forex

Technical Analysis – CADJPY squeezed by Bollinger band; strong movement is expected

Posted on April 22, 2019 at 12:03 pm GMT

CADJPY has been finding strong support on the bullish cross of the 20- and 40-day simple moving averages (SMAs) since the beginning of this month, creating a narrow sideways move above the 50.0% Fibonacci retracement level of the downleg from 89.25 to 76.60, near 82.90. Having a look at the momentum indicators, the RSI is pointing up above the neutral threshold of 50 and the MACD is hovering marginally above the trigger and zero lines. Also, the price action holds above the mid-level of [..]

Technical Analysis – EURUSD drops beneath SMAs in descending channel

Posted on April 22, 2019 at 6:19 am GMT

EURUSD is looking bearish in the short term after creating a descending channel over the last three months. Also, the price declined beneath the moving averages on Thursday and the technical indicators are all pointing to further negative momentum. The stochastics are heading south with the %K line entering the oversold zone, suggesting plenty of scope for additional bearish moves. The MACD is ready to cross below its trigger line in the negative zone. Immediate support to further losses would [..]

Technical Analysis – EURGBP consolidates the last 2 months; indicators suggest bullish bias

Posted on April 19, 2019 at 11:17 am GMT

EURGBP is in a neutral mode after tumbling below the 38.2% Fibonacci retracement level of the downleg from the 15-month high of 0.9110 to the 22-month low of 0.8470 on February 19; prices are consolidating within the 0.8715 resistance and the 0.8470 support. The technical indicators, however, are pointing to positive momentum in the near term. The MACD is strengthening its movement above its trigger and zero lines, while the RSI holds in positive area and is turning slightly higher. It is worth mentioning [..]

Technical Analysis – GBPJPY on a sideways move; 23.6% Fibonacci appears to be strong support

Posted on April 19, 2019 at 6:56 am GMT

GBPJPY has been on a sideways move for the most part of the week as the 23.6% Fibonacci retracement level of the upleg from 132.48 to 148.85, around 145.00 and the 200-day simple moving average seem to be critical obstacles for the bears. 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 approaching oversold territory. Another rebound on the 23.6% [..]

Technical Analysis – GBPCAD meets support at 1.7350 again; loses momentum

Posted on April 18, 2019 at 11:51 am GMT

GBPCAD touched the 38.2% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 around 1.7335 once again, failing to decline further. Currently, the price is developing within the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the preceding sessions. The RSI indicator is flattening, mirroring the market’s behavior over the last few days and the MACD is moving marginally below the trigger line in the negative area. In case of increases, the [..]

Technical Analysis – USDCHF moves towards upper level of ascending triangle

Posted on April 18, 2019 at 9:21 am GMT

USDCHF is edging higher after the rebound on the 0.9890 support and the 23.6% Fibonacci retracement level of the upleg from 0.9185 to 1.0130, around 0.9900 and is moving towards the strong resistance obstacle of the ascending triangle, which has been holding since September 2018. The 20- and 40-day simple moving averages (SMAs) are ready for a bullish crossover, confirming the recent upward movement. Technically, the MACD oscillator is strengthening its momentum above the trigger and zero lines, however, the [..]

Technical Analysis – NZDUSD faces strong support at 0.6720; completes 3-month low

Posted on April 18, 2019 at 7:11 am GMT

NZDUSD reached a fresh three-month low of 0.6665 on Wednesday but it failed to end the day below the medium-term consolidation area with upper boundary the 0.6940 resistance and lower boundary the 0.6720 support. The pair remains slightly below the 200-day simple moving average (SMA) suggesting more losses, while the RSI indicator is sloping south in the negative territory. If the bears manage to take control and penetrate the sideways channel, support would likely come from the lower boundary near 0.6705. [..]

Technical Analysis – EURJPY soars near 1-month peak; more gains expected

Posted on April 17, 2019 at 8:46 am GMT

EURJPY is heading sharply higher over the last 4-hour session, approaching the one-month high of 126.80, first reached on April 15. The successful climb above the 20-simple moving average (SMA) and the red Tenkan-sen line give the opportunity to traders to think about potential bullish actions in the near term. The RSI is ready to touch the overbought level, while the MACD is on the way to surpass its trigger line. A close above 126.80 would boost bullish sentiment, shifting attention straight up [..]

Technical Analysis – EURAUD’s free fall to new 4-month low; neutral to bearish bias

Posted on April 17, 2019 at 7:08 am GMT

EURAUD is diving beneath the short-term narrow range today, sending prices towards the lower Bollinger band and reaching a fresh four-month low of 1.5681. The pair found a strong resistance obstacle on the mid-level of the Bollinger band (20-SMA), while the technical indicators are endorsing the bearish view. The MACD oscillator is ready to post a negative cross with its trigger line and the RSI is declining below the neutral threshold of 50. Further weak momentum in the pair, below [..]

Technical Analysis – EURNZD finds wall near 1.6725; bullish cross between SMAs

Posted on April 16, 2019 at 1:24 pm GMT

EURNZD has found strong resistance level around the 1.6725 barrier, as it failed several times in the past days to have a daily close above it. The 20- and 40-simple moving averages (SMAs) recorded a bullish crossover in the daily timeframe, increasing possibilities for more upside pressure. The technical indicators though, are flattening in the positive area, confirming the past two neutral days. In case the pair maintains its short-term direction to the upside after the bounce off the 18-month bottom of [..]

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