forex

Technical Analysis – USDCHF rally losing momentum; could weaken further in short-term

Posted on May 8, 2018 at 1:05 pm GMT

USDCHF has recorded a stunning bullish rally over the last six weeks, creating a new one-year high of 1.0055. However, despite the gains, the pair is this week developing with weaker momentum than before and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI indicator is currently flattening in the overbought levels and if there is an exit from this region, this would provide a negative signal. In addition, the stochastic oscillator is falling above the 80 level, while the %K [..]

Technical Analysis – GBPUSD sell-off eases slightly after finding support at 4-month low of 1.3485

Posted on May 8, 2018 at 6:34 am GMT

Technical Analysis – GBPUSD sell-off eases slightly after finding support at 4-month low of 1.3485 GBPUSD has headed sharply lower over the last three weeks after the strong bounce off the 1.4375 resistance level. The pair challenged a fresh almost four-month low of 1.3485 achieved last Friday near the 38.2% Fibonacci retracement level of the upleg from 1.2100 to 1.4375. The pair failed to end a day below the aforementioned obstacle and is paring some of the losses. From the [..]

Technical Analysis – EURUSD remains under pressure; maintains short-term bearish bias

Posted on May 7, 2018 at 6:29 am GMT

EURUSD remains under pressure and risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of 1.2020 of the upleg from 1.0340 to 1.2540, which is acting as strong resistance level for the bulls. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the daily timeframe, the Relative Strength Index (RSI) is holding in oversold levels but is flattening, while the MACD oscillator is falling [..]

Technical Analysis – GBPAUD rebounds; downside trend to remain in place

Posted on May 4, 2018 at 12:06 pm GMT

GBPAUD bounced up after it hit a 6 ½-week low of 1.7964 today as the RSI inched down to oversold levels, signaling that the recent downfall could be overstretched. The RSI is now back above 30 and is moving upwards, while the MACD is still in negative territory but is pushing up momentum to cross above its red signal line. Both suggesting that the pair could post further gains in the near-term. However, looking at the simple moving average lines (SMA), the 20-period SMA continues to deviate below [..]

Technical Analysis – GBPJPY strongly bearish; holds near 6-week low of 147.58

Posted on May 4, 2018 at 9:26 am GMT

GBPJPY has been underperforming following the bounce off the 153.80 resistance level on April 13 and during Thursday’ssession it reached a new six-week low of 147.58. The aggressive sell-off drove the pair below the 61.8% Fibonacci retracement level of the upleg from 145.00 to 153.80 suggesting a crucial bearish movement. In the 4-hour chart, the technical indicators dropped to their oversold levels, confirming the negative attitude on price. The RSI indicator slipped below the 30 level and is still sloping down, while the [..]

Technical Analysis – USDCAD in neutral bias holding below 50.0% Fibonacci level

Posted on May 4, 2018 at 6:32 am GMT

USDCAD remains below the 50.0% Fibonacci retracement level of 1.2925 of the downleg from 1.3800 to 1.2060 over the last 10 days and creates a narrow range with upper boundary the 1.2925 and lower boundary the 1.2800 handle. The price is also developing above the 40-day simple moving average (SMA) and has so far not slipped below it. When looking at the bigger picture, the pair has been trading within a rising sloping channel since September 2017, failing several times to [..]

Technical Analysis – CADJPY strong negative movement in trading range

Posted on May 3, 2018 at 1:16 pm GMT

CADJPY has plunged over the last couple of hours erasing some gains of the previous days. The pair has been struggling in a trading range since April 10 with upper boundary the 85.75 resistance level and lower boundary the 84.30 support barrier. During yesterday’s trading session the price bounced off the upper level and posted significant losses. From the technical point of view, the short-term momentum indicators dived sharply. The RSI indicator plunged below the 50 level and is approaching the 30 area, [..]

Technical Analysis – NZDUSD eases following strong bearish rally; broader medium-term trend negative

Posted on May 3, 2018 at 8:54 am GMT

NZDUSD stalled its decline after a strong bearish rally over the previous two weeks. The pair is still trading below the 20- and 40-simple moving averages in the 4-hour chart but is has rebounded somewhat from the more than four-month low of 0.6985 hit earlier on Thursday. The RSI has flattened below the 50 level, indicating that the market could be neutral in the short-term. However, the MACD oscillator supports a bullish picture, having moved above its red-trigger line. Should the pair manage to strengthen its upward movement and jump above the moving [..]

Technical Analysis – USDJPY pares some gains after challenging 3-month high of 110.00 key level

Posted on May 3, 2018 at 6:35 am GMT

USDJPY has been recording a stunning bullish rally since it hit a 16-month low of 104.60 on March 23. The pair extended its run earlier this week recording a fresh three-month high near the 110.00 psychological level. However, during today’s early session the pair is trading slightly lower paring some gains. From the technical point of view, the price is approaching the 200-day simple moving average near 110.20, which is acting as strong resistance in the medium-term, while it is [..]

Could UK Services PMI resurrect hopes for May rate hike? – Forex News Preview

Posted on May 2, 2018 at 1:33 pm GMT

Market odds of an interest rate rise by the Bank of England in May have fallen dramatically over the past month from over 90% to less than 20% after a run of weak UK data. BoE chief, Mark Carney, also cast doubt about the prospect of a May move in recent remarks. However, after strongly signalling a rate increase earlier in the year, the Bank may have cornered itself into raising rates as it risks losing credibility if it doesn’t [..]

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