forex

Technical Analysis – EURCAD remains negative overall despite short-term sideways market

Posted on September 25, 2019 at 2:46 pm GMT

EURCAD is still finding difficulty to steer beneath the 1.4564 level, which is the 23.6% Fibonacci retracement of the down leg from 1.4994 to 1.4432. The pair has consolidated after printing failed breaks of the weekly uptrend line, where a rally then followed to the 50.0% Fibo of 1.4713. Short-term oscillators suggest that negative directional momentum is starting to pick up, even though the 40-day simple moving average (SMA) has flattened. The RSI – already in bearish territory – is [..]

Technical Analysis – AUDJPY rebounds from 10-year lows, but downtrend still in play

Posted on September 25, 2019 at 1:25 pm GMT

AUDJPY fell to 69.95 in late August, a level not seen since 2009, but found fresh buy orders and managed to rebound. The price then touched 74.50, and retreated again, keeping the pattern of lower lows and lower highs on the daily chart intact and hence confirming that the longer-term downtrend is still in force. In the short-term though, the pair seems stuck in a sideways range between 74.50 and 69.95. Momentum oscillators mostly concur with the relative flat near-term [..]

Technical Analysis – AUDUSD decline restricted around 23.6% Fibonacci

Posted on September 25, 2019 at 9:47 am GMT

AUDUSD has plotted a bullish harami cross pattern around 0.6770, which is the 23.6% Fibonacci retracement of the down leg from 0.7081 to 0.6676. The pattern suggests that the recent plunge from September 18 that has steered out of the Ichimoku cloud may be coming to an end, backed, also by the bullish cross. The 40-, 100- and 200-day simple moving averages (SMAs) endorse the negative picture, while the MACD is underneath its red trigger line and has slipped marginally [..]

Technical Analysis – NZDUSD may keep some positive traction in short-term

Posted on September 25, 2019 at 7:34 am GMT

NZDUSD spiked above the 50-period simple moving average (SMA) in the four-hour chart following the rate announcement by the Reserve Bank of New Zealand early on Wednesday, but the bottom of the Ichimoku cloud proved tough to pierce, with the price pulling back. Technically, there might be some bullish momentum in store as the MACD tries to make its way up in the positive region and higher than its signal line, while the red Tenkan-sen continues to point upwards above the blue [..]

Technical Analysis – CADJPY bulls flirt with 100-SMA after correction

Posted on September 24, 2019 at 3:33 pm GMT

CADJPY bulls are pushing against the 100-day simple moving average (SMA), after a pullback rendered the end of the rally that commenced on August 26. The short-term reversal before the 82.10 level, which is the 76.4% Fibonacci retracement of the down leg from 83.22 to 78.48, was halted as its decline found support at the 50-day SMA. The price seems to have started to consolidate, as the SMAs are converging and the price has found itself trapped between the 80.56 [..]

Technical Analysis – GBPUSD fails to conquer swing high; reverses back below 100-SMA

Posted on September 24, 2019 at 10:02 am GMT

GBPUSD bears took control, pivoting the pair around the swing peak of 1.2578 from July 12. The price correction has slipped underneath the 1.2500 hurdle and the 100-day simple moving average (SMA), the former being the 38.2% Fibonacci retracement of the down leg from 1.3381 to 1.1957. Momentum indicators are starting to fall in line with the bigger bearish picture. The MACD is declining towards its red trigger line in the positive zone and the RSI is horizontal near the [..]

Technical Analysis – EURGBP bearish bias remains in place after touching 4-month lows

Posted on September 24, 2019 at 7:23 am GMT

EURGBP collected more losses after closing below the 50% Fibonacci of the upleg from 0.8470 to 0.9323, with the price hitting a four-month low of 0.8745 on Friday. The pair has been putting effort to change direction this week within the lower part of the descending channel, but the technical indicators provide little hope for a meaningful rally as the RSI seems to be reversing towards its 30 oversold mark again, while the red Tenkan-sen is flattening well below the blue Kijun-sen line. Traders [..]

Technical Analysis – USDCHF uptrend stumbles at 200-day moving average

Posted on September 23, 2019 at 3:18 pm GMT

USDCHF has retreated from last week’s three-month top of 0.9983 after finding resistance at the 200-day moving average (MA), which has flatlined along the 50% Fibonacci retracement of the April-August downleg. Prices are currently being supported by the 20-day MA at 0.9890 but momentum indicators are pointing to further weakness in the near term. The stochastics are sloping steeply downwards, while the RSI is heading towards its 50 neutral level. If the bears remain in control, USDCHF is likely to [..]

Technical Analysis – US100 uptrend in consideration after lower high

Posted on September 23, 2019 at 12:44 pm GMT

US100 stock index is keeping its higher lows connected with an ascending trend-line drawn from the end of December, but the lower high registered at 7,976 earlier this month has brought some doubt about whether the market will stretch its uptrend to a new record high anytime soon. The momentum indicators are currently reducing the odds for such a case as the MACD seems to be making its way down under its red signal line and the RSI has reversed back towards [..]

Technical Analysis – EURUSD maintains bearish bias; moves lower beneath trendline

Posted on September 23, 2019 at 8:53 am GMT

EURUSD bears moved the pair below the 1.1026 low of August 1 as well as the 1.1000 hurdle, which is the 23.6% Fibonacci retracement level of the down leg from 1.1411 to 1.0925. The price had deflected off the 1.1110 level where the 42-day simple moving average (SMA) merged with the downtrend line, rendering the double bottom pattern obsolete. While the SMAs imply a negative outlook, the momentum indicators concur, with the RSI declining below the neutral level, and the [..]

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