forex

Technical Analysis – NZDUSD creates double top formation at 0.7435; bearish move is expected

Posted on February 22, 2018 at 1:12 pm GMT

NZDUSD is trading lower over the last four days after it created a double top at the 5-month high of 0.7435 on February 16. The double top reversal is a bearish pattern indicating further losses on the price action. When looking at the bigger picture the pair lacks a clear trend since it has been consolidating within 0.7175 – 0.7435 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 bearish bias. The [..]

Technical Analysis – USDJPY faces weaker movement after four green days; remains below symmetrical triangle

Posted on February 22, 2018 at 7:42 am GMT

USDJPY recorded four bullish trading days in a row following the rebound on the 15-month low near the 105.50 support level. The aggressive bearish rally in the previous week started after the fall below the 50.0% Fibonacci retracement level near 108.80 of the up-leg with the low of 98.96 and the high of 118.60 and drove the price below the medium-term symmetrical triangle, which has been holding since May 2015. Currently, the price is developing near the lower band of [..]

Technical Analysis – GBPUSD bearish retracement in progress in short-term; next immediate support 1.38

Posted on February 21, 2018 at 7:27 am GMT

GBPUSD remains under pressure and risk is still to the downside as prices continue to drift lower from the 1.4150 resistance level. The short-term technical indicators are bearish and point to more weakness in the market, while the price capped by the 20-day simple moving average of the Bollinger band. Looking at the daily timeframe, the Relative Strength Index (RSI) is moving in the positive territory and is approaching the 50 level. Also, the MACD oscillator is holding below its trigger [..]

Technical Analysis – EURUSD posts a pullback after challenging a fresh 3-year high of 1.2554

Posted on February 20, 2018 at 7:37 am GMT

From the technical point of view, the MACD oscillator is moving lower in the positive territory below its trigger line, signaling further downside potential move. Also, the ROC indicator is sloping slightly to the upside in the negative zone, however, an indication for an upside movement could be identified if the indicator crosses above the zero line. Should prices reverse lower, immediate support could come at 1.2200 strong psychological level, which holds near the 40-day SMA. Below that, the 1.2160 barrier is [..]

Technical Analysis – GBPJPY hovers near 2 ½-month lows; risk tilted to the downside

Posted on February 16, 2018 at 3:48 pm GMT

GBPJPY has been indecisive since its plunge to a 2 ½-month low of 147.95 on Wednesday, moving sideways between 149-150. The market, however, lacks positive sentiment as technical indicators suggest that a move to the downside is a more likely outcome in the near future. The Relative strength index (RSI) seems to be gathering negative momentum as it has started to increase its rate of drop below the neutral zone of 50, while Stochastics are moving lower to meet oversold levels below 20. Moreover, the [..]

Technical analysis – USDCAD looking neutral in short term; bearish in medium term

Posted on February 16, 2018 at 7:32 am GMT

USDCAD attempted several times to cross above the 50% Fibonacci of the downleg from 1.2919 to 1.2248 but its efforts were fruitless as it finally reversed direction to test resistance at the 38.2% Fibonacci. The technical indicators now support that the short-term bias is neutral, while in the medium-term the outlook is seen bearish. The 20-day simple moving average (SMA) has flattened, suggesting that the pair might consolidate for a while. However, if prices manage to fell below this line, [..]

Technical Analysis – GBPAUD seen neutral in short-term; could maintain uptrend in medium-term

Posted on February 15, 2018 at 3:20 pm GMT

GBPAUD has been making higher highs over the last number of months. In the short-term, the market seems to have lost direction after the pair touched a 1 ½-year peak of 1.7997 on February 8 and now the technical indicators suggest the continuation of the consolidation phase. The Relative Strength Index (RSI) is moving sideways above 50. The red Tenkan-sen line has been flat the past two days above the blue Kijun-sen line which has also no specific direction, indicating a trendless situation in the short-term. The 20-day simple [..]

Technical Analysis – NZDUSD follows bullish tendency; next level up at 0.7420

Posted on February 15, 2018 at 2:06 pm GMT

NZDUSD is moving lower over the last couple of hours after the bullish run it created in the previous days. However, the aggressive buying interest pushed the price above the key level of 0.7350 and posted a 2-week high of 0.7410, indicating further upward tendency. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is near the 70-overbought level at 64, suggesting that the latest upswing may be running out of steam and [..]

Technical Analysis – USDJPY edges sharply lower below symmetrical triangle; records fresh 15-month low

Posted on February 15, 2018 at 7:25 am GMT

USDJPY dipped sharply lower on Wednesday, while it posted the third red day in a row and created a new 15-month low of 106.29 during today’s Asian session. The aggressive bearish rally started after the fall below the 50.0% Fibonacci retracement level near 108.80 of the up-leg with the low of 98.96 and the high of 118.60 and drove the price below the symmetrical triangle, which has been holding since May 2015. A weekly close below the triangle could reinforce [..]

Technical Analysis – EURGBP penetrates above downward sloping channel

Posted on February 14, 2018 at 3:02 pm GMT

EURGBP has jumped above the downward sloping channel which was holding since October 2017. The price broke the 0.8900 handle and is trading above the 20 and 40 simple moving averages in the short-term timeframe. When looking at the bigger picture the pair lacks a clear tendency and the next days could be significant in case of a continuation of the slight upward movement. In the daily timeframe, prices rebounded on the 0.8730 support level and based on the technical indicators, momentum [..]

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