forex

Technical Analysis – USDJPY retreats but still holds within Bollinger band

Posted on January 2, 2020 at 2:38 pm GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower after the bounce off the 109.70 resistance level, remaining within the Bollinger bands. The short-term technical indicators are bearish and moving in the negative territory. The stochastic dived in the oversold zone and continues to point down, while the RSI is moving sideways, suggesting a neutral to bearish view. The next target to the downside is the immediate support of the 23.6% Fibonacci [..]

Technical Analysis – EURJPY maintains a positive outlook despite recent weakness

Posted on January 2, 2020 at 2:00 pm GMT

EURJPY has paused around the flat 50-period simple moving average (SMA) at 121.70 after a bounce off the 100-period SMA failed to reach the five-and-a-half-month high of 122.60. The pair’s improving picture appears still valid, with the intact bullish crossovers restricting the price from declining further. The short-term momentum oscillators reflect the recent stall in price as does the flat 50-period SMA. The MACD has declined below its red trigger line and is approaching the zero mark, while the RSI [..]

Technical Analysis – AUDUSD starts year in red after fresh 6-month top

Posted on January 2, 2020 at 11:11 am GMT

AUDUSD stretched its nine-day rally to a new six-month high of 0.7030 on December 31, penetrating the upward sloping channel to the upside, before pulling slightly lower. The pair rallied very sharply at the end of the previous year, but now it seems to be losing momentum as the RSI is turning lower below the 70 level for a potential downside correction. Also, the stochastic oscillator completed a bearish crossover within the %K and %D lines in the overbought area, indicating more [..]

Technical Analysis – USDCAD ready to test 2019 lows

Posted on December 31, 2019 at 10:32 am GMT

USDCAD posted significant losses in recent days, with the pair now looking ready to test the 2019 low of 1.3015 at any moment. If sellers manage to pierce and close below that zone, that would turn the broader picture to negative, setting the stage for more declines in the New Year. Short term momentum oscillators are endorsing the bearish picture. The RSI is currently testing its 30 line, while the MACD – already negative – is also below its red [..]

Technical Analysis – GBPUSD rebound may face challenge within nearby resistance area

Posted on December 31, 2019 at 8:36 am GMT

GBPUSD is pushing on with efforts to correct the sharp sell-off off the 1 ½-year high of 1.3513 which led to 1.2900 last week. The price has returned into the 1.3100 territory and is trying to expand above the 20-day simple moving average (SMA). However even though the RSI and the MACD are holding an upward direction, questions are arising as to whether the bulls are strong enough to overcome the 1.3146-1.3175 area, which includes the 23.6% Fibonacci of the [..]

Technical Analysis – USDJPY bulls lose battle with resistance trendline

Posted on December 30, 2019 at 2:41 pm GMT

USDJPY pushed lower on Monday and back towards the 109.00 level as the strong descending trendline that joins all the lower highs since mid-September 2018 capped upside movements once again. The slowing RSI, which heads towards its 50 neutral mark and the easing momentum in the MACD, which lies near its red signal line, are ruling out a meaningful rally in the short-term. A decline below 109.00 could strengthen negative momentum probably towards the 108.40 support area, where the 50% Fibonacci retracement of the [..]

Technical Analysis – EURUSD bulls may pick up steam if the 1.1200 door is opened

Posted on December 30, 2019 at 9:54 am GMT

EURUSD is set to extend its October uptrend to fresh highs after registering a new higher low around the 1.1072 barrier, boosting optimism that the bullish pattern may have a continuation. The RSI and the MACD favor the positive sentiment too, as the indicators are sloping upwards in the bullish area. Still, the 1.1200 barrier, which is the 61.8% Fibonacci retracement of the 1.1411-1.0878 downleg, should leave the door open for the rally to stretch up to the 78.6% Fibonacci of 1.1297. [..]

Technical Analysis – AUDUSD extends winning streak but rally at risk of being overstretched

Posted on December 27, 2019 at 8:10 am GMT

AUDUSD surged to a 5-month high of 0.6954 on Friday as the pair looked set to post a seventh straight session of gains. However, although the technical indicators suggest there’s plenty of positive momentum remaining to sustain the rally, there are some signs that the pair is in danger of becoming overbought. The RSI continues to rise and has yet to enter the overbought region, indicating there’s scope for more gains in the near term. But the stochastics are already [..]

Technical Analysis – GBPUSD bears may keep ruling in short-term

Posted on December 24, 2019 at 8:19 am GMT

GBPUSD plummeted back to the 1.2900 territory and below its 20- and 50-day simple moving averages (SMAs), erasing all the election gains that drove the pair to a 1 ½ -year high of 1.3513. The short-term outlook keeps looking cloudy as the price has crossed below the middle Bollinger band but has yet to touch the lower band, while the RSI is also making its way down below its 50 neutral mark. Should the sell-off strengthen beneath the 1.2900 level that acted as support on Monday, the [..]

Technical Analysis – GBPCHF enters bearish area; maintains uptrend in medium-term

Posted on December 23, 2019 at 3:38 pm GMT

GBPCHF lost significant ground and dived below its 20- and 50-day simple moving averages (SMAs) after unsuccessfully attempting to grow into the 1.3300 region. The market is currently trading in bearish waters according to the RSI, which is strengthening to the downside and below 50, while the slowing MACD that deviates under its red signal line endorses the negative correction as well. The 38.2% Fibonacci of 1.2682 of the 1.2670-1.3307 bullish wave is keeping the bears under control at the moment. If it [..]

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