forex

Technical Analysis – CADJPY remains in bearish phase

Posted on June 6, 2019 at 1:29 pm GMT

CADJPY has been finding strong resistance on the 38.2% Fibonacci retracement level of the downward wave from 89.25 to 76.60, near 81.42, falling beneath the 20-simple moving average (SMA) in the daily chart. Having a look at the momentum indicators, the RSI is sloping down below the neutral threshold of 50 and the MACD is hovering near the trigger line and below the zero line. A step lower could find immediate support at the 79.94 support and the 23.6% Fibonacci of 79.65. More downside [..]

Technical Analysis – GBPCAD is neutral in very short-term; advances are expected

Posted on June 6, 2019 at 12:15 pm GMT

GBPCAD has been on the sidelines for the most part of the week as the 1.7130 level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is flattening near the 30 mark, while the stochastics are warning of an oversold market, but it seems to be turning higher in the daily chart. A rebound on the 1.6970 support could keep the pair in a narrow range, challenging again the 1.7130 resistance, [..]

Technical Analysis – EURAUD capped by 20-SMA; holds in ascending channel

Posted on June 6, 2019 at 8:59 am GMT

EURAUD recorded some losses in the past few days, crossing below its 20-day simple moving averages (SMA) to touch the 1.6050 support level. The short-term picture thus seems to be slightly negative, though for the medium-term outlook looks to be positive, as it has been developing in an ascending channel since December 2018. Short-term momentum indicators suggest the rally may be losing steam. The RSI seems to have flattened near its 50 zone, while the MACD appears ready to drop below [..]

Technical Analysis – NZDUSD bullish near one-month highs; outlook turns positive in near term

Posted on June 6, 2019 at 7:21 am GMT

NZDUSD had one of its best trading sessions for this year, this week, gaining more than 1.4% to edge above its short-term moving averages in the daily timeframe and reach a fresh one-month high of 0.6665 on Wednesday. The technical indicators are still flashing bullish, with the MACD stretching further above its red trigger line and the RSI moving above its 50 neutral level. The red Tenkan-sen line of the Ichimoku cloud could be an indication that the rally is overdone as it is flattening, and hence negative corrections should [..]

Loonie turns eyes to Canadian Jobs data – Forex News Preview

Posted on June 5, 2019 at 11:19 am GMT

The latest monetary policy meeting in the preceding week by the Bank of Canada highlighted the importance of the labor market, making the Canadian employment report due on Friday at 1230 GMT the next major event for the loonie. After hitting a record of 106.5k increase in April, the Canadian economy is expected to have created 7.5k new job positions in May. The participation rate is predicted to tick lower to 68.5% from 65.9% previously, while the unemployment rate is not anticipated to excite [..]

Technical Analysis – USDCHF could see further weakness; hovers above 10-week low

Posted on June 5, 2019 at 8:48 am GMT

USDCHF is extending its bearish rally over the last few days, breaking the long-term rising trend line to the downside. The pair tumbled to a new ten-week low around the 0.9900 handle and technical indicators are still suggesting losses in the market. The MACD is stretching its bearish momentum below the trigger and zero lines, while the RSI is flattening near the 30 level. The pair entered into bearish mode, edging towards the 50.0% Fibonacci retracement level of the upward [..]

Technical Analysis – EURJPY struggles below 40-SMA after pullback on 5-month low

Posted on June 5, 2019 at 6:37 am GMT

EURJPY had a bullish start on Monday, after the strong rebound on the five-month low of 120.77, with the price breaking a crucial level of 121.00 and the 20-period simple moving average (SMA) in the 4-hour chart. The pair is approaching its negatively sloped 40-SMA, which is acting as a key resistance level. The RSI and the stochastic oscillator are suggesting a possible overstretched market as both are returning slightly lower. The stochastic posted a bearish crossover within the %K [..]

Technical Analysis – EURNZD remains under pressure below 20-day SMA

Posted on June 3, 2019 at 1:08 pm GMT

EURNZD is declining below the 20-day simple moving average (SMA) today, confirming the recent bearish structure in the near term. The RSI is moving towards the 50 level, while the MACD is holding below the trigger line but is still hovering above the zero line, increasing speculation for more downside pressure. In case the pair maintains its short-term direction to the downside after the bounce off the four-month high of 1.7195, the bears will probably challenge the 1.6960 support, which stands near the 200-day SMA and the [..]

Technical Analysis – USDJPY plummets towards new 5-month trough around 108

Posted on June 3, 2019 at 7:02 am GMT

Since its deep fall towards five-month lows near 108.00 today, USDJPY has been plunging back below the 50.0% Fibonacci retracement level of the upleg from 104.64 to 112.40 near 108.55, creating a base beneath the short-term moving averages. The technical picture supports that the aggressive downfall is likely to continue in the short-term. The %K line of the stochastic oscillator has fallen sharply into oversold levels and posted a bearish crossover with the %D line. Also, the RSI is dropping [..]

Technical Analysis – USDMXN rockets to 4-month peak; bias switches to bullish

Posted on May 31, 2019 at 8:39 am GMT

USDMXN skyrocketed to a fresh four-month high of 19.7071, penetrating the consolidation area of 18.7440 – 19.7071 to the upside and switching the short-term picture from neutral to positive. The technical indicators are feeding prospects for a positive short-term trading; the RSI is entering overbought territory, while the stochastic trends around the 80 level. Also, in Ichimoku indicators, the red Tenkan-sen keeps rising above the blue Kijun-sen. If the 50.0% Fibonacci retracement level of the downleg from 20.6540 to 18.7440 around [..]

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