forex

Technical Analysis – GBPUSD erases some losses; bullish in near term

Posted on March 19, 2019 at 7:38 am GMT

GBPUSD has been moving higher since the rebound on the 21-month low of 1.2390 on January 3, creating a bullish tendency in the daily timeframe. After touching the nine-month high of 1.3380, cable returned lower but is hovering above the 20- and 40-simple moving averages (SMAs). The market could maintain upside momentum as the RSI remains in a positive area and the MACD has jumped above its trigger line in the bullish zone. An extension to the upside and above the 1.3350 – 1.3380 key area could meet the 1.3475 resistance [..]

Technical Analysis – EURUSD runs higher near descending trend line

Posted on March 18, 2019 at 7:22 am GMT

EURUSD has advanced considerably over the preceding week after the rebound on the 21-month low of 1.1175, challenging again its simple moving averages (SMAs) in the daily timeframe. The price surpassed the 23.6% Fibonacci retracement level of the downleg from 1.1570 to 1.1175, near 1.1325, but it continues to trade within a downward sloping channel. Technically, the RSI indicator is confirming the recent upside movement as it is sloping slightly higher. In Stochastics, the %K and %D lines have posted a bullish crossover in the overbought zone. The [..]

Technical Analysis – AUDUSD stretches below 23.6% Fibonacci; next level 0.70

Posted on March 13, 2019 at 7:31 am GMT

AUDUSD stretched slightly to the downside today, falling back below the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.6746, around 0.7070 and the Ichimoku cloud. The technical picture remains to the upside as the MACD is trying to post a bullish crossover with the trigger line, while the stochastic is approaching the overbought zone. Also, currently, the price is trading below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and the red Tenkan-sen and [..]

Technical Analysis – EURUSD recovers some ground; holds in negative sideways channel

Posted on March 12, 2019 at 9:05 am GMT

EURUSD has been outperforming in the past three days, after the strong rebound on the 21-month low of 1.1175 on March 7. Currently, the price has been developing within a downward sloping channel in the short-term following the penetration of the medium-term sideways channel. Technically, the RSI indicator is confirming the recent upside movement, while the stochastics posted a bullish crossover within %K and %D lines in the oversold zone, suggesting a positive correction. If the price continues the pullback on [..]

Technical Analysis – GBPUSD quickly erases earlier gains; bullish in short term

Posted on March 12, 2019 at 7:51 am GMT

GBPUSD posted a sharp bullish rally earlier today almost challenging the 1.3300 handle, however, the price quickly erased those gains and returned back around 1.3200. In the previous day, cable added 230 pips gains, driving the price above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3350, around 1.3120. Technically, the RSI continues to flatten around the neutral threshold of 50, while the MACD is gaining some steam approaching the trigger line, both signaling that a bullish to neutral move is likely to persist in [..]

Technical Analysis – GBPJPY slips around 145.00; still looks bullish in medium-term

Posted on March 8, 2019 at 11:07 am GMT

GBPJPY is edging lower towards a one-and-a-half-week low of 145.11, exiting from the Ichimoku cloud in the 4-hour chart, after it unlocked a fresh three-and-a-half-month high on March 1. The bearish momentum in the MACD points to further decline in the short-term. Yet with the RSI standing near its 30 oversold level, it seems that the strong bearish view may change, and the bulls could soon take over. Additional losses could send the price below today’s low of 145.11, where the [..]

Technical Analysis – EURUSD eases marginally higher after dive towards 21-month low

Posted on March 8, 2019 at 7:58 am GMT

EURUSD created a strong downfall rally on Thursday, sending the price towards a fresh 21-month low beneath the 1.1200 handle, around 1.1175. The pair penetrated the medium-term sideways channel to the downside, completing a new descending channel in the short-term. The pair has not seen a positive day since February 26. Technically, the RSI indicator is turning slightly to the upside after the decline in the oversold zone, suggesting a possible retracement in the price action, while the MACD oscillator is strengthening its bearish [..]

Technical Analysis – USDCHF advances with strong momentum in short-term

Posted on March 7, 2019 at 2:36 pm GMT

USDCHF has come under renewed buying interest over the last four days and today is still increasing its positive momentum. Technically, the red Tenkan-sen line is pointing upwards, indicating a bullish move, while the RSI is aggressively moving towards the overbought zone. However, the MACD oscillator posted a crossover to the upside with its trigger line in the short term. Immediate resistance is coming from the 1.0097 barrier, taken from the latest highs, while the 20-month peak of 1.0130 could be the next obstacle to look for. A [..]

Technical Analysis – NZDUSD develops in narrow range; SMAs follow bearish move

Posted on March 7, 2019 at 11:02 am GMT

NZDUSD continues to lose momentum after the strong pullback on the 0.6900 handle, which drove the pair beneath the 20- and 40-simple moving averages (SMAs) as well as below 0.6795, the 38.2% Fibonacci retracement level of the upleg from 0.6560 to 0.6940. The price has been developing within the 0.6755-0.6900 area over the last three weeks, with the RSI indicator pointing marginally to the downside now in the negative territory, confirming the latest bearish action. In the negative scenario, a [..]

Technical Analysis – GBPCAD skyrockets to 9-month high; positive risks not faded yet

Posted on March 7, 2019 at 7:35 am GMT

GBPCAD has been skyrocketing over the last couple of days, with a bullish rally today towards a fresh nine-month high of 1.7721. The price violated the ascending channel to the upside, confirming the positive outlook and turning the 20- and 40-simple moving averages (SMAs) to the upside in the daily timeframe. The technical indicators seem to be overbought as the RSI is flattening near the 70 level, while the MACD oscillator is still strengthening its momentum above the zero and trigger lines. [..]

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