forex

Technical Analysis – EURUSD returns lower as it fails to surpass 40-SMA

Posted on March 26, 2019 at 7:37 am GMT

EURUSD remains under pressure and the risk is still to the downside as prices continue to drift lower from the 1.1450 high and the 23.6% Fibonacci retracement level of the downleg from 1.1815 to 1.1175, near 1.1325. Also, the price found strong obstacle around the 40-simple moving average (SMA) in the daily timeframe. The RSI is hovering just below 50 and the stochastic oscillator has reached oversold area, with the %K line set for a bullish cross with the %D line, a signal that a [..]

Technical Analysis – GBPJPY loses ground; neutral in near term

Posted on March 22, 2019 at 10:32 am GMT

GBPJPY had another bearish start on Friday, with the price breaking the crucial 23.6% Fibonacci retracement level of the upleg from 132.48 to 148.85, around 145.00. The technical indicators in the 4-hour chart are endorsing this view, with the RSI reversing back down to its 30 oversold mark and the MACD keep stretching in negative area and below its trigger line. Also, the price is trading well below the Ichimoku cloud and particularly below the red-Tenkan sen line, suggesting more losses ahead. More southward [..]

Technical Analysis – USDCAD bulls finds wall near 1.34; retains bullish view

Posted on March 22, 2019 at 8:04 am GMT

USDCAD is stretching its positive momentum above the 23.6% Fibonacci retracement level of the upleg from 1.2250 to 1.3663, near 1.3230 and the 20- and 40-simple moving averages in the daily timeframe. During yesterday’s session, the pair touched the 1.3400 handle, but failed to hold those gains and returned to slightly lower figures. Currently, the price remains strongly bullish in the long-term, touching the ascending trend line several times and pushing the price even higher. Returning to the near term, the technical indicators seem to be neutral [..]

Technical Analysis – EURCHF finds support near 23.6% Fibonacci again; consolidates in short and medium term

Posted on March 21, 2019 at 2:36 pm GMT

EURCHF has been trading in a relatively narrow range between 1.1385 and 1.1305 from late January onwards, while the past few days the market action has stretched further below the 20- and 40-day simple moving averages (SMAs). Momentum oscillators are losing ground, with the RSI falling below its neutral 50 level and the stochastic dropping into the oversold zone. Potential declines beneath the 1.1305 level could meet support near the 1.1240 low, identified on January 15. If the bears violate that area, that would turn [..]

Technical Analysis – CADJPY turns slightly lower; capped by SMAs

Posted on March 21, 2019 at 12:56 pm GMT

CADJPY was capped by the 20- and 40-simple moving averages (SMAs) in the daily timeframe, declining below the 50.0% Fibonacci retracement level of the drop from 89.25 to 76.60, near 82.90. Currently, the price is standing within the sideways moving Bollinger Bands while the technical indicators suggesting more losses. The RSI is falling in the negative zone and the stochastic entered the oversold territory. Further losses could find immediate support at the 82.26 barrier, before moving towards the 38.2% Fibonacci of 81.42 and the 81.25 support [..]

Technical Analysis – USDJPY tumbles below rising channel; creates 1-month low

Posted on March 21, 2019 at 7:40 am GMT

USDJPY is looking strongly bearish in the short-term after plunging below its daily simple moving averages (SMAs) on Wednesday. The price found significant obstacle near the 200-SMA, dropping beneath the ascending channel to challenge the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.10, around 110.40. Prices hit a one-month low of 110.40 and the technical indicators are all pointing to further negative momentum in the near term. The RSI indicator has slipped below the 50 level with aggressive mode and is currently approaching [..]

Technical Analysis – EURNZD rests falling trend line; indicators flatten out

Posted on March 20, 2019 at 1:06 pm GMT

EURNZD has been hovering within a downward channel after the pullback on the 1.7200 psychological level on January 3. Today, the price pierced the 40-simple moving average (SMA) and the falling trend line earlier but it could hold above them, with the technical indicators suggesting now weak momentum as the stochastic and the RSI are flattening. A step higher may reach key resistance at the 23.6% Fibonacci retracement level of the downward movement from 1.7925 to 1.6330, near 1.6700, ahead of the 1.6725 barrier. More [..]

Technical Analysis – EURJPY stretches higher within ascending channel

Posted on March 20, 2019 at 9:50 am GMT

EURJPY is moving higher in the 4-hour chart after finding support at the lower boundary of the ascending channel, which has been holding since January 3. Furthermore, the pair is trading above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, while the RSI and the MACD are slightly rising in the positive area, suggesting a positive picture for the short term. If the market pushes the pair higher, the price could re-challenge the immediate resistance of 126.90. More advances could also meet the two-and-a-half-month high [..]

Technical Analysis – AUDUSD consolidates within Ichimoku cloud; lacks direction

Posted on March 20, 2019 at 7:51 am GMT

AUDUSD has rebounded somewhat after falling to the 0.7000 psychological level on March 8 but is still moving with weak momentum within the Ichimoku cloud in the daily timeframe. The price is currently developing around the 23.6% Fibonacci retracement level of the downleg from the 32-month high of 0.8135 to the 10-year low of 0.6746, near 0.7070 and between the red Tenkan-sen and blue Kijun-sen lines. The momentum indicators now suggest that the market sentiment might get worse before getting better as [..]

Technical Analysis – GBPCAD on a slippery mode; stays positive in medium term

Posted on March 19, 2019 at 1:30 pm GMT

GBPCAD is losing momentum after finding a strong resistance obstacle around the nine-month high of 1.7795 in the preceding week. The technical indicators are slowing down, mirroring the market’s behavior over the last days as the RSI is flattening in positive territory. The MACD is also holding in the bullish area, however, it slipped below the trigger line, creating a bearish crossover. In case the pair changes its short-term direction to the downside, the bears would probably challenge the 20-day simple moving average (SMA) currently [..]

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