forex

Technical Analysis – EURJPY bounces back above 200-day SMA but bulls look weak

Posted on February 5, 2020 at 8:20 am GMT

EURJPY regained positive momentum within the 120.00 territory on Tuesday after failing to breach support around 119.76. The pair jumped back above the 200-day simple moving average (SMA) but could not enter the Ichimoku cloud from below nor rise above the broken ascending trendline. Currently the momentum indicators provide little hope for a meaningful rally in the short-term as the RSI seems to be losing steam just below its 50 neutral level, while the Stochastics are not far below overbought levels, suggesting [..]

Technical Analysis – AUDUSD completes inverted hammer after rebound on 4-month low

Posted on February 5, 2020 at 7:45 am GMT

AUDUSD is looking more bullish after completing an inverted hammer pattern on Tuesday – supposedly a reversal move – once it posted a new four-month low of 0.6680. The strong sell-off started from the six-month high of 0.7030 but the technical indicators are suggesting a potential pullback in the short-term. The RSI is flattening after the jump in the bearish territory, while the stochastic oscillator is moving higher. A continuation of the upward rally would send prices towards the immediate [..]

Technical Analysis – USDTRY capped near multi-month high, but trend still positive

Posted on February 4, 2020 at 4:18 pm GMT

USDTRY hit a wall near 5.985 lately – the region that also halted the advance in early January – and subsequently retreated a little. That said, the price structure still consists of consecutive higher highs and higher lows above both the 50- and 200-day simple moving averages (SMAs), so the overall picture remains very much positive. A break below 5.84 is needed to bring the bullish outlook into question. Short term oscillators paint a mixed picture. The RSI, having met [..]

Technical Analysis – EURAUD bears face big challenge at 1.6430

Posted on February 4, 2020 at 1:29 pm GMT

EURAUD held in losses for the second day in a row after it flirted with a fresh five-month peak of 1.6590, dropping to the 23.6% Fibonacci retracement level of the upward movement 1.5340 – 1.6790 near the 1.6430 key support, remaining in neutral mode in the medium-term. The RSI in the daily chart continues to lose direction in the positive area, while the stochastic is creating a bearish cross within the %K and %D lines in the overbought zone. The red Tenkan-sen [..]

Technical Analysis – EURCHF seems to have found a floor; nearby resistance eyed for confirmation

Posted on February 4, 2020 at 10:36 am GMT

EURCHF looks to be creating a floor around a fresh 33-month low of 1.0662 as the RSI and the MACD seem to have reached a bottom in bearish territory and are now changing direction to the upside. Traders, however, would be more eager to engage in buying activities if the price manages to surpass the nearby resistance at 1.0757, where the 23.6% Fibonacci of the 1.1058-1.0662 downleg is placed. If this is successfully breached, then the rally may next rest somewhere between 1.0830, [..]

Technical Analysis – GBPAUD to keep bearish mood in short-term

Posted on February 4, 2020 at 8:34 am GMT

GBPAUD turned overbought near a fresh 3 ½-year high of 1.9750 last week, with the price drifting south along with the RSI and the MACD, which signal a bearish bias for the short-term in the four-hour chart. The price itself is providing negative signals too as it is currently trying to close below the 50-period simple moving average (SMA) and the 38.2% Fibonacci of the 1.8550-1.9750 upleg after breaching the supportive 20-period SMA. Should the sell-off continue, the 50% Fibonacci of 1.9200 should be the [..]

Technical Analysis – GBPUSD plunges below 1.3000; lacks direction in near term

Posted on February 4, 2020 at 7:53 am GMT

GBPUSD tumbled on Monday, falling back below the 1.3000 handle and the short-term moving averages (SMAs) in the daily timeframe. The price is flirting with the five-month ascending trendline, aiding in confining the price within a sideways move and dropping below the nearby low levels. However, the technical indicators are signaling a lacking direction. The RSI is flattening marginally below the 50 level, while the MACD oscillator is moving sideways near its trigger and zero lines over the last three weeks. Moreover, the horizontal moving averages are implying a [..]

Technical Analysis – USDCNH challenges falling trend line above 7.0000

Posted on February 3, 2020 at 1:50 pm GMT

USDCNH seems to be stronger over the last three trading days, challenging the five-month descending trendline and the upper band of the Ichimoku cloud, near the 7.0126 resistance level. The technical indicators are feeding prospects for a possible positive short-term move above the falling trendline, as the RSI holds well above 50 and is pointing up, while the MACD continues to strengthen in the bullish territory and above its red trigger line. Also, in Ichimoku indicators, the red Tenkan-sen line keeps rising above the blue Kijun-sen line. If 7.0126 proves easy [..]

Technical Analysis – EURNOK accelerates to 2-month high; key resistance ahead

Posted on February 3, 2020 at 11:11 am GMT

EURNOK opened positive on Monday, continuing last week’s remarkable rally to two-month high of 10.27. The RSI is still sloping upwards, but it is already above its 70 overbought mark, hinting that downside corrections or some stabilization is possible in the near-term, with the fast Stochastics which reversed north again endorsing this view as well. On the way up, there is a tall wall between 10.27 and the multi-year high of 10.31 and only a decisive close above it could [..]

Technical Analysis – EURUSD may retest 1.1100 after rebound on 2-month low

Posted on February 3, 2020 at 7:29 am GMT

EURUSD found some footing around the 1.0990 support level last week and returned back above the red Tenkan-sen line and the 50.0% Fibonacci retracement level of the upleg from 1.0880 to 1.1240 near 1.1060. Also, it touched a fresh one-week high near 1.1095 on Friday, signaling a possible upside correction of the pullback from 1.1240 in the short-term. The price is currently testing the 20-day simple moving average (SMA) and a former restrictive area – the Ichimoku cloud – where [..]

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