forex

Technical Analysis – USDCNH’s attempt fails to remain above 7.0000; SMAs act as supports

Posted on February 12, 2020 at 1:19 pm GMT

USDCNH is retreating below the five-month descending trend line after pulling back from the 7.0126 resistance level in the preceding week. Earlier today, the pair touched the 40-day simple moving average (SMA) and erased its intraday losses so far. Technical indicators are moving sideways with the RSI holding near the neutral threshold of 50 and the MACD falling below its trigger line slightly above the zero level. If the 40- and 20-day SMAs prove easy to get through, the highlight [..]

Technical Analysis – NZDUSD rebounds on 3-month low; bears look exhausted

Posted on February 12, 2020 at 10:24 am GMT

NZDUSD finally climbed above the short-term moving averages in the 4-hour chart but is still flirting with the 23.6% Fibonacci retracement level of the downward wave from 0.6754 to 0.6377 near 0.6466. The price after the plummet towards the new three-month trough of 0.6377 is getting ready to drive the market north until the one-and-half-month descending trend line. The positive slope in the RSI, which runs comfortably above its 50 neutral mark is painting a rosy picture for short-term trading. Moreover, [..]

Technical Analysis – EURJPY reverses at 3-month low despite dominating bearish picture

Posted on February 12, 2020 at 9:44 am GMT

EURJPY reversed from a fresh three-month low of 119.59 but remains capped by the 50-period simple moving average (SMA). The move is backed by the improving momentum indicators and the flattening in the 50-period SMA. The MACD in the negative region is increasing above its red trigger line, while the rising RSI has reached its neutral mark. That said, traders need to be aware of the intact negative picture reflected within the SMAs, which may keep the outlook neutral-to-bearish. Persisting buyers [..]

Technical Analysis – AUDUSD bulls lose steam near trendline

Posted on February 12, 2020 at 8:14 am GMT

AUDUSD earlier this week escaped from a more-than-a-decade low of 0.6661 to bounce back into the 0.6700 territory. While the RSI and the MACD on the four-hour chart have entered bullish territory, both indicators have yet to show strong momentum above their neutral levels, bolstering the case of a neutral to-positive session in the short-term. Besides, for the bulls to return to the game, the price should break above the resistance trendline stretched from the 0.7031 peak and pierce the bottom of [..]

Technical Analysis – NZDJPY’s bearish short-term picture being tested

Posted on February 11, 2020 at 3:01 pm GMT

NZDJPY yesterday hit a floor at the 70.00 mark, resulting in the pair’s second reversal around the 70.00 – 69.95 barrier (previous resistance-now-support levels), which held back in October and November of 2019. The improving short-term oscillators back the recent push up in the pair, which has already moved over the red Tenkan-sen line. The MACD and the RSI are increasing in bearish territories, with the MACD rising above its red trigger line, and the Stochastic %K and %D lines [..]

Technical Analysis – AUDNZD enjoys bullish debut after breaching key barrier

Posted on February 11, 2020 at 11:05 am GMT

AUDNZD has finally risen above the 1.0437 area that kept the bulls under control since early December, surpassing its shorter-term moving averages (SMAs) and expanding into the Ichimoku cloud as well. The strengthening RSI and the improving MACD suggest that positive sentiment could stretch into the short-term, with the spotlight turning now to the 200-day SMA. But for the bulls to challenge the line, the 38.2% Fibonacci of 1.0519 of the 1.0864-1.0306 downleg should let the door open. If that [..]

Technical Analysis – GBPUSD could explore more weakness below 1.2870

Posted on February 11, 2020 at 8:13 am GMT

GBPUSD is struggling to hold above the 1.2900 level and its previous low, having cracked below the Ichimoku cloud, with the bearish cross between the 20- and 50-day simple moving averages (SMA) adding concerns of a down-trending market. In the short-term, the bears could remain active according to the RSI, which remains below its 50 neutral mark, while the strengthening negative momentum in the MACD is another sign that the pair may keep facing downside pressure. For the sell-off to continue, sellers should clear [..]

Technical Analysis – EURCAD bounces on moving averages bullish cross; neutral bias in near term

Posted on February 10, 2020 at 1:53 pm GMT

EURCAD has been losing ground over the last four days but its sideways move since the end of August remains intact, keeping the short- and medium-term pictures neutral. The price is currently hovering near the 20- and 40-day simple moving averages (SMAs) which try to complete a bullish cross. According to the MACD, the momentum in the price could remain weak as the indicator softens near its red trigger line. The RSI seems to be turning slightly higher, though, it is still relatively close to its 50 threshold. Yet, positive corrections cannot be excluded as long as the price [..]

Technical Analysis – CHFJPY slips in bullish picture in medium term

Posted on February 10, 2020 at 11:20 am GMT

CHFJPY has declined considerably after the pull back on the 113.10 zone and the 20-day simple moving average (SMA). Currently, the price is capped by the 40-day SMA and is moving near the minor rising trend line drawn from October 4 with the technical indicators moving lower. The RSI is standing below the 50 level and the MACD slipped beneath the trigger line in the positive zone. Immediate support is being provided by the ascending trend line above the 111.70 [..]

Technical Analysis – EURUSD drops to a 4-month low; enters oversold area

Posted on February 10, 2020 at 8:18 am GMT

EURUSD met strong resistance near the broken ascending trendline at the end of January and changed direction to the downside, violating its uptrend off 1.0878 and diving to a four-month low of 1.0940 early on Monday. From a technical perspective, the short-term bias remains negative since all indicators are still located in the bearish area. Yet, the odds for an upside correction are increasing as the RSI and the Stochastics approach oversold levels. Should an upside reversal happen, the bulls would try to close [..]

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