forex

Technical Analysis – GBPNZD’s nearly 2-month rally dries up ahead of May high

Posted on September 20, 2019 at 1:47 pm GMT

GBPNZD after a decisive push north on September 13, fell inches short of the May high of 2.0020, plotting a shooting star suggesting the bears have taken control. The pattern was followed by an engulfing candle, backed by the momentum indicators reflecting a possible top reversal. The Tenkan-sen and Kijun-sen lines have flattened, with the RSI in the overbought region, while the MACD currently deep in the positive area, has already turned down towards its red trigger line. Despite this, [..]

Technical Analysis – GBPAUD spikes to 4-month high; additional gains could be limited

Posted on September 20, 2019 at 9:47 am GMT

GBPAUD stretched Thursday’s impressive rally to a four-month high of 1.8492 on Friday and is ready to close the week up by 1.7%. The RSI has also picked up steam and is currently pointing towards its 70 overbought mark, while the Stochastics have yet to confirm overbought conditions, suggesting that the bullish momentum is likely to stay in a limited time frame. On the way up, the bulls could take a break near the 1.8600 round-level – a congested area during the [..]

Technical Analysis – EURNZD possibly forming triple top near 10-month high

Posted on September 20, 2019 at 9:40 am GMT

EURNZD is again attempting to overcome the 1.7590 resistance region tested multiple times over August. The bulls recent rally from 1.7000 is backed by the Tenkan-sen that has already distanced itself from the Kijun-sen, as well as the momentum oscillators reflecting a persisting positive picture. Furthermore, the 21-period simple moving average (SMA) has completed a bullish cross of the 100- and 200-period SMAs. That said, the 100-period SMA has approached the 200-period SMA, and looks to complete a bearish cross, thus traders need to be aware of a possible [..]

Technical Analysis – USDCAD bulls relax under 200-day SMA

Posted on September 20, 2019 at 7:24 am GMT

USDCAD bulls relaxed near the 200-day simple moving average (SMA) on Thursday, letting the price slip back into the 1.3200 handle. According to the RSI and the MACD, traders could behave neutral in the short-term as the former hovers around the 50 mark and the latter is showing little strength around its red signal line. Although the pair managed to inch above the 50% Fibonacci of the downleg from 1.3563 to 1.3015 this week, it could not close above it, [..]

Technical Analysis – NZDUSD still bearish, but forming possible double bottom

Posted on September 20, 2019 at 7:19 am GMT

NZDUSD bears are at the wheel and have steered the pair back on track with the medium-term negative picture. The price recovered on September 3, to hit a pothole at the 200-period simple moving average (SMA) on the four-hour chart, before the sellers reversed the price back down from the obstructing resistance of 0.6445. The 50-period SMA has turned back down to merge with the 100- and 200-period SMAs enduring negative outlook. The Tenkan-sen has completed a bearish cross and [..]

Technical Analysis – EURJPY recovery starts to lose steam; 50-SMA holds strong

Posted on September 19, 2019 at 2:41 pm GMT

EURJPY bulls retook control bouncing off the 119.00 handle, which is the 23.6% Fibonacci retracement level of the up leg from 115.85 to 120.00 and where the restrictive 50-period simple moving average (SMA) also rests. The bears’ multiple attempts to breach below the 50-period SMA have been denied and the price seems to have started to adopt a sideways move. The 100- and 200-period SMAs are nearing a completion of a bullish cross, which supports the short-term developing bullish bias. [..]

Technical Analysis – EURGBP does not look ready for a meaningful rally yet

Posted on September 19, 2019 at 1:30 pm GMT

EURGBP seems to have reached oversold levels near the 200-day simple moving average (SMA) as the RSI is showing some positive movement after flatlining near its 30 oversold levels. The MACD and the red Tenkan-sen are also looking ready to change direction, though as long as the indicators hold in bearish territory, downside pressure is expected to dominate. Besides that, the bearish intersection of the 20- and 50-day SMAs should also keep traders cautious if the lines remain negatively aligned. An extension [..]

Technical Analysis – GBPJPY bullish vibes still evident

Posted on September 19, 2019 at 9:23 am GMT

GBPJPY topped September’s rally at a familiar place of 135.64 on Wednesday and reversed lower to retest the 20-period simple moving average (SMA) in the four-hour chart. Given that the RSI is hovering slightly above its 50 neutral mark and the red Tenkan-sen line has flattened above the blue Kijun sen, the risk in the short-term is currently viewed as neutral-to-bullish. Should the price overcome the 1 ½-month high of 135.64, the bulls could strengthen towards the 136.26 handle, while a break of the 137.00-137.77 [..]

Technical Analysis – EURCHF still in a downtrend, but shows early reversal signs

Posted on September 19, 2019 at 8:27 am GMT

EURCHF bulls briefly overcame the formidable 1.0970 zone, which is the 23.6% Fibonacci retracement level of the down leg from 1.1475 to 1.0810, although the bears seized back control and are currently challenging that level. In recent weeks, the pair has been in recovery-mode, reclaiming some of the losses it posted during a nineteen-week decline that commenced on April 23. The unfolding short-term positive outlook also seems to be backed by the 21- and 42-day simple moving averages (SMAs), as the [..]

Technical Analysis – NZDCHF undecided, finds support at 23.6% Fibonacci and 21-SMA

Posted on September 18, 2019 at 3:15 pm GMT

NZDCHF uncertain of direction has found support at 0.6280, this being the 21-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the down leg from 0.6670 to 0.6161. The restricting 42-day SMA pushed the price down after it rallied from a fourty-seven-month low of 0.6161 to the 0.6400 handle. The 21-day SMA and the MACD suggest that the short-term positive momentum has dried up. The MACD – although above its red trigger line – is in the [..]

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