forex

Week Ahead – Japanese GDP and US retail sales to be main highlights; Aussie and UK jobs also eyed

Posted on May 11, 2018 at 1:12 pm GMT

With the Bank of England completing the round of central bank meetings for the Spring, economic data will move to the forefront next week. The highlights will come from Japan’s GDP readings for the first quarter and retail sales figures out of the United States. Inflation will also be in focus as Japan, Canada and the Eurozone publish CPI numbers, while employment reports out of Australia and the United Kingdom will also attract attention. First glimpse at Japanese Q1 growth [..]

Technical Analysis – EURCAD trades around 4-month low levels; outlook increasingly bearish

Posted on May 11, 2018 at 12:23 pm GMT

EURCAD has declined considerably since late April and eventually touched a four-month low of 1.5148 during Thursday’s trading. For perspective, the pair has shed 5.9% after posting a nine-year high of 1.6151 in late March. The negatively aligned Tenkan- and Kijun-sen lines are supportive of a bearish short-term picture. The Chikou Span, though, is suggesting an oversold market, rendering a move to the upside in the near-term a possibility. Further declines could meet support around yesterday’s four-month low of 1.5148, [..]

Technical Analysis – GBPJPY finds strong resistance at 20- and 40-SMAs in near term

Posted on May 11, 2018 at 9:46 am GMT

GBPJPY has reversed back down again after finding resistance on the bullish cross within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. This top is just above the last day’s high near 148.10, while the price started a sharp bearish bias after the pullback on 149.30 on in Thursday’s trading session. In the 4-hour chart, the technical indicators dropped to their negative levels, confirming the bearish attitude on price. The RSI indicator slipped below the 50 level and is still sloping down, while the MACD oscillator declined [..]

Technical Analysis – USDCAD plunges below 1.3000 strong key level; bearish in short-term

Posted on May 11, 2018 at 6:28 am GMT

USDCAD has been underperforming in the past two days, following the rebound on the 1.3000 strong psychological level on Tuesday. The pair plunged below the 50.0% Fibonacci retracement level of 1.2925 of the downleg from 1.3800 to 1.2060 and is developing below the 20- and 40-simple moving averages (SMAs) in the short-term as well. Looking at the daily timeframe, the MACD oscillator slipped below its trigger line in the positive area, while the RSI indicator fell in the negative zone [..]

Technical Analysis – NZDUSD slips to 0.6900 key barrier touching 5-month low

Posted on May 10, 2018 at 9:01 am GMT

NZDUSD starts the day with a gap down and an aggressive bearish rally recording a fresh five-month low around the 0.6900 psychological level. The negative momentum remains in play as technical indicators endorse the scenario for further declines. Technically, in the 4-hour chart, the RSI indicator slipped near the 30 level and is trying to enter the oversold zone, while the MACD oscillator is strengthening its negative bias as it is holding below its trigger and zero lines. In addition, the 20- [..]

Technical Analysis – USDJPY approaches 110.00 critical level; 200-day SMA acts as significant obstacle

Posted on May 10, 2018 at 6:36 am GMT

USDJPY has posted a strong bullish run during Wednesday’s trading session and is approaching again the three-month high near the 110.00 psychological level. This region overlaps with the 38.2% Fibonacci retracement level of the downleg from 118.60 to 104.60. The technical indicators in the short-term seem to be in agreement with the bullish scenario. From the technical point of view, the price is ready to touch the 200-day simple moving average (SMA) near 110.20, which is acting as strong resistance in the [..]

Sterling bulls hoping for hawkish hold by BoE after rate hike U-turn – Forex News Preview

Posted on May 9, 2018 at 8:54 am GMT

The pound has plunged by about 6% versus the dollar in the past three weeks as expectations that the Bank of England will raise interest rates on May 10 have diminished sharply. After a series of negative surprises in economic data, the Bank is now expected to keep rates unchanged at 0.50% on Thursday. However, the battered pound could get some respite if policymakers hint that future hikes remain on the table. At the start of April, futures markets were [..]

Technical Analysis – EURJPY rebounds on 6-week low; bullish correction is expected

Posted on May 9, 2018 at 8:43 am GMT

EURJPY is trying to snap the ten consecutive negative daily trading sessions after it created a six-week low near 129.20 on Tuesday. A bullish pullback in the short-term is expected further supported by the technical indicators. Short-term momentum indicators are also pointing up for a creation of a bullish bias. The RSI indicator is turning positive in the negative zone, while the MACD oscillator recorded a positive cross with the trigger line in the bearish area as well. The price is ready to [..]

Technical Analysis – AUDUSD holds at 11-month low; bearish in short and long-term

Posted on May 9, 2018 at 6:43 am GMT

AUDUSD has come under renewed selling pressure on Wednesday, recording a fresh 11-month low of 0.7423 and remaining below the long-term ascending trend line. This diagonal line had been holding since January 2016 and this is the third bearish week where the price has extended its losses. Despite that there was a strong support of 50.0% Fibonacci retracement level of 0.7480 of the upleg from 0.6820 to 0.8135, the price has posted an aggressive bearish rally below it once again. More broadly, the pair has shifted the long-term [..]

Technical Analysis – EURGBP rebound stalls at 61.8% Fibonacci; bias turns neutral

Posted on May 8, 2018 at 2:51 pm GMT

EURGBP is looking more neutral in the short term after pulling back from multi-week highs reached on Friday. The rebound from 0.8620 (11-month low) to 0.8841 (7-week high) lost momentum after hitting resistance at the 61.8% Fibonacci retracement of the downleg from 0.8967 to 0.8620. Momentum indicators point to further downside risks in the near term. The RSI has slid to just above the 50-neutral level, while the stochastics are pointing downwards and approaching negative territory. Immediate support is being [..]

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