forex

Technical Analysis – EURJPY challenges 120.00 key level; short-term indicators signal positive session

Posted on March 4, 2020 at 10:12 am GMT

EURJPY is close to break the 120.00 psychological level which is near the 40-period simple moving average (SMA) on the 4-hour chart. According to the RSI, the market could maintain positive momentum in the very short-term as the indicator is positively sloped near its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, suggesting an upside correction in the price. On the upside, the price could attempt to overcome the 38.2% Fibonacci retracement [..]

Technical Analysis – GBPUSD hovers above 4-month low with weak momentum

Posted on March 4, 2020 at 7:36 am GMT

GBPUSD has been trading lower over the last three months with weak momentum, reaching a new four-month low of 1.2725. The risk is still to the downside as the pair remains beneath the Ichimoku cloud and the 20- and 40-day simple moving averages (SMAs). The RSI indicator is flattening below the 50 level, while the MACD oscillator is holding below its trigger and zero lines. In the wake of more negative pressures, the market could meet support at the 50.0% [..]

Technical Analysis – AUDUSD bulls meet resistance trendline again; short-term bias positive

Posted on March 3, 2020 at 4:21 pm GMT

AUDUSD is testing the descending trendline stretched from the 0.7031 high again following Friday’s bounce on the decade low of 0.6433, and expectations are for more upside to come, with the rising RSI and MACD backing any potential move higher. Should the market close above the trendline, the bulls would aim for the 0.6670 barrier, which is slightly above the 38.2% Fibonacci of the 0.7031-0.6433 downleg. Clearing that obstacle, the way would open towards the 0.6710-0.6730 zone encapsulated by the [..]

Technical Analysis – EURUSD at two-month high; challenges trendline

Posted on March 3, 2020 at 8:36 am GMT

EURUSD bulls forcefully entered the 1.1100 territory on Monday and peaked at a two-month high of 1.1183, but failed to close above the former supportive ascending trendline even though the pair pierced through it. The price also surpassed the 200-day simple moving average (SMA) but the RSI and Stochastics are currently flagging overbought conditions, suggesting that some downside pressure or some consolidation may emerge in the near-term. A pullback below the 200-day SMA and the 1.1100 level could stall around [..]

Technical Analysis – USDCHF flirts with 16-month low again; creates range in short-term

Posted on February 28, 2020 at 10:34 am GMT

USDCHF remains under pressure and the risk is to the downside as prices continue to drift lower from the 38.2% Fibonacci retracement level of the downward wave from 1.0235 to 0.9610 at 0.9850. The revisiting of the 16-month low of 0.9610, suggests the formation of a possible trading range if the price fails to post a lower low in the daily chart. Looking at momentum indicators, the RSI is heading south and is ready to flirt with the 30 territory, while the MACD has declined beneath the zero [..]

Technical Analysis – USDCAD at 8-month high; looks bullish above trendlines

Posted on February 28, 2020 at 8:32 am GMT

USDCAD refused to close below the 200-day simple moving average (SMA) and the supportive trendline last week, staging a remarkable rally instead that led the price above the long-term ascending trendline and to eight-month highs on Friday. The price also pierced the 61.8% Fibonacci of the 1.3663-1.2950 downleg, increasing hopes that more gains could be achieved, with the rising RSI and Stochastics – which have yet to confirm overbought conditions – backing this view as well. Slightly higher, the area around 1.3465 has been [..]

Technical Analysis – GBPJPY sharp sell-off continues at 3-month low near 140.00

Posted on February 28, 2020 at 7:36 am GMT

GBPJPY has maintained aggressive selling movement over the last sessions, recording a new three-month low of 140.10 earlier today. The bearish structure in the very short-term is confirmed by the technical indicators, which are hovering in the oversold zone. The MACD is extending its negative tendency well below trigger and zero lines, while the RSI is flattening below the 30 level. Should the pair make another run lower, it’s likely to meet support at the 139.30 barrier, taken from the [..]

Technical Analysis – CADJPY faces selling pressure after touching 1-year high

Posted on February 27, 2020 at 1:57 pm GMT

CADJPY has been in the red over the last four days, but it is still trading within an upward sloping channel, which has been holding since September 2019. The latest drop started after the pair found a wall at the one-year high of 84.75. According to the RSI, the market could push for further losses in the short-term as the indicator strengthens its negative momentum below its 50 level. The stochastic is also falling, though, it is relatively close to the 20 oversold threshold and a bullish correction [..]

Technical Analysis – NZDUSD rebounds on 4-month low; bullish correction in very short term

Posted on February 27, 2020 at 10:42 am GMT

NZDUSD is in an upside pull back mode following the fall to the four-month low of 0.6280. Over the last two months, the pair has been developing in a descending move, but in the very short-term an upside correction is expected. The RSI is pointing north in the negative area, while the MACD is gaining momentum above its trigger line. On the upside, buyers would be eagerly waiting for a closure above the 40-day simple moving average (SMA) currently at [..]

Technical Analysis – EURCAD accelerates to 3-week high; bias cautiously positive

Posted on February 27, 2020 at 8:41 am GMT

EURCAD is set to close strongly bullish after three consecutive negative weeks, with the pair accelerating from a three-year low of 1.4262 to three-week highs. Looking at the four-hour chart, the RSI’s position provides some cautious signals as the indicator is already above its 70 overbought mark, though it has yet to show signs of weakness, suggesting that there might be some extra room for improvement in the market. Moving higher, the bulls should overcome the former 1.4596 resistance level [..]

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