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Technical Analysis – Outlook 2018: EURGBP still stands in positive territory near the weekly ascending trend line

Posted on January 4, 2018 at 2:38 pm GMT

EURGBP is clearly biased to the upside in the very long-term timeframe, following the rebound on 0.6930 support level, and having a look in the near-term the price added more than 1% to its performance in the previous two months. As you can see on the chart, the pair found a strong support obstacle at the 23.6% Fibonacci retracement level with the low at 0.6930 and the high at 0.9310 which is almost an eight-year high. So, on a monthly [..]

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Technical Analysis – NZDUSD stalls recent rally and consolidates around 0.71 level; short-term outlook remains bullish

Posted on January 4, 2018 at 11:19 am GMT

NZDUSD stalled its recent rally and is hovering around the key 0.7100 level. The short-term outlook remains bullish. On the 4-hour chart, the 50 and 200-period moving averages are positively aligned and RSI is above 50. While NZDUSD consolidates, immediate support is expected to be provided around the 0.7080 area. As long as this support holds, risk remains to the upside. But a break below the consolidation range would shift the bias to bearish and another leg lower would target [..]

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Nonfarm payroll report: American wage growth of most interest– Forex News Preview

Posted on January 4, 2018 at 9:44 am GMT

The chief economist at Moody’s Analytics Mark Zandi said that “it is a good time to be an American worker” given that the economy has been creating two million jobs each year for the last six years. The US labor market remained resilient, with the unemployment rate falling to multi-year lows in 2017, even after devastating hurricanes slammed Texas and Florida, leading to a period of weaker hiring. However, employment numbers are not what analysts are paying most attention to but instead wage inflation [..]

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Technical Analysis – USDJPY maintains neutral bias, pivoting 50-day moving average

Posted on January 4, 2018 at 7:46 am GMT

USDJPY has been neutral both in the short and medium term. Since late September the pair has been trading in the upper half of the 9-month range between 111 and 114. The market does not have any clear direction and this lack of trend is indicated by the horizontal 50-day and 200-day moving averages. Near-term risk has moved to the downside after prices fell back below the 50-day MA earlier this week. However, further downside may be limited as long [..]

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Technical Analysis – USDCAD holds slightly above its 14-week low at 1.2500

Posted on January 3, 2018 at 1:31 pm GMT

USDCAD had a strong sell-off in the previous days following the downward retracement of the 1.2915 resistance level. The pair plunged to a new 14-week low near the 1.2500 strong psychological level during Tuesday’s session. It’s losing some downside momentum in oversold conditions in the 4-hour chart on the RSI and MACD indicators, but intraday bias remains bearish as long as the 1.2588 minor resistance holds. Moreover, the 100-simple moving average is ready to post a bearish crossover with the 50-SMA indicating for further losses in the [..]

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Technical Analysis – EURJPY makes corrective move back below key 135 level

Posted on January 3, 2018 at 11:37 am GMT

EURJPY was unable to sustain gains made after rising to 135.62 yesterday, its highest level in over two years. The pair has fallen sharply and broke below the key 135.00 level today. The corrective selloff so far has stabilized. But looking at the 4-hour chart, near-term price action still looks a little soft, as RSI has dipped below 50, indicating risk is to the downside. The recent retracement in EURJPY may extend a little lower towards 134.50. This level is [..]

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Technical Analysis – AUDUSD in bullish phase reaching highest level in over 2-months

Posted on January 3, 2018 at 7:27 am GMT

AUDUSD extended its bullish run yesterday but is currently taking a pause after hitting 0.7844, its highest level since October 20. AUDUSD has room to extend towards 0.7900 since prices crossed above the 200-day moving average. The market is currently testing the key 0.7800 level. A daily close above it would help keep momentum to the upside. However, the stochastic and RSI indicators are overbought, which suggests that prices could risk pulling back. A drop back below the 200-day MA (around [..]

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Technical Analysis – EURUSD runs to the upside; next resistance at 1.2090

Posted on January 2, 2018 at 9:34 am GMT

EURUSD is completing a tremendous upside movement over the last three days and has appreciated more than 1.4% since December 27. The new year has found the pair extending its upside pressure and opening today’s daily session with a gap up, posting an almost 4-month high at 1.2038. Also, the price opened the door for a gaining week and on the upside, the next resistance comes in at 1.2090, while on the bigger picture, we could easily see a run [..]

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Technical Analysis – EURUSD runs to the upside; next resistance at 1.2090

Posted on January 2, 2018 at 9:29 am GMT

EURUSD is completing a tremendous upside movement over the last three days and appreciated more than 1.4% since December 27. The new year have found the pair extending its upside pressure and opening today’s session with a gap up, posting an almost 4-month high at 1.2038. Also, the price opened the door for a gaining week and on the upside, the next resistance comes in at 1.2090, while and on the bigger picture we could easily see a run until [..]

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Technical Analysis – GBPUSD has room for more upside following break above 1.3500

Posted on January 2, 2018 at 7:18 am GMT

GBPUSD has held a neutral bias since late November, trading in a range between 1.3300 and 1.3550. The outlook is neutral as long as the market remains in the resistance zone between 1.3500 and the September 20 peak of 1.3656. Near-term risk is to the upside after GBPUSD bounced off 1.3300, a level that was tested a few times in mid-December, proving to be a strong support level. If this support holds, more sideways trading is expected in the near term until prices [..]

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