forex

Loonie gains as Canada expected to add fewer jobs in March – Forex News Preview

Posted on April 3, 2019 at 1:40 pm GMT

March’s employment report for Canada is likely to attract investor’s attention on Friday at 1230 GMT as the Canadian dollar has been gaining some ground over the past week on the back of rising oil prices. Stronger figures in employment may provide some more relief to the domestic currency, sending dollar/loonie even lower. The unemployment rate is forecasted to stay at 5.8% in March, the highest level since October, while the net change in employment is expected to show that the economy added only 1,000 [..]

Technical Analysis – EURJPY advances inside Ichimoku cloud; descending channel holds

Posted on April 3, 2019 at 8:40 am GMT

EURJPY is trading higher in the 4-hour chart after it posted a bullish cross within the 20- and 40-simple moving averages (SMAs). The RSI indicator is pointing to the upside in the bullish area, while the MACD oscillator is trying to strengthen its momentum above the trigger line. Currently, the pair remains within the Ichimoku cloud as the red Tenkan-sen line and the blue Kijun-sen line are signaling flat movement in price action. However, if the market continues the upside movement [..]

Technical Analysis – EURUSD unlocks 1.12 again; tumbles to 1-month low

Posted on April 2, 2019 at 6:46 am GMT

EURUSD lost ground in the previous couple of weeks but is still holding above the 21-month low of 1.1175. The world’s most traded pair has been developing within a downward aligned channel over the last three months and recorded a new one-month low of 1.1195. The sharp bearish rally drove the pair well beneath the Ichimoku cloud and the 20- and 40-simple moving averages (SMAs) in the daily timeframe, re-entering the 1.1200 area. The technical indicators are feeding prospects for a [..]

Technical Analysis – USDTRY could see further improvement in near term

Posted on March 29, 2019 at 12:35 pm 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, around 5.5970 on Friday. Over the last couple of days, the price has been paring the losses that were posted at the beginning of this week, creating sessions with strong momentum. Looking at the technical indicators, the stochastic is switching to the upside after the rebound on the 20 level and the bullish cross within the %K and %D [..]

Technical Analysis – GBPCAD loses momentum; retains bullish view in medium term

Posted on March 29, 2019 at 11:05 am GMT

GBPCAD declined below the 23.6% Fibonacci retracement level of the upward movement from 1.6590 to 1.7795, near 1.7510 on Friday. The technical indicators are slowing down, mirroring the market’s behavior over the last days as the RSI is dropping below the 50 level, while the MACD is also holding in the bullish area, however, it slipped below the trigger line. In case the pair changes its short-term direction to the downside, the bears would probably challenge the 40-day simple moving average (SMA) [..]

Technical Analysis – GBPJPY turns below 145.00 level; struggles in narrow range

Posted on March 29, 2019 at 9:32 am GMT

GBPJPY is hovering below the crucial 23.6% Fibonacci retracement level of the upleg from 132.50 to 148.85, around 145.00 and the bearish crossover within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The technical indicators seem to be flattening in the negative zone, with the RSI pausing upside move slightly above its 30 oversold mark and the MACD ceasing negative momentum below trigger and zero lines. Also, the price is trading well below the Ichimoku cloud and particularly below the red-Tenkan sen line, suggesting more [..]

Technical Analysis – USDCHF rebounds on 0.99 level; neutral in medium term

Posted on March 28, 2019 at 12:15 pm GMT

USDCHF is advancing after it found a strong rebound on the 23.6% Fibonacci retracement level of the upleg from 0.9185 to 1.0130 around the 0.9900 psychological level. Technically, the red Tenkan-sen line is pointing downwards, indicating a bearish retracement, however, the RSI is moving towards the neutral threshold of 50. Also, the MACD oscillator is moving slightly higher in the negative territory in the daily timeframe. Immediate resistance is coming from the 20- and 40-simple moving averages (SMAs) currently around 1.0004, which are [..]

Technical Analysis – EURGBP lacks direction in near term; indicators suggest bullish bias

Posted on March 28, 2019 at 9:50 am GMT

EURGBP returned to neutrality after plunging below the 38.2% Fibonacci retracement level of the downleg from the 15-month high of 0.9110 to the 22-month low of 0.8415 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 stochastics are heading upwards after the blue %K line crossed above the red %D line in the oversold zone, suggesting plenty of scope for additional upside moves. Moreover, a positive divergence seems to be [..]

Technical Analysis – EURJPY loses ground below 125.00; Bollinger band approaches price action

Posted on March 27, 2019 at 9:59 am GMT

EURJPY is trading slightly lower in the 4-hour chart on Wednesday after finding resistance at the 125.00 psychological level, which is currently near the upper Bollinger Band. Moreover, the pair is trading below the 20- and 40-simple moving averages (SMAs), while the RSI and the MACD are marginally declining in the negative area, suggesting a bearish picture for the short term after the free-fall from the 126.15 barrier on March 22. If the market continues the bearish movement in the near term, the pair could touch the 38.2% [..]

Technical Analysis – AUDUSD fails to exit Ichimoku cloud; indicators signal neutral bias

Posted on March 27, 2019 at 7:25 am GMT

AUDUSD has been consolidating within the Ichimoku cloud since the price found strong support at the 0.7000 psychological level. The neutral picture in the short-term could last for longer if the bulls find hard to break above the upper line of the cloud as in the previous sessions. The neutral bias is supported by the deterioration in the momentum indicators. The RSI is approaching its threshold of 50, while the MACD oscillator is flattening near the trigger and zero lines. Should the price retreat [..]

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