forex

Technical Analysis – AUDUSD held below downtrend line; lower Bollinger band tests sellers

Posted on November 14, 2019 at 11:05 am GMT

AUDUSD is in the process of pushing past the 0.6810 level, an area where the swing low, 50-day simple moving average (SMA) and lower-Bollinger band are presently located. The pair’s latest drop to the lower band comes after unsuccessful efforts to breach a fortified region around 0.6925 to 0.6936, which encompasses various resistance obstacles. The short-term oscillators suggest strengthening negative momentum and are reinforced by the medium-term downtrend line and the declining 40-, 100- and 200-day SMAs. The MACD, in [..]

Technical Analysis – USDJPY to hold between upward-sloping trendlines

Posted on November 14, 2019 at 8:11 am GMT

USDJPY erased a portion of last week’s gains after failing to close above 109.50, which is the 61.8% Fibonacci of the downleg from 112.39 to 104.44 and a threshold the pair needs to breach to resume positive direction in the three-month picture (medium-term). Technically, the pair could record a neutral session in the short-term as the RSI has almost reached its 50 neutral mark, while the MACD is extending its sideways move around its signal line. On the downside, the ascending [..]

Technical Analysis – AUDCHF pivots at the 50.0% Fibonacci; tackles the 40- and 100-day MA

Posted on November 13, 2019 at 4:25 pm GMT

AUDCHF is currently attempting to push below the coupled 40- and 100-day simple moving averages (SMAs) at 0.6755. The pair deflected off the 0.6885 resistance, which is the 50.0% Fibonacci retracement of the down leg from 0.7272 to 0.6499, before managing to reach the 200-day SMA above. The short-term oscillators suggest strengthening negative momentum. The MACD, in the positive region, has slipped below its red trigger line. The RSI has broken below its neutral mark and is declining in the [..]

Technical Analysis – USDTRY flirts with 40-day MA and 38.2% Fibonacci within a sideways market

Posted on November 13, 2019 at 2:56 pm GMT

USDTRY sellers are trying to push below the 5.75 mark, which is the 38.2% Fibonacci retracement of the down leg from 6.24 to 5.45 and where the 40-day simple moving average (SMA) is currently located. The pair seems to be bound within the region of 5.94 to 5.64, which coincides with the 61.8% and 23.6% Fibo respectively. The short-term oscillators reflect indistinct signals – trading around their neutral marks – suggesting that directional momentum has disappeared. The RSI is implying [..]

Technical Analysis – EURJPY gains negative momentum; 200-day MA in its grasp

Posted on November 13, 2019 at 10:16 am GMT

EURJPY is losing ground after succeeding to move below the key support level of 120.34, setting lower highs and lows in place as it approaches the 200-period simple moving average (SMA). Supporting the move is the bearish cross of the 100-period SMA by the 40-period one and the recent turn lower in their slopes. The technical indicators are reflecting conflicting views, as the Stochastics are climbing out of the oversold territory, while the MACD and RSI remain in the bearish [..]

Technical Analysis – NZDUSD sharply up but cautiously bullish

Posted on November 13, 2019 at 8:24 am GMT

NZDUSD skyrocketed overnight after the Reserve Bank of New Zealand surprisingly decided not to cut interest rates. The price stepped on the ascending trendline drawn from the October 1 troughs and overcame all its simple moving averages (SMAs) before stopping near the 23.6% Fibonacci of the upleg from 0.6239 to 0.6464 and slightly above the surface of the Ichimoku cloud. The momentum indicators followed the price higher too, turning the short-term bias into a bullish one, with the MACD rising into [..]

Technical Analysis – GBPNZD holds its positive picture despite some easing in its ascent

Posted on November 12, 2019 at 3:12 pm GMT

GBPNZD looks to be in the process of pushing higher to re-test the fresh multi-year high of 2.0557. The pair seems to have taken a breather consolidating along the 2.0020 level. The short-term oscillators reflect a pause in the market but imply some improvement in positive momentum. The RSI is pointing up mid-way in the bullish territory. Additionally, the MACD, although currently below its red trigger line in the positive zone, is looking to climb back above it. Moreover, the [..]

Technical Analysis – GBPUSD looks mildly positive in short-term; resistance line in focus

Posted on November 12, 2019 at 8:13 am GMT

GBPUSD started the week in the green after falling slightly for three consecutive days. The rebound happened around the 1.2800 support level and the 23.6% Fibonacci of the upleg from 1.2200 to 1.3011, but the bullish action was not strong enough to pierce the 1.2900 mark. Although the RSI managed to bounce back into the bullish area, the indicator continues to hold a downward direction since mid-October, while in Ichimoku indicators, the red Tenka-sen is flattening above the blue Kijun-sen line, all signaling a [..]

Technical Analysis – Is EURUSD on a bearish trend reversal?

Posted on November 11, 2019 at 8:33 am GMT

EURUSD generated extra losses after breaking the neckline of the double top formation with a ceiling at 1.1174 in the four-hour chart – a signal that a trend reversal may be in progress. The price has breached the 200-period simple moving average (SMA) too on the way down and is currently consolidating around the 50% Fibonacci of the upleg from 1.0878 to 1.1178 as the RSI and the Stochastics are exiting the oversold areas. The MACD also looks to be [..]

Technical Analysis – USDCAD returns above trendline, but rebound capped by 100-day MA

Posted on November 8, 2019 at 9:30 am GMT

USDCAD has been restricted by the 100-day simple moving average (SMA) in recent sessions, after buyers aggressively reversed the pair back above the uptrend line, reestablishing a neutral-to-bullish picture. Despite the bearish demeanor of the 20- and 50-day SMAs, the 200- and 100-day SMAs as well as the Tenkan-sen and Kijun-sen lines reflect a stall in momentum, which could have the price endure a sideways move towards the trendline. The MACD has risen above its red trigger line and nears [..]

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