forex

Technical Analysis – EURUSD trades in narrow range; maintains short-term bearish bias

Posted on March 19, 2018 at 7:31 am GMT

EURUSD ended last week slightly lower where it started, while it was sold-off three out of five trading days. The pair remains under significant pressure and risk is still to the downside as prices continue to post bearish days. It is worth mentioning that in the short-term the price has been developing within a sideways channel since January 12 with upper boundary the 1.2540 barrier and lower boundary the 1.2160 support. In the bigger picture, the market is bullish as long as the ascending [..]

Technical Analysis – GBPAUD bulls break 1.8000 and enter overbought territory

Posted on March 16, 2018 at 3:26 pm GMT

GBPAUD has been on a remarkable rally since yesterday, putting strong efforts into exiting the range-bound trading started in early February. The pair managed to touch the 1.8010 handle today, a level last seen in June 2016, but in the four-hour chart, momentum indicators suggest that the market could be overstretched. Positive sentiment dominates in the market as long as prices hold above their 20-period simple moving and the Ichimoku cloud. The MACD is well into positive territory and is also above its red signal line, embracing the bullish background. However, looking at the [..]

Technical Analysis – GBPJPY further losses in focus; stands below 20 and 40 SMAs

Posted on March 16, 2018 at 12:38 pm GMT

GBPJPY has reversed back down again after finding resistance at the two-week high of 149.37 achieved this week. This top is just below the 38.2% Fibonacci retracement level of the downleg from February’s high of 156.60 to March’s low of 145.00. Momentum indicators are pointing to a bearish bias in the short term with the RSI indicator holds just below the 50 level and the MACD oscillator fell below the zero line with weak momentum. It is worth mentioning that [..]

Technical Analysis – USDCAD records 9-month high; sharp buying interest in short term

Posted on March 16, 2018 at 7:36 am GMT

USDCAD has advanced considerably over the last four trading days, hitting an almost 9-month high of 1.3071 during today’s European session. Price action at the moment is taking place not far below this peak, having successfully surpassed the 1.3000 strong psychological level. The technical picture supports that the bullish bias is likely to continue in the short-term. Having a look in the daily timeframe, the technical indicators are holding in the overbought areas. The RSI indicator is moving slightly above the threshold of 70, suggesting that the [..]

Technical Analysis – EURNOK falls to 4-month lows; near oversold levels

Posted on March 15, 2018 at 3:34 pm GMT

EURNOK declined fiercely after it touched a nine-year high of 9.9912 on December 21. Then in early February, the market managed to recoup some of its losses, but its efforts were not sustainable, and prices reversed direction again to reach a four-month low of 9.4709 today. The RSI is currently increasing negative momentum in bearish territory below 50 and is a breath above oversold levels, hinting that the market’s downtrend could be overextended. Stochastics have already posted a bullish cross [..]

Technical Analysis – USDCHF looking bullish in the short-term but maintains bearish medium-term tone

Posted on March 15, 2018 at 11:33 am GMT

USDCHF has advanced is recent weeks, distancing itself from the near three-year low of 0.9187 hit on February 16. Last Friday, the pair posted a seven-week high of 0.9534. The short-term bias is looking cautiously positive, with the RSI continuing to rise. The pair has managed to marginally exceed the 50-day moving average line at 0.9450, with immediate resistance potentially coming around the 38.2% Fibonacci retracement level of the December 8 to February 16 downleg, at 0.9488. Not far above [..]

Technical Analysis – NZDUSD fails to jump above 0.7350; weak bias in short term

Posted on March 15, 2018 at 9:21 am GMT

NZDUSD has been developing within an ascending trend since March 1 after the strong rebound on the 0.7185 support level. Although the pair hit several times the 0.7350 resistance barrier yesterday it failed to have a successful run above it and is currently moving near the 0.7310 price level and below the 20-simple moving average in the 4-hour chart. Looking at momentum indicators, the RSI indicator approached the 50 level after the bounce off the overbought zone. The MACD oscillator also [..]

Technical Analysis – USDJPY remains in bearish phase; unable to break below 16-month low

Posted on March 15, 2018 at 7:31 am GMT

USDJPY fell as low as 105.77 during today’s European session and is recording another negative day. The drop below the 108.20 strong resistance level has pushed the price further lower, creating a 16-month low of 105.23. When looking at the bigger picture, in the weekly timeframe, the price has been trying to break the aforementioned level over the last three weeks. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K and %D lines of the stochastic oscillator are falling [..]

Technical Analysis – EURSEK remains bullish despite retreat from 8-year high

Posted on March 14, 2018 at 11:40 am GMT

EURSEK has advanced considerably after hitting a four-month low of 9.7435 on January 31, eventually recording an eight-year high of 10.2442 last week. The pair has since lost some ground from March 7’s multi-year peak, with the retreat possibly coming on the back of an overstretched market – the Chikou Span seems to support this view. Still, the decline was unable to alter the short-term positive bias, with the Tenkan- and Kijun-sen lines remaining positively aligned. Price advancing might meet [..]

Technical Analysis – EURJPY completes upward retracement with weak momentum

Posted on March 14, 2018 at 9:23 am GMT

EURJPY is creating a bullish correction tendency after the rebound on the six-month low of 129.30. In the short-term timeframe, during Wednesday’s session, the pair hit a 4-month high of 132.42 and touched the 38.2% Fibonacci retracement level of the last big downward movement with the high of 137.50 and the low of 129.30. Currently, the price is moving slightly lower and the technical indicators are confirming the recent decline. The MACD oscillator lost its upward momentum and is falling, while the [..]

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