forex

Technical Analysis – EURJPY bears take the lead; 23.6% Fibonacci support level still holding

Posted on February 14, 2018 at 10:26 am GMT

EURJPY has been trading sharply lower since the previous week, following the pullback from the more than a 2-year high of 137.50. Prices broke below the 133.00 handle over the last couple of sessions in the 4-hour chart and are trading below their moving averages. 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 despite that the pair is [..]

Technical Analysis – AUDUSD bearish correction pauses; further gains are expected

Posted on February 14, 2018 at 7:30 am GMT

AUDUSD has reversed back up again after finding support at the 0.7755 barrier, near the lower Bollinger Band. The price climbed above 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. Moreover, the downside pressure seems to be weakening, while the technical indicators are endorsing the bullish scenario. From the technical point of view, in the short-term timeframe, the RSI indicator is approaching the positive [..]

Technical Analysis – CADJPY plummets to new almost 8-month low

Posted on February 13, 2018 at 2:35 pm GMT

CADJPY has plummeted aggressively today as it posted a fresh an almost 8-month low of 85.37. The pair has been underperforming breaking below the 50.0% Fibonacci retracement level near 86.00 of the up-leg with the low of 80.55 and the high of 91.65. The short-term technical indicators are bearish and point to more weakness in the market. Having a look at the daily timeframe, the momentum indicators are holding in the negative territory. The MACD oscillator slipped below its trigger line in [..]

Technical Analysis – GBPUSD bearish phase continues; momentum indicators look negative

Posted on February 13, 2018 at 7:39 am GMT

GBPUSD fell as low as 1.3770, a level that has been standing near the 40-day simple moving average during the past week. Since yesterday, the price has been trading slightly higher and successfully surpassed the 23.6% Fibonacci retracement level near 1.3820 of the last upward movement with the low of 1.2100 and the high of 1.4345. Looking at the daily timeframe, the aggressive sell-off started after the pullback on the 1.4280 strong resistance level and the bearish correction is still in progress. The Relative [..]

Technical Analysis – EURUSD holds above 1.2200; bearish correction in progress

Posted on February 12, 2018 at 7:28 am GMT

EURUSD remains under pressure and risk is still to the downside as prices continue to drift lower from the 3-year high of 1.2540. In the weekly timeframe, the world’s most traded currency snapped the seven winning sessions and posted a red candle. The short-term technical indicators seem to be in confusion as the price has been moving higher since today’s Asian session. Looking at the daily timeframe, the Relative Strength Index (RSI) is sloping slightly to the upside near the [..]

Technical Analysis – GBPJPY plunges near 2-month lows

Posted on February 9, 2018 at 2:15 pm GMT

GBPJPY has plunged sharply lower since Wednesday, almost reaching a two-month low near the 150.00 strong psychological level. Meanwhile, the price has been developing within an upward sloping channel since September, while in the short term technical indicators support a bearish picture. From the technical point of view, the market could increase negative momentum in the short term. The Relative Strength Index (RSI) is sloping down in the negative territory approaching the oversold area, while the MACD oscillator is holding in the bearish area and is on track to break below its [..]

Technical Analysis – USDCAD trades higher after the rebound on 1.2250

Posted on February 9, 2018 at 7:38 am GMT

USDCAD rose as high as 1.2620, a level last experienced on December 28 and is posting a bullish rally following the rebound on the 1.2250 support level last Friday. Additionally, dollar/loonie is in progress to record the second consecutive green week as it also successfully surpassed the 23.6% Fibonacci retracement level at 1.2470 of the down-leg from 1.3800 to 1.2060. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is sloping to the [..]

Technical Analysis – NZDUSD posts steep losses; finds support at 38.2% Fibonacci level

Posted on February 8, 2018 at 9:07 am GMT

NZDUSD has been tumbling over Wednesday’s and today’s Asian sessions, while it recorded a fresh one-month low of 0.7175. The aggressive sell-off pushed the price below several key levels such as the 23.6% Fibonacci retracement level at 0.7280 from 0.6780 to 0.7436, 0.7255 and 0.7230. In the 4-hour chart, short-term indicators are signaling a bearish movement. The Relative Strength Index (RSI) is holding near the 30 level, while the MACD oscillator is weakening in the oversold territory. Also, the latter oscillator recorded a bearish crossover with its trigger [..]

Technical Analysis – USDJPY maintains weak bias; broader trend still neutral

Posted on February 8, 2018 at 7:39 am GMT

USDJPY has been trading within a sideways channel in the daily timeframe since April 2017 with upper boundary the 114.50 significant and multi-tested resistance level, and with lower boundary the 108.20 support level, which has been penetrated once in September. Currently, prices are developing below the 110.50 barrier and the 20-day simple moving average. The pair tested several times the 20-SMA, which is acting as a strong resistance level. However, the short-term technical indicators are slightly bullish and point for more upside [..]

Technical Analysis – USDCHF near 2-week peaks; bulls take control in short term

Posted on February 7, 2018 at 3:27 pm GMT

USDCHF bears have been leading the market since November, driving the pair to a 2½-year trough of 0.9246 last week. This week, however, bulls seem to be taking back control, with prices being on track to break two-week highs. In the 4-hour chart, technical indicators suggest that the recent uptrend could be in play in the near-term. The pair managed to enter the Ichimoku cloud for the first time after a month, surpassing the 50-period simple moving average (SMA) which acted as a [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms