forex

Technical Analysis – EURGBP steadies after two strong sell-off days but remains bearish

Posted on January 9, 2018 at 11:07 am GMT

EURGBP appears poised for further losses and slipped beneath the 0.8850 barrier, while euro was the worst performing major currency during yesterday’s trading session. The single currency had been under pressure versus sterling during the US trading session on Tuesday and ended the day near its low. The price recorded the second straight bearish day and plummeted almost 1% following the bounce off the 0.8923 resistance level. 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 [..]

Technical Analysis – GBPUSD neutral in short term; maintains bullish undertone after break above 1.35

Posted on January 9, 2018 at 6:57 am GMT

GBPUSD is neutral in the short term and is consolidating gains made after breaking above the key 1.3500 level last week. The pair maintains an overall bullish undertone. The short-term technicals are neutral to bullish. The market is well-capped below the 1.3600 level which is now a strong resistance level. There is scope for a move higher out of the current consolidation range but prices need to see a sustained move above last week’s high of 1.3612 (January 3). Only [..]

Technical Analysis – AUDUSD pauses its bullish rally; momentum indicators signal bearish retracement

Posted on January 8, 2018 at 2:30 pm GMT

AUDUSD edged sharply higher in the near-term timeframe following the rebound on the 0.7500 significant support level that started on December 12, 2017. The price hit the ascending trend line on the medium-term chart, which has been holding since January 2016 before the upside movement. However, given that the latest run appears overstretched and having a look at the momentum indicators in the daily chart, a correction setback may take place before buyers decide to push further. The Relative Strength Index (RSI) is pointing [..]

Technical Analysis – USDCAD drops to 3-month low; eases after strong sell-off

Posted on January 8, 2018 at 11:09 am GMT

USDCAD plummeted almost 1% in the previous two trading days and this weakness has taken the price to a fresh three-month low of 1.2354. The pair has seen a strong sell-off since the aggressive bearish run started on December 19. In the daily timeframe, significant obstacles have been broken, such as the consolidation area of 1.2590 – 1.2915, the 38.2% and 50.0% Fibonacci retracement levels of the last big up-leg with the low at 1.2060 and the high at 1.2915, as well as the 1.2450 barrier, which was acting [..]

Technical Analysis – EURUSD stalls rally but remains bullish above 1.20

Posted on January 8, 2018 at 7:28 am GMT

EURUSD remains steady in the near term after stalling a rally just under the key 1.2100 level. The overall outlook remains bullish as the 50-day and 200-day moving averages are bullishly aligned. Upside momentum has started to fade as prices struggle to rise past the 1.2091 peak that was hit in September 2017. The resistance level at 1.2100 will likely be a challenge to break but while short-term price action looks a little soft for now. However, both the RSI [..]

Technical Analysis – GBPJPY breaches key 153 level; can rally be sustained?

Posted on January 5, 2018 at 9:10 am GMT

GBPJPY extended its rally and successfully breached strong resistance at 153 to hit its highest level since mid-2016 at 153.51. The short-term bullish bias remains intact, however, there is some risk of a pullback since the market has become overextended. Both RSI and the stochastic indicators are now in or close to overbought levels on the 4-hour chart. There is little change in the bigger picture and GBPJPY remains in a broad consolidation range between 147–153 since mid-September. More signals [..]

Technical Analysis – USDCAD turns more bearish after falling out of 2-month range

Posted on January 5, 2018 at 7:22 am GMT

USDCAD is looking weak after falling out of a 2-month range. Prices broke below key support at 1.2500 although appear to have stabilized for now just below this level. The daily RSI is in bearish territory but has turned neutral in the short term, very close to oversold levels. Looking at the bigger picture, USDCAD was trading in a range between 1.2680 and 1.2900 from late October to late December. Strong resistance was found at the Fibonacci retracement level at [..]

Technical Analysis – EURCHF continues to strengthen; next level to watch 1.2095

Posted on January 4, 2018 at 3:07 pm GMT

EURCHF has been trading within an ascending move since August 2017 and during last week’s session, it posted an almost three-year high of 1.1775. Thursday could be the third green day in a row and a rise above the aforementioned level should drive the pair up to the 1.2095 resistance level, near the previous’ three years peg level, and the high of December 2014. Short to medium-term trend indicators on the daily chart (50, 100 and 100-period simple moving averages) are moving to the upside, showing some signals [..]

Technical Analysis – Outlook 2018: GBPJPY attempts to break above upward sloping triangle

Posted on January 4, 2018 at 3:03 pm GMT

GBPJPY surged more than 5% over the previous year and during December the price climbed to a fresh one-and-a-half year high at 153.40. In the monthly chart, the pair is moving slightly below the 50-exponential moving average, which is acting as strong resistance level for the bears. The MACD and the RSI are standing above the trigger line and 50 level respectively, signaling neutral to bullish momentum. Moving on to the long-term timeframe (weekly chart), the price is developing within [..]

Technical Analysis: Outlook 2018 – EURJPY had a bullish year; upward sloping channel in progess

Posted on January 4, 2018 at 2:44 pm GMT

EURJPY surged almost 10% in the previous year and posted eight bullish months out of 12. The latest upward run started following the bounce off the 114.65 significant support level and drove the pair to a three-year high of 135.50 in December. The next resistance level to watch is the 141.10 barrier, which is the highest since June 2015. If the price keeps trading above the 50-month simple moving average, we could see a positive bigger picture. A decisive break [..]

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