forex

Technical Analysis – EURUSD firms up, testing key 1.1900 level near upper end of range

Posted on December 27, 2017 at 3:25 pm GMT

EURUSD is well bid on the day and testing the key 1.1900 level, at the upper end of a multi-month range. Trend and momentum indicators are in bullish territory, although looking neutral in the near term, especially the MACD. The RSI is starting to turn higher. The 50 and 200-day moving averages are bullishly aligned. The current risk is to the upside and EURUSD could push toward the late November high of 1.1960. A descending trend line from the 1.2091 [..]

Technical Analysis – USDJPY retains short-term neutral stance around 50-day MA

Posted on December 27, 2017 at 7:16 am GMT

USDJPY retains a short-term neutral stance on the daily chart, confirmed by the flat technical indicators. The RSI is neutral, while the 50 and 200-day moving averages are moving sideways. In the bigger picture, the pair has been trading in a range between 108 and 114 since March and is currently located in the upper end of this range. Additional gains are possible since the market is above the two moving averages and RSI is above 50. A pick up [..]

Technical Analysis – EURGBP still holds in a bearish sideways channel; remains vulnerable

Posted on December 22, 2017 at 1:11 pm GMT

EURGBP has been creating a bearish sloping channel since October after the peak at the 0.9030 resistance level. However, the pair is on track to post its second bullish week after the rebound from the five-month low at 0.8690. Looking at the 4-hour chart, in the short-term timeframe, the price is holding below the 0.8890 strong obstacle, while it is above the three simple moving averages (50, 100 and 200). Additionally, the pair hit the 23.6% Fibonacci retracement level with the high at 0.9305 and the low [..]

Technical Analysis – GBPJPY neutral in short and medium term; risk to upside

Posted on December 22, 2017 at 9:04 am GMT

GBPJPY maintains a neutral bias in the short and medium term, supported at the key 150 level. The cross maintains a bullish market structure in the short term, while trading above the 50 and 200- period moving averages on the 4-hour chart. GBPJPY made a strong recovery after a brief dip below 150 in mid-December to rise back to test the 152 level, which provided strong resistance. Prices are now trading sideways after upside momentum weakened, as can be seen [..]

Technical Analysis – USDCAD sees increased downside risk below 50-day moving average

Posted on December 22, 2017 at 7:01 am GMT

USDCAD continues to move sideways in a range since late October. Near-term risk is tilted to the downside. The market is capped below the 200-day moving average and has dropped below the 50-day MA, sifting near-term risk to the downside. USDCAD is essentially in a consolidation phase between two key Fibonacci retracement levels of the 1.3793 to 1.2061 downleg. The 38.2% Fibonacci (1.2717) and 50% Fibonacci (1.2922) levels are providing support and resistance. The market moved into a neutral phase [..]

Technical Analysis – EURAUD looking neutral in short-term and bullish in medium-term

Posted on December 21, 2017 at 3:29 pm GMT

EURAUD is losing some ground during today’s trading after finishing the day higher in the three preceding days. The RSI has to a large extent been moving sideways over the last few days, pointing to the absence of momentum in either direction. The indicator is currently at 48, close to the 50 neutral-perceived level. Upside movements could meet resistance at around 1.5552, this being the current level of the middle Bollinger line – a 20-day moving average line. Further above, [..]

Technical Analysis – Outlook 2018: GBPUSD in bullish bias; could continue to strengthen its move

Posted on December 21, 2017 at 1:25 pm GMT

GBPUSD has been creating a bearish tendency since November 2007 following the reversal on the 2.1161 resistance level. This year the pair is posting a bullish rally as it has so far posted a positive performance of almost 9%. Following the critical bounce off the 1.1986 barrier, a 31-year low, Cable has been printing an ascending move and signals a further upside move. On a monthly basis, there is a lot of scope for the rise to continue as the [..]

Technical Analysis – Outlook 2018: USDJPY struggles in a sideways channel; expectations for gains in 2018

Posted on December 21, 2017 at 1:22 pm GMT

USDJPY has been trading within a symmetrical triangle on a long-term basis since May 2015 and has sunk more than 3.5% during this year so far. The pair has established and traded within a sideways range between the upper boundary of 108.80 and the lower boundary of 114.70, roughly around the 111.00 key level, over the past nine months. In September, the pair posted a bearish weekly candlestick below the aforementioned range but failed to extend its decline and returned [..]

Technical Analysis – CADJPY struggles beneath significant obstacles; bias is bullis

Posted on December 21, 2017 at 12:55 pm GMT

CADJPY printed two daily closes and added more than 1% to its performance, following the strong rebound on the medium-term ascending trend line which overlaps with the 87.25 support level. The diagonal line is has been holding for 13 months. Zooming on the recent upward movement and on the short to medium timeframe, the price struggles beneath the 50 and 100 simple moving averages as well as below the short-term falling trend line which stands since mid-September. If the price [..]

Technical Analysis – EURUSD jumps towards 1.1900 critical level; hits three-week high

Posted on December 21, 2017 at 10:45 am GMT

EURUSD surged during the European afternoon on Wednesday and jumped towards the 1.1900 critical handle, almost reaching a three-week high. For the past two weeks, the euro has been developing within a narrow range between 1.1715 and 1.1862 versus the US dollar and Wednesday’s high was just 40 pips above the range’s peak. Moreover, the price printed the third straight positive day yesterday and the next immediate resistance levels are the 1.1938 and the 1.1960. Currently, euro/dollar is trading slightly [..]

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