forex

Technical Analysis – NZDJPY trades beneath 100-SMA; 50.0% Fibo holds inside gap

Posted on July 23, 2019 at 1:02 pm GMT

NZDJPY recorded a bounce up in the short-term, from the five-and-a-half-month low of 70.25 on June 18, and in the last month has pushed north into the Ichimoku cloud. The price stalled ahead of the upper boundary of the cloud coupled with the 100-day simple moving average (SMA) in the previous session. There is a lack of direction in momentum indicators, as the short-term Tenkan-sen line is pointing upwards, although the Kijun-sen is flattening. Furthermore, the MACD is moving sideways [..]

ECB to guide on more stimulus – Forex News Preview

Posted on July 23, 2019 at 12:18 pm GMT

Three months before Draghi’s departure, chances for a looser monetary policy are rising higher as heightening global risks are threatening to keep the European Central Bank (ECB) on guard. Nevertheless, more stimulus will likely be a matter of guidance for the future at Thursday’s policy meeting rather than an order for execution despite expectations for a weaker flash composite PMI. Eurozone flash Composite PMI to inch lower The ECB is struggling as Eurozone economic indicators have yet to show any sign of improvement, while [..]

Technical Analysis – EURGBP to hold uptrend in near term; 20-SMA key support

Posted on July 23, 2019 at 7:45 am GMT

EURGBP has been in the green zone for the past twelve weeks, topping its rally at an almost six-month high of 0.9050 last week. The 20-day simple moving average (SMA) has played a key role in rejecting bearish corrections and therefore should be closely watched if negative momentum resumes. The fast Stochastics, however, are currently approaching the 20 oversold mark, while the RSI and the red Tenkan-sen are in consolidation, all flagging an overall neutral-to-positive bias for the short-term. Should the 20-day SMA assist the [..]

Technical Analysis – GBPUSD moves south towards 27-month low

Posted on July 23, 2019 at 6:21 am GMT

GBPUSD has declined considerably again after it failed to surpass the short-term moving averages from the beginning of the month. During the preceding week, cable reached a fresh more than two-year low of 1.2380 and touched the return line of the downward sloping channel. The negatively aligned Tenkan-sen line serves as a testament to the negative short-term momentum that is in place. The RSI indicator is moving south in the bearish territory, while the %K line of the stochastic oscillator [..]

Technical Analysis – EURCAD ticks above 22-month low; looks oversold

Posted on July 22, 2019 at 1:22 pm GMT

EURCAD recovered slightly to the upside after it reached a fresh 22-month low around the 1.4600 psychological mark last week. However, the pair dived aggressively from the 1.4880 – 1.5210 trading range, extending bearish actions below the short-term moving averages in the daily timeframe. The RSI and the MACD are lacking direction as both are moving in negative area with weaker momentum than before, suggesting overstretched market. If the pair drops beneath the multi-month trough could move towards the strong [..]

Technical Analysis – EURAUD hands on with the 200-SMA, joined by the uptrend line.

Posted on July 22, 2019 at 10:05 am GMT

EURAUD descended from a five and a half-month high of 1.6447, over a one-month period, to break through a double obstacle of the 200-SMA and the uptrend line from Feb 2017. Price stalled just below the 1.5900 psychological level, where buyers have come on board to try and move back north. The price has crossed downwards through the Ichimoku cloud and all simple moving averages. The 50- and 100-day simple moving averages (SMAs), although above the 200-SMA, have started to [..]

Technical Analysis – EURUSD hovers near 1.1200; maintains weak bias in near term

Posted on July 22, 2019 at 6:15 am GMT

EURUSD has been under pressure over the last three weeks as it failed several times to jump above the short-term simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the downleg from 1.1815 to 1.1106 near 1.1275. Short-term momentum indicators are pointing to a continuation of the bearish bias. The RSI bounced off the neutral threshold of 50 and is edging lower, while the MACD oscillator is strengthening its movement to the downside below trigger and zero lines. [..]

Technical Analysis – EURCHF creeps up to 23-month low; sellers push down below the border

Posted on July 19, 2019 at 1:51 pm GMT

EURCHF continued southbound from a 6-month high of 1.1475 on April 23, breaking out of an 8-month period sideways move to push towards a 23-month low of 1.1055. Presently, sellers are fracturing the support trying to continue the bearish bias. The 14-day simple moving average (SMA) is beginning a bearish cross of the 21-day SMA, whereas the long-term SMAs coincide with the down move. The MACD has crossed below the trigger line and the RSI approaches the 30 level, both in [..]

Technical Analysis – USDTRY pulls back from 4-month low; bearish in short term

Posted on July 19, 2019 at 9:35 am GMT

USDTRY has been in a downtrend over the last two months following the pullback on the seven-month high of 6.2440. The pair is holding beneath the 20- and 50-simple moving averages (SMAs), however, the momentum indicators are signaling for some gains in the short-term. The RSI is pointing marginally up in the negative zone, while the MACD posted a bullish crossover with its trigger line below the zero line. In case of another step lower and a penetration of the [..]

Technical Analysis – GBPCAD tumbles from congested areas; buyers try to gain some control

Posted on July 19, 2019 at 9:22 am GMT

GBPCAD slipped aggressively from the May 6 top of 1.7727, breaking through the congested support lines formed during the August 2018-March 2019 up leg, with buyers only seeming to make progress in stalling this down push yesterday. The short-term simple moving averages (SMAs) of 14- and 21-days still agree with the south move, and furthermore, the 14-day SMA paused the buyer’s effort to start a pullback. The long-term SMAs of 50-, 100- and 200-days also concur, with a bearish cross [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms