forex

Technical Analysis – AUDUSD gains some ground; builds base around 23.6% Fibonacci level

Posted on March 14, 2018 at 7:35 am GMT

AUDUSD is trading higher following the rebound on the 0.7715 significant support level. However, the bullish movement paused at the 40-day simple moving average near the 0.7900 psychological level during yesterday’s session. Looking at the momentum indicators, the RSI indicator is moving slightly above its neutral threshold of 50 and is sloping to the upside, suggesting that the market could keep moving higher in the near term. The MACD oscillator also supports this view as it is in the negative territory but is ready to surpass the [..]

Technical Analysis – EURGBP still consolidating; unable to break above upper channel

Posted on March 13, 2018 at 4:00 pm GMT

EURGBP has been consolidating since September 2017 and has been stuck in a channel tilted slightly to the downside. The neutral to bearish picture in the medium term looks to last for a while longer after prices failed to break above the upper channel earlier this month. Resistance was met at around the 0.8950 region after prices hit a 3-month high of 0.8967, forcing the pair to reverse lower. The negative bias in the near term is supported by the [..]

Technical Analysis – EURNZD hits rising trend line; sign of bearish correction

Posted on March 13, 2018 at 1:39 pm GMT

EURNZD is touching the ascending trend line, which has been standing since February 2017. In the short-term timeframe, the price has been developing within a narrow range over the last two months with upper boundary the 1.7100 psychological level and lower boundary the 1.6720 support, which overlaps with the lower Bollinger band. Technically, in the daily timeframe, the RSI indicator slipped below the 50 level following the pullback on the positive territory. Additionally, the ROC oscillator approached the zero line, [..]

Technical Analysis – GBPUSD still in bearish correction mode; maintains weak bias in near term

Posted on March 13, 2018 at 7:35 am GMT

GBPUSD has been holding in a short-term valid descending trend line since January 25. The pair struggled below the 20 and 40 simple moving averages near 1.3900 and 1.3960 respectively. The bearish correction seems to still be in progress, however, the technical indicators are holding in a neutral territory. In the daily timeframe, the MACD oscillator jumped above its trigger line and posted a bullish crossover but is still standing below the zero line. Moreover, the RSI is flattening near the 50 level with no clear [..]

Technical Analysis – EURUSD looks neutral as it holds in narrow range and below SMAs

Posted on March 12, 2018 at 7:37 am GMT

EURUSD remains under strong pressure and risk is still to the downside as prices continue to post neutral days after the significant bearish day last Thursday. The short-term technical indicators are flattening and point to more weakness in the market. Looking at the daily timeframe, the prices are looking capped by the 20 and 40-simple moving averages which are negatively aligned while a bearish crossover is near. The RSI indicator holds near the 50 level with no clear signal and [..]

Technical Analysis – GBPJPY trades in narrow range; bullish move is expected until 148.50

Posted on March 9, 2018 at 12:58 pm GMT

GBPJPY is creating a bullish recovery over the last sessions after it hit a 6-month low near the 145.00 psychological level. The prices jumped above the 20 and 40 simple moving averages in the 4-hour chart and are standing below the 148.00 handle. As a side note, the pair has been holding within a narrow range of 146.25 – 147.65 since March 5 and is trying to jump above this area at the time of writing. From the technical point [..]

Technical Analysis – USDMXN posts 11-day low; bearish cross in place

Posted on March 9, 2018 at 12:01 pm GMT

USDMXN is extending its declines for the sixth straight day, hitting an 11-day low of 18.5853 earlier on Friday. The RSI has moved below the 50 neutral-perceived level and continues to decline. This is indicative of bearish short-term momentum for the pair. Additional losses could meet support around the current level of the 200-day moving average at 18.4508, with a downside violation bringing into view the five-month low of 18.2978 that was recorded in late January. On the upside, the [..]

Technical Analysis – USDCAD posts eight-month high of 1.3000; sideways movement in short term

Posted on March 9, 2018 at 7:35 am GMT

USDCAD is trading sideways after the aggressive buying interest that was created following the rebound on the 1.2250 support level. The pair hit an eight-month high near the 1.3000 critical psychological level and successfully surpassed the 50.0% Fibonacci retracement level at 1.2930 of the downleg from 1.3800 to 1.2060. However, currently, the price action has slipped below the aforementioned obstacle and is holding near its opening level at 1.2890. The short-term technical indicators are endorsing the possible retracement on the price as the momentum is too [..]

Technical Analysis – CADJPY posts aggressive bearish move; holds near 9-month low

Posted on March 8, 2018 at 1:58 pm GMT

CADJPY has been plunging since the pullback on the 91.60 resistance level. The pair posted three consecutive weekly bearish sessions and recorded a fresh 9-month low of 81.36 level, while it touched the lower Bollinger band. The short-term technical indicators are endorsing the aggressive sell-off in the price action. Technically, in the daily chart, the MACD oscillator continues to strengthen the downwards move below the zero and trigger lines, while the RSI indicator is holding within the oversold zone, suggesting that the [..]

Technical Analysis – NZDUSD stands in sideways channel; negative movement is forecasted

Posted on March 8, 2018 at 1:09 pm GMT

NZDUSD edged sharply lower in the previous session while is paring some losses the last hours. The price has been consolidating within a trading range with upper boundary the 0.7435 resistance level and lower boundary the 0.7185 support barrier since January 24. When looking at the bigger picture the pair lacks a clear trend after its rally from 0.6780 stalled at 0.7435. In the 4-hour chart, momentum indicators are also pointing to a continuation of the sideways channel but with a downside risk. [..]

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