recovers after touching 6-month low; next level to watch 1.3450

Posted on May 31, 2018 at 1:13 pm GMT

GBPUSD has advanced after the pullback on the six-month low near the 1.3200 psychological level. The price started Wednesday’s trading session above the 50.0% Fibonacci retracement level of the upleg from 1.2100 to 1.4375, suggesting that the market would increase bullish movements. Looking at momentum indicators, the RSI is moving higher, having crossed above the 30-oversold level. In addition, the MACD oscillator is moderately rising and posted a bullish crossover with its trigger line. In the wake of positive pressures, the market could meet [..]

Technical Analysis – USDCHF hits one-month low; medium-term outlook still positive

Posted on May 31, 2018 at 10:20 am GMT

USDCHF has lost 2% of its value after reaching a one-year high of 1.0056 in early May. Earlier on Thursday, the pair touched a one-month low of 0.9847. The RSI continues to fall, having crossed below the 50 neutral-perceived level. This is indicative of the bearish short-term bias that is in place. The region around the 23.6% Fibonacci retracement level of the February 16 to May 7 upleg at 0.9850 seems to be providing immediate support; this mark was violated [..]

Technical Analysis – NZDUSD holds near 3-week high above 0.7000; bulls take control

Posted on May 31, 2018 at 8:48 am GMT

NZDUSD has surged to a new three-week high above the 0.7000 strong psychological level during today’s European session, pausing the downtrend. The technical indicators are sending bullish signals, suggesting that a bullish correction is in the process. 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 overbought area. The MACD oscillator supports a bullish picture as well since the index [..]

Technical Analysis – USDJPY pauses above 5-week low but remains below 40-day SMA

Posted on May 31, 2018 at 6:23 am GMT

USDJPY recorded a stunning sell-off rally last week and the bearish movement continues this week, with the price diving several times below the 108.65 support level. On Tuesday, the pair posted a five-week low of 108.10 and currently is trading slightly above this trough. The momentum indicators are endorsing the bearish structure in the short-term as both, the RSI and the MACD, are moving lower. In the daily timeframe, the RSI indicator is pointing to the downside below the threshold [..]

Technical Analysis – EURAUD eases from 4-month lows; long-term uptrend at risk

Posted on May 30, 2018 at 2:01 pm GMT

EURAUD fell to a 4-month low of 1.5315 on Tuesday, coming close to touching the 50% Fibonacci retracement of the upleg from 1.4421 to 1.6190 between July 2017 and March 2018. The pair has reversed sharply from the more than two-year high of 1.6190 set on March 28. However, with momentum indicators having run into oversold territory, an upside correction is currently in progress and prices have jumped higher today. The RSI is pointing up but yet to break out [..]

US PCE inflation expected to ease, underscoring Fed’s gradual approach – Forex News Preview

Posted on May 30, 2018 at 12:34 pm GMT

The US Bureau of Economic Analysis will publish its latest monthly release on personal income and outlays on Thursday at 12:30 GMT. The report will contain closely watched data on personal income and consumption, as well as the PCE measure of inflation. With market fears of a major inflation overshoot having abated recently, Thursday’s figures will likely confirm the continuation of the goldilocks economy, with US personal incomes and spending rising solidly, but price pressures remaining moderate. Personal income is [..]

Technical Analysis – EURJPY pares strong losses; eases from 11-month trough

Posted on May 30, 2018 at 8:40 am GMT

EURJPY steadied on Wednesday after an aggressive bearish rally in the previous six days. The common currency created an eleven-month low of 124.60 against the Japanese yen on Tuesday, while the price is paring some of the losses over the last couple of hours. The momentum indicators are supportive of the slightly bullish correction. In the 4-hour chart, the RSI indicator is rising in negative territory and is approaching the threshold of 50. Moreover, the MACD oscillator is moving marginally higher after a strong [..]

Technical Analysis – AUDUSD creates 2-week low of 0.7475; bearish structure remains in medium term

Posted on May 30, 2018 at 6:31 am GMT

AUDUSD has been underperforming in the past three days, following the touch on the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.7410, around 0.7580. Early this morning, the pair recorded a fresh two-week low of 0.7475 while it still trading below the 20-simple moving average (SMA) in the daily timeframe. Short-term momentum indicators are also pointing to a continuation of the bearish bias. The MACD oscillator is heading south and is approaching the its trigger line, while [..]

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