forex

Technical Analysis – EURGBP unlocks 6-month high; looks overbought

Posted on July 17, 2019 at 6:55 am GMT

EURGBP skyrocketed in the preceding couple of days, challenging a new six-month high of 0.9046. The rebound on the 0.8490 drove the pair to an upside rally above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, confirming the bullish tendency. However, looking at the technical indicators, they seem overbought, suggesting a possible downside pullback. The MACD oscillator is weakening a bit slightly below the trigger line in the positive area, while the RSI is flattening after it [..]

Technical Analysis – USDCHF reverses higher but remains bearish in medium term

Posted on July 16, 2019 at 1:10 pm GMT

USDCHF rebounded on the 38.2% Fibonacci retracement level of the upleg from 0.9185 to 1.0235 near 0.9830 during yesterday’s trading session, touching the 20-day simple moving average (SMA). In the short-term, the market could turn positive if the RSI keeps moving around the 50 level, however the red Tenkan-sen line, as well as the blue Kijun-sen line, hold flat. The stochastic oscillator seems ready to turn higher again as the %K line touches the oversold zone and is sloping up. An extension [..]

Technical Analysis – CADJPY lacks direction in short and long terms

Posted on July 16, 2019 at 9:21 am GMT

CADJPY is hovering near the 50.0% Fibonacci retracement level of the downleg from 89.25 to 76.60. After the rebound on the two-year low of 76.60, the pair has been lacking direction, confirmed by the technical indicators. The RSI is flattening in the positive area, while the MACD is moving sideways near the trigger line. An advance above the 50.0% Fibonacci of 82.90 and the 83.25 resistance could open the door for bullish actions until the 61.8% Fibonacci region, which overlaps with [..]

Technical Analysis – GBPUSD lacks bullish signals near six-month lows

Posted on July 16, 2019 at 7:16 am GMT

GBPUSD returned to the red zone and near a key support area around 1.25 after attempting to recover during the past three sessions. Chances for a meaningful rally in the short-term are currently viewed as minimal as the market action continues to take place comfortably below the simple moving averages (SMA) and the Ichimoku cloud, while the RSI and the MACD are lacking a clear direction while in the bearish area. Should the bears clear the 1.25 barrier, the focus will shift immediately towards the six-month low of 1.2438. Breaking decisively below [..]

New Zealand inflation may leave door open for monetary easing – Forex News Preview

Posted on July 15, 2019 at 1:16 pm GMT

The Reserve Bank of New Zealand (RBNZ) has clearly stated in June that further monetary easing might be needed over time to help the central bank to meet its inflation and employment objectives. On Monday at 2245 GMT the Consumer Price Index (CPI) report is likely to show that inflation has heated up in the second quarter, but not sufficiently to scrap the need for more stimulus. The headline CPI is forecast to rebound from 0.1% to 0.6% quarter-on-quarter in the April-June [..]

Technical Analysis – GBPNZD continues bearish trend; accelerates on break of swing low

Posted on July 15, 2019 at 12:59 pm GMT

GBPNZD, consumed by a two-month downtrend from a seven-month high of 2.0020, had sellers today grab the reins once again to restart another bearish rally south. The momentum indicators confirm the persisting down move, with MACD starting to turn down to cross the trigger line, in the negative area, and the RSI agreeing, as it moves south towards the oversold area below 30. The ADX validates that the trend has substantial strength, coupled by the short- and medium-term 21- and [..]

Technical Analysis – EURAUD declines sharply, touching 38.2% Fibonacci

Posted on July 15, 2019 at 7:29 am GMT

EURAUD has been underperforming in the past three days, challenging the 38.2% Fibonacci retracement level of the upward wave from 1.5340 to 1.6445 near 1.6025. The pair bounced off the 20-day simple moving average last Wednesday and is ready to complete a bearish crossover within the short-term SMAs. Short-term momentum indicators are also pointing to a continuation of the bearish bias. However, the RSI is well below the 50-neutral level, heading towards the oversold zone, while the MACD is strengthening [..]

Technical Analysis – EURUSD makes higher low but uptrend not confirmed yet

Posted on July 15, 2019 at 7:13 am GMT

EURUSD confirmed another higher low at 1.1192 last week but the market needs a more aggressive rally above the 1.1411 top to resume confidence on the uptrend which started from the 1.1106 bottom. The short-term risk is currently looking neutral-to-positive as the RSI is trying to hold strength above the 50 level and the Stochastics are positively sloped below the 80 overbought mark. Immediate resistance to additional upside corrections could be detected around 1.1283, where the 38.2% Fibonacci retracement of [..]

Technical Analysis – GBPAUD breaks out of sideways move, giving the reins to sellers

Posted on July 12, 2019 at 9:51 am GMT

GBPAUD slid into a four-month trading range on February 19, with lower boundary of 1.8115 and an upper boundary of 1.8865, which two weeks ago, was broken aggressively to the downside, initially finding support at 1.7870. A pullback last week has sellers again reloaded for another test. The short- and medium-term simple moving averages (SMAs) of 14 -, 21- and 40-day SMAs, have widened, confirming the negative trend which is restarting. The MACD flattened on the pullback, though has not [..]

Technical Analysis – GBPJPY bearish action slows, trend reversal awaited

Posted on July 12, 2019 at 8:40 am GMT

GBPJPY continues to show signs of a fading downtrend as the RSI and the MACD keep extending their two-month old upward pattern at a time when the price seems to be easing bearish momentum. The minimal difference between the recent lows is more evidence that the market may be preparing for a trend reversal. Traders could wait for a clear breakout of the June high of 138.32 to confirm the end of the bearish movement. Before that, the bulls would need [..]

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