forex

Technical Analysis – USDCAD plummets to 8½-month low; negative bias remains

Posted on July 12, 2019 at 6:25 am GMT

USDCAD is plunging today towards a fresh eight-and-a-half month low near 1.3030, following the pullback on the 1.3145 resistance level, which overlaps with the 20-day SMA. Technically, the RSI indicator is declining in negative territory, approaching the oversold zone, while the stochastic oscillator posted a bearish crossover within the %K and %D lines in the middle of the 20 and 80 level, strengthening its bearish view on price. Should prices tumble below Friday’s trough, support could be found around the [..]

China’s Q2 GDP growth to pave way for more stimulus – Forex News Preview

Posted on July 11, 2019 at 3:50 pm GMT

GDP growth accompanied by industrial production, retail sales and urban investment readings will be out of China on Monday at 0200 GMT. Given the cloudy conditions on the trade front, the data are expected to reinforce speculation that extra stimulus may be needed to stabilize the economy in the coming months. The last time the Chinese economy picked up steam was in the first quarter of 2017 when expansion topped at 6.9% on a yearly basis. Since then, GDP growth has been [..]

Technical Analysis – EURNZD touches 200-day SMA; next support at 1.68

Posted on July 11, 2019 at 1:45 pm GMT

EURNZD has been declining considerably since yesterday, after the bounce off the 23.6% Fibonacci retracement level of the upward rally from the 18-month low of 1.6285 to the eight-month high of 1.7305 near 1.7050. The pair is ready to touch the 200-day simple moving average (SMA) and a possible upside correction is expected in the short-term. From the technical point of view, the RSI is sloping down below the 50 level, confirming the recent momentum on price, while the stochastic [..]

Technical Analysis – EURCHF declines around 1.1100; holds in descending channel

Posted on July 11, 2019 at 12:25 pm GMT

EURCHF is moving lower near 1.1100, remaining below both its 20- and 40-day simple moving averages (SMAs) as well as beneath the 1.1170 resistance. The bigger picture still seems negative as the price has been developing in a descending channel since September 2018. Short-term momentum oscillators concur, with the RSI holding below 50 and pointing lower, and the stochastic completed a bearish cross within the %K and %D lines in the daily timeframe. More downside pressures could meet support near the almost [..]

Technical Analysis – NZDUSD rallies near 23.6% Fibonacci; remains inside Ichimoku cloud

Posted on July 11, 2019 at 9:20 am GMT

NZDUSD continues to rise above the short-term moving averages, remaining inside the Ichimoku cloud, stretching its upward movement near the 23.6% Fibonacci retracement level of the upward wave from 0.6487 to 0.6725. According to the MACD, positive momentum could stretch into the short-term as the indicator picks up steam above its trigger line. The RSI is also hovering in the positive area but is flattening. In the positive scenario, where the price peaks above today’s high of 0.6670, a new top could be formed around the 0.6693 resistance level, [..]

Technical Analysis – USDJPY slips below 108; lacks clear direction in short term

Posted on July 11, 2019 at 6:43 am GMT

USDJPY extended yesterday’s sell-off below the 108.00 psychological mark today and the mid-level of the Bollinger Band (20-day simple moving average) as well as the 23.6% Fibonacci retracement level of the downfall from 112.40 to 106.77. The pullback on the seven-week high of 109.00 shifted the marginally bullish bias to neutral in the short-term. Looking at the momentum indicators, the RSI is falling below the 50 level, while the stochastic oscillator has already completed a bearish crossover within its %K and %D lines in the overbought zone, suggesting the end [..]

Technical Analysis – CADJPY breaks downtrend line, flirts with 61.8% Fibonacci

Posted on July 10, 2019 at 11:03 am GMT

CADJPY has developed a short-term uptrend over the last month, which has now, broke the downtrend line to the upside. Currently, the upward move seems to be temporarily stalling as it encounters the 61.8% Fibonacci retracement level of the down move from 85.22 to the five-month low of 79.96 of 83.22. Both the MACD and the RSI momentum indicators are flattening in positive areas and suggest a short-term pausing of the uptrend, as the pair tackles the 61.8% Fibo of 83.22. The 14-day simple moving average (SMA) and 21-SMA both point up, and confirm the [..]

Technical Analysis – EURGBP pierces 0.90 level; cautiously bullish in short-term

Posted on July 10, 2019 at 8:30 am GMT

EURGBP is flirting with the 0.90 level for the second day in a row, keeping its uptrend above its simple moving averages (SMAs) and near six-month highs. The RSI is a shy below its 70 overbought mark, while the MACD seems to be regaining momentum under its red signal line, suggesting a positive but cautious trading in the short-term. On the upside, the bulls could rest around a former resistance around 0.9032 before heading towards the 0.9060 key level. Slightly higher, [..]

Technical Analysis – EURJPY rests near 23.6% Fibonacci; ascending triangle holds

Posted on July 10, 2019 at 8:27 am GMT

EURJPY is testing the 23.6% Fibonacci region from the high on 126.80 to the low on 120.77, around 122.20 as it seems ready to continue the very short-term upside tendency. The 20- and 40-simple moving averages (SMAs) posted a bullish crossover confirming the recent bullish run. The RSI is sloping up approaching the 70 level, while the MACD has been rising over the last week. A successful climb above the immediate level of 23.6% Fibo would increase positive speculation towards [..]

Technical Analysis – AUDUSD creates red days below short-term MAs

Posted on July 10, 2019 at 6:33 am GMT

AUDUSD has lost its short-term positive momentum over the last four days after the bounce off the 0.7050 resistance barrier. The market could retain the downward movement as the RSI dropped beneath the 50 level but is flattening and the MACD oscillator is weakening below the trigger line and near the zero line. Should the pair stretch south, the 23.6% Fibonacci retracement level of the downleg from 0.7390 to 0.6746 near 0.6900 could be the immediate support level, slipping beneath [..]

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