forex

Technical Analysis – AUDUSD erases upward rally; could weaken further in short-term

Posted on May 23, 2018 at 6:43 am GMT

AUDUSD ended Tuesday’s session in the red after an aggressive bullish rally as it found strong resistance at the 0.7600 handle and at the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.7410, around 0.7580. The price challenged a new one-month high of 0.7604 and approached the 40-day simple moving average (SMA). The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen before [..]

Euro at risk of more downside as Eurozone PMIs unlikely to point to growth revival in May – Forex News Preview

Posted on May 22, 2018 at 9:52 am GMT

Flash PMI readings out of the Eurozone on Wednesday (due at 08:00 GMT) will be closely scrutinized by investors as they will be looking for signs that economic activity is picking up following a substantial slowdown between February and April. However, those hoping for an end to the soft patch are likely to be disappointed as the PMI indicators are forecast to fall further in May. After soaring to a near 12-year high in January, the euro area’s composite PMI, [..]

Technical Analysis – GBPUSD drops to lowest in 5 months; outlook still bearish

Posted on May 22, 2018 at 6:38 am GMT

GBPUSD had a deep fall during Monday’s trading period as it dropped below the narrow range of 1.3450 to 1.3600, which had been holding over the previous two weeks. The price plunged to a new five-month low of 1.3389, however, price action is at the moment taking place not far above this trough. In the daily timeframe based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI indicator is flattening in the oversold level near the 30 [..]

Technical Analysis – NZDJPY rebounds on 75.60 and is set to post another green day; holds in descending triangle in long-term

Posted on May 21, 2018 at 1:13 pm GMT

NZDJPY has reversed back up again after finding support at the 11-month low of 75.60, achieved on March 23. This low is the lower boundary of the descending triangle in the long-term timeframe and currently, the pair is set to record the fourth consecutive green day. Momentum indicators are pointing north to a positive bias in the short-term with the RSI indicator just above the 50 threshold. The stochastic oscillator is moving strongly upwards as the %K line entered the overbought zone and [..]

Technical Analysis – EURUSD tumbles to new 5-month low; could weaken further in short-term

Posted on May 21, 2018 at 6:36 am GMT

EURUSD has come under renewed selling pressure over the last five trading days, slipping below the 1.1820 key level. The price remains under pressure and risk is still to the downside as prices continue to drift lower, hitting a new 5-month low of 1.1739. The short-term technical indicators are bearish, pointing to more weakness in the market. Having a look at the daily timeframe, the single currency is developing well below the 20- and 40-simple moving averages (SMAs) versus the [..]

Week Ahead – Euro looks to flash PMIs for bounce; Pound eyes UK CPI and retail sales data

Posted on May 18, 2018 at 1:02 pm GMT

As the US dollar continues to power ahead, the beleaguered euro and pound will be seeking for some reprieve from key economic indicators out of the Eurozone and the United Kingdom next week. With the US calendar being lighter in the coming seven days, the greenback may lose some steam, though the FOMC minutes could still keep the dollar bulls happy. In other data, trade figures out of Japan and New Zealand will be watched. Japanese exports eyed for Q2 [..]

Technical Analysis – GBPJPY facing negative movements in near term after rising to 150

Posted on May 18, 2018 at 12:18 pm GMT

GBPJPY is paring some of Friday’s gains as over the last hours it is moving below its intraday high around 150.00. The price reached a new two-week high and is creating a bullish correction after the rebound on the 147.00 psychological level. In the 4-hour chart, the technical indicators are pointing to a neutral to positive bias with the RSI just below the 70 level, while the MACD oscillator is flattening above its trigger line. In case of further losses, the price could challenge [..]

Technical Analysis – USDCAD stuck within narrow range of 38.2% and 50% Fibonacci levels; maintains weak bias in near term

Posted on May 18, 2018 at 6:35 am GMT

USDCAD has been trading within the 20- and 40-day simple moving averages since Thursday’s session with weak momentum. The pair plunged below the 50.0% Fibonacci retracement level of 1.2925 of the downleg from 1.3800 to 1.2060 and is still holding above the 38.2% Fibonacci mark of 1.2725 during the current week. Looking at the daily timeframe, based on technical indicators, momentum is too weak to provide a sustained move higher. The MACD oscillator slipped below its trigger line in the positive area, [..]

Technical Analysis – EURTRY holds below all-time high of 5.3236; indicators endorses positive move

Posted on May 17, 2018 at 12:48 pm GMT

EURTRY is set to complete the third straight green week, while it reached a new all-time high of 5.3236 during Wednesday’s trading session, despite that it ended the day in the red. Currently, the pair is trying to pare yesterday’s losses, while the technical indicators are signaling further bullish movement. The positive bias in the daily chart is also supported by the RSI indicator, which has been hovering near the overbought level in the past few days. In addition, the MACD oscillator is [..]

Technical Analysis – AUDJPY hits 4-week high; looking neutral in the medium term

Posted on May 17, 2018 at 12:02 pm GMT

AUDJPY posted a four-week high of 83.36 earlier on Thursday, while it is currently trading not far below that peak. Indicative of the positive momentum is the fact the pair finished higher in five of the last six trading days, while it is looking set for a positive close today as well. Adding to the view for a positive short-term bias is the RSI indicator which is in bullish territory above 50 and continues to rise. Resistance to further gains [..]

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