forex

Technical Analysis – AUDJPY maintains bearish direction; attempting exit of Ichimoku cloud

Posted on October 7, 2019 at 2:03 pm GMT

AUDJPY’s drop seems to have lost steam near the lower boundary of the Ichimoku cloud. Sellers re-took control around 74.05, which is the 38.2% Fibonacci retracement of the down leg from 80.70 to 69.94. The price was also capped underneath the 100-day simple moving average (SMA), which is in line with the negative outlook. Momentum oscillators are falling in line with the bigger bearish picture reflected by all SMAs. The MACD has remained below its red trigger line and continues [..]

Technical Analysis – NZDJPY points to 6-year lows as negative pressure persists

Posted on October 7, 2019 at 1:46 pm GMT

NZDJPY is showing no appetite for a meaningful upside correction in the daily chart as the pair approaches the 6-year trough of 66.29 and the RSI and the MACD continue to trend in the bearish area. It is also worth noting that the price has breached an important resistance-turned-support area around the 50% Fibonacci of the five-year old upleg from 45.20 to 94.00 early in August. A fall under the 66.29 bottom may last until the 65.00 level, which if violated could shift [..]

Technical Analysis – EURUSD eyes downtrend line

Posted on October 7, 2019 at 9:14 am GMT

EURUSD buyers pushed above 1.0965, which is the 23.6% Fibonacci retracement of the down leg from 1.1249 to 1.0878, despite the negative signals. Regardless of the intact Tenkan-sens’s bearish crossover of its Kijun-sen line and their flattened states, the bulls rallied higher and reversed the pair off a multi-year low of 1.0878. The short-term oscillators continue to reflect weakening negative directional momentum despite somewhat improving. The MACD remains in the negative area but above its red trigger line, while the [..]

Technical Analysis – USDCHF eyes 1.000 level for fresh direction

Posted on October 4, 2019 at 12:30 pm GMT

USDCHF managed to pierce the 1.0000 mark after four months before pulling back into the 0.9900 region, questioning the sustainability of the downtrend from the 1.0234 peak. The sideways move in the RSI and the MACD’s location reflect a neutral-to-positive bias for short-term trading. Should the bulls finish comfortably above the 1.0000 barrier, traders could speculate that the downward pattern from the 1.0234 peak has likely reached a bottom, with the price crawling next up to the 1.0097-1.0123 familiar resistance [..]

Technical Analysis – GBPJPY still negative, but losses limited near 200-period SMA

Posted on October 4, 2019 at 8:39 am GMT

GBPJPY seems to have hit a wall at the 200-period simple moving average (SMA) on the four-hour chart and the 131.60 durable support from July 30. The price decline from the high of 135.73 halted on October 2, with the pair shifting sideways along 131.80, which is the 23.6% Fibonacci retracement of the down leg from 148.86 to 126.53. The short-term oscillators reflect a stall in negative momentum. The MACD although above its red trigger line, is in the negative [..]

Technical Analysis – USDCAD in battle with 1.3340 familiar resistance

Posted on October 4, 2019 at 7:32 am GMT

USDCAD gathered strong bullish momentum on Wednesday and is currently trading near the key 1.3340 resistance level, which the bulls could not successfully overcome for more than three months now. Technically there is more bullish fuel in store as the RSI has left the neutral territory and adopted an upward direction above 50, while the MACD is also picking up strength above its red signal line. Questions however remain about whether the price can close decisively above the 1.3340 ceiling. If this is the [..]

Technical Analysis – NZDUSD maintains bearish picture; gains halted

Posted on October 3, 2019 at 10:26 am GMT

NZDUSD bulls reemerged, overtaking the resistance of 0.6268 and the 50-period simple moving average (SMA) on the four-hour chart. However, the rally which commenced on October 1 off a multi-year low of 0.6200 soon came to a halt at the lower boundary of the Ichimoku cloud presently at 0.6298. The short-term oscillators suggest that positive momentum is picking up. The MACD has distanced itself above its red trigger line in the negative region, while the RSI has inclined off the [..]

Technical Analysis – USDJPY bears not in charge yet; need to breach 106.20

Posted on October 3, 2019 at 7:17 am GMT

USDJPY could not surpass the 50% Fibonacci of the downleg from 112.39 to 104.44 this week and instead corrected lower to meet support in the crossroads of the 107.00 mark and the 50-day simple moving average (SMA). The momentum indicators are providing discouraging signals for short-term trading, as the RSI has already pierced its 50 neutral mark to the downside – though not significantly – while the MACD is making its way down below its signal line. Therefore, the short-term bias is currently viewed as neutral-to-bearish. [..]

Technical analysis – GBPCHF consolidates, trapped between moving averages

Posted on October 2, 2019 at 3:39 pm GMT

GBPCHF buyers have reversed the price off the 1.2200 support of the September 12 swing low, after denying sellers a further pullback past the 1.2169 level, which is the 38.2% Fibonacci retracement of the up leg from 1.1671 to 1.2476. Despite the completed bearish crosses of the simple moving averages (SMAs), the price action has risen finding resistance from the 23.6% Fibo of 1.2285 and the 100-period SMA. The short-term indicators reflect easing negative momentum as the MACD is above [..]

Technical Analysis – GBPAUD remains positive; bullish crosses developing

Posted on October 2, 2019 at 3:38 pm GMT

GBPAUD buyers yesterday retook control at the 1.8135 level, which is the 38.2% Fibonacci retracement of the up leg from 1.7560 to 1.8492, reversing the pair back above the 200-day simple moving average (SMA). The two-month rally seems to still be intact, backed by the SMAs nearing bullish crossovers, which reflects a strengthening positive outlook. The short-term oscillators imply a stall in the price action but lean more towards a push higher. The MACD has weakened in the positive area [..]

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