forex

Technical Analysis – USDJPY constrained around 61.8% Fibonacci, lacks momentum

Posted on December 23, 2019 at 3:05 pm GMT

USDJPY has been hovering around the 61.8% Fibonacci retracement level of 109.36 of the downleg from 112.39 to 104.44 for the past 10 days, with the 109.70 barrier holding back efforts to break above this key resistance point. Momentum indicators suggest a near-term breakthrough for the bulls won’t be possible as the stochastics are trending downwards, and the RSI has flatlined. However, both remain above the 50 neutral level so positive forces still have the upper hand. If the pair [..]

Technical Analysis – USDMXN looks for a rebound as oversold conditions detected

Posted on December 23, 2019 at 10:36 am GMT

USDMXN paused its 3-week old decline near the key 18.80 support area last week. Meanwhile the RSI has touched its 30 oversold mark and is now looking for a rebound, whilst the fast-Stochastics have already reversed after posting a bullish cross below 20, both increasing the odds for a rebound in the price or at least ruling out the event of a steeper sell-off. The negative momentum in the MACD also seems to have slowed down, adding to the above encouraging signals. A forceful [..]

Technical Analysis – EURUSD upside stalls at 1.1178; short-term bias neutral-to-bearish

Posted on December 23, 2019 at 7:58 am GMT

EURUSD could not reactivate it’s two-month old upside direction that stuck around the 1.1178 area as the 200-day simple moving average (SMA) proved hard to overcome last week. Even though the price spiked above the line, registering a fresh high at 1.1198, the bears retook control, driving the market back into the 1.100 territory. Currently, the pair is pushing efforts to rebound near the 1.1072 key barrier and its 20- and 50-day SMAs but the RSI and the MACD have [..]

Technical Analysis – GBPCAD cautiously positive as decline hits a wall at the 50-day SMA

Posted on December 20, 2019 at 2:04 pm GMT

GBPCAD’s aggressive reversal marginally ahead of the previous high from March 12 of 1.7793 has come to a standstill at the 1.7058 level – which is the 38.2% Fibonacci retracement of the up leg from 1.5874 to 1.7790 – that previously restricted further advances in the pair. The short-term oscillators reflect conflicting signals in directional momentum. The MACD has dropped far below its red trigger line but remains in the positive zone, while the RSI has dipped below its neutral [..]

Technical Analysis – USDCHF breaks lower as bears take the wheel

Posted on December 20, 2019 at 11:15 am GMT

USDCHF broke below an uptrend line in early December, which later acted as resistance, forcing the market to head down and post a lower low on the daily chart. The near-term bias has therefore turned negative, something also endorsed by the downward slope in the 50-day simple moving average (SMA). Negative momentum has taken a breather though, as indicated by the rebound off the 0.9770 zone and the latest upturn in the RSI. That said, the RSI is still well [..]

Technical Analysis – USDCAD preserves a bearish tone, trapped in a range

Posted on December 20, 2019 at 9:42 am GMT

USDCAD seems to be on track to reach a significant support structure, despite its overall neutral picture reflected in the flat 200- and 100-day simple moving averages (SMAs), which are not giving any obvious direction. The short-term oscillators reflect the stall in negative directional momentum. The MACD in the negative region has flattened below its red trigger line, while the RSI is rising in bearish territory. However, the ADX continues to indicate that a strong negative trend is in place. [..]

Technical Analysis – EURJPY bulls become cautious as pair eyes 121.00 for more downside

Posted on December 20, 2019 at 8:49 am GMT

EURJPY managed to run above the 200-day simple moving average (SMA) for the first time in more than a year and formed another higher high at 122.63 last Friday. The market, however, soon reached overbought conditions as reflected by the RSI, which is moving towards its 50 neutral mark after hitting the 70 level. The price reversal near the upper Bollinger band and the doji created at the top of the uptrend add to the short-term discouraging signals. Still, traders will [..]

Technical Analysis – EURNOK may have more weakness in store after 2 ½-month lows

Posted on December 19, 2019 at 2:15 pm GMT

EURNOK dived to a 2 ½-month low of 9.95 on Thursday and towards the 38.2% Fibonacci of the upleg from 9.41 to 10.31. More downside could prevail in the short-term as the RSI and the MACD continue to move south in the bearish area but the price needs to close decisively below the 38.2% Fibonacci of 9.96 to trigger a steeper sell-off, probably towards the 50% Fibonacci of 9.86 and the 200-day simple moving average (SMA). Retracing lower and beneath the previous low [..]

Technical Analysis – USDJPY range bound in a bigger bullish picture

Posted on December 19, 2019 at 9:52 am GMT

USDJPY seems to be bound between the 109.72 and 108.42 level, which happens to be the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The pair seems to have hit a wall at the 109.72 barrier, after the price pushed off the lower boundary of 108.42 and was further boosted by the upward sloping bullish crossovers of the 200-day simple moving average (SMA). The short-term oscillators suggest a stall in positive momentum but lean towards an improving [..]

Technical Analysis – GBPJPY selling pauses near descending trendline

Posted on December 19, 2019 at 8:42 am GMT

GBPJPY breached the tentative long-term descending trendline drawn from the 2018 peak of 156.59 and geared up to a nine-month high of 147.94 on Friday before pulling back to the 143.00 region. The trendline is currently acting as support as the price is pushing efforts to rebound and the RSI and the MACD are flagging a positive-to-neutral short-term bias, with the former fluctuating not far above its 50 neutral mark and the latter easing towards its red signal line. A [..]

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