forex

Technical Analysis – EURUSD flies near 40-SMA after rebound on 2-year low

Posted on May 27, 2019 at 6:32 am GMT

EURUSD is flirting with the 40-day simple moving average (SMA) today, after the aggressive rebound on the two-year low of 1.1106, achieved last Thursday. Currently, the pair has been developing within a narrow range of 1.1110 – 1.1260 as it failed several times to break from these obstacles. The technical structure suggests further upside movement as the MACD surpassed the trigger line and is moving towards the zero line, while the stochastic oscillator entered the overbought zone. Should the price [..]

Technical Analysis – CADJPY erases gains; remains in neutral mode

Posted on May 23, 2019 at 1:19 pm GMT

CADJPY has been finding strong resistance on the 82.60 barrier, falling beneath the 20-simple moving average (SMA) in the daily chart. Since mid-January, the pair has been trading within a narrow range between the 61.8% Fibonacci of the downleg from 89.25 to 76.60, near 84.40, and the 80.90 support. Having a look at the momentum indicators, the RSI is pointing 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 [..]

Technical Analysis – NZDUSD turns attention to 7-month low; strongly negative

Posted on May 23, 2019 at 8:26 am GMT

NZDUSD has been in a strong bearish rally over the last two months, reaching a fresh seven-month low of 0.6482 earlier today. What remains to be seen is if the bears have enough fuel to continue this sharp negative movement as the technical indicators are suggest the opposite. The MACD and the stochastics are ready for a bullish cross with the trigger line and within the %K and %D lines respectively in the bearish region. If the momentum oscillators prove [..]

Technical Analysis – USDJPY strictly capped by 20-day SMA and 23.6% Fibonacci

Posted on May 23, 2019 at 6:54 am GMT

USDJPY paused its buying interest from 109.00 earlier this week, touching the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.40, around 110.60. The price was capped by the 20-day moving average, which is acting as a strong resistance obstacle, while the technical indicators are moving lower. The RSI is pointing down in the negative area, while the stochastic oscillator created a bearish crossover within the %K and %D lines in the overbought zone, signaling more losses in [..]

Technical Analysis – EURJPY eases below 2-week low; loses ground in short term

Posted on May 22, 2019 at 8:15 am GMT

EURJPY reversed lower after meeting a two-week high around 123.70 on Tuesday, flirting with the 23.6% Fibonacci retracement level of the downleg from 126.80 to 122.07, near 123.20. The technical picture supports that the slightly bearish move is likely to continue in the short-term. The RSI is stretching to the downside and the stochastic oscillator is edging lower in the 4-hour chart. Another move to the downside could find support at the short-term moving averages around 122.90. A violation of these lines could send [..]

Technical Analysis – AUDUSD bears face big challenge below 0.69

Posted on May 22, 2019 at 6:39 am GMT

AUDUSD held losses over the last five days, dropping to a new four-month low of 0.6864 last Friday and penetrating the descending triangle formation to the downside. The RSI in the 4-hour chart continues to lack direction near the oversold area, while the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. The MACD oscillator is strengthening its negative momentum below the trigger and zero lines. If the price closes comfortably below the 0.6864 support, traders could add more pressure to the pair, pushing [..]

Technical Analysis – EURNZD flirts with 4-month peak; bullish rally continues

Posted on May 21, 2019 at 11:53 am GMT

EURNZD is hovering above the 50.0% Fibonacci retracement level of the downleg from 1.7925 to 1.6885 around 1.7110 and is approaching the four-month high of 1.7150. The RSI is growing distance above the 50 level and is standing near the overbought zone, while the MACD is holding well above the zero line, increasing speculation for more upside pressure in the short-term. In case the pair maintains its short-term direction to the upside after the bounce off the 18-month bottom of 1.6885, the bulls will probably [..]

Technical Analysis – GBPUSD drifts to 4-month low; is strongly bearish

Posted on May 21, 2019 at 6:49 am GMT

GBPUSD sank to a fresh four-month low of 1.2708 today, creating a strong negative rally after the pullback on 1.3175. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply into oversold levels and is attempting a bullish crossover with the %D line. However, the MACD is strengthening its bearish momentum. If prices continue to head lower, support should come from the 1.2665 barrier, [..]

Technical Analysis – GBPCAD hovers near 3-month low

Posted on May 20, 2019 at 12:12 pm GMT

GBPCAD plunged below the 50.0% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 and the 200-day moving average. Currently, the price is developing beneath the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) are turning lower. The RSI indicator is flattening just above 30 oversold level while the MACD is strengthening its negative momentum. In case of more decreases, the price could meet the 61.8% Fibonacci of 1.7050, posting a new three-month low. A break lower, could [..]

Technical Analysis – USDCHF rebounds on 1.0050; risks still to the upside

Posted on May 20, 2019 at 9:03 am GMT

USDCHF rebounded on the 1.0050 support level in the preceding week, jumping above the 23.6% Fibonacci retracement level of the upward movement from 0.9540 to 1.0235, around 1.0070. The RSI has come off from negative levels and the stochastic oscillator posted a bullish cross within its %K and %D lines in the oversold zone, pointing to some upside risks. However, the red Tenkan-sen line of the Ichimoku cloud is still sloping down despite the latest upside moves. If the pair gains [..]

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