forex

Technical Analysis – EURGBP dives to 5-month lows; downtrend in progress

Posted on October 16, 2019 at 7:11 am GMT

EURGBP’s rebound off 0.8785 proved fragile as sellers took full control below 0.9000, violently pushing the price towards a five-month low of 0.8623 early on Wednesday. Technically, the market looks to have entered oversold territory as the RSI is close to 30 and the fast-Stochastics are searching for a bullish cross under 20. However, both indicators need to show a clear upside reversal to confirm that selling pressure has hit limits. Interestingly, a lower high at 0.9018 has followed the [..]

Technical Analysis – GBPNZD remains bullish, as price rallies back above 20-day SMA

Posted on October 15, 2019 at 3:04 pm GMT

GBPNZD buyers dominated sellers, ascending fiercely to levels not seen in more than a year. The bulls overcame previous peaks from May 8 and September 20 of 2.0020 and 2.0000 respectively, as well as the 2.0180 resistance (now-turned-support) level and are now looking to advance even further. The short-term oscillators also back the bullish picture, with the MACD climbing above its red trigger line in the positive zone and the inclined RSI, entering the overbought territory. Moreover, the upward sloping [..]

Technical Analysis – GBPAUD rallies above 200-day SMA, plotting huge gains

Posted on October 15, 2019 at 1:59 pm GMT

GBPAUD buyers rallied the pair above the 200-day SMA and nearby swing peaks, after an aggressive bounce off the 50- and 100-day simple moving averages (SMAs), located just above the uptrend line. The bulls are attempting to plot more gains, something also backed by the rising Tenkan-sen and Kijun-sen lines. The short-term oscillators also concur with the positive view. The MACD has moved above its red trigger line and deep into positive regions, while the RSI has claimed the 70-level [..]

Technical Analysis – GBPUSD violates March downtrend; cautiously bullish in short-term

Posted on October 15, 2019 at 7:42 am GMT

GBPUSD traders turned indecisive following last week’s impressive rally that drove the price slightly above the 1.2700 level and just below the 200-day simple moving average (SMA). The short-term momentum indicators suggest a cautiously bullish bias as the RSI and the Stochastics maintain an upward direction not far below the overbought territory. Regarding the market trend, however, technical signals are more optimistic since the pair has created a higher high around 1.2580 and a higher low at 1.2200, violating the downtrend [..]

Technical Analysis – EURUSD remains in a downtrend despite rally

Posted on October 14, 2019 at 7:17 am GMT

EURUSD rose as high as 1.1062 following the breach of the four-month-old downward-sloping line but the technical indicators signaled overbought conditions, with the price correcting slightly lower and towards the key 1.1025 barrier. The short-term bias is looking bullish to neutral in the four-hour chart as the RSI is heading towards its 50 neutral mark and the MACD is losing momentum towards its red signal line. In terms of market trend, the bullish crossover between the 20- and the 200-period [..]

Technical Analysis – USDCAD bears reverse below 200-day SMA and 50.0% Fibonacci

Posted on October 11, 2019 at 9:33 am GMT

USDCAD trades between the converging simple moving averages (SMAs) with the sellers attempting to move underneath the 50-day SMA, after a deflection off the upper band of a two-month trading range. The signals from the tangled SMAs are indistinct. However, the MACD, although marginally above its red trigger line in the positive zone, looks to cross beneath it, while the RSI is flirting with the uptrend line, which has presently merged with the neutral 50 mark. Despite a near term [..]

Technical Analysis – GBPCHF looks overbought after steep rally

Posted on October 11, 2019 at 7:22 am GMT

GBPCHF staged an impressive rally on Thursday, recouping most of the losses recorded since mid-September and rising well above its simple moving averages (SMA) and the Ichimoku cloud on the four-hour chart. The forceful upside correction, however, looks fragile as the fast-stochastics and the RSI signal overbought conditions, indicating that the bullish action is running out of steam and downside pressures may occur in the short-term. To keep the bulls in play, the price needs to hold above 1.2380 and more importantly on top of [..]

Technical Analysis – USDSEK decline ceases at swing low and 38.2% Fibonacci

Posted on October 10, 2019 at 3:39 pm GMT

USDSEK attracted buyers around the 9.82 – 9.83 support region denying the bears further losses. Buyers are attempting to keep the positive picture in place, something also backed by the upward sloping simple moving averages (SMAs) and the uptrend line. The short-term oscillators reflect weakening negative momentum. The MACD has distanced itself under its red trigger line, and holds slightly above the zero line, while the RSI is in bearish territory and has turned back up before reaching the 30-level. [..]

Technical Analysis – AUDNZD looks neutral-to-bearish in short-term; long uptrend in focus

Posted on October 10, 2019 at 2:38 pm GMT

AUDNZD erased part of the August rebound after hitting a 10-month high of 1.0837, with the momentum indicators pointing now to a neutral-to-bearish short-term tendency. Τhe MACD keeps losing ground under its red signal line and the RSI has dropped marginally under its 50 neutral threshold and is flattening. The bigger picture, on the other hand, provides some positive trend signals for thought, as the pair is pushing efforts to escape the downward pattern it started two years ago, printing higher highs [..]

Technical Analysis – EURJPY holds a bull flag near key resistance area

Posted on October 10, 2019 at 10:27 am GMT

EURJPY picked up steam on Thursday and hit two-week highs above the Ichimoku cloud in the four-hour chart, with the positive momentum in the RSI and the MACD painting a bright picture for the short-term. The area around 118.43, where the 38.2% Fibonacci of the upleg from 115.85 to 120.00 lies, is currently blocking the bullish action. If this resistance holds, the rally may take a breather around the 118.60 barrier before heading up to the 119.00 level and the [..]

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