forex

Technical Analysis – AUDJPY reverses lower, picture turning negative

Posted on February 7, 2020 at 12:44 pm GMT

AUDJPY posted a ‘golden cross’ in mid-January – which is usually a positive sign – but was unable to sustain the upside momentum. Instead, the price structure on the daily chart seems to be turning negative, with lower highs and lower lows below both the 50- and 200-day simple moving averages (SMAs). A dive back below 72.40 would confirm that the outlook has turned bearish. Short-term momentum oscillators endorse an increasingly negative picture, with the RSI turning down after testing [..]

Technical Analysis – GBPNZD maintains neutral-to-bullish bias above cloud

Posted on February 7, 2020 at 11:21 am GMT

GBPNZD has been consolidating over the last four months with upper boundary the 2.0430 resistance and lower boundary the 50.0% Fibonacci retracement level of the up leg 1.8280 – 2.0550, near 1.9410. However, the broader picture remains positive as the price is hovering above the seven-month ascending trend line. Turning the attention to the technical indicators, the RSI is sloping up after the bounce off the 50 level, while the stochastic is turning slightly higher before it hit the 20 [..]

Technical Analysis – GBPJPY could stay neutral; trend signals skewed to the downside

Posted on February 7, 2020 at 8:11 am GMT

GBPJPY keeps trading sideways but short-term trend signals seem skewed to the negative side as the pair has already crossed below the supportive trendline, the 50-day simple moving average (SMA) is preparing to cross above the 20-day SMA, while the price itself is fluctuating marginally below the Ichimoku cloud. The neutral mood is likely to stay in the short-term if the RSI and the MACD continue to lack direction, with the price expected to be congested between the 61.8% Fibonacci [..]

Technical Analysis – USDCAD struggles below 2-month peak; surpasses downtrend line

Posted on February 7, 2020 at 7:51 am GMT

USDCAD had a successful jump above the one-year falling trend line, recording a two-month high, but it found some a obstacle near the 50.0% Fibonacci retracement level of the down leg from 1.3664 to 1.2950 near 1.3305. The buying interest seems to be soft as the technical indicators are suggesting a possible pull back in the short-term. The stochastic oscillator created a bearish crossover within its %K and %D lines in the overbought zone, while the RSI is flattening near [..]

Technical Analysis – GBPNOK’s correction downwards pauses as buyers look to reload

Posted on February 6, 2020 at 11:23 am GMT

GBPNOK reverses ahead of the multi-year high of 12.21 and is finding some difficulty in pushing past the inside swing high of 11.95 (previous resistance-now-support), something also reflected in the flattening Kijun-sen line. The short-term oscillators suggest a stall in negative momentum. The MACD is flattening as it remains above its red trigger line in the positive zone, while the RSI’s decline in the bullish region, begins to slow. That said, the rising Tenkan-sen line, which is distancing itself above [..]

Technical Analysis – NZDUSD holds bearish bias near 2-month trough

Posted on February 6, 2020 at 10:09 am GMT

NZDUSD has been on the sidelines for most of the week as the two-month low of 0.6450 and the 0.6500 handle seem to be a real struggle for traders. Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and towards its 30 mark, while the MACD oscillator is approaching its trigger line to create a bearish cross below the zero line. In the last 4-hour session, the price dropped below the 20-day simple [..]

Technical Analysis – USDCHF bulls need to break 0.9770 to take over

Posted on February 6, 2020 at 8:03 am GMT

USDCHF started the month on the right foot, with the price refusing to revisit the 15-month low of 0.9612 and instead rebounding back to the 0.9700 region this week. While bullish pressure seems to be gathering as the RSI is pushing efforts to expand above its 50 neutral mark and the MACD is increasing positive momentum above its red signal line, it remains to be seen whether the price can hold around the upper Bollinger band and more importantly surpass the 38.2% [..]

Technical Analysis – USDJPY finds wall near 110.00; fresh 2-week high

Posted on February 6, 2020 at 7:20 am GMT

USDJPY had an impressive bullish rally over the last three daily sessions, finding strong support at the five-month ascending trend line and the 108.30 barrier. Earlier today, the price recorded a new two-week high near the strong 110.00 psychological number, successfully surpassing the 20- and 40-day simple moving averages (SMAs). From a technical viewpoint, the stochastic entered in the overbought zone and is still pointing north, while the RSI indicator is moving up into the positive territory. Both are confirming [..]

Technical Analysis – EURNZD seems to have found a ceiling; bearish bias in near term

Posted on February 5, 2020 at 1:47 pm GMT

EURNZD has come under renewed selling pressure and has fallen back below the 1.7000 handle, though it remains inside the Ichimoku cloud. The technical indicators are falling simultaneously with the price, as the RSI found a wall at the 70 level and declined sharply lower, while the stochastic created a bearish cross with its %K and %D lines in the oversold zone. However, the 20 and 40-day simple moving averages (SMAs) completed a bullish cross, confirming the upside move towards [..]

Devastated loonie eyes Canadian jobs data for relief – Forex News Preview

Posted on February 5, 2020 at 8:56 am GMT

The latest jobs numbers out of Canada are due at 13:30 GMT on Friday. Forecasts point to another decent report, which could dispel some expectations for a rate cut by the BoC in the coming months, and perhaps lift the loonie on the news. That said, as long as markets continue to agonize about the impact of the coronavirus on the global economy and commodity demand, any recovery in the oil-sensitive currency might remain short lived. Loonie pummeled as BoC [..]

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