forex

Technical Analysis – EURUSD develops below 1.12; bearish channel on hold

Posted on May 6, 2019 at 6:40 am GMT

EURUSD has recovered somewhat after the aggressive drop towards the 23-month low of 1.1110 on April 26, stretching further the its medium-term descending channel. Currently, the price is still hovering beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the momentum indicators hold in bearish territory. The RSI is pointing down; however, the MACD surpassed the trigger line, suggesting a possible upside retracement. The 1.1200 region is keeping the bulls under control and any jump above [..]

Technical Analysis – GBPJPY fails to jump above descending triangle formation

Posted on May 3, 2019 at 9:15 am GMT

GBPJPY had a strong pullback on the downtrend line of the descending triangle around 145.85, which has been holding since March 14, sending prices slightly below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. From the technical point of view, the price could lose some momentum in the short-term as the RSI is flattening below the 50 level and the stochastic oscillator is ready for a bearish cross between the %K and %D lines. If the 23.6% [..]

Technical Analysis – EURGBP loses momentum in a narrow range

Posted on May 3, 2019 at 6:33 am GMT

EURGBP has been on a bearish mode for most of the week, tumbling beneath the 23.6% Fibonacci retracement level of the downleg from 0.9110 to 0.8470, around 0.8620. Also, the price is hovering below the 20- and 40-simple moving averages (SMAs), while it has been remaining in a narrow range of 0.8680 – 0.8470 since February 26. Technically, the price could lose some ground in the short-term as the MACD is changing direction to the downside below its zero line, while the stochastics are [..]

Technical Analysis – AUDUSD still consolidates in a sideways channel; hovers near 0.7000

Posted on May 2, 2019 at 7:17 am GMT

AUDUSD has been struggling in a tight range over the last three months with upper boundary the 0.7200 psychological level and lower boundary the 0.7000 handle. During the preceding week the price tried to break lower, posting a new four-month low of 0.6987, but it failed once again to end the day below the consolidation area. Currently, the pair is trading below the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.6746 around 0.7070 and the Ichimoku cloud, [..]

Technical Analysis – NZDUSD on a free fall near 3-month low; bearish bias

Posted on April 25, 2019 at 10:37 am GMT

NZDUSD is continuing last week’s bounce, posting a new three-month low of 0.6580 and at the same time is in progress to confirm another lower low in the short-term. The short-term bias looks negative as prices are developing beneath the Ichimoku cloud and the 20- and 40-simple moving averages (SMAs). The MACD keeps losing ground below its trigger line, while the RSI seems to be flat in the oversold area. Should the price strengthen its bearish momentum, the 0.6560 support [..]

Technical Analysis – USDJPY eases near 4-month high; positive profile in short term

Posted on April 25, 2019 at 6:40 am GMT

USDJPY had a successful jump above the 112.00 handle on Wednesday, flirting with a fresh four-month high of 112.40. The price rebounded on the mid-level of the Bollinger Band (20-SMA) and hit the upper Boundary, which seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is sloping down in the positive territory, while the MACD remains below its trigger line. If the price declines and drops beneath [..]

Technical Analysis – USDTRY challenges 6-month high; trades well above SMAs

Posted on April 24, 2019 at 11:37 am GMT

USDTRY has advanced above the 20- and 40-day simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the sell-off from 7.1135 to 5.1330, hitting a new six-month high of 5.8753. Looking at the technical indicators, the stochastic is switching to the upside, challenging the overbought territory, while the RSI is approaching the 70 level, confirming the recent bullish tendency in price action in the near-term. If the market corrects higher, the bullish action may pause initially near the [..]

Technical Analysis – EURJPY turns lower after creating double top formation at 126.80

Posted on April 24, 2019 at 9:01 am GMT

EURJPY is trading lower after it faced a double top formation on the 126.80 resistance level on April 15 and April 17. The price is challenging today the 50.0% Fibonacci retracement level of the upleg from 123.65 to 126.80 around 125.20, posting a new two-week low. The successful fall below the 20- and 40-simple moving averages (SMAs) and the red Tenkan-sen line gives the opportunity to traders to think about potential bearish actions in the near term. The RSI is [..]

Technical Analysis – AUDUSD posts strong sell-off near 7-week low

Posted on April 24, 2019 at 6:34 am GMT

AUDUSD is recording its third day of losses with strong momentum, reaching a seven-week low at 0.7026 earlier today. The price plunged beneath the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.6746, around 0.7070 and the Ichimoku cloud in the daily timeframe, suggesting a retest of the 0.7000. If the price pauses around the latter level this would confirm the sideways channel with upper boundary 0.7200 and lower boundary 0.7000. The short-term bias looks negative as the [..]

Technical Analysis – GBPUSD declines below 1.3000, posting 1-month low

Posted on April 23, 2019 at 6:37 am GMT

GBPUSD tumbled over the previous four consecutive days, plunging below the medium-term ascending trend line and creating a short-term descending line after the pullback on the nine-month high of 1.3380 in the daily timeframe. Also, the pair declined beneath the key level of the 38.2% Fibonacci retracement level of the upleg from 1.2390 to 1.3380, around 1.3000, recording a fresh one-month low of 1.2975. Regarding to the technical picture, the 20- and 40-simple moving averages (SMAs) posted a bearish crossover [..]

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