forex

Technical Analysis – USDJPY remains bearish within 107 area

Posted on October 10, 2019 at 10:23 am GMT

USDJPY buyers seem to have a challenging resistance region of 107.49 – 107.80 to overcome, ahead of the restrictive 108.42 level, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. Although the price action is skewed to the downside, it remains between the 50- and 100-day simple moving averages (SMAs). The short-term oscillators and the flat Tenkan-sen suggest that directional momentum has evaporated. The MACD has distanced itself under its red trigger line, barely holding [..]

Technical Analysis – GBPJPY slows selling near key support; bias still bearish

Posted on October 10, 2019 at 7:29 am GMT

GBPJPY bears turned busy around the key barrier of 130.68 this week, a break of which could put the rebound off 3-year lows in question. A resumption of the negative momentum is possible according to the MACD which continues to strengthen under its red signal line, while the RSI needs to pierce above its 50 neutral mark to reduce downside risks. Should 130.68 give up support, the spotlight will shift to the 128.00 mark once the 129.00 level is surpassed. Further down, [..]

Technical Analysis – EURSEK rallies to log new multi-year high

Posted on October 9, 2019 at 2:28 pm GMT

EURSEK buyers insist on moving higher, something also suggested by the upward sloping Tenkan-sen and Kinjun-sen lines. The bulls have maintained control in the rally that commenced on September 25, and it seems that their focus is on higher levels of more than a decade ago. The short-term oscillators reflect increasing positive momentum. The MACD is distancing itself from its red trigger line in the positive region, while the RSI flirts with the 70-level, despite marginally already in overbought territory. [..]

Technical Analysis – AUDUSD capped by 40-day SMA after reversal off multi-year low

Posted on October 9, 2019 at 10:13 am GMT

AUDUSD buyers are attempting to retake control after the restricting 40-day simple moving average (SMA), halted the rally, which commenced off the fresh multi-year low of October 2. Momentum seems to have stalled, as also reflected by the short-term oscillators, which contradicts the bigger negative picture. The MACD, which is in negative areas and marginally below its red trigger line, looks to move above it, while the RSI appears to reclaim its 50-level, implying a more positive outlook. On the [..]

Technical Analysis – GBPNZD retraces to 38.2% Fibonacci level after bears deny breach of high

Posted on October 8, 2019 at 3:39 pm GMT

GBPNZD bears are trying to push beneath the 1.9342 level, which is the 38.2% Fibonacci retracement of the up leg from 1.8275 to 2.0000. Dominating sellers corrected the price back down – plotting lower lows and lower highs – concurring with the negative picture from the momentum indicators. The short-term oscillators reflect strengthening negative momentum. The MACD, although it is in positive areas, has distanced itself below its red trigger line, while the downward sloping RSI has declined into bearish [..]

Technical Analysis – USDTRY rallies above 100-day SMA, but still range-bound

Posted on October 8, 2019 at 12:48 pm GMT

USDTRY rally ceased at 5.85, which is the 50.0% Fibonacci retracement of the down leg from 6.24 to 5.45. The bulls drove the price above multiple resistances within the trading range of 5.64 – 5.84, which commenced around the beginning of September. The short-term oscillators reflect mixed signals. The MACD has inclined above its red trigger line and into the positive zone, while the RSI is midway in bullish territory but heads down. The simple moving averages (SMAs) are skewed [..]

Technical Analysis – GBPUSD’s fall limited by 50-day SMA

Posted on October 8, 2019 at 8:11 am GMT

GBPUSD has consolidated around 1.2293, which is the 23.6% Fibonacci retracement of the down leg from 1.3381 to 1.1957, as directional momentum has dried up. The pair is trading within a short-term range of 1.2205 – 1.2415, with the price also being squeezed between the 20- and 50-day simple moving averages (SMAs). The short-term oscillators lean towards the negative picture as the MACD, which is currently in the positive area, has moved beneath its red trigger line and towards the [..]

Technical Analysis – EURGBP rebound looks fragile; stronger bullish signals needed

Posted on October 8, 2019 at 7:17 am GMT

EURGBP crawled above the ascending channel and managed to return above the 50% Fibonacci of the upleg from 0.8470 to 0.9323, providing some optimism that buying interest may stay in the market in coming sessions. The improvement in the MACD and the RSI back this view as well, though positive signals remain weak and fragile as the former has yet to show a sustainable increase above its 50 neutral mark and the latter to cross above zero. Immediate resistance to additional upside [..]

Technical Analysis – GBPNOK consolidates to test an uptrend line

Posted on October 7, 2019 at 3:27 pm GMT

GBPNOK moves sideways as downside pressure from sellers denies gains above the recent peak of 11.34. The consolidation in price has found support at the uptrend line drawn from the twenty-one-month low of 10.54. The short-term oscillators reflect a stall in momentum but lean more to the positive picture. The MACD looks to move back above its red trigger line, although currently below it in the positive region. Whereas the RSI, which is midway in bullish territory, has turned upwards. [..]

Technical Analysis – USDZAR still in an uptrend, but move above 15.50 needed for validation

Posted on October 7, 2019 at 2:55 pm GMT

USDZAR remains in a broader uptrend, with the price action on the daily chart still characterized by a series of higher peaks and higher troughs. The upward sloping 50-day simple moving average (SMA) reinforces this notion. That said, a clear break above 15.50 is needed to signal that this uptrend is back in play. Short-term momentum oscillators concur, and suggest that the latest move higher may continue for now. The RSI rebounded off its 50 level and is pointing higher, [..]

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