forex

Technical Analysis – GBPAUD rebounds on 2-month low; downside correction in near term

Posted on April 16, 2019 at 12:01 pm GMT

GBPAUD rebounded on the two-month low of 1.8195 on Monday, sending prices above the 38.2% Fibonacci retracement level of the upleg from 1.7220 to 1.8860, around 1.8195. The RSI is turning slightly higher approaching the 50 level, while the stochastic seems to be strongly bullish as the %K line and the %D line completed a positive cross in the oversold zone. On the upside, resistance could come around the 20-day simple moving average (SMA) currently at 1.8415 while next the [..]

Technical Analysis – AUDJPY drifts near 4-month peak; turns bias to slightly bullish

Posted on April 15, 2019 at 9:29 am GMT

AUDJPY advanced considerably on Friday, jumping above the sideways channel of 77.40 – 79.80 and posting a new four-month high around 80.50. Ichimoku indicators are raising neutral flags as the red Tenkan-sen line is above the blue Kijun-sen line but failed to signal a direction. On the other hand, the RSI and the stochastic are pointing down in the positive area, suggesting bearish correction. Should prices decline, immediate support could be found around 79.80, an area which has provided as [..]

Technical Analysis – EURAUD lacks clear tendency; SMAs signal bearish bias

Posted on April 12, 2019 at 11:22 am GMT

EURAUD has been moving sideways in the short-term and long-term timeframes. Over the last two-months, the price has been developing between the 1.6120 resistance level and the 1.5720 support barrier, trading below the 20- and 40-simple moving averages (SMAs) in the daily chart. The market could maintain its consolidation mode as the RSI and the MACD are holding near their neutral levels with weak momentum. An extension to the upside and above the moving averages could meet the next resistance level of 1.6120, taken from the latest [..]

Technical Analysis – USDCAD fails to improve bullish actions; neutral in near term

Posted on April 12, 2019 at 5:54 am GMT

USDCAD has been remaining steady near the 23.6% Fibonacci retracement level of the upleg from 1.2250 to 1.3663 around 1.3230 over the last month, failing confirm once again its long-term upside tendency. The price is hovering within the Ichimoku cloud, while the red Tenkan-sen and the blue Kijun-sen lines are flattening. Furthermore, the RSI holds near the threshold of 50 and the MACD is standing below its trigger line and near its zero level. Both are confirming the recent bias in the daily [..]

Technical Analysis – GBPCAD could see further gains above short-term SMAs

Posted on April 11, 2019 at 1:02 pm GMT

GBPCAD is rising after it found strong support at the 38.2% Fibonacci retracement level of the upward movement from 1.6590 to 1.7795, around 1.7335. The technical indicators are trying to strengthen their momentum, mirroring the market’s behavior over the last days as the RSI is approaching the 50 level, while the MACD is still holding in the bearish area but is edging higher. Additional increases may drive the price towards the 20- and 40-day simple moving averages (SMAs) currently around [..]

Technical Analysis – NZDUSD remains in consolidation area; stochastics suggest bullish bias

Posted on April 11, 2019 at 9:05 am GMT

NZDUSD has been developing within a consolidation area over the last three months with upper boundary the strong resistance level of 0.6940 and the support level of 0.6720. In the near term, the price rebounded on the 200-day SMA, posting three positive days. Technically, the %K line of the stochastic oscillator is gaining ground after the bullish cross with the %D line in the previous days, while the MACD is trying to advance above trigger line in the negative territory. [..]

Technical Analysis – GBPJPY looks neutral in short-term; uptrend at risk

Posted on April 11, 2019 at 8:42 am GMT

GBPJPY has been on the sidelines this week and the current movement in the RSI and the MACD recommends that the short-term trading may continue to be uneventful as the former is still moving close to its 50 neutral mark and the latter shows no clear direction near the zero and red signal lines. Traders, however, remain cautious as the market has recently attempted to violate the upward pattern that started in early January by marking a lower high below the 3 ½ -month [..]

Technical Analysis – USDJPY unlocks 111.00 key level again; indicators signal neutral mode

Posted on April 11, 2019 at 6:43 am GMT

USDJPY is trading near the psychological level of 111.00 and is capped by the 40-day simple moving average (SMA). The sell-off in the preceding days drove the price well above the flat 200-day SMA indicating a possible bearish retracement in the short-term. The momentum indicators, the RSI and the MACD, are moving sideways near the 50 level and around the zero line respectively. Should the pair continue the bearish pressure and slip beneath the 20-day SMA, it could move towards the 23.6% Fibonacci retracement level of the upleg from 104.64 [..]

Technical Analysis – CADJPY struggles around 40-SMA; flat in short term

Posted on April 10, 2019 at 11:36 am GMT

CADJPY has been finding strong support on the 40-day simple moving average (SMA) since the beginning of this month, creating a narrow sideways move. Regarding to the momentum indicators, the RSI is flattening near the neutral threshold of 50 and the MACD is hovering above trigger and zero lines. Also, the price action holds above the mid-level of the Bollinger band, creating a trading range between the 38.2% Fibonacci of 81.42 and the 61.8% Fibonacci of 84.40 of the downleg from 89.25 to 76.60. An advance [..]

Technical Analysis – EURCHF rises after rebound on 20-month bottom

Posted on April 10, 2019 at 8:27 am GMT

EURCHF continues to rise above the strong support level of the 20-month low of 1.1160, surpassing the 20-day simple moving average (SMA). According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above 50. The stochastic is advancing in the overbought territory; negative corrections cannot be excluded. In the positive scenario, where the price continues to expand above yesterday’s high of 1.1280, the pair could move towards the 23.6% Fibonacci retracement [..]

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