forex

Technical Analysis – USDCAD climbs higher but is capped by 20-SMA

Posted on January 10, 2020 at 7:18 am GMT

USDCAD recorded its third day of gains after a failed attempt to break significantly below the 21-month low of 1.2950 on Tuesday. In the longer-term timeframe, the pair is still moving in a bearish direction. Chances for a short-term reversal are increasing as the stochastic oscillator is approaching its overbought territory. Moreover, the MACD posted a bullish crossover with its trigger line in the bearish area, suggesting a possible upside correction. However, the pair hit the 20-period simple moving average [..]

Technical Analysis – EURTRY loses ground with the retracement nearing the 50.0% Fibonacci

Posted on January 9, 2020 at 4:04 pm GMT

EURTRY’s recent correction stretched below 6.538, which is the 38.2% Fibonacci retracement of the up leg from 6.287 to 6.694 and is now testing the swing low of 6.509. The aggressive dive seems to be eyeing the 50.0% Fibo of 6.490 and looks to be aided by the bearish crossover of the 50-period simple moving average (SMA) by the 20-period one on the four-hour chart. The short-term oscillators suggest negative momentum may pick up, indicating that the decline could extend [..]

Technical Analysis – EURNOK’s decline from record high halts at 50.0% Fibo

Posted on January 9, 2020 at 2:24 pm GMT

EURNOK’s aggressive push lower has ceased around the support region of 10.0619 to 10.0550 – the former being the 50.0% Fibonacci retracement of the up leg from 9.8146 to 10.3110 and the later, the 2018 high of 10.0550 – after tumbling from the all-time high of 10.3110. The technical indicators suggest that the negative momentum is snowballing. The MACD has slipped back below its red trigger line in the negative region, while the RSI and the stochastics have entered oversold [..]

Technical Analysis – NZDUSD’s decline off 2019 high turns sideways at 23.6% Fibonacci

Posted on January 9, 2020 at 9:24 am GMT

NZDUSD looks to have turned flat, confined between 0.6680 and 0.6616 over the last week, following the decline from the five-month high of 0.6754 for the end of 2019. The pair has found support within this range from the 0.6634 area, which is the 23.6% Fibonacci retracement of the up leg from 0.6239 to 0.6754 and where the 100-period simple moving average (SMA) currently is located. That said, the short-term oscillators suggest that negative momentum may be picking up. The [..]

Technical Analysis – NZDUSD’s decline off 2019 high turns sideways at the 23.6% Fibonacci

Posted on January 9, 2020 at 9:10 am GMT

Technical Analysis – USDJPY returns higher; lacks clear direction in short-term

Posted on January 9, 2020 at 7:20 am GMT

USDJPY ended the day in green after the sharp sell-off on Wednesday, erasing intraday’s losses and surpassing the mid-level of the Bollinger Band (20-day simple moving average) and the 40-day SMA as well. The price rebounded on the 38.2% Fibonacci retracement level the of upleg from the 17-month low of 104.45 to the seven-month high of 109.70, near 107.70. The momentum indicators are pointing to a positive bias in the very short-term with the RSI just above the 50 level [..]

Technical Analysis – GBPNOK turns horizontal after tumble from highs is halted by 100-MA

Posted on January 8, 2020 at 2:59 pm GMT

GBPNOK’s aggressive decline from the fourty-two-month high of 12.2105 looks to have turned flat around the 11.54 to 11.51 levels, finding support where the lower band of the Ichimoku cloud has merged with the 100-day simple moving average (SMA). Further backing this view, is the weakening negative momentum in the technical indicators and the flattened Kijun-sen line. The short-term oscillators suggest negative momentum is wavering. The MACD, in the negative area has climbed above its red trigger line, while the [..]

Technical Analysis – GBPNOK turns horizontal after tumble from highs halts at 100-MA

Posted on January 8, 2020 at 2:44 pm GMT

GBPNOK’s aggressive decline from the fourty-two-month high of 12.2105 looks to have turned flat around the 11.54 to 11.51 levels, finding support where the lower band of the Ichimoku cloud has merged with the 100-day simple moving average (SMA). Further backing this view, is the weakening negative momentum in the indicators and the flattened Kijun-sen line. The short-term oscillators suggest negative momentum is wavering. The MACD, in the negative area has climbed above its red trigger line, while the RSI [..]

Technical Analysis – EURGBP tests downtrend line; bearish outlook intact

Posted on January 8, 2020 at 10:30 am GMT

EURGBP is moving slightly lower over the last ten days, following the pullback on the 0.8590 resistance and the descending trend line, which has been holding since the ten-year peak of 0.9324 last August. Currently, the price is developing within the 20- and 40-simple moving averages (SMAs) in the daily timeframe, which act as support and resistance respectively. The MACD oscillator is flattening below the zero line, while the RSI is moving slightly lower below the 50 level, signaling a [..]

Technical Analysis – EURJPY loses steam; confined below 200-MA

Posted on January 8, 2020 at 10:06 am GMT

EURJPY appears to be curbed by the 200-period simple moving average (SMA) currently at 120.95, succeeding a second push off the 120.16 support, which resulted in buyers keeping the pair above a supportive trendline drawn from 3 September 2019. The short-term oscillators suggest a slight strengthening in negative momentum. The MACD has slipped back below its red trigger line in the negative zone, while the RSI, has turned back down in the bearish region. Furthermore, boosting a retest of the [..]

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