forex

Technical Analysis – USDZAR records fresh 11-month high

Posted on August 20, 2019 at 3:21 pm GMT

USDZAR’s one-month rally up from the five-month low of 13.808 seems to have lost steam moving slightly sideways after recording an eleven-month high at 15.492. Despite the 50-, 100- and 200-period simple moving averages (SMAs) reflecting a bullish picture as they rise on the four-hour chart, the MACD and RSI warn of a possible short-term correction. Both are in positive regions with the MACD slightly below its trigger line while the RSI heads towards the neutral level. If the bulls pick [..]

Technical Analysis – USDSEK bulls take control and fracture 17-year high

Posted on August 20, 2019 at 12:52 pm GMT

USDSEK’s revived rally upwards from the 9.4925 low of August 14, saw the bulls take the reins to push the pair higher above a 17-year high of 9.6980. The Tenkan-sen average has steepened confirming the new move, whilst bullish signals also come from the 50-, 100- and 200-period simple moving averages (SMAs) as they rise on the four-hour chart. The MACD and the RSI concur with the apparent strength in positive directional momentum, as the MACD has moved above its [..]

Technical Analysis – USDCHF may retrace rebound in short-term

Posted on August 20, 2019 at 10:19 am GMT

USDCHF rebounded from an 11-month low of 0.9658 last week to pierce the 20-day simple moving average (SMA) on Monday. Still, the momentum indicators suggest that the market may lose steam in the short-term as the RSI seems to be pulling back from its 50 neutral mark and the Stochastics are reversing lower in the overbought territory. On the way down, the bears could take a rest near the 0.9700 round-level before challenging the 0.9658 trough. If the decline continues, the downward pattern could [..]

Technical Analysis – GBPCHF enclosed by key Fibonacci boundaries; risk neutral-to-bearish

Posted on August 20, 2019 at 8:49 am GMT

GBPCHF has been hovering between the 23.6% and the 38.2% Fibonacci levels of the bearish move with a top at 1.2367 and a low at 1.1670 over the past two sessions. Technically, the sentiment may hold neutral-to-bearish in the short-term in the four-hour chart as the RSI is currently positioned around its 50 neutral mark and the MACD is deviating below its red signal line. Nevertheless, if the sellers manage to finish the session below the 23.6% Fibonacci of 1.1835 and comfortably under the [..]

Technical Analysis – GBPUSD softens near 20-day SMA; bears to keep control

Posted on August 20, 2019 at 6:54 am GMT

GBPUSD has been softly rising since the day it tumbled to a new 31-month low of 1.2014 but the 20-day simple moving average (SMA) appeared somewhat restrictive on Monday, pushing the price a little bit lower. The MACD continues to improve above its red signal line, though with the RSI holding in bearish territory and the Tenkan-sen pointing downwards well under the blue Kijun-sen, the short-term risk remains skewed to the downside. Nearby resistance could be found between the 20-day SMA [..]

Technical Analysis – EURUSD looks for a rebound but upside could be limited

Posted on August 19, 2019 at 9:50 am GMT

EURUSD surrendered most of its monthly gains and dropped below 1.1100 after finding a wall around the 50-day simple moving average (SMA) and the 1.1230-1.1250 area. Technically, the price could pause negative momentum in the very short-term as the Stochastics signal oversold conditions. The RSI seems to be easing downside movement as well, though as long as it holds under its 50 neutral-mark, any upside correction in the price is likely to appear insignificant. Note that the red Tenkan-sen reversed back south [..]

Technical Analysis – GBPJPY favors positive scenario in short-term

Posted on August 16, 2019 at 9:03 am GMT

GBPJPY is showing bullish signals in the four-hour chart as the MACD is strengthening in the positive area and the RSI is resuming upside momentum above its 50 neutral level. The pair has created a higher low around the 127.50 barrier but this is not enough for a complete violation of its downward pattern as the price also needs to post a higher high above its previous peak of 129.20. A forceful rally above 130.00, which coincides with the 38.2% [..]

Technical Analysis – USDCAD bulls still in play; need to crawl above 1.3340

Posted on August 16, 2019 at 7:14 am GMT

USDCAD managed to close slightly above the 200-day simple moving average (SMA) and the Ichimoku cloud, extending its gains for a fifth week and increasing the likelihood for an up-trending market. The bullish cross between the 20- and the 50-day SMA is also a positive trend signal. In terms of momentum, the rising MACD accompanied with the improving Tenkan-sen and the softening RSI suggest a bullish-to-neutral session for the short-term. If yet another rally is staged, the bulls should overcome [..]

Technical Analysis – EURGBP uptrend pauses for breath

Posted on August 14, 2019 at 11:37 am GMT

EURGBP recorded a steep rally in recent weeks to touch the 0.9325 area, before retreating somewhat. The price structure on the daily chart consists of higher highs and higher lows, while the 50-day simple moving average (SMA) has also crossed above the 200-day one, keeping the outlook positive overall. Momentum oscillators, however, suggest that the latest pullback may continue for now. The RSI has flattened just below its 70 level, while the MACD – although positive – could test its [..]

Technical Analysis – AUDUSD keeps range-bound trading below 0.6820

Posted on August 14, 2019 at 8:54 am GMT

AUDUSD was unable to crawl above the upper boundary of its narrow 0.6820-0.6745 range despite Tuesday’s encouraging trade news. In the short-term, the market may remain muted as the slow progress in the RSI and the gently rising MACD suggest a bearish-to-neutral bias, with the falling red Tenkan-sen also reducing the odds for an impressive gainful session. Yet the pause in the recent steep downfall and the following consolidation phase increase speculation that an upward correction may be nearing. A rally above the 0.6820 resistance may [..]

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