forex

Technical Analysis – GBPCAD posts 20-month low; looks for a rebound in short-term

Posted on June 28, 2019 at 9:32 am GMT

GBPCAD is currently trading not too far away from yesterday’s 20-month low of 1.6572, having pulled back marginally. The momentum indicators suggest that there is a potential for an upside correction. The RSI, which has been moving around its 30 level over the last month, is pointing up in the oversold area, while the stochastic oscillator is looking for a bullish cross below the 20 level. If the price fails to hold today’s positive momentum, falling below the 1.6572 bottom, the 1.6340 support level, taken from the low on October 2017, [..]

Technical Analysis – EURNZD drops aggressively this week; records 3-week low

Posted on June 28, 2019 at 9:12 am GMT

EURNZD lost ground this week, dropping to a new three-week low near 1.6950 today after finding strong resistance at the eight-month high slightly above the 1.7300 psychological mark. The short-term moving averages are ready to create a bearish cross, signaling more losses, while the technical indicators are losing momentum. The RSI is hovering below the 50 level and the MACD slipped beneath its trigger line and stands near the zero line. However, should the price close comfortably below the strong [..]

Technical Analysis – GBPJPY likely waiting for a trend reversal

Posted on June 28, 2019 at 9:07 am GMT

GBPJPY had an uneventful trading for another week, remaining stuck between the 137.40 resistance and the 135.79 key support, which coincides with the 78.6% Fibonacci of the upleg from 132.48 to 148.86 . There is however a bullish divergence signal of a possible trend reversal , as the RSI and the MACD continue to print higher lows at a time when the price keeps trending downwards, suggesting that the market may soon change direction. A strong rally above the previous [..]

Technical Analysis – USDCNH strictly capped below moving averages

Posted on June 27, 2019 at 12:54 pm GMT

USDCNH had a bearish start on Thursday, with the price remaining below a crucial support of the 6.9000 barrier and the 40-day simple moving average (SMA). From the technical point of view, the RSI is heading down in bearish territory, while the MACD also supports a bearish picture, since it continues to hold near the zero line and below the trigger line. Should prices drop below the 6.8300 low, they could hit the 23.6% Fibonacci retracement level of the upward movement from 6.2350 to 6.9781, near [..]

Technical Analysis – GBPAUD records red sessions in trading range

Posted on June 27, 2019 at 8:52 am GMT

GBPAUD is posting red days, hovering around the lower boundary of the trading range (1.8100 – 1.8880), which has been standing since February 19. The RSI is pointing down in the negative territory, while the stochastic is holding in the oversold area. Should the market continue its downside direction and penetrate the range, support could initially emerge between 1.8100-1.8043, which overlaps with the 50.0% Fibonacci of the upleg from 1.7220 – 1.8880. Even lower, a rally could find an obstacle at the 1.7990 region [..]

Eurozone flash inflation to test euro’s rally ahead of G20 summit – Forex News Preview

Posted on June 27, 2019 at 8:48 am GMT

The euro grabbed the opportunity to recoup some lost ground last week at a time when major central banks including the European Central Bank (ECB) itself are preparing to add a dose of stimulus to the global economy. The rally however may come under test in coming days as the preliminary Harmonized Consumer Price Index (HCPI) report out of the EU on Friday at 0900 GMT could be the next clue on how soon the ECB might act. Trade headlines [..]

Technical Analysis – NZDUSD pulls back near 2-month high; remains in sideways channel

Posted on June 27, 2019 at 6:52 am GMT

NZDUSD stretched its seven-day rally to a more than two-month high of 0.6690 on Wednesday, remaining within the Ichimoku cloud. The price advanced above the bullish cross within the 20- and 40-simple moving averages (SMAs) and is trying to exit from the two-month congestion area of 0.6490 – 0.6680. The near-term bias is looking neutral-to-bullish as the RSI is flatlining above the 50-neutral level, while the MACD is strengthening its positive momentum well above its trigger line, suggesting more upside pressure in [..]

Technical Analysis – USDCHF recovers after plunging towards 9-month trough

Posted on June 26, 2019 at 9:34 am GMT

USDCHF posted a sharp bearish rally in the previous days, driving the pair towards a fresh nine-month trough near 0.9695. The technical indicators are hovering in oversold levels suggesting a potential upside retracement. The MACD remains below the trigger line, while the RSI is trying to jump above the 30 level. Yet with the market action taking place well below moving averages, the pair may need extra time to correct the recent downtrend that started from the 1.0235 top. A possible upside [..]

Technical Analysis – EURJPY turns neutral in near term, still bearish overall

Posted on June 26, 2019 at 8:53 am GMT

EURJPY has stabilized somewhat since early June, trading within a narrow range with an upper bound of 123.20 and a lower bound of 120.80, which keeps the near-term bias neutral for now. A break on either side is needed to determine the short-term direction. In the bigger picture however, the pair is still in a downtrend. Momentum oscillators paint a flat picture too, with the RSI being just below its 50 line and the MACD slightly above its red trigger [..]

Technical Analysis – EURGBP retests 5-month high; golden cross awaited

Posted on June 26, 2019 at 8:04 am GMT

EURGBP found some footing around the 20-day simple moving average (SMA) last week and returned to a bullish trend thereafter. The price is currently testing the recent five-month peak of 0.8973 and a former restrictive area, where any decisive close higher may prove valuable to the market. The red Tenkan-sen however remains flat above the blue Kijun-sen and the RSI is currently flirting with overbought levels, pointing to a softer short-term trading. A pullback may meet immediate support around the 0.8935 barrier, [..]

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