forex

Technical Analysis – USDZAR reverses lower as bears retake the reins

Posted on July 4, 2019 at 1:56 pm GMT

USDZAR has recorded significant losses in recent weeks, moving back below its 50- and 200-day simple moving averages (SMAs) to record a lower low on the daily chart. The picture therefore seems to be shifting to negative, though a clear break below the 13.86 – 13.79 zone is needed to confirm that. Looking at momentum oscillators, the RSI endorses the negative picture as it is just above 30 and pointing down, while the MACD is also below its red trigger [..]

Technical Analysis – AUDJPY continues to consolidate in a narrow range

Posted on July 4, 2019 at 12:46 pm GMT

AUDJPY remains confined in a relatively narrow sideways range, between 73.90 and 76.30, since early May. The near-term outlook is therefore neutral, with a break on either side needed to provide the directional bias. Momentum oscillators also paint a flat picture, with the RSI flattening near its neutral 50 line, and the MACD being close to zero. If the buyers take control and manage to push above 76.30, that would turn the near-term outlook to cautiously positive, opening the way [..]

Technical Analysis – NZDUSD trades within sideways channel; SMAs post bearish cross

Posted on July 4, 2019 at 12:23 pm GMT

NZDUSD has been consolidating since June 26 within a narrow range of 0.6655 – 0.6718 and is currently hovering beneath the bearish crossover within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The near-term bias is looking neutral-to-bearish as the RSI is flatlining near the 50-neutral level, while the MACD is moving slightly lower below the trigger line in the positive zone, suggesting more downside pressure in the 4-hour chart. Should the pair pare some of the previous sessions’ losses, [..]

Technical Analysis – USDJPY continues selling interest in short term

Posted on July 4, 2019 at 6:28 am GMT

USDJPY held in losses over the previous couple of days, dropping back below the 23.6% Fibonacci retracement level of the downfall from 112.40 to 106.77 near 108.10 and the 20-day simple moving average (SMA). The negative bias in the near term is supported by the deterioration in the stochastic oscillator. The %K line of the stochastic is falling sharply towards oversold levels and posted a bearish crossover with the %D line. If prices continue to head lower, support should come [..]

Technical Analysis – EURAUD may pause downside rally near 38.2% Fibo

Posted on July 3, 2019 at 12:08 pm GMT

EURAUD found some footing around the 1.6420 resistance level last week and returned to bearish thereafter in the short-term. The price is currently testing the 38.2% Fibonacci retracement level of the upleg from 1.5150 to 1.6660 around 1.6080 and the upper surface of the Ichimoku cloud. The red Tenkan-sen is turning lower above the blue Kijun-sen line which is flat and the RSI and the MACD are flirting with negative levels, pointing to a bearish short-term trading. In the negative scenario, [..]

Technical Analysis – EURJPY loses ground in ascending triangle pattern; new 2-week low

Posted on July 3, 2019 at 9:00 am GMT

EURJPY has been plunging over the last couple of days, recording a fresh almost two-week low near 121.33 earlier today. The bearish cross within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart is increasing speculation for more downside risks. The RSI is heading towards the oversold territory, while the MACD is strengthening its bearish momentum. If the price continues the downfall from the six-week high of 123.34, it could meet support near the ascending line of the [..]

Technical Analysis – AUDUSD retests 0.7000 key level; neutral to bullish in short term

Posted on July 3, 2019 at 6:43 am GMT

AUDUSD is flirting with the 38.2% Fibonacci retracement level of the downleg from 0.7390 to 0.6746 slightly below 0.7000 and is holding inside the Ichimoku cloud. The pair remained above the 20- and 40-day simple moving averages (SMAs) which are flattening as the price is developing within a sideways channel of 0.6830 – 0.7035 in the short-term. From the technical point of view, the RSI is flattening in the bullish territory, while the MACD is rising above trigger and zero [..]

Technical Analysis – GBPUSD bears back into play; builds base around 20-SMA

Posted on July 2, 2019 at 6:28 am GMT

GBPUSD touched the upper Bollinger band around the 1.2780 resistance level in the previous week, driving the market lower, below the 40-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the downfall from 1.3380 to 1.2500 near 1.2712. The pair continues the selling interest in the medium-term as it is confirmed by the technical indicators, which have been holding in the negative territory. The RSI is flattening below the 50 level and the MACD is trying to [..]

Technical Analysis – CADJPY opens with positive gap; bullish cross within SMAs

Posted on July 1, 2019 at 1:33 pm GMT

CADJPY opened a gap up today, climbing above the 82.60 barrier and meeting the 50.0% Fibonacci retracement level of the downfall from 89.25 to 76.60 near 82.90. Having a look at the momentum indicators, the RSI is sloping up near the overbought threshold and the MACD is strengthening its momentum above trigger and zero lines. An advance above the 50.0% Fibonacci (82.90) could open the door for bullish actions until the 61.8% Fibonacci region, which overlaps with the 84.40 resistance level, registered [..]

Technical Analysis – EURUSD eases below 3-month high in near term

Posted on July 1, 2019 at 6:50 am GMT

EURUSD remains under pressure and risk is still to the downside in the short-term as prices continue to drift below the 38.2% Fibonacci retracement level of the downleg from 1.1815 to 1.1110 near 1.1380. After the pullback on the three-month high of 1.1410, technical indicators reversed lower as well, suggesting a possible bearish bias again. The MACD oscillator is falling in the positive territory, while the stochastic is moving lower, approaching the 20 level. If price action drops, there is [..]

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