forex

Technical Analysis – GBPJPY corrects Tuesday’s damage but still exposed to downside risks

Posted on September 4, 2019 at 7:24 am GMT

GBPJPY recouped Tuesday’s downfall that led the price near the almost three-year low of 126.53 and the doji candle registered early in August. The positive movement, however, remains fragile and the market is still exposed to downside risks as the RSI continues to move below its 50-neutral mark and the MACD keeps fluctuating in the negative area and around its red signal line. An extension above the August 22 high of 130.68 and the descending trend-line could boost confidence on the recent rebound and increase [..]

Technical Analysis – EURAUD bears retrace down; halt at the 61.8% Fibonacci level

Posted on September 3, 2019 at 3:48 pm GMT

EURAUD bulls pushed to a peak of 1.6678, slightly above the January 3 high of 1.6655, before sellers took control and sent the pair back down to 1.6230, which is the 61.8% Fibonacci retracement level of the up-wave from 1.5893 to 1.6784. The gradual upward slope in the 200-day simple moving average (SMA) backs the positive sentiment in the medium-term. However, the flattened 50-day SMA and the completed downward reversal of the 21-day SMA, suggests a short-term pullback could be [..]

Technical Analysis – EURGBP climbs above 200-SMA; 100-SMA applies the brakes

Posted on September 3, 2019 at 9:51 am GMT

EURGBP declined over the last three weeks to levels just above the 0.9000 psychological number, forming a base for the lows. Bulls brought ammunition yesterday pushing above the 2018 high of 0.9098. Overcoming the 200-period simple moving average (SMA) and the 0.9127 level, which is the 23.6% Fibonacci retracement level of the up leg from 0.8490 to 0.9324, they then encountered the 100-period SMA wall slightly higher. Although the 100-period SMA is declining, the 28- and 50-period SMA, which have [..]

Technical Analysis – GBPUSD bearish signals strengthen within descending channel

Posted on September 3, 2019 at 9:39 am GMT

GBPUSD could not sustain its recent rebound as the upward line of the descending channel proved hard to break, with the bears leading the price slightly below the the key barrier of 1.1986 and to new 31-month lows on Tuesday. Technically, the negative momentum could stay in play in the short-term as the bearish signals have strengthened with the MACD slipping backwards in the negative area and under its red signal line and the RSI extending its downward move below its 50 [..]

RBA to leave room for thought on Tuesday – Forex News Preview

Posted on September 2, 2019 at 4:29 pm GMT

Australia is caught in the middle of the Sino-US trade war and although conditions seem to be getting worse rather than better, clouding the country’s economic outlook, the Reserve Bank of Australia is not expected to deliver further monetary easing when it announces its rate decision on Tuesday at 0430 GMT. The pause, however, could be only temporary. Its tied trade relations with China makes the commodity-linked Australian economy quite vulnerable to the Sino-US trade war and despite cutting interest rates twice this summer by 25bps, [..]

Technical Analysis – EURUSD revives bear trend at fresh 28-month lows

Posted on September 2, 2019 at 7:43 am GMT

EURUSD followed a series of bearish days after failing to breach the descending trend-line drawn from the 1.1411 peak, with the price dropping forcefully below the 1.1065 key support and into the 1.1000-1.0950 restrictive area. The fast-Stochastics have entered the oversold zone, while the RSI is ready to challenge its 30 oversold mark too, an indication that the bearish action could pause in the short-term. However, with the price trading comfortably below its moving averages, the market trend is likely to [..]

Technical Analysis – EURNZD completes an asymmetrical triangle

Posted on August 30, 2019 at 1:35 pm GMT

EURNZD is likely to extend the sideways move in the short-term until it completes the asymmetrical triangle in the four-hour chart, with the RSI and the MACD backing this view as well as the indicators are lacking clear direction. The positive slope in the 20-period simple moving average (SMA) that recently crossed above the 50-period SMA suggests that the upward pattern will stay in place in the short-term. Should the price crawl above the triangle and the 1.7571 ceiling, the market could attract fresh buying interest, [..]

Technical Analysis – USDCAD trapped by SMAs near 50.0% Fibonacci; 1.3345 resistance endures

Posted on August 30, 2019 at 11:05 am GMT

USDCAD has been unable to overcome the 1.3345 barrier, despite breaching the 200-day simple moving average (SMA). The 1.3345 resistance is showing resilience as it was tested multiple times over the last two-weeks of consolidation. The price is slightly above the Ichimoku cloud between the 100- and 200-day SMAs increasing the odds that the sideways move may outstretch a while longer. Regarding momentum, the MACD is in positive territory and has moved below its red trigger line, reflecting weakening upside [..]

Technical Analysis – USDCHF bulls could become energized above Ichimoku cloud

Posted on August 30, 2019 at 7:27 am GMT

USDCHF inched up to test the 38.2% Fibonacci of the upleg from 1.0234 to 0.9658 after closing above the 50-day simple moving average (SMA) on Thursday. In momentum indicators, the RSI has entered bullish territory and is pointing up, while the MACD has further deviated above its red signal line and closer to zero. Both measures are therefore signalling a stronger bullish bias for the short-term. Nevertheless, traders could wait for a determined exit from the Ichimoku cloud, that blocked the [..]

Technical Analysis – EURNOK bulls attempt another push above 2018 high

Posted on August 29, 2019 at 3:41 pm GMT

EURNOK printed a new high of 10.0947 on August 7, but the bears took control and denied the two-week aggressive rally further gains, pulling the pair into a three-week sideways move. The simple moving averages (SMAs) are reflecting that more positive gains are likely to unfold, especially as the bulls take another go at climbing above the 2018 high of 10.0550, finding support from the 21-day SMA. The momentum indicators agree with the positive directional outlook. The MACD although below [..]

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