forex

Technical Analysis – USDCAD holds bearish below trendline despite positive indication

Posted on January 24, 2020 at 8:17 am GMT

USDCAD recent push up from the 1.2950 low looks to be capped by the 50- and 100-day simple moving averages (SMAs) with sellers pushing back down. Aiding the negative picture is the restrictive trendline and all the SMAs, which are sloping downwards. That said, for now, reflecting conflicting signals are the short-term oscillators that suggest that positive momentum is present. The MACD is increasing above its red trigger line in the negative region and it has reached its zero mark, [..]

Technical Analysis – AUDJPY loses steam towards supportive trendline; positive picture questioned

Posted on January 23, 2020 at 2:23 pm GMT

AUDJPY is cautiously positive in the very short-term as the lower high throws into question the improving outlook. The pair is being supported by the 50-day simple moving average (SMA) keeping optimism on the table. Additionally, the nearing bullish crossover of the 200-day SMA by the 100-day one – around 74.50 – and the supportive trendline below, could sustain the ascent from the low of 69.94. The short-term oscillators suggest that positive momentum may be picking up, despite the recent [..]

Technical Analysis – NZDUSD fails to overcome SMAs; remains in bearish channel

Posted on January 23, 2020 at 10:34 am GMT

NZDUSD has been developing within a downward sloping channel over the last three weeks, remaining slightly below the short- and long-term moving averages. The price is in a downward correction move and more losses are expected if it fails to overcome the 0.6615 resistance level. The RSI is pointing slightly down in the negative territory, however, the MACD is still standing above the trigger line in the near term. Immediate support is coming from the 38.2% Fibonacci retracement level of [..]

Technical Analysis – USDJPY remains bullish despite recent correction

Posted on January 23, 2020 at 8:45 am GMT

USDJPY’s positive picture seems to be losing some fuel in the recent push up from the 107.76 level. The short-term oscillators suggest that the negative momentum is picking up. The MACD, in the positive region is only just above its red trigger line, while the RSI has dropped to its neutral mark. The Stochastics look bearish with the declining %K line distancing itself below its %D line and into the oversold region. That said, the fresh bullish crossover of the [..]

Technical Analysis – GBPCAD rallies towards one-month peak; could rise further

Posted on January 23, 2020 at 7:56 am GMT

GBPCAD posted an aggressive upside session on Wednesday, surpassing the 20- and 40-simple moving averages (SMAs) in the daily timeframe and gaining more than 200 pips. The price hit an almost one-month high today of 1.7295. Looking at momentum indicators, the RSI is moving north in the positive territory, approaching the 70 level, while the %K line of the stochastic entered the overbought zone. The MACD also supports this view as it is holding in the negative area but is [..]

Technical Analysis – GBPJPY supported by ascending trendline; neutral in short-term

Posted on January 23, 2020 at 7:44 am GMT

GBPJPY has been on the sidelines since mid-December but has been refusing to enter the Ichimoku cloud, with the RSI and the MACD suggesting that the indecisive mood may stretch into the short-term as both indicators appear muted near their neutral levels. The pair, however, also seems to be well supported by an ascending trendline drawn from the 3-year low of 126.53 and any decisive close below it could initiate fresh selling pressure, probably towards the 140.70 restrictive level, which is also [..]

Technical Analysis – AUDUSD appears to be improving; aided by uptrend line

Posted on January 22, 2020 at 9:01 am GMT

AUDUSD is finding substantial upside pressure at the 0.6827 level around where the 100-day simple moving average (SMA) is currently located. Furthermore, the price is retesting a broken downtrend line drawn from December 2018 and the tentative uptrend line pulled from the multi-year low of 0.6670, which is aiding the above outlook. The short-term oscillators reflect mixed signals in directional momentum. The MACD is declining further below its red trigger line and under its zero mark. However, the %K line [..]

Technical Analysis – CADJPY rally loses steam near key resistance; uptrend still intact

Posted on January 22, 2020 at 8:27 am GMT

CADJPY bulls run out of fuel near a 10-month high of 84.55 and the 61.8% Fibonacci of the 89.20-76.63 downleg recorded between the 2018 October-January period. The easing momentum in the RSI and the MACD suggests that weakness may remain in the market in the short-term as the former is holding a downward direction and the latter is ready to cross below its red signal line. On the positive side, the pair is trading in an uptrend in the medium-term [..]

Technical Analysis – EURGBP consolidates in tight range in near term

Posted on January 22, 2020 at 7:41 am GMT

EURGBP is consolidating within a tight trading range over the last month with an upper boundary at the 0.8590 resistance and the lower boundary at the 0.8450 support level. Currently, the pair is capped by the short-term moving averages and the 23.6% Fibonacci retracement level of the downward wave from 0.9324 to 0.8275 near 0.8520, suggesting a potential breakdown of the channel. The technical indicators are flattening, confirming the recent view in the daily timeframe. The MACD is moving with [..]

Technical Analysis – USDMXN appears bearish, capped by restrictive trendline

Posted on January 21, 2020 at 4:37 pm GMT

USDMXN pierced under the low of 18.73 from 17 October 2018 and is currently testing the trendline, limiting upside corrections drawn from December 3, 2019. Further backing the negative picture is the downward sloping 50- and 100-day simple moving averages (SMAs) and the near completion of a bearish crossover of the 200-day SMA by the 100-day one. That said, the short-term oscillators are reflecting mixed signals for now. The MACD, in the negative region, is above its red trigger line [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms