forex

Technical Analysis – USDJPY retraces spike higher as 107 blocks the bulls

Posted on August 14, 2019 at 7:21 am GMT

USDJPY started the day in the red on Wednesday after spiking up by more than 1% on Tuesday to meet resistance near the key 107.00 level. The RSI and the red Tenkan-sen are currently following the price down, while the MACD keeps improving below its red signal line, painting overall a bearish-to-neutral picture for the short-term. Moving southwards, traders would keep a close eye on the 105.50-105.00 region, where selling forces paused over the past week. Should the decline continue [..]

Technical Analysis – EURAUD stumbles, but broader uptrend remains in play

Posted on August 13, 2019 at 3:06 pm GMT

EURAUD posted substantial losses in recent days, after touching a 10-year high of 1.6790 last week. Despite this pullback though, the medium-term uptrend is still in play, with a clear break back below 1.6230 and the 50-day simple moving average (SMA) needed to call that into question. Momentum oscillators suggest that the latest retreat may continue for now. The RSI is pointing lower and may test its 50 line soon, while the MACD seems to be coming closer to its [..]

Technical Analysis – USDTRY may need a bounce above 5.780

Posted on August 13, 2019 at 9:59 am GMT

USDTRY has been making lower highs and lower lows since early May, retracing more than half of the bullish wave with a bottom at 5.154 and a top at 6.243. The smooth recovery in the MACD and the upward-sloping RSI are currently reflecting a bearish-to-neutral bias for the short-term as long as the former holds around its red signal line and the latter below 50. Traders may ask for a closing price above 5.780 to allocate more funds to the [..]

Technical Analysis – GBPUSD extends collapse; finds floor at 138.2% Fibonacci

Posted on August 13, 2019 at 9:51 am GMT

GBPUSD breached the 1.2381 swing low, causing a steeper downfall towards the 138.2% Fibonacci extension of 1.2026 of the up leg from 1.2393 to 1.3381. The relatively flat momentum indicators support a very short-term breather. The MACD has flattened below its red trigger line, whereas the RSI is hovering on the 30-level of the oversold area. Despite the short-term pause view, the negatively-sloped simple moving averages (SMAs) indicate that the trend is likely to remain on the downside. If the [..]

Technical Analysis – EURJPY short-term bias is still skewed to the downside

Posted on August 13, 2019 at 7:13 am GMT

EURJPY printed a new 2-year low at 117.50 on Monday and despite entering oversold territory the bearish bias has not fully faded yet as the RSI continues to point downwards below 30, the MACD is extending its negative momentum under its red signal line and the red Tenkan-sen is distancing itself below the blue Kijun-sen. Trend signals are also viewed negative as all simple moving averages (SMA) are sloping downwards, with the price fluctuating comfortably below the lines. Should the [..]

Technical Analysis – EURZAR advances 11% to 11-month high

Posted on August 12, 2019 at 3:52 pm GMT

EURZAR recovered its recent downfall and rallied to an eleven-month high of 17.313. It’s worth mentioning that in the short-term, a bullish cross of the 20-day simple moving average (SMA) with the 50-day SMA could reinforce the up move. The price is above the Ichimoku cloud and the RSI is increasing in the overbought region, suggesting that the bullish action may further strengthen. The ADX is indicating that a strong bullish trend is in place. However, some caution for a downside [..]

Technical Analysis – NZDJPY struggles for momentum after plunging to 6½-year low

Posted on August 12, 2019 at 3:24 pm GMT

NZDJPY is struggling to recover from its recent plunge to a 6½-year low of 67.56 as the pair once again finds itself testing the psychological 68 level, which could establish itself as a strong support zone. The momentum indicators are illustrating a weak rebound. The stochastics are heading up, but the %K line already appears to be losing steam and about to cross below the slower moving %D line. The RSI, meanwhile, has flatlined in oversold territory and is not [..]

US data may not save the dollar this week – Forex News Preview

Posted on August 12, 2019 at 3:03 pm GMT

The US consumer price index, retail sales and industrial production are all scheduled for release this week but whatever the actual results are the markets will keep the odds for a September rate cut high as the US-Sino trade trouble looks irreversible in the year ahead. Instead, the question should be how aggressively the Fed should act to balance the economy. The Consumer Price Index (CPI) for the month of July will come first into view on Tuesday at 1230 [..]

Technical Analysis – EURCHF’s steady decline seems to have one thing in focus: the gap of April 2017

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

EURCHF bears continued registering lower lows over the last three-months, through levels not seen for around two-years. The move down fell 31 pips shy of the June 2017 low of 1.0831. The pair corrected slightly, and the bears are now having another go at a push lower. The ADX is showing a very strong downwards trend in place, whereas the RSI has re-entered the oversold area, marginally pointing down and further indicating strength in the push southwards. The simple moving [..]

Technical Analysis – EURUSD fails multiple times to breach short-term downtrend line

Posted on August 12, 2019 at 9:07 am GMT

EURUSD is under pressure again after finding support around 1.1196, which is the 23.6% Fibo retracement of the up leg from 1.1026 to 1.1249 and the 1.1180 level from June 18. After failed attempts to move above the downtrend line, the pair has traded between the 100- and 200-period simple moving averages (SMAs) for the past week. The bears have gained some strength and are pushing for lower, testing the 100-SMA. The MACD and the RSI’s picture suggest a restart in [..]

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