forex

Canadian employment report is focal point for loonie this week – Forex News Preview

Posted on May 9, 2019 at 11:56 am GMT

The Canadian dollar is trading near its 2019 lows against the US dollar as investors await the employment report for April on Friday at 1230 GMT. Stronger figures in employment may provide some more relief to the domestic currency, sending dollar/loonie lower. Consensus is for the unemployment rate to hold at 5.8%, which is the highest level since October while the net change in employment is expected to show that the economy added 10,000 jobs from an unexpected drop of 7,200 [..]

Technical Analysis – GBPJPY plunges towards fresh 2-month low

Posted on May 9, 2019 at 8:16 am GMT

GBPJPY had a strong bounce off on the upper boundary of the descending channel around 146.50 in the previous week, dropping towards a fresh almost two-month low of 142.86 today. The price also plunged beneath the Ichimoku cloud and the 23.6% Fibonacci retracement level of the upleg from 132.50 to 148.86 around 142.60. From the technical point of view, the price could lose some more momentum in the short-term as the stochastic oscillator is holding in the oversold area. If the [..]

Technical Analysis – USDJPY remains under pressure below 110 key level

Posted on May 9, 2019 at 6:21 am GMT

USDJPY has been underperforming in the past two days, breaking back below the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.40, around 110.60, creating a bearish correction in the near term. When looking at the bigger picture the pair lacks a clear trend and has been consolidating within 104.60 and 114.55 since March 2017. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is flattening in the oversold territory, [..]

Technical Analysis – EURJPY rises after touching 4-month trough; negative bias holds

Posted on May 8, 2019 at 8:55 am GMT

EURJPY has tumbled towards a fresh four-month low of 123.10 this week as the price started a bearish rally from the 126.80 resistance level. The technical picture supports that the bearish view is likely to continue in the short-term. The MACD is stretching to the downside below its trigger line and the stochastic oscillator is hovering in the oversold zone in the 4-hour chart. In case of more negative pressures, the market could meet support at the 123.10 level while [..]

Technical Analysis – AUDUSD finds strong support at 4-month low; creates bearish triangle

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

AUDUSD is looking more positive as prices have climbed above the 0.7000 handle after bouncing off the four-month low of 0.6960, however, it is creating a descending triangle formation starting from 0.7390 and finding significant support at 0.6960 over the last five months. Currently, the pair is hovering near the red Tenkan-sen line with the technical indicators suggesting a possible upside correction. The RSI indicator is sloping upwards in the negative territory, while the stochastic oscillator is moving higher after [..]

Technical Analysis – USDTRY flirts with 7-month high; extends positive move

Posted on May 7, 2019 at 1:24 pm GMT

USDTRY has been in a flying mode today, reaching a new seven-month high of 6.1952. Looking at the technical indicators, the RSI is still hovering in the overbought area, suggesting a possible overstretched market in the daily chart, while the MACD rose above the trigger line, confirming the recent bullish tendency in price action. If the market edges higher, the bullish action may pause initially near the 6.2270 resistance, registered on October 2018, while further gains could send prices until the [..]

Technical Analysis – EURNZD trades around 4-month high; 200-SMA acts as strong obstacle

Posted on May 7, 2019 at 12:09 pm GMT

EURNZD recorded a fresh four-month high of 1.6987 earlier today, finding resistance near the 200-day simple moving average (SMA). The RSI and the MACD are increasing distance above the 50 level and the zero line respectively, 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 challenge the 50.0% Fibonacci retracement level of the downleg from 1.7925 to 1.6885 around 1.7110. [..]

Technical Analysis – GBPUSD bulls back in play after reaching 6-week low

Posted on May 7, 2019 at 6:42 am GMT

GBPUSD has found strong support at the six-week low of 1.2865 on April 25, shifting the short-term negative bias to bullish. Also, cable penetrated the descending trend line to the upside and it jumped above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3380 around 1.3150 but it pared some of those gains in the next session. Currently, the pair is standing above the moving averages, while the RSI indicator is sloping up in the positive area, [..]

Technical Analysis – CADJPY trades below Bollinger band; narrow range in near term

Posted on May 6, 2019 at 1:53 pm GMT

CADJPY has been finding strong support on the 81.60 barrier, after the gap down earlier on Monday, falling beneath the lower Bollinger band in the daily chart. Since the mid-January, the pair has been trading within a narrow range from 61.8% Fibonacci of the downleg from 89.25 to 76.60 near 84.40 until the 81.60 support. Having a look at the momentum indicators, the RSI is pointing down below the neutral threshold of 50 and the MACD is hovering marginally below the trigger and [..]

Technical Analysis – AUDJPY opens with gap down; reaches 4-month low

Posted on May 6, 2019 at 12:44 pm GMT

AUDJPY opened with a negative gap today, reaching a new four-month low of 76.77. The pair penetrated the upward sloping channel to the downside raising speculation that the downward move may continue in the daily chart. The price is holding beneath the Ichimoku cloud, while the MACD and the RSI are trending in the negative territory. Still, the stochastic oscillator, which posted a bullish cross within the %K and %D lines in the oversold zone, suggests that a rebound is possible in the short term. Should the pair strengthen [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms