forex

Technical Analysis – NZDJPY buyers challenge 100-day SMA at upper band of Ichimoku cloud

Posted on October 21, 2019 at 12:54 pm GMT

NZDJPY is attempting to climb above a key resistance area. The area consists of the 100-day simple moving average (SMA), the 69.67 resistance, the upper bound of the Ichimoku cloud and the 50.0% Fibonacci retracement of the down leg from 73.23 to 66.30. The stochastics have risen into the overbought zone but the %K has yet to cross below the red %D line. The MACD has distanced itself into the positive region and above its red trigger line and the [..]

Technical Analysis – GBPCAD pauses rally as short-term indicators hint at overbought conditions

Posted on October 21, 2019 at 10:08 am GMT

GBPCAD stalled near the 61.8% Fibonacci of the 1.7793-1.5873 bearish wave following the close above the 200-day simple moving average (SMA), having printed two green weeks in a row. The downside reversal in the Stochastics combined with the flattening Ichimoku indicators and an RSI that looks to be easing momentum above its 70 overbought mark hints that the rally may be overstretched and hence some weakness may follow in coming sessions. Still, a decline below 1.6600 is required for traders to lose [..]

Technical Analysis – EURUSD climbs above 100-day SMA to test looming negative picture

Posted on October 21, 2019 at 9:13 am GMT

EURUSD buyers have ascended above 1.1145, which is the 50.0% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The bounce off the broken downtrend line at 1.0990 – where the Tenkan-sen completed a bullish crossover – propelled the price through the Ichimoku cloud, overcoming various resistance obstacles. Momentum oscillators back a short-term positive outlook. The MACD has distanced itself above its red trigger line and into the positive zone, while the RSI has risen to the 70 level. [..]

Technical Analysis – GBPUSD indicates sense of caution in near-term

Posted on October 18, 2019 at 1:16 pm GMT

GBPUSD registered a fresh five month high of 1.2987 before pulling back, cementing the new uptrend off the 1.1957 bottom. The 20-period simple moving average, which is sloping comfortably upwards and above the longer-term SMAs, increases the odds for a continuation of the bullish wave as well. The RSI, however, has been flattening above its overbought mark for a while on the four-hour chart and the MACD has started to show a soft downside direction below its red signal line, suggesting that traders [..]

Technical Analysis – GBPJPY pauses post rally; sellers halt further advances

Posted on October 18, 2019 at 8:25 am GMT

GBPJPY has taken a breather after sellers denied further gains. They reversed the price back below 140.34, which is the 61.8% Fibonacci retracement of the down leg from 148.86 to 126.53, following the rally that commenced 10 October. The momentum indicators concur with the stall in the positive outlook and this is backed by the flat Tenkan-sen and Kijun-sen lines. The RSI is reflecting a marginal improvement in positive momentum, as it is pointing up slightly below the 70 mark. [..]

Technical Analysis – USDCAD tests long-term support trendline; bias remains bearish

Posted on October 18, 2019 at 7:08 am GMT

USDCAD is testing a long-term support trendline drawn from the 2017 trough after repeatedly failing to beat the tough wall around 1.3340. The bearish bias is still intact given the falling MACD and the negative direction in the RSI and therefore additional downside corrections are possible. Yet, in case the bearish action proves too weak to break under the support trend-line, the market could stage a rebound towards the 1.3240 resistance before retesting the 1.3340 obstacle if it manages to surpass the [..]

Technical Analysis – AUDUSD rally looks to be running out of fuel

Posted on October 17, 2019 at 2:38 pm GMT

AUDUSD bulls gathered momentum above the 200-period simple moving average (SMA) and hit a one-month high of 0.6832 on Thursday, sending the RSI and the Stochastics in the four-hour chart towards the overbought territory. Hence, the odds for a downside correction are rising. However, if the price manages to hold within the 0.6800 area, a rally towards the 0.6860-0.6880 resistance zone cannot be ruled out. In case upside pressure persists, the pair could also challenge the 0.6910 obstacle, where the [..]

Technical Analysis – NZDUSD bulls breach upper bound of Ichimoku cloud, eyeing 200-SMA

Posted on October 17, 2019 at 8:48 am GMT

NZDUSD buyers pushed off the 100-period simple moving average (SMA) and above various obstacles moving out of the Ichimoku cloud. The recent rally looks to shift the bias by climbing above the 200-day SMA, despite an overall short-term neutral picture prevailing, as indicated by the horizontal SMAs. The short-term oscillators reflect a kind of neutral state but lean slightly towards the positive picture. The MACD, in the negative zone has moved above its red trigger line and is nearing zero, [..]

Technical Analysis – EURNZD short-term bullish picture reinforced, bulls plot a 1-year high

Posted on October 16, 2019 at 1:30 pm GMT

EURNZD buyers are logging a new high, as they push past the peaks of 1.7590 and 1.7614 from August 26 and September 20 respectively. The rally off the 1.7358 level is also backed by the turn up and bullish crossover by the 40-period SMA with the 100-period one, which came after nearly a one-month convergence period. The short-term oscillators agree with the improving picture, as the MACD rises above its red trigger line in the bullish area and the RSI [..]

Technical Analysis – EURJPY maintains positive picture, tackling a key neutral level

Posted on October 16, 2019 at 8:58 am GMT

EURJPY buyers are in the process of re-testing the 120.00 resistance level, after a slight correction moved the price beneath it. The Tenkan-sen line has distanced itself above the Kijun-sen line indicating that the rally that commenced on October 8 is intact, and another push higher cannot be ruled out. The short-term oscillators also concur with the positive view. The MACD – although below its red trigger line and deep in positive territory – looks to be moving back above [..]

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