forex

Technical Analysis – AUDJPY finds resistance at 50-day MA; outlook remains bearish

Posted on April 11, 2018 at 2:02 pm GMT

AUDJPY hit a 4-week high yesterday, peaking at 83.36, but the upswing met resistance at the 50-day moving average. Prices have reversed sharply lower today but momentum indicators remain in bullish territory, suggesting fresh gains are still possible in the near term even though the immediate risk is to the downside. Th RSI has dipped slightly lower today and is some way off from overbought territory. The stochastics are also pointing downwards but are holding near the 80-overbought level. Should [..]

Technical Analysis – EURTRY skyrockets to fresh all-time high of 5.1931

Posted on April 11, 2018 at 1:18 pm GMT

EURTRY reached another all-time high of 5.1931 today, posting the ninth consecutive bullish day. Over the last couple of days, the pair is posting new highs with aggressive mode and is trading well above its moving averages. The bullish picture in the medium-term is further supported by the MACD, which is rising above its red trigger line. Short-term momentum indicators are also pointing to a continuation of the bullish bias. The RSI indicator is well above the 70-overbought level at 83, [..]

Technical Analysis – EURJPY creates weak sessions within narrow range between 132.20 – 132.60

Posted on April 11, 2018 at 10:40 am GMT

EURJPY reached a 7-week high of 132.60 during Tuesday’s trading session as the pair extended its bullish rally for the second day in a row. In the short-term, prices are capped by the 132.60 resistance level and the upper Bollinger Band. In addition, the 38.2% Fibonacci retracement level of 132.50 of the downleg from 137.50 to 129.00 acts as strong support barrier for the price. In the 4-hour chart, momentum indicators seem to be in confusion. The RSI indicator is flattening slightly below [..]

Technical Analysis – AUDUSD has significant bullish day before touching upper Bollinger Band

Posted on April 11, 2018 at 6:42 am GMT

AUDUSD has reversed back up again after four bearish weekly sessions, following the strong rebound on the 38.2% Fibonacci retracement level near 0.7640 of the upleg from the low on January 2016 (0.6820) and the high on January 2018 (0.8135). In the short-term, the pair posted an aggressive positive rally during yesterday’s session, approaching the 40-day simple moving average around 0.7765, which overlaps with the upper Bollinger Band. In the daily timeframe, prices bounced off the latter level during today’s early European [..]

UK trade and production data eyed as pound approaches $1.42 – Forex News Preview

Posted on April 10, 2018 at 2:41 pm GMT

The pound was one of the best performing currencies against the US dollar in the first three months of 2018. But as the British currency basks in the growing optimism about the prospect of a favourable post-Brexit trade deal with the European Union, the renewed strength may not be good news for UK exporters, with early indications pointing to slowing manufacturing growth in the first quarter. The Office for National Statistics will publish its latest figures on industrial and manufacturing [..]

Technical Analysis – NZDJPY in sharp bullish move in near term; bearish tendency in medium term

Posted on April 10, 2018 at 1:11 pm GMT

NZDJPY has advanced considerably over the last couple of hours and surged towards the 38.2% Fibonacci retracement level around 78.70 of the downleg from the high of 83.90 to the low of 75.50. When looking at the longer-term picture the price has been developing within a descending tendency since the end of July 2017. Momentum indicators are pointing to a positive bias in the short-term with the MACD oscillator just above the zero line. The Relative Strength Index (RSI) is aggressively sloping [..]

China prices to ease in March after Lunar New Year distortion; yuan firmer amid trade friction – Forex News Preview

Posted on April 10, 2018 at 9:17 am GMT

China’s National Bureau of Statistics will publish inflation data on Wednesday consisting of the consumer and producer price indices. While both the CPI and PPI rates are expected to moderate in March, investors will be wary of any unexpected weakness in price pressures in the world’s second largest economy amid an escalating trade spat with the United States. The annual rate of CPI is forecast to ease by 0.3 percentage points to 2.6% in March, remaining below the People’s Bank [..]

Technical Analysis – GBPUSD holds in trading range; bullish bias is expected in short term

Posted on April 10, 2018 at 6:40 am GMT

GBPUSD has been consolidating since January 12 with upper boundary the 1.4280 resistance level and lower boundary the 1.3710 support barrier. The neutral to bullish picture in the short-term looks to last a while longer as prices are still trading in the middle of the trading range. During a previous couple of sessions, the pair rebounded on the 40-day simple moving average and is trying to extend its gains to the upside. Support was met around the 1.3980 region, forcing the cable [..]

Technical Analysis – GBPJPY attempting cloud breakout; outlook more bullish

Posted on April 9, 2018 at 2:12 pm GMT

GBPJPY is looking more bullish in the short to medium term as it extends its gains from March’s 5-month low of 144.98 to above the 151 handle. The pair has been trying to break above the Ichimoku cloud during the past two sessions but failed on Friday to close above it. Prices are back above the cloud today, rising to 2-month highs. A successful daily close above the cloud top is possible given the bullish short-term indicators and would strengthen [..]

Technical Analysis – EURUSD bearish in short term; looking neutral in medium term

Posted on April 9, 2018 at 9:29 am GMT

EURUSD remains on a downtrend in the short term despite an upwards correction, which now appears to be fizzling out. The rebound from Friday’s 5-week low of 1.2215 has been halted at the 23.6% Fibonacci retracement of the downleg from 1.2475 to 1.2215. This level is around 1.2275. Prices are struggling to overcome this resistance region as the RSI has turned neutral around 50 in the 4-hour chart, suggesting little immediate upside momentum. Should the pair overcome this hurdle, another [..]

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