forex

Technical Analysis – NZDUSD lacks direction in the very short-term

Posted on June 13, 2019 at 9:13 am GMT

NZDUSD has been holding within a narrow range over the last couple of days, with upper boundary the mid-level of the Bollinger band around 0.6590 and lower boundary the 0.6565 support level. The MACD is flattening near its red signal line, while the RSI is still hovering below the neutral threshold of 50, all signaling a more cautious trading in the short term. Traders would be eagerly looking for a break below 0.6565 to increase selling orders. If that’s the case, the rally could last until [..]

Technical Analysis – USDJPY hovers below 109; descending channel holds in near term

Posted on June 13, 2019 at 6:43 am GMT

USDJPY has been on the sidelines for the most part of the week as the 109.00 level seems to be a real obstacle for the bulls. Over the last seven weeks the pair has been developing in a descending channel, erasing the bullish retracement from the 104.64 support. Technically, the price could lose some ground in the short-term as the RSI is moving downwards in the negative area, while the stochastic is creating a bearish cross within the %K and [..]

Technical Analysis – USDMXN holds in Ichimoku cloud after negative gap

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

USDMXN has dropped considerably over the previous couple of days, after the negative gap, remaining within the 200- and 50-day simple moving averages (SMAs). Currently, the pair is also hovering in the Ichimoku cloud and is trying to surpass the 23.6% Fibonacci retracement level of the downleg from 20.6540 to 18.7440 near 19.1938. Looking at the technical indicators, the stochastic oscillator is turning higher in the oversold zone, giving the impression for a bullish crossover of the %K and %D [..]

Technical Analysis – AUDUSD moves back towards 0.6900; positive rally faded

Posted on June 12, 2019 at 6:42 am GMT

AUDUSD continues to fall below the Ichimoku cloud, remaining in a downtrend over the last six months, stretching its movement towards the 0.6900 psychological level. According to the RSI, negative momentum could push for further losses in the short-term as the indicator loses steam below its neutral threshold of 50. The stochastic oscillator is also declining, approaching the oversold territory. The price is hovering within the simple moving averages (SMAs) and between the red Tenkan-sen and the blue Kijun-sen lines. The move could be extended on the [..]

Australian employment report next to move aussie – Forex News Preview

Posted on June 11, 2019 at 2:01 pm GMT

The decision of the latest meeting in June of the Reserve Bank of Australia (RBA) was a rate cut after three years to a new record low of 1.25% and the market is anticipating two more 25-bps cuts before the end of the year. The Australian dollar, which had been resilient to the downward shift in the interest rate trajectory, is losing ground this week as the US dollar rebounds. The aussie now awaits the employment report for May due on Thursday at 0130 [..]

Technical Analysis – GBPUSD weakens below 20-day SMA; next support 1.2600

Posted on June 11, 2019 at 6:44 am GMT

GBPUSD failed several times to jump above the 20-day moving average and the 23.6% Fibonacci retracement level of the downward wave from 1.3380 to 1.2560, near 1.2753, suggesting weak momentum in the daily timeframe. The negative to neutral bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply below the overbought zone, while the RSI indicator is flattening in the negative territory. The 1.2600 psychological level has [..]

Technical Analysis – GBPAUD hovers near lower boundary of trading range

Posted on June 10, 2019 at 8:52 am GMT

GBPAUD has been trading in a consolidation area since February 19, with upper boundary the 35-month high of 1.8880 and lower boundary the two-month low of 1.8100. Currently, the price is edging slightly higher, with the short-term momentum indicators signaling a bullish bias. The RSI is pointing up in the negative territory, while the stochastic is moving towards the overbought area. The 20-day simple moving average (SMA) near the 1.8305 resistance could halt upside movements ahead of the 40-day SMA [..]

Technical Analysis – EURUSD reverses near 1.1300 after posting 2½-month high

Posted on June 10, 2019 at 6:42 am GMT

EURUSD reached a two-and-a-half-month high of 1.1347 on Friday as the pair exited from the medium-term descending channel in the preceding days, signaling furhter upside movement. Prices are currently developing near the 1.1300 handle and are remaining above the Ichimoku cloud and the 20-and 40-day moving averages. Despite today’s pullback the bullish picture is further supported by short-term technical indicators. The MACD is strengthening its momentum above the trigger line, while the stochastic oscillator is entering overbought territory. To the [..]

Technical Analysis – AUDJPY bulls face big challenge around 20-SMA

Posted on June 7, 2019 at 11:25 am GMT

Selling interest is continuing in the AUDJPY market, remaining below the 20-day simple moving average (SMA). However, the technical indicators are suggesting a possible upside correction. The MACD is strengthening its bullish momentum above the trigger line, while the RSI is looking slightly positive in the negative threshold. Should positive pressure come in play and the price surpasses the 20-SMA obstacle, resistance could be faced around the 77.16 level, where the 40-SMA is standing. Above this level, the 77.50 resistance could be the [..]

Technical Analysis – GBPJPY rebounds on 5-month low; indicators signal bullish bias

Posted on June 7, 2019 at 7:09 am GMT

GBPJPY is trading not too far from the five-month low of 136.55, having pulled back slightly. The momentum indicators suggest there is still some upside for the pair to advance again, despite the downward movement on the red Tenkan-sen line. The near-term bias is looking neutral-to-bullish as the RSI is flattening near the 30-oversold level, while the MACD oscillator is heading marginally up, above the trigger line. The stochastics are pointing north and the %K and %D lines remain positively aligned. Should GBPJPY [..]

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