forex

Technical Analysis – USDCAD retreats below 4-year high; indicators suggest pullback

Posted on March 13, 2020 at 7:36 am GMT

USDCAD looks to be overbought according to the technical indicators after the bullish rollercoaster occurred in the preceding days towards a fresh four-year high of 1.3960. The stochastic oscillator is flattening above the 80 level and is ready to post a bearish cross within the %K and %D lines. Also, the RSI is reversing to the downside after the extension above the 70 level. However, the short-term moving averages are still following the strong upside structure in the daily timeframe. [..]

Technical Analysis – USDJPY extends selling interest; indicators signal further weakness

Posted on March 12, 2020 at 7:58 am GMT

USDJPY continues the selling interest underneath the 104.00 psychological level and the 23.6% Fibonacci retracement level of the bearish move from 112.20 to 101.15. The RSI indicator is pointing down again and the MACD oscillator is extending its bearish momentum well below its trigger and zero lines, suggesting a sharper bearish structure. The selling pressure could accelerate again if the market deteriorates below the 23.6% Fibo of 103.75, edging towards the 41-month low of 101.15. Such a move could next bring [..]

Technical Analysis – EURGBP accelerates above 0.8800; risk tilted to the upside

Posted on March 11, 2020 at 8:12 am GMT

EURGBP regained positive momentum above the 200-day simple moving average (SMA) on Wednesday that kept the bulls under control since the start of the month and is currently in battle with the 0.8800 area. Earlier, the pair confirmed a bullish double bottom pattern by breaking the neckline around 0.8594 and now the bullish cross competed between the 20- and the 50-day SMAs is further backing a trend improvement. Regarding the price momentum, it could stay positive in the short-term but [..]

Technical Analysis – AUDUSD calms down after plunging to 11-year low

Posted on March 11, 2020 at 7:35 am GMT

AUDUSD is recovering some of Monday’s losses as it plummeted towards an eleven-year trough of 0.6310 but reversed quickly higher. Currently, the pair is trading near the 0.6500 psychological mark and the flattening red Tenkan-sen line. The RSI indicator is sloping marginally up in the negative territory, suggesting a possible upside correction, while the MACD oscillator is flirting with the trigger line in the bearish zone. Moreover, the 20- and 40-day simple moving averages (SMAs) are acting as strong resistances [..]

Technical Analysis – EURNZD hits levels not seen in 9-years before dropping back down

Posted on March 10, 2020 at 3:47 pm GMT

EURNZD’s fierce move yesterday stretched towards nearly a 9-year high of 1.8980 before sellers pulled the pair south to around 1.8016, which is a high from back in September of 2015 (previous resistance-now-support). The positive picture still looks intact with the upward sloping simple moving averages (SMAs) and a nearing bullish cross of the 100 and 200-day simple moving averages (SMAs) by the 50-day one. Additionally, the MACD is deep in the positive region and above its red trigger line, [..]

Technical analysis – GBPAUD posts bullish spike at 4-year high

Posted on March 10, 2020 at 11:27 am GMT

GBPAUD after the aggressive bullish action towards a four-year high of 2.0763, returned near its opening level on yesterday’s session below 2.0000. However, chances for a downside reversal are minimal, as the 20-day simple moving average (SMA) remains above the 40-day SMA for more than a month now. Additonal evidence comes from the MACD as it continues to strengthen to the upside and above its trigger line, supporting this view, while the RSI is flattening slightly below the 70 level. Should the [..]

Technical Analysis – EURJPY recovers losses but negative signals still present

Posted on March 10, 2020 at 8:58 am GMT

EURJPY’s latest rally from a six-month low of 116.11, which recouped all of yesterday’s aggressive drop, has been capped by the 50-period simple moving average (SMA), resulting in the price returning somewhat around the mid-Bollinger band, currently at 118.32. The technical oscillators also reflect a very short-term stall in the up move. The MACD, deep in the negative zone, has climbed above its red trigger line, while the RSI has stalled marginally above its neutral mark. That said, traders need [..]

Technical Analysis – GBPUSD retreats after climbing to 1.3200; still in bearish channel

Posted on March 10, 2020 at 7:45 am GMT

GBPUSD has been in a descending channel over the last three months as the 1.3200 handle seems to be a real struggle for the bulls. During yesterday’ session the pair posted an upside spike towards the upper boundary of the Ichimoku cloud and the channel but failed to exit the range. Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and towards its 50 neutral mark, while the stochastics are warning over an overbought [..]

Technical Analysis – EURNOK retraces from new all-time high despite positive signals

Posted on March 9, 2020 at 4:08 pm GMT

EURNOK looks to have paused in the very short-term, after reversing from the fresh top of 10.9953. Despite the slight weakening in positive momentum reflected in the technical oscillators, positive signals are still evident within the upward sloping simple moving averages (SMAs). The MACD, although appearing to ease slightly, is in the positive area and is distanced above its red trigger line, while the RSI has weakened in the overbought region. To the downside, initial support could come from the [..]

Technical Analysis – USDCHF recoups today’s sell-off after downfall to almost 5-year low

Posted on March 9, 2020 at 1:56 pm GMT

USDCHF is recouping some of today’s losses after it plummeted to an almost five-year low of 0.9182. The price has turned its short-term bias from neutral to strongly negative after the downfall from the 0.9630 area. The RSI appears to be turning slightly to the upside in the oversold zone, however, the MACD is suggesting even more losses. The 23.6% Fibonacci retracement level of the downward movement from 1.0235 to 0.9182 at 0.9430 is the nearest resistance that could reject [..]

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