forex

Technical Analysis – EURJPY strongly bearish; looking oversold in short-term

Posted on February 28, 2018 at 9:52 am GMT

EURJPY has been plunging since February 21 and recorded the fifth consecutive negative trading day on Wednesday. During today’s European session the pair created a new 5-month low of 130.73 and holds below the 131.15 key level, which was acting as a strong obstacle for the bulls. This penetration suggests an aggressive bearish roller coaster. From the technical point of view, in the 4-hour chart, the MACD oscillator endorses the negative structure and is falling below the trigger and zero [..]

Technical Analysis – AUDUSD risk tilted to the downside; holds below 23.6% Fibonacci mark

Posted on February 28, 2018 at 7:36 am GMT

AUDUSD retreats over the last couple of sessions and risk is still to a bearish correction as price continues to drift lower from the 0.7990 resistance level. The price posted a pullback on the 20-day simple moving average on Monday and slipped below the 23.6% Fibonacci retracement at 0.7826 level of the upleg from 0.6820 to 0.8135. Price action is at the moment taking place not far below this area. Momentum indicators are pointing to a negative bias in the short-term with the [..]

Technical Analysis – CADJPY plunges but stochastic indicates bullish correction

Posted on February 27, 2018 at 2:23 pm GMT

CADJPY has been plunging in the past three weeks, breaking below the 85.45 key level during the previous sessions. The aggressive sell-off drove the pair below the 20 and 40 simple moving averages in the daily timeframe, while the short-term indicators seem in confusion. It is worth mentioning that the pair recorded a fresh 8-month low of 83.82 last Thursday. Turning our attention to the technical structure, the stochastic oscillator is creating a positive divergence with the price. The oscillator [..]

Technical Analysis – GBPUSD remains in bearish correction; next support 1.38 key level

Posted on February 27, 2018 at 7:35 am GMT

GBPUSD posted a red day on Monday, while after the sharp upward rally ended the day below its opening level. The price struggles within the 20 and 40 simple moving averages in the daily timeframe and the short-term technical indicators are bearish and point to more weakness in the market. Looking at the daily timeframe, the Relative Strength Index (RSI) is moving in the positive territory near the 50 level but is flattening. Also, the MACD oscillator is falling below [..]

Technical Analysis – EURUSD maintains weak bias in near term; immediate support 1.22

Posted on February 26, 2018 at 7:32 am GMT

EURUSD has been trading sideways over the last three days within the 20 and 40 simple moving averages in the daily timeframe. The price lost its strong momentum for a bearish correction below a 5-month high of 1.2554 reached last week. However, the short-term technical indicators seem to be in confusion. From the technical point of view, the MACD oscillator is moving lower in the positive territory below its trigger line, signaling further downside potential moves. Also, the Relative Strength Index (RSI) [..]

Technical Analysis – EURJPY continues the strong bearish tendency; strong support zone at 131.20

Posted on February 23, 2018 at 3:27 pm GMT

EURJPY is heading lower over the last three weeks, following the pullback from the more than a 2-year high of 137.50. Prices managed to bounce up to the 133.00 handle on Wednesday but soon stepped back, falling to a fresh 3-month low of 131.22. The bearish picture in the short-term is further supported by the technical indicators. Looking at the 4-hour chart, momentum indicators are also pointing to a continuation of the bearish bias. The stochastic oscillator posted a bearish crossover within its moving averages, [..]

Technical Analysis – GBPJPY struggles below 20 and 40 SMA; could gain upside momentum

Posted on February 23, 2018 at 3:10 pm GMT

GBPJPY is currently paring some of Thursday’s losses but the last couple of hours it has been trading with weak momentum. Meanwhile, the price has been struggling below the 20- and 40-period simple moving averages in the short-term timeframe, which are near the 149.40 resistance level. From the technical point of view, the market could increase positive momentum in the short-term. In the 4-hour chart, the MACD oscillator is moving slightly to the upside above its trigger line, while the stochastic oscillator is approaching the overbought area. [..]

Technical Analysis – EURCAD trades around 2-year high; bullish bias but possibility of overstretched rally

Posted on February 23, 2018 at 11:26 am GMT

EURCAD has advanced considerably since roughly the beginning of the year, hitting a two-year high of 1.5687 during Thursday’s trading. Price action is at the moment taking place not far below this peak. The Tenkan-sen line being above the Kijun-sen one is pointing to a bullish short-term momentum. However, the Chikou Span suggests that the recent rally might be overextended, rendering a pullback in the near-term a possibility. Price advances could meet resistance around yesterday’s high of 1.5687 – including [..]

Technical Analysis – USDCAD heads higher but struggles below 38.2% Fibonacci mark

Posted on February 23, 2018 at 7:47 am GMT

USDCAD climbed sharply above the 1.2685 level during Thursday’s trading session and posted a new 2-month high near 1.2755. However, the price ended the day slightly above its opening level and struggled below the 38.2% Fibonacci retracement level of the down-leg with the high of 1.3800 and the low of 1.2060. The technical indicators now support that the short-term bias is bullish. Looking at the daily timeframe, the 20-simple moving average posted a bullish crossover with the 40-SMA, suggesting a [..]

Technical Analysis – AUDUSD stands below 23.6% Fibonacci level; ascending move in medium-term holds

Posted on February 22, 2018 at 2:33 pm GMT

AUDUSD has reversed back down again after finding resistance at the 0.7990 resistance level achieved last week. Also, the price slipped below the 23.6% Fibonacci retracement level at 0.7826 of the up-leg with the low of 0.6820 and the high of 0.8100 in the medium-term timeframe during yesterday’s session. The downside pressure seems to be stronger, while the technical indicators are endorsing the bearish scenario. From the technical point of view, in the short-term timeframe, the stochastic oscillator is approaching [..]

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