forex

Technical Analysis – GBPUSD retreats after slipping below uptrend line

Posted on May 2, 2018 at 12:38 pm GMT

GBPUSD dived over the last two weeks after the bounce off the 1.4375 resistance level, while during yesterday’s daily session the price dropped below the long-term ascending trend line, shifting the bullish outlook to bearish. However, during Wednesday’s session, the pair is paring some losses after reaching an almost 16-month low of 1.3579. The RSI has fallen into oversold territory but is sloping slightly to the upside. The stochastics are still in oversold levels, with the indicator turning slightly upwards, while the MACD supports a bearish picture since the index [..]

Technical Analysis – EURJPY runs above 38.2% Fibonacci mark after creating bearish correction in near term

Posted on May 2, 2018 at 8:56 am GMT

EURJPY is trading higher snapping five consecutive negative days in the short-term after it reached a three-week low of 131.60 during yesterday’s session. Furthermore, prices today successfully surpassed the 38.2% Fibonacci retracement level of 131.74 of the upleg from 128.93 to 133.50. A bullish pullback 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 is trying for a positive [..]

Technical Analysis – AUDUSD shifts long-term positive structure to negative; hits 11-month low

Posted on May 2, 2018 at 6:41 am GMT

AUDUSD has been heading sharply lower over the last couple of weeks, penetrating the long-term ascending trend line to the downside. The bullish picture shifted to bearish as there is a weekly session close below the significant diagonal line, which had been holding since January 2016. Since its deep fall, the price touched a fresh 11-month low of 0.7471 during yesterday’s trading day. Looking at momentum indicators, in the daily timeframe, the RSI indicator is lacking direction near the oversold zone, suggesting [..]

More hawkish Fed eyed at May FOMC meeting as dollar headed for best month in a year – Forex News Preview

Posted on April 30, 2018 at 2:38 pm GMT

The Federal Open Market Committee (FOMC) begins a two-day monetary policy meeting on Tuesday, with a decision expected on Wednesday at 18:00 GMT. No change to the federal funds rate is expected this month, which now stands at a target range of 1.50-1.75%. The Committee last raised rates in March and indicators for the US economy have been consistently solid since then. But with no new quarterly projections scheduled in May and policymakers committed to a gradual rate hike path, [..]

Technical Analysis – GBPAUD retreats after steep losses; holds in consolidation area in near term

Posted on April 30, 2018 at 1:39 pm GMT

GBPAUD edged sharply lower over yesterday’s trading session and touched the 1.8170 support level. The pair has been holding within a sideways channel since March 19 with upper boundary the 1.8475 resistance level and lower boundary the 1.8170 support, which coincides with the 40-day simple moving average. In the short-term, the technical indicators turned their momentum to positive. Momentum indicators are pointing up in the short term, although the RSI remains in the negative zone. The stochastic oscillator is moving higher, suggesting an upside reversal is [..]

Technical Analysis – EURUSD shifts bullish outlook to bearish in medium-term; possibility of upward retracement in short-term

Posted on April 30, 2018 at 6:26 am GMT

EURUSD has reversed down following an aggressive bearish week, which shifted the medium-term positive outlook to negative. The price penetrated the ascending trend line to the downside and recorded a fresh more than three-month low of 1.2054, achieved last Friday. However, the technical indicators are suggesting a retracement of the sharp sell-off. In the daily timeframe, the RSI indicator is holding in the negative territory, while it is sloping slightly to the upside. Moreover, the %K line of the stochastic [..]

Week Ahead –Fed, jobs report and PCE inflation eyed by dollar bulls; RBA and Eurozone GDP also in focus

Posted on April 27, 2018 at 12:30 pm GMT

The central bank theme will continue next week as the US Federal Reserve and Reserve Bank of Australia hold policy meetings. The latest nonfarm payrolls report and PCE inflation figures look set to keep the US dollar at the centre of attention for much of the week. Another keenly awaited data will be the flash GDP and CPI numbers out of the Eurozone, while PMI readings from China, the United Kingdom and the United States will also be important. RBA [..]

Technical Analysis – USDSEK bullish in the short- and medium-term; RSI overbought

Posted on April 27, 2018 at 10:09 am GMT

USDSEK hit a fresh 10-month high of 8.7389 earlier on Friday. Indicative of the positive bias in the short-term is the fact that the pair finished higher in all but one of the five previous trading days. Adding to the conviction for a bullish momentum is the rising RSI. However, the indicator has entered overbought territory above 70, rendering a pullback in the near term possible. Further gains might meet a barrier around the 11-month high of 8.7979 posted in [..]

Technical Analysis – GBPJPY tumbles below ascending trend line; bullish outlook could turn to bearish

Posted on April 27, 2018 at 8:55 am GMT

GBPJPY has been underperforming since Thursday’s trading session after it found a resistance obstacle at the 152.70 barrier. When looking at the bigger picture, the price had been developing within an ascending movement since March 2after the pullback on the 145.00 significant psychological level, however, currently, the price has fallen sharply below this line. The short-term technical indicators are bearish and point to more weakness in the market. In the 4-hour chart, prices are trading well below the 20- and 40-simple moving averages over the [..]

Technical Analysis – USDCAD maintains bullish bias in near term; immediate resistance at 50.0% Fibonacci mark

Posted on April 27, 2018 at 6:33 am GMT

USDCAD is ready to complete two consecutive positive weeks after the rebound on the 1.2530 support level. When looking at the bigger picture, the pair has been trading within a rising sloping channel since September 2017, failing several times to exit from this range. The technical indicators, though, continue to send bullish signals, suggesting that the bullish market is not over yet. The MACD oscillator has crossed above the zero line, indicating that the market could strengthen a little bit more in [..]

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