forex

Technical Analysis – AUDCAD trades significantly higher; touches an almost 5-month high

Posted on January 17, 2018 at 10:55 am GMT

AUDCAD surged to a fresh almost 5-month high during today’s European session above the strong psychological level of 0.9900. The price headed for a test of the 0.9915 barrier and successfully surpassed it confirming the recent scenario for further gains. In addition, the pair jumped above the downward sloping channel, which has holding since May 2017 and is approaching the 50-week simple moving average of 0.9940. In the daily chart, AUDCAD is trading well above the 20 and 40 SMAs and the [..]

Technical Analysis – EURJPY in neutral phase after recent rally becomes exhausted

Posted on January 17, 2018 at 10:43 am GMT

EURJPY is in a neutral phase after the recent rally off the 113 area was exhausted and found strong resistance at the key 136 level. Short term price action is expected to continue sideways if the market fails to break out of the current consolidation range very soon. Looking at the 4-hour chart, the RSI is neutral, indicating a lack of momentum in the market. If EURJPY trades above 135 for an extended period of time then the odds will [..]

Technical Analysis – AUDUSD stalls rally at key 0.80 level; bullish phase remains intact

Posted on January 17, 2018 at 7:22 am GMT

AUDUSD has been in a bullish phase since December, reaching the key 0.8000 level today, its highest point since September 2017. The market is pausing the rally at the moment, shifting the immediate bias to neutral after becoming overstretched. The RSI on the daily chart is in overbought territory above 70. As upside momentum has faded, AUDUSD is expected to remain under pressure, making a correction lower. The psychological level at 0.8000 is considered to be a strong resistance level [..]

Technical Analysis – NZDUSD retreats after sharp bullish rally

Posted on January 16, 2018 at 10:58 am GMT

NZDUSD has reversed aggressively back to the upside, after the rebound on the 0.6815 support level, posting an almost 4-month high of 0.7313 during Monday’s trading session. This top is above the 61.8% Fibonacci retracement of the down-leg from July’s more than a 2-year high of 0.7555 to November’s 18-month low of 0.6780. From the technical point of view, in the daily chart, momentum indicators are holding in the overbought areas with the RSI just above the 70 level, but [..]

Technical Analysis – USDCHF tumbles following pullback of 0.9840; prints 4-month low

Posted on January 16, 2018 at 10:09 am GMT

USDCHF has been underperforming in the past four days, breaking back below the strong psychological level of 0.9700 and challenged a fresh four-month low near the 0.9600 handle. When looking at the bigger picture the pair lacks a clear trend and has been consolidating within the 1.0340 and the 0.9420 barriers. In the daily timeframe, prices had a pullback of the mid-level of the Bollinger band and the 40-simple moving average and based on the technical indicators, momentum remains to [..]

Technical Analysis – GBPUSD pauses rally but has room for further upside

Posted on January 16, 2018 at 7:13 am GMT

GBPUSD is pausing a 2-day rally that took the pair to its highest level since June 19, 2016, in the 1.38 handle. The outlook remains bullish after the market surged above 1.3600 last Friday. The immediate bias is neutral but there is scope for a re-test of yesterday’s high of 1.3819. From this point, the focus turns to the 1.4100 area. Dips are expected to find support in the lower 1.37’s (between yesterday’s low of 1.3724 and 1.3700). Major support [..]

Technical Analysis – EURAUD eases after strong bullish rally; has bearish phase ended?

Posted on January 15, 2018 at 3:39 pm GMT

EURAUD has been outperforming in the past couple of days, jumping above the ascending trend line which has been holding since February 2017. When looking at the bigger picture the pair has a clear upward tendency confirmed by the bullish crossover of the 50 and 100 simple moving averages on the weekly timeframe. In the daily chart, prices rebounded on the 1.5145 support level and successfully surpassed the 20-SMA. Currently, euro/aussie is approaching the 40-SMA near the 1.5485 resistance barrier. Technical indicators are [..]

Technical Analysis – USDJPY remains under pressure; hits fresh 4-month low

Posted on January 15, 2018 at 10:01 am GMT

USDJPY touched a 4-month low during today’s European session, challenging the 110.51 price level. The bearish picture is supported by the momentum indicators, while prices are in process to end the day below the 110.80 barrier. In addition, the pair recorded the fifth consecutive red day. In the daily timeframe, the MACD oscillator is strengthening its downtrend as it is holding below the trigger and zero lines. Moreover, the RSI indicator had a pullback from the positive territory and is approaching [..]

Technical Analysis – EURUSD sees strong bullish bias with scope to extend higher

Posted on January 15, 2018 at 7:26 am GMT

EURUSD hit a new 3-year high above 1.2200 and is holding above this level after breaching 1.2100 last week. The pair surged to 1.2239 for the first time since December 2014, after extending a rally that started off the low 1.1900 handle. On the daily chart, trend and momentum technical indicators are bullish, keeping risk to the upside. The 50-day and 200-day moving averages remain positively aligned. The RSI and stochastics are rising although reaching overbought levels. This suggests that [..]

Technical Analysis – AUDCAD penetrates downtrend line; eases after sharp bullish move

Posted on January 12, 2018 at 2:54 pm GMT

AUDCAD penetrated to the upside of the significant falling trend line, which had been standing since May 2015, suggesting a possible trend reversal to the upside. The price has had an aggressive roller coaster ride and on Thursday it touched the daily 200-simple moving average, which acted as resistance. Following the sharp upside movement, the price has eased today after failing to end the day above the 38.2% Fibonacci retracement level from the down-leg with the high at 1.0340 and the low at 0.9580. The aforementioned level holds at 0.9870 slightly below the support obstacle of 0.9880. In the daily timeframe, the [..]

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