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Technical Analysis – GBPUSD deflected by 23.6% Fibonacci for a continued bear move

Posted on August 27, 2019 at 9:39 am GMT

GBPUSD sellers pushed the price below the 1.2288 barrier this week, which is the 23.6% Fibonacci retracement level of the down leg from 1.3176 to 1.2014. The MACD has further distanced itself above its red trigger line in the negative territory, but seems to be starting to flatten, so some caution cannot be ruled out in the short-term. The RSI has also weakened after moving slightly into the positive area. It’s worth mentioning that the medium-term picture is still tilting [..]

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Technical Analysis – EURGBP downside correction finds a base on ascending trendline

Posted on August 27, 2019 at 6:45 am GMT

EURGBP remained below the 0.9100 level despite bouncing on the critical 3-month old ascending trend-line last week. With the RSI losing steam slightly under its 50 neutral mark and the MACD weakening below its red signal line, the short-term session is expected to appear neutral-to-bearish. The upward-sloping trend-line could play a key role in keeping the market moving in an upside direction. However if the bears manage to push the wall down, the 38.2% Fibonacci of 0.9000 of the upleg [..]

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Technical Analysis – EURGBP downside correction finds a base on ascending trendline

Posted on August 27, 2019 at 6:40 am GMT

EURGBP remained below the 0.9100 level despite bouncing on the critical 3-month old ascending trend-line last week. With the RSI losing steam slightly under its 50 neutral mark and the MACD weakening below its red signal line, the short-term session is expected to appear neutral-to-bearish. The upward-sloping trend-line could play a key role for the market to keep the upside direction. However if the bears manage to push the wall down, the 38.2% Fibonacci of 0.9000 of the upleg from [..]

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Salvini may have thrown a boomerang – Special Report

Posted on August 26, 2019 at 2:03 pm GMT

Matteo Salvini, the right-wing League Deputy Prime Minister, fired up a political crisis in Italy after pulling support for the coalition government earlier this month, forcing the Prime Minister Giuseppe Conte to resign and the marriage with the leftist Five Star Movement (M5S) to break down. Starting consultation with the main political parties, President Sergio Matarella will push efforts to form a new alliance and avoid snap elections before the 2020 budget discussions with the EU start. The plan, however, [..]

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Technical Analysis – EURCAD stalls between 50-SMA and 100-SMA

Posted on August 26, 2019 at 1:43 pm GMT

EURCAD corrected northwards from a twenty-two-month low of 1.4573 but failed to close above the 100-day simple moving average (SMA). Sellers aggressively came on board, pulled the price down and slightly sideways to trade between the 50- and 100-day SMAs. The pair is now located in the Ichimoku cloud, and directional momentum seems to have evaporated, something also reflected by the RSI as it hovers marginally above the 50-level, while the MACD has slightly inclined above zero, but remains beneath [..]

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Technical Analysis – EURUSD eyes 2-month downtrend line; pauses at 38.2% Fibo

Posted on August 26, 2019 at 7:55 am GMT

EURUSD appreciated, taking back more than half of two weeks of losses. The bulls are eyeing the downtrend line, but it seems that the move up has hit a ceiling as the upside momentum has evaporated, something also indicated by the RSI as it has flattened at the 50-level. The 200- and 100-day simple moving average (SMA) are declining slightly sideways, whereas the 40-day SMA has dropped and merged with the downtrend line implying that the bearish bias is prevailing [..]

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Technical Analysis – NZDCHF moves sideways after falling to nearly 4-year lows

Posted on August 23, 2019 at 1:50 pm GMT

NZDCHF bulls denied further downside momentum on August 13 pushing the price back up to 0.6313, which is the 23.6% Fibonacci retracement level of the down wave from 0.6670 to 0.6200, and into a short-term trading range. The 20- and 40-period simple moving averages (SMAs) give no clear direction on the four-hour chart, whilst the 100-period SMA reflects the bigger bearish picture. Directional momentum has evaporated, with the MACD only slightly above its red trigger line and just below the [..]

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Technical Analysis – GBPJPY breaches upwards the 100-SMA, eyes 200-SMA

Posted on August 23, 2019 at 8:40 am GMT

GBPJPY turned higher at a thirty-three-month low of 126.53 on August 12, of a three-month descending channel plotting higher highs and lows. Currently at the 130.00 level, the bears are trying for a push lower as reflected by the momentum indicators. The RSI has deflected off the overbought level and is headed south, whilst the MACD has started to flatten above its red trigger line in the positive territory, both suggesting some weakening in positive momentum. In spite of this, [..]

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Technical Analysis – USDCAD neutral below 1.3340 strong resistance

Posted on August 23, 2019 at 7:39 am GMT

USDCAD was unable to break the 1.3340 resistance for the third consecutive week but it managed to hold in an upward move and above an ascending trendline. Technically, the pair could maintain its neutral mood in the short-term as the RSI fluctuates sideways in the bullish area and the MACD stabilizes around its red signal line. The Ichimoku indicators (Tenkan-sen, Kijun-sen) are also flat, endorsing the lack of direction in the market price. A decisive close above the 1.3340 ceiling could bring the [..]

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Technical Analysis – NZDJPY adopts sideways structure after 2-week drop

Posted on August 22, 2019 at 12:39 pm GMT

NZDJPY came shy of filling the gap of 73.45 – 73.60 and then dropped to a low of 67.54, before moving into a short-term trading range on the four-hour chart. The bulls have found the 50-period simple moving average (SMA) to be a worthy adversary, denying them a move above. The momentum indicators although in negative regions, reflect an absence of directional momentum. The MACD is below its red trigger line and only slightly underneath the zero mark, while the [..]

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