forex

Technical Analysis – EURGBP retests 5-month highs; 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, [..]

Technical Analysis – AUDUSD tops moving averages but indicators move sideways

Posted on June 26, 2019 at 6:46 am GMT

AUDUSD has been extending its gains since the previous week following the strong support on the five-month low near 0.6830. The pair surpassed above the 20- and 40-day simple moving averages (SMAs) which are ready to post a bullish crossover, signaling further upside momentum. However, the stochastic oscillator seems to be losing momentum in the overbought territory, the RSI is still flattening slightly above the 50 level as well as the red Tenkan-sen and the blue Kijun-sen lines, all signaling a more cautious trading in the [..]

Technical Analysis – USDJPY plummets to fresh 5-month low

Posted on June 25, 2019 at 8:14 am GMT

USDJPY is tumbling to a new five-month low near 106.77 today, struggling within the downward sloping channel. The RSI is trending south in the oversold zone, while the MACD is heading down below 0, posting a bearish cross with its trigger line. Both are signaling more losses in the daily timeframe. If the price continues lower and drops beneath today’s low, this could open the door for the 105.65 support, taken from the bottom on April 2018. Even sharper losses would bring [..]

Technical Analysis – GBPUSD advances but finds resistance at 40-day SMA

Posted on June 25, 2019 at 6:33 am GMT

GBPUSD has been advancing over the last five days, following the rebound on the six-month low of 1.2500. Currently, the price is finding strong resistance near the 40-day simple moving average (SMA), which overlaps with the 1.2770 barrier. Looking at the technical indicators the stochastic seems to be overstretched as it is turning lower above the 80 level. However, the RSI is pointing slightly up while in the positive territory, suggesting more gains in the near term. If the price continues the strong bullish [..]

Technical Analysis – AUDJPY stabilizes near 6-month low; outlook still negative

Posted on June 24, 2019 at 2:15 pm GMT

AUDJPY touched a 6-month low of 73.90 last week, with price action taking place below both the 50- and 200-day simple moving averages (SMAs). Additionally, the price structure consists of lower highs and lower lows, confirming that the broader downtrend remains intact – even if oscillators like the RSI suggest that the latest rebound may continue for now. Another wave of selling could find initial support around 73.90, where a downside break may open the door for 72.40, this being [..]

Technical Analysis – EURUSD beats 200-day SMA for first time in a year

Posted on June 24, 2019 at 7:14 am GMT

EURUSD staged a quick recovery last week, with the price crawling above the 200-day simple moving average (SMA) for the first time in more than a year. On Monday, the bullish pattern gained extra credence as the pair extended its positive momentum towards a new three month high of 1.1385. According to the RSI, which maintains a positive slope above its 50 neutral mark, there is still some upside in store. The indicator, however, is not far above the 70 overbought level, a sign that downside corrections [..]

Technical Analysis – AUDUSD capped below 200-SMA

Posted on June 21, 2019 at 9:39 am GMT

The 200-period simple moving average (SMA) in the four-hour chart seems to be a hurdle for the AUDUSD bulls over the past two days, and the falling RSI which heads towards its 50 neutral mark suggests that the market may stabilize in the short-term. Exceeding the 200-period SMA and more importantly the upper surface of the Ichimoku cloud currently at 0.6940, the rally may get new steam, probably until the 0.6965 former resistance area. Further up, the bulls could retest [..]

Technical Analysis – USDCHF falls the most in three years; looks oversold

Posted on June 21, 2019 at 7:04 am GMT

USDCHF experienced its worst daily trading in more than three years on Thursday, posting a sharp dip towards a 6 ½ -month low of 0.9790. The price is currently hovering around the lower Bollinger band, while the RSI is set to shift higher after hitting its 30 oversold mark, a warning that the bearish action may not continue in the short-term. 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 [..]

Technical Analysis – EURAUD tries to jump above ascending channel; strongly positive

Posted on June 14, 2019 at 10:01 am GMT

EURAUD is extending its gains over the last couple of weeks, recording a fresh more than five-month high around 1.6350. Thus, the short-term picture thus seems to be strongly positive, as the RSI is hovering in the overbought territory and the MACD is strengthening its momentum above trigger line. A break above above the ascending channel could increase speculation for more upside pressure towards the 1.6590 resistance level. If the bulls pierce the latter too, attention would turn to 1.6662. [..]

Technical Analysis – USDCAD bulls return into play; remains beneath uptrend line

Posted on June 14, 2019 at 6:43 am GMT

USDCAD gained some ground after the aggressive sell-off towards the three-month low of 1.3240, penetrating the long-term ascending trend line to the downside. The technical indicators are feeding prospects for a possible positive short-term trading; the RSI is pointing up below 50, while the stochastic continues to strengthen its momentum. A decisive close above the 23.6% Fibonacci retracement level of the upward wave from 1.2250 to 1.3664 near 1.3330 could add more value to the pair, pushing the market up to [..]

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