forex

Technical Analysis – AUDUSD sees bullish bias with scope to extend higher; next stop 0.8300

Posted on January 31, 2018 at 7:42 am GMT

AUDUSD retreated over the previous two days, following the bounce off the 32-month high of 0.8135. Looking on the medium-term timeframe, the pair has been in bullish phase since January 2016, supported by higher bottoms and higher peaks. Despite the small retracement on the short-term chart, the price still endorses the sharp upward movement as it hit the 0.7500 strong psychological level and created consecutive winning weeks. After this month’s strong moves, the expectation for the pair is for further profit taking and could [..]

Technical Analysis – EURUSD maintains weak upside bias; bearish correction is expected

Posted on January 29, 2018 at 7:30 am GMT

EURUSD has been underperforming in the previous couple trading days, creating a pullback on the 3-year high, the 1.2540 resistance level. When looking at the bigger picture the pair holds a clear trend to the upside as it recorded the sixth bullish week in a row. However, the short-term technical indicators are pointing for a correction to the downside. The RSI is above the 70-overbought level at 73, suggesting that the latest upswing may be running out of steam and [..]

Technical Analysis – GBPJPY stands near 19-month high; bullish bias remains

Posted on January 26, 2018 at 2:14 pm GMT

GBPJPY remains in a bullish phase and is trying to hit again the 19-month high of 156.07 resistance level. The price rebounded on the 154.40 support barrier and is creating a bullish movement. The bullish picture in the medium term is further supported by the MACD, which is rising and above its red signal line. In the 4-hour chart, momentum indicators are pointing to a neutral bias but remain in positive territory, Specifically, the Relative Strength Index (RSI) is flattening, and [..]

Technical Analysis – USDCAD has more room to fall; struggles below 61.8% Fibonacci level

Posted on January 26, 2018 at 7:27 am GMT

USDCAD has been underperforming over the last sessions, breaking back below the 61.8% Fibonacci retracement level around 1.2385 of the up-leg with the low of 1.2060 and the high of 1.2915. When looking at the bigger picture the pair holds the bearish structure and has been trading lower on the back of US dollar weakness. Short-term momentum indicators are also pointing to a continuation of the bearish bias. The RSI indicator stands in the negative territory and is pointing south, [..]

Technical Analysis – NZDUSD holds in upward sloping channel; reached 5-month high

Posted on January 25, 2018 at 1:13 pm GMT

NZDUSD has been developing in an upward sloping channel since December 2017 and during yesterday’s trading session it reached a fresh five-month high of 0.7436, though it ended the day in the red. However, it regained some ground over today’s European session. Short-term momentum indicators are signaling for opposite scenarios. The RSI indicator is pointing north in the positive territory, whilst the MACD oscillator slipped below its trigger line but remains in the bullish area. Moreover, in the 4-hour chart, the 20 [..]

Technical Analysis – USDJPY retreats aggressively; plunges below 109.00 handle

Posted on January 25, 2018 at 7:29 am GMT

USDJPY remains under strong pressure over the last couple of days, while during today’s European session it plunged below the 109.00 psychological level and challenged a new 4 ½-month low of 108.72. The dollar weakness continues, and the pair is trading near the lower band of the medium-term symmetrical triangle. From the technical point of view, in the daily timeframe, the RSI indicator entered the oversold zone with aggressive movement, whilst the MACD oscillator is falling with strong momentum below the trigger [..]

Technical Analysis – EURGBP hits 5-week low; sharp sell-off continues

Posted on January 24, 2018 at 1:31 pm GMT

EURGBP edged sharply lower over the last hours and recorded a fresh 5-week low of 0.8710. When looking at the bigger picture the pair has been trading within a downward sloping channel since October 2017. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, prices are looking capped by the 20 and 40 simple moving averages which are negatively aligned after a bearish crossover that took place on January 18. Furthermore, the RSI indicator has entered the [..]

Technical Analysis – EURJPY bearish within sideways channel

Posted on January 24, 2018 at 10:56 am GMT

EURJPY is retreating during today’s European session while it has been trading within a narrow range over the last almost two weeks, with upper boundary at the 136.20 resistance level and lower boundary at the 135.15 support barrier. The pair managed to crawl back towards 135.15 after the bounce off the mid-level of the Bollinger band and a break below the narrow range could endorse the downward pressure until the 134.40 price level, which is the 23.6% Fibonacci retracement level of the up-leg from 127.50 to 136.60. As a [..]

Technical Analysis – AUDUSD trades near 0.8000; bullish phase remains intact

Posted on January 24, 2018 at 7:42 am GMT

AUDUSD has been outperforming over the last month, after the rebound on the strong psychological level of 0.7500, which coincides with the medium-term ascending trend line. The pair has been in bullish phase since January 2016, supported by higher bottoms and higher peaks. During the prior week, the price reached a new 4-month high near the 0.8040 resistance level, while the short-term indicators are also pointing to a continuation of the bullish bias. The 20 and 40-day simple moving averages are following the significant [..]

Technical Analysis – GBPUSD hits fresh 19-month high of 1.40 handle

Posted on January 23, 2018 at 8:04 am GMT

GBPUSD surged to a fresh 19-month high during today’s Asian session and hit the strong psychological level of 1.4000. The bullish strength remains intact as the price climbed higher on Monday and successfully surpassed the significant obstacle of 1.3940. The price is developing above its short-term ascending trend line, which has been holding since March 2017. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is well above the 70-overbought level, suggesting that the latest upswing may [..]

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