forex

Technical Analysis – GBPJPY shows signs of fading descending move; indicators increase

Posted on July 19, 2019 at 6:59 am GMT

GBPJPY is still facing signs of a fading descending move as the RSI and the MACD keep moving higher, posting a positive divergence at a time when price seems to be edging lower in the daily timeframe. Currently, the pair is finding strong resistance at the red Tenkan-sen line of the Ichimoku cloud after it recorded a new six-month low of 133.80 on Thursday. In case of an end of the bearish structure, the price needs to complete a strong [..]

Technical Analysis – EURZAR breaks above downtrend line; wrestles with 50-SMA and Ichimoku cloud

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

A short-term buyer’s pullback from a 5-month low generated a few days ago, of 15.5395, had the pair move north to tackle the heavyweight 50-day simple moving average (SMA), coupled with the cloud of the Ichimoku indicator. Nevertheless, some consolidation seems to have come in the last sessions. The MACD crossed above the zero line and is pointing up, whilst the RSI seems to have hit previous highs and turned slightly down after the previous positive divergence that helped to [..]

Technical Analysis – NZDCHF’s 100-SMA and 50.0% Fibonacci become a double opponent obstacle

Posted on July 18, 2019 at 8:25 am GMT

NZDCHF saw some positive divergence in the last several weeks on the RSI which helped it to bounce back from a three-month high tumble from 0.6913 to an eight-month low of 0.6423. Since yesterday the price is trading above the 38.2% Fibonacci retracement level of the down-leg from 0.6913 to 0.6423, of 0.6614 and is heading towards the 50.0% Fibo coupled with the 100-day simple moving average (SMA) at 0.6673. The short-term SMAs of 21- and 40-days have crossed bullishly suggesting [..]

Technical Analysis – USDJPY tests key support; stochastics oversold

Posted on July 18, 2019 at 7:12 am GMT

USDJPY attempted to cross above the 50-day simple moving average (SMA) and reach the 109 level last week but efforts proved fruitless, with the price resuming negative momentum towards the key 61.8% Fibonacci retracement level of the upleg from 104.64 to 112.39. The downward-sloping RSI suggests a weaker short-term trading. Yet, with the Stochastics flashing oversold conditions in the market, upside corrections cannot be ruled out. Should the 61.8% Fibonacci of 107.58 fail to halt downside pressure, the bears could next rest near [..]

Technical Analysis – NZDUSD violates double bottom pattern; bulls back into play

Posted on July 18, 2019 at 6:59 am GMT

NZDUSD successfully surpassed the long-term 200-day simple moving average (SMA), gaining some ground and is holding near the three-month high of 0.6745 that it posted on Wednesday. The double bottom formation that was created around the 0.6480 – 0.6490 support levels with a neckline at the 0.6725 barrier, was completed with today’s break to the upside. From the technical point of view, the Relative Strength Index (RSI) is rising in the positive territory, approaching the overbought zone, while the MACD [..]

Technical Analysis – EURNZD persists with the sell-off towards weekly uptrend line; sellers dominate in short-term

Posted on July 17, 2019 at 2:14 pm GMT

EURNZD kept up the downwards move after surpassing the previous swing low of 1.6795 to flirt next with the 23.6% Fibonacci of the down move from 1.7926 to 1.6285, of 1.6675. Although the price fell below the coupled 100- and 200-day simple moving averages (SMAs), the 100-SMA has slightly crossed above the 200-SMA, suggesting maybe a pullback could be coming. The bearish momentum is confirmed by the MACD moving south in the negative area and the RSI accelerating down to [..]

Technical Analysis – GBPAUD continues sell-off near 6-month bottom

Posted on July 17, 2019 at 12:44 pm GMT

GBPAUD extended its losses towards a new six-month low of 1.7630 on Tuesday, recording five straight red days. The selling interest started after the pullback on the almost three-year high of 1.8880, pushing the pair beneath the short-term moving averages and the Ichimoku cloud. The RSI indicator is hovering in the oversold zone; however, the stochastic oscillator is in process to post a bullish crossover within its lines, indicating weaker bearish movement than before. Further declines may meet support at [..]

Australian jobs growth to pull back in June; RBA likely to show patience – Forex News Preview

Posted on July 17, 2019 at 9:51 am GMT

The Reserve Bank of Australia (RBA) showed willingness to engage in further monetary easing at the July meeting but the weakness in the US dollar helped the Australian currency to recoup its losses and reach its latest peaks. On Thursday at 0130 GMT, the closely watched jobs report out of the country may indicate that the RBA’s strategy is in the right direction, putting the rally under test again. Nevertheless, policymakers are expected to stand pat on interest rates next [..]

Technical Analysis – EURJPY descends into a symmetrical triangle; nears lower boundary

Posted on July 17, 2019 at 8:45 am GMT

EURJPY slid down in the last week to near the lower boundary of a symmetrical triangle, that began almost two months ago on May 21, where the seller’s momentum evaporated. Today sellers are pushing down again heading for a retest. Following the price decline from the upper boundary to the lower boundary, the MACD moved to the negative area where both the MACD and trigger line flattened out. The RSI trended down and is currently flat but pointing slightly south [..]

Technical Analysis – AUDUSD prints bearish doji and shifts lower

Posted on July 17, 2019 at 7:19 am GMT

AUDUSD changed direction to the downside after printing a bearish doji near the two-month high of 0.7046 in the four-hour chart, keeping the market within the 0.7046-0.6900 range. The price has also retreated below the 20-period simple moving average (SMA), while the weakness in the RSI and the MACD is an additional warning that bearish sentiment is likely to stay in the short-term. A decisive close below the 0.70 mark could trigger fresh selling towards the key 0.6965-0.6950 key area, where the 200-period SMA [..]

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