forex

Technical Analysis – EURJPY’s tumble takes a break, halting losses

Posted on October 2, 2019 at 8:53 am GMT

EURJPY seller’s second try only just conquered the 117.43 support, which is the 61.8% Fibonacci retracement of the up leg from 115.85 to 120.00. The pair adopted a brief side move after a sell-off bounced off that level. The flattened 200-period simple moving average (SMA) implies a stall in directional momentum. That said, the unfolding short-term negative outlook seems to be backed by the 50-period SMA, as it has completed a bearish crossover of the 200-period SMA, while the 100-period [..]

Technical Analysis – AUDUSD at fresh decade lows; vulnerable to more downside

Posted on October 2, 2019 at 7:22 am GMT

AUDUSD slumped to a fresh 10 ½-year low of 0.6670 on Tuesday, signaling that the more-than-a-year bearish wave is here to stay, with the negative direction in the RSI and the MACD backing this view as well. The next support to downside movements could emerge within the 0.6565-0.6500 area, while lower the bears should break a tougher wall around 0.6400 to stretch the decline towards the 0.6280-0.6248 restrictive zone, taken from the lows in 2009. On the upside, there are [..]

Technical Analysis – GBPUSD blocked by support near oversold area

Posted on September 30, 2019 at 7:19 am GMT

GBPUSD has paused its sell-off just above the 200-period simple moving average (SMA) and near three-week lows in the four-hour chart. But the falling Tenkan-sen suggests that the bearish action has more room to run. The RSI is backing this view as well, though it also signals that any downside may appear limited in the short-term as the indicator is not far above its 30 oversold level. The 1.2270 mark, which is slightly under the 200-period SMA and where the 50% Fibonacci of the upleg from [..]

Technical Analysis – GBPCHF remains negative but bulls reemerge before breach of swing low

Posted on September 27, 2019 at 1:40 pm GMT

GBPCHF reversed back down from the high of 1.2476 after a one-month rally, driving the price below the simple moving averages (SMAs) and the Ichimoku cloud, until the 1.2200 swing low, where the price halted, following a push higher from buyers. The momentum indicators are reflecting easing in the short-term negative momentum. The RSI has bounced off the 30-level and is pointing up, while the MACD in negative regions is marginally above its red trigger line. That said, the oscillators’ [..]

Technical Analysis – USDCAD moves sideways, trapped within moving averages

Posted on September 27, 2019 at 8:51 am GMT

USDCAD’s momentum has evaporated after buyers yesterday reversed the price up to close above the 100-day simple moving average (SMA) and the flat Kijun-sen line, which have converged within the trading range. The short-term oscillators imply that momentum has dried up but favor the positive picture. The MACD is only just above zero and its red trigger line, while the RSI hovers in bullish territory, marginally above the 50-level. It’s worth mentioning that the upward sloping Tenkan-sen has completed a [..]

Technical Analysis – EURUSD unlocks fresh 28-month lows; could lose more

Posted on September 27, 2019 at 7:38 am GMT

EURUSD breached the floor around 1.0925 and stretched the four-month old downward pattern to a fresh 28-month low of 1.0904 on Friday. According to the technical indicators, the pair remains exposed to downside risks in the short-term given the negative slope in the RSI and the falling Stochastics, which have yet to confirm oversold conditions. The focus is now on the 1.0830, a key support and resistance area during 2017. Should the price overcome that barrier, the sell-off could stretch towards the [..]

Technical Analysis – USDZAR rebound stalls, but picture still positive

Posted on September 26, 2019 at 1:27 pm GMT

USDZAR touched a one-year high in mid-August, before retreating somewhat. Still, the pair remains in a medium-term uptrend, characterized by higher highs and higher lows, something also supported by the steepening 50-day simple moving average (SMA). Short-term oscillators, however, paint an entirely neutral picture. The RSI is flat near its neutral 50 zone, while the MACD is slightly above its red trigger line but near its zero level. If buyers remain in charge, they must first overcome the 15.07 area, [..]

Technical Analysis – USDJPY reverses off 50.0% Fibonacci, back below 100-SMA

Posted on September 26, 2019 at 8:51 am GMT

USDJPY sellers are persisting at the 100-day simple moving average (SMA) currently at 107.80, despite short-term momentum drying up, as implied by the flattening Tenkan-sen and Kijun-sen lines. The pair aggressively pivoted off the 108.42 resistance, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45, following a rally that commenced on August 26. The short-term oscillators reflect a stall in price action as the MACD has weakened in the positive area, moving below its red [..]

Technical Analysis – GBPJPY bias tilted to the downside; bears likely waiting below 130.68

Posted on September 26, 2019 at 7:15 am GMT

GBPJPY has been drifting below two-month highs after failing to close above the 135.50 resistance area. The pair could follow a neutral-to-bearish direction in the short-term as the RSI is sloping downwards to meet its 50 neutral mark and the MACD is extending negative momentum below its red signal line. Yet, the price continues to trade above the Ichimoku cloud and its 20- and 50-day simple moving averages (SMAs), which recently posted a bullish cross, providing hope that any downside may appear temporary. On the way down, the [..]

Technical Analysis – EURCHF confined in a narrow range; still negative in medium-term

Posted on September 25, 2019 at 3:16 pm GMT

EURCHF remains in a medium-term downtrend, with the price structure on the daily chart consisting of lower peaks and lower troughs below both the 50- and 200-day simple moving averages (SMAs). That said, the near-term picture is neutral, with the pair trading within a narrow range between 1.1020 and 1.0810 since early August. Momentum oscillators paint a relatively negative picture, suggesting that the lower bound of this range may be tested soon. The RSI is already below 50 and pointing [..]

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