forex

Technical Analysis – GBPJPY rallies; corrective move or shift in trend?

Posted on January 12, 2018 at 1:03 pm GMT

GBPJPY shifted out of its neutral phase and has turned more bullish in the short term to regain the 151 handle. Looking at the 4-hour chart, the pair appears to have put in a base after falling to its lowest level in around 3 weeks. The pair is strengthening after making an aggressive move higher to breach what was a firm resistance level at 151 and the rally may have legs to move higher towards the next key level at [..]

Technical Analysis – GBPUSD breaches critical 1.36 level; can rally be sustained?

Posted on January 12, 2018 at 12:10 pm GMT

GBPUSD jumped to a 16-week high during today’s European session, challenging the 1.3620 price level. The price has been moving in an uptrend since March 2017 confirmed by higher peaks and higher bottoms. Prices broke above 1.3610 and are trading above their medium-term simple moving averages (50, 100 and 200). The bullish picture in the short to medium-term is further supported by the momentum indicators. The MACD oscillator is trying to climb above its trigger line in the bullish area, whilst the RSI [..]

Technical Analysis – EURUSD records fresh 3-year high; further bullish run is expected

Posted on January 12, 2018 at 10:15 am GMT

EURUSD reached a new three-year high of 1.2136 during European session today and touched the upper boundary of the Bollinger band breaking the 1.2090 strong barrier. The single currency is poised for an upward movement against the greenback and could extend those gains until the 161.8% Fibonacci extension level, at 1.2420, from the down-leg with the low at 1.1550 and the high at 1.2090. If the 1.1910 support fails, then the focus would shift to the downside towards the 50.0% Fibonacci mark at 1.1820, which if breached, [..]

Technical Analysis – USDCAD tests key 1.25 level; neutral in short-term

Posted on January 12, 2018 at 7:13 am GMT

USDCAD remains weak following a drop below the key 1.2700 level and out of a 2-month range. In the near-term, the pair has a firmer undertone after making a recovery off 3-month lows and is now testing 1.2500 which is seen as a strong support level. The odds for a sustained rebound are low at the moment. RSI is still in bearish territory below 50 and USDCAD is capped by the 100-day moving average at 1.2590. The recovery back above [..]

Technical Analysis – AUDCAD rallies aggressively in short-term; posts 2-month high

Posted on January 11, 2018 at 11:08 am GMT

AUDCAD is recording an aggressive bullish run and surged almost 1% over the previous two trading days. The price completed the second green day and during European session printed a 2-month high near the 0.9900 psychological level. Prices broke above the 0.9880 level and are trading well above their simple moving averages (14 and 20). The bullish picture in the short and medium-term is further supported by the momentum indicators. Short-term technical indicators are also pointing to a continuation of the bullish [..]

Technical Analysis – NZDUSD has been bullish since December; pausing rally at key 0.72 level

Posted on January 11, 2018 at 10:34 am GMT

NZDUSD has held its uptrend since December 2017 when it broke above the key 0.6900 level to rise all the way up to the 0.7200 handle yesterday. The market has paused around this level after touching a 3-month high of 0.7230. Looking at the 4-hour chart, the moving averages are bullishly aligned (50 SMA and 200 SMA) and RSI is above 50, although neutral now. NZDUSD is currently testing the 0.7200 level, trading slightly above it. A pick up in [..]

Technical Analysis – USDJPY sees near term risk skewed to the downside

Posted on January 11, 2018 at 6:49 am GMT

USDJPY has turned more bearish in the near term after the break below the key 112 level and the 200-day moving average yesterday to reach its lowest level in six weeks. Momentum is weak and the daily RSI is indicating a bearish bias after dipping below 50. Risk remains skewed to the downside until prices make a sustained move back above 112. USDJPY is making a modest bounce in early trading today but there is scope for further weakness if there [..]

Technical Analysis – EURJPY extends downtrend; risk of more downside

Posted on January 10, 2018 at 3:19 pm GMT

EURJPY extended its bearish phase by dropping another leg lower into the 133 handle. The downtrend since January 5 from the high of 136.63 has not shown signs of reversing. RSI on the 4-hour chart is well into bearish territory although close to oversold levels. This suggests some easing in downside pressure for now. Short-term price action still looks soft and there is a high risk of another extension lower towards 133. This is considered to be a strong support [..]

Technical Analysis – AUDUSD bullish since December; consolidates recent gains

Posted on January 10, 2018 at 7:02 am GMT

AUDUSD is neutral in the short term after a strong rally pushed the market to overbought conditions and consequently upside momentum faded. AUDUSD remains under corrective pressure after failing to breach the key 0.7900 level but came close to it last week. The second bullish phase that started after the break above the 200-day moving average in December is still in progress and there are no signs of a reversal in the trend yet. The recent pullback from the January 5 [..]

Technical Analysis – NZDJPY trades in upward sloping channel in near-term; more gains expected in long term

Posted on January 9, 2018 at 2:33 pm GMT

NZDJPY climbed to a new three-month high of 81.29 during the Asian session and then lost some ground. The price has been moving within an upward sloping channel since December 2017 following the pullback to the 76.05 support level. From the technical point of view, in the short-term timeframe, the price found support around the mid-level of the Bollinger band, having eased back after touching the top channel line. Despite that, the MACD oscillator dropped beneath its trigger line and is moving with weak momentum. [..]

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