forex

Technical Analysis – EURUSD loses momentum; holds below 3-year high

Posted on January 22, 2018 at 7:51 am GMT

EURUSD challenged a fresh 3-year high above the 1.2300 price level during the previous week but currently, the price is holding below the aforementioned level. The price jumped to 1.2320 for the first time since December 2014, after extending a strong rally that started from the low of the 1.1900 handle. Looking at the daily timeframe, it is worth mentioning that the Asian session has started with a gap up and the price pared those gains in the last hours. In addition, over the last five [..]

Technical Analysis – GBPAUD remains bearish as recent sessions runs out of steam

Posted on January 19, 2018 at 3:46 pm GMT

GBPAUD remains under pressure and risk is still to the downside as prices continue to trade below the 1.7430 resistance level. The price had a strong sell-off following the rebound near the 1.8000 strong psychological level. The short-term technical are holding near their neutral levels. The RSI indicator is flattening near its 50 level, whilst the MACD oscillator has a slight upward movement below near its zero line. Looking at the daily chart, prices are trading within the 20 and [..]

Technical Analysis – EURGBP approaches 38.2% Fibonacci mark; bullish move is expected in short-term

Posted on January 19, 2018 at 10:01 am GMT

EURGBP appears poised for further losses and slipped beneath the 0.8850 barrier in the prior couple of days. Currently, in the short-term timeframe, the pair is developing between the 38.2% and the 50.0% Fibonacci retracement levels of the last significant upward movement with the low at 0.8690 and the high at 0.8923. The aforementioned levels are holding near the 0.8833 resistance level and the 0.8805 support level respectively. In addition, the pair posted two positive days in a row following [..]

Technical Analysis – GBPJPY stalls rally at 1½-year highs; remains in bullish phase

Posted on January 19, 2018 at 7:40 am GMT

GBPJPY remains in a bullish phase but has stalled its recent rally after reaching its highest level since mid-June 2016. On the 4-hour chart, the market became overbought and subsequently made a corrective move lower. This is indicated by the RSI reaching above 70 after GBPJPY surpassed the prior peak of June 8 (153.70) and moved higher. Immediate support is now at 153.70 and resistance at yesterday’s high of 154.57. The outlook remains bullish on the short and medium-term time frames. So [..]

Technical Analysis – USDCAD remains neutral after failing to regain 1.25 handle

Posted on January 19, 2018 at 7:15 am GMT

USDCAD remains neutral on the daily chart, pivoting around the key 1.2500 level since the start of January. The pair has been unable to sustain gains after a break of this level last week and consequently, the market has been stuck in a multi-week range roughly between 1.2350 and 1.2600. Technical indicators that were strongly bearish are now turning neutral, suggesting that downside momentum is fading at least in the near term. The 50, 100 and 200-day moving averages are [..]

Technical Analysis – AUDJPY is trading slightly below 2-month peak of 89.05

Posted on January 18, 2018 at 2:45 pm GMT

AUDJPY is edging higher and is trying to retest the more than two-month high slightly above the 89.00 strong psychological level. The price was supported by the 20-day simple moving average several times during the previous sessions, failing to drop below it. Momentum indicators are moving in the positive areas in the short-term with the RSI just below the 70 level, heading to the upside. Moreover, the stochastic oscillator is also running in the bullish territory, with the %K line holding above the %D line, suggesting a strong upside movement. If price actions climb [..]

Technical Analysis – EURCHF holds in upward sloping channel; some losses are expected

Posted on January 18, 2018 at 11:17 am GMT

EURCHF has eased in the previous two days after it hit a three-year high of 1.1830 earlier this week. Prices broke above the 1.1800 psychological level on January 12 and are trading above their moving averages in the daily chart. It is worth mentioning that the pair has been developing within an upward sloping channel since August 2017. Short-term momentum indicators are holding in the positive area. The RSI indicator is flattening above the 50 level, whilst the MACD oscillator stands above its trigger line with [..]

Technical Analysis – NZDUSD maintains bullish bias near 4-month high

Posted on January 18, 2018 at 9:20 am GMT

NZDUSD is hovering at 4-month highs close to the key 0.7300 level. After extending a rally to 0.7330 on Wednesday, the market took a breather and is consolidating gains. The uptrend from December remains intact and NZDUSD maintains a bullish bias, with scope for another leg higher. NZDUSD is currently testing the 0.7300 level and focus is on the upside for a re-test of Wednesday’s high of 0.7330. A break from here could confirm that another leg up is underway with scope to [..]

Technical Analysis – USDJPY struggles to make recovery back into 4-month range

Posted on January 18, 2018 at 7:47 am GMT

USDJPY has made a recovery to regain the 111 handle but the pair essentially remains in a neutral phase since mid-September. Momentum oscillators have improved and could potentially lead to another leg higher. There is immediate resistance at the 200-day moving average at 111.68. Prices need to at least rise above the 50-day MA (currently at 112.50) to see that USDJPY is moving into a more bullish phase in the near term. However, the top of the range at 114 [..]

Technical Analysis – CADJPY loses momentum but stands above ascending trend line

Posted on January 17, 2018 at 2:21 pm GMT

CADJPY remains under pressure after the pullback on the 4-month high of 91.60. The pair plummeted towards the 88.50 support level and is now developing within the two medium-term simple moving averages of 50 and 100, at 88.60 and 89.12 respectively. Looking at the daily timeframe, technical indicators are holding near their neutral levels. The MACD oscillator slid below its trigger line in the bullish area, however, the RSI indicator is pointing to the upside in the negative territory. Upsides moves are likely to find resistance at [..]

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