forex

Technical Analysis – USDCAD bulls face big challenge around 4-month high

Posted on May 31, 2019 at 6:39 am GMT

USDCAD is trading not too far from Wednesday’s new four-month high of 1.3550, following the rebound on the long-term ascending trend line in the daily timeframe. The momentum indicators suggest that there is still some advance for the pair. The RSI indicator is sloping upwards in the positive territory, while the MACD surpassed the trigger line and is rising above the zero line. Price action at the moment is above the Ichimoku cloud so the risks are to the upside. [..]

Technical Analysis – EURCAD forms symmetrical triangle; neutral in short term

Posted on May 30, 2019 at 1:48 pm GMT

EURCAD has been moving in a symmetrical triangle over the last seven months following the soft rebound on the 1.4750 support level. In the short-term, the market could maintain consolidation if the RSI keeps moving around 50 and the MACD near its zero line. Regarding the trend, this is likely to remain flat in the near-term as the 20- and 40-day simple moving averages (SMAs) continue to lose strength. An extension to the downside and below the moving averages could meet the area [..]

Technical Analysis – USDTRY tumbles below 38.2% Fibonacci and 50-SMA

Posted on May 30, 2019 at 12:23 pm GMT

USDTRY is aggressively diving to a fresh one-month low today, below the 38.2% Fibonacci retracement level of the downfall from 7.1135 to 5.1330 around 5.8855. Looking at the technical indicators, the RSI is slipping below the 50 level, suggesting a downward correction in the daily chart, while the MACD is still falling below the trigger line. Should the pair stretch south and penetrates the 5.8460 support and the 50-day moving average, the April 17 low of 5.7060 could provide immediate support before the pair touches [..]

Technical Analysis – NZDUSD hovers in Ichimoku cloud posting narrow range in near term

Posted on May 30, 2019 at 8:14 am GMT

NZDUSD has jumped into the Ichimoku cloud over the last few sessions as it found strong support around the 0.6505 barrier. The price touched the 40-simple moving average (SMA) in the 4-hour chart, and returned lower again, while the RSI indicator is also pointing down in the negative region. What remains to be seen is if the bears have enough fuel to continue the sharp negative movement or change the bearish bias to neutral. A move below the 40-SMA could [..]

Technical Analysis – USDCHF still holds above rising trend line

Posted on May 29, 2019 at 1:23 pm GMT

USDCHF rebounded on the 1.0007 support level in the preceding week, remaining above the ascending trend line, which has been holding since September 2018. The stochastic oscillator has come off from the negative level indicating positive movements despite the bearish cross within the 20- and 40-day moving averages near the current market action. The pair entered the Ichimoku cloud but is moving lower today, edging towards the rising trend line and the 1.0007 barrier. Falling below the diagonal line, the risk [..]

Technical Analysis – EURJPY plunges to fresh 4-month lows

Posted on May 29, 2019 at 8:28 am GMT

EURJPY plummeted to a new four-month low of 121.80 earlier today, continuing the selling interest from the 123.75 resistance zone. The pair also dropped beneath the 20- and 40-simple moving averages (SMAs), which recently posted a bearish cross, while the stochastic oscillator slipped into the oversold area. Moreover, the RSI is ready to cross below the 30 level in the 4-hour chart. Another move to the downside below the intraday low could drive the pair towards the 120.60 support level, identified by the [..]

Technical Analysis – AUDUSD regains some ground above 0.69

Posted on May 29, 2019 at 6:25 am GMT

AUDUSD is regaining some losses after the violent sell-off towards the four-month low of 0.6864 in the prior week, sending prices above the red Tenkan-sen line and the 23.6% Fibonacci retracement level of the downfall from 0.7390 to 0.6746. The RSI is currently increasing positive momentum towards its neutral threshold of 50 after an exit from overbought levels, while the MACD is heading north in negative territory, both hinting that the next move in prices could be on the upside [..]

Technical Analysis – EURGBP extends reversal from double bottom to reach 4-month high

Posted on May 28, 2019 at 1:27 pm GMT

EURGBP has advanced considerably around a fresh four-month high of 0.8850 in the previous couple of days following the creation of a double bottom formation around 0.8470 and 0.8490. The aggressive bullish run has led the price to pare some of the losses posted from the downfall from 0.9110 to 0.8470. Looking at momentum oscillators on the daily chart, they suggest further increases may be on the cards in the short-term. The RSI is above its overbought 70 line, while the MACD, already positive, lies above its trigger line. [..]

Technical Analysis – GBPUSD bears remain into play around 4½-month low

Posted on May 28, 2019 at 6:42 am GMT

GBPUSD is remaining under pressure during this month and it completed a fresh four-and-a-half-month low around 1.2600 in the preceding week. Currently, the pair has been holding beneath the red Tenkan-sen line as well as below the 23.6% Fibonacci retracement level of the downfall from 1.3380 to 1.2600, near 1.2790, suggesting more losses in the market. However, turning attention to the technical indicators, the RSI seems to be overstretched as it returned above the overbought zone but is still flattening [..]

Technical Analysis – GBPAUD touches uptrend line; maintains short-term bearish bias

Posted on May 27, 2019 at 11:15 am GMT

GBPAUD has touched the ascending trend line, which has been holding since December 2018, trading below the flat short-term moving averages. The RSI is moving sideways below the neutral threshold of 50, while the stochastic oscillator is moving in the oversold territory, turning even lower. If the price slips further below the 1.8305 barrier and the rising trend line, immediate support could be faced from the 38.2% Fibonacci retracement level of the upleg from 1.7220 to 1.8880 near 1.8243. Further declines [..]

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