forex

Technical Analysis – EURJPY holds in ascending range; indicators point up

Posted on March 6, 2019 at 10:19 am GMT

EURJPY is currently rising, touching the 40-simple moving average (SMA), after the rebound on the lower Bollinger Band in the 4-hour chart. The pair has been struggling in an upward sloping channel since January 15 with the technical indicators returning back to the upside. The RSI is pointing up approaching the 50 level, while the %K line of the stochastic oscillator completed a bullish crossover with the %D line. If the market pushes the pair higher, the price could re-challenge the immediate resistance of 20-SMA, which currently [..]

Technical Analysis – EURGBP pares some losses after hitting 21-month low

Posted on March 6, 2019 at 7:45 am GMT

EURGBP returned slightly to the upside after the strong downfall on the new 21-month low of 0.8530 on February 27, violating to the downside the sideways range it had been trading in since late 2017, with an upper bound at 0.9100 and a lower bound near 0.8615. However, the red Tenkan-sen and the blue Kijun-sen lines are flattening in the short-term, signaling a possible neutral move, while the 20- and 40-simple moving averages (SMAs) are following the decline tendency. The MACD and [..]

Technical Analysis – GBPAUD eases after hitting 4-month high

Posted on March 5, 2019 at 2:54 pm GMT

GBPAUD is set to complete the third straight negative day following the pullback on the 1.8730 resistance level. A crucial battle is currently taking place around the 1.8520 support, as any decisive step lower could activate a bearish correction mode. From the technical view, though, chances for a negative retracement seem to be increasing as the RSI is turning lower after it topped near the 70 level, a warning that the rally is overstretched. Also, the %K line of the stochastic oscillator [..]

Loonie declines ahead of rate decision; BoC expected to be dovish again – Forex News Preview

Posted on March 5, 2019 at 11:02 am GMT

The loonie has lost more than 1.0% of its value since last week, however, the currency is awaiting this week’s Bank of Canada (BoC) interest rate decision, which is scheduled to be announced on Wednesday at 1500 GMT. While interest rates are not expected to change, policymakers may adopt a more dovish tone amid heightened fears of a slowing global economy. The BoC is predicted to pursue a “wait-and-see” stance, as the markets believe that no rate hikes are taking place at this meeting. When they last met, policymakers left the [..]

Technical Analysis – CADJPY holds in ascending channel in short-term

Posted on March 4, 2019 at 9:53 am GMT

CADJPY was capped by the red Tenkan-sen line today after the strong pullback from the two-and-a-half month high of 85.25 on Friday. Also, the pair dropped back below the 61.8% Fibonacci retracement level of the downleg from 89.25 to 76.60, around 84.40. The RSI and the MACD are moving sideways in the positive zone, suggesting a possible downside retracement. Further losses could find immediate support at the 83.96 barrier, before moving towards the 20-day simple moving average (SMA) currently at [..]

Technical Analysis – NZDUSD creates bearish rally; neutral in short term

Posted on February 28, 2019 at 9:41 am GMT

NZDUSD has lost its positive momentum following the bounce off the 0.6900 psychological level, which pushed the price below the 20- and 40-simple moving averages (SMAs) as well as below the 23.6% Fibonacci retracement level of the upleg from 0.6560 to 0.6940, around 0.6850. Also, the price is struggling inside the Ichimoku cloud and the RSI and the MACD are moving with weak momentum in the 4-hour chart, suggesting a neutral mode. In the negative scenario, a slip below the 0.6832 support could open the [..]

Technical Analysis – USDJPY remains in bullish channel; loses some momentum

Posted on February 28, 2019 at 7:29 am GMT

USDJPY has been developing within an upward sloping channel over the last two months, after the significant rebound on the ten-month low of 104.64. The bullish tendency drove the price near the 61.8% Fibonacci retracement level of the downleg from 114.55 to 104.64, around 110.75, pointing the start of a new positive structure in the near term. However, technical indicators have been moving with weak momentum over the past few sessions. The RSI indicator is sloping to the downside, approaching the 50 level, while [..]

Technical Analysis – CHFJPY hovers in consolidation area; neutral in short-term

Posted on February 27, 2019 at 9:54 am GMT

CHFJPY has been trading within a consolidation area over the last couple of months with upper boundary the 111.15 resistance level and lower boundary the 108.65 support. In the very short-term, the price is currently hovering within a narrow Bollinger band, indicating very weak momentum and a possible sharper movement in the future. From the technical point of view, the RSI is pointing up near the neutral threshold of 50. Also, the MACD is flattening marginally near the zero line, indicating neutral [..]

Technical Analysis – AUDUSD lacks clear direction in short- and medium-terms

Posted on February 27, 2019 at 7:39 am GMT

AUDUSD has been moving slightly sideways since the strong rebound on the decade low of 0.6746 on January 3. The pair has found significant resistance at the 38.2% Fibonacci retracement level of the downleg from 0.8135 to 0.6746 around 0.7275. In the short-term, the market could continue consolidating if the red Tenkan-sen and the blue Kijun-sen lines keep flattening below the current market price. Regarding the technical indicators in the daily timeframe, the RSI remains flat as well near the neutral threshold of [..]

Technical Analysis – EURAUD stays neutral in short- and long-term timeframes

Posted on February 26, 2019 at 2:16 pm 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 1.6060 resistance level and the 1.5720 support barrier, trading near the 20- and 40-simple moving averages (SMAs) in the daily chart. In addition, the red Tenkan-sen and the blue Kijun-sen lines are flattening, confirming the neutral structure. 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 [..]

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