forex

Technical Analysis – EURUSD holds within sideways channel in short-term; ascending move in medium-term

Posted on April 2, 2018 at 7:09 am GMT

EURUSD remains under pressure and has been trading within a sideways channel since January 12 with upper boundary the 1.2540 resistance level and lower boundary the 1.2160 support level. During Friday’s trading session, the price snapped a three-day losing streak and posted a bullish candle. Having a look at the bigger picture, the single currency has been developing within an ascending tendency versus the greenback over the last year. Looking at the technical indicators, in the daily timeframe the MACD [..]

Technical Analysis – EURAUD bullish bias but possibility of overstretched rally

Posted on March 30, 2018 at 1:42 pm GMT

EURAUD has advanced considerably since roughly the beginning of 2017, hitting a more than a 2-year high of 1.6190 during Wednesday’s trading session. However, the price dropped aggressively after it hit the aforementioned level, closing the subsequent days in the red. The bearish sentiment is likely to continue in the short-term according to momentum indicators. The MACD oscillator is ready to create a bearish cross with its trigger line in the positive zone, while the RSI is moving south above the 50 level. Should [..]

Technical Analysis – GBPJPY still trading in an upward sloping channel

Posted on March 30, 2018 at 10:56 am GMT

GBPJPY has been stuck in a channel tilted to the upside since the beginning of March. The cautiously bullish picture in the short-term looks set to last for a while longer after prices failed to break to the downside of the lower channel earlier this week. Support was met at around the 148.80 region, forcing the pair to reverse higher. The deterioration in the momentum indicators supports a positive to neutral bias in the near-term. The %K line of the stochastic oscillator has risen sharply above the oversold zone and [..]

Technical Analysis – USDCAD struggles below 50.0% Fibonacci; bearish correction mode in progress

Posted on March 30, 2018 at 7:15 am GMT

USDCAD completed a bearish correction following the pullback from the 9-month high of 1.3130, reached on March 9. As a side note, the pair has been consolidating below the 1.2950 level until the 1.2800 handle, which overlaps with the 40-day simple moving average (SMA) over the last six trading days. The price is stuck below the 50.0% Fibonacci retracement level of 1.2930 of the downleg from 1.3800 to 1.2060, which is acting as a major resistance barrier and holds near [..]

Technical Analysis – NZDUSD extends downtrend after breaking below 0.7200

Posted on March 29, 2018 at 11:04 am GMT

NZDUSD turned increasingly bearish after a bounce off the 0.7300 handle on Tuesday, breaking below the 0.7200 strong psychological level yesterday. Today the pair continues to head lower, but the RSI in the 4-hour chart is not far away from oversold levels therefore upside movements cannot be excluded yet in the short-term. The MACD gives additional bearish signals, as the index is stretching downwards into negative territory. If prices extend lower, the next support could come around the 2-month low of [..]

Technical Analysis – USDJPY posts some losses after aggressive bullish day

Posted on March 29, 2018 at 6:23 am GMT

USDJPY bounced sharply during Wednesday’s trading session, adding 170 pips to its performance in just one day. The price rebounded on the 16-month low near 104.60 and tried to challenge the 107.30 resistance level. The pair, however, is currently looking weaker, trading below the 40-day simple moving average in the daily timeframe. The MACD oscillator is rising above its red trigger line at the moment, giving some positive signals but is still in bearish territory, while the RSI is struggling to hold above 50, suggesting that the [..]

Technical Analaysis – NZDJPY in neutral bias after climbing towards 20-DMA; outlook still bearish

Posted on March 28, 2018 at 2:44 pm GMT

NZDJPY is looking more neutral as prices have climbed towards the 20-day simple moving average (MA) after bouncing off the lower Bollinger band. However, the 20-day MA also acted as resistance, hence the upside momentum appears to have run out of steam as prices have been attempting and failing to close above the line in the past three sessions. The neutral bias in the near term is also supported by the RSI, which has been hovering below the 50-neutral level [..]

Technical Analysis – AUDUSD holds at 3-month lows; bearish in short and medium-term

Posted on March 28, 2018 at 6:53 am GMT

AUDUSD has been making lower highs and lower lows since the end of January when it touched a more than a 2 ½ -year high of 0.8135, pausing this downtrend at 3-month lows over the past week. The technical indicators, though, continue to send bearish signals, suggesting that the softness in the market is not over yet. The RSI has flattened near oversold levels, slightly above 30 indicating that the market could weaken a little bit in the short-term until [..]

Technical Analysis – GBPUSD bulls still in the game but approach overbought zone

Posted on March 27, 2018 at 6:49 am GMT

GBPUSD has almost reversed the downtrend started at the beginning of February and the backdrop is looking bullish at the moment with price actions taking place above the Ichimoku cloud and all the simple moving average lines (SMA). Yet, momentum indicators suggest that there is not much space for additional gains. Both the RSI and Stochastics are in overbought territory, suggesting that the market might show weakness in the short-term. However, the latter still needs to post a bearish cross [..]

Technical Analysis – USDZAR hits 1-month low, looks bearish in the short- and medium-term

Posted on March 26, 2018 at 1:27 pm GMT

USDZAR posted losses after recording a one-and-a-half-month high of 12.105 last Monday, eventually hitting a one-month low of 11.596 earlier in the day. The RSI continues to decline after crossing below the 50 neutral-perceived level, pointing to a negative short-term picture for the pair. Support to further losses could come around the three-year low of 11.502 that was recorded in late February, while on the upside, resistance to advances might be met around the current level of the 50-day moving [..]

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