forex

Technical Analysis – GBPUSD challenges 1-month high; has more room to rise

Posted on February 26, 2019 at 7:32 am GMT

GBPUSD is looking more bullish in the short-term as prices have climbed towards the 38.2% Fibonacci retracement level of the downleg from 1.4375 to 1.2390 around 1.3145. In addition, the price is recording a new one-month high after the climb above the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The positive bias is also supported by the RSI indicator, which has been hovering above the 50-neutral level in the past few days, while the MACD oscillator crossed above the trigger line [..]

Technical Analysis – EURNZD opens with negative gap; remains in downward sloping channel

Posted on February 25, 2019 at 2:22 pm GMT

EURNZD opened with a negative gap today continuing the negative movement that started yesterday, following the bounce off the 40-day simple moving average (SMA). Also, the price has been developing within a descending channel over the last couple of months, as the price found a strong obstacle on the 1.7200 psychological level. Technical indicators in the daily timeframe are reversing back to the downside. The stochastic oscillator is turning lower after the bearish cross within the %K and %D lines, while the RSI [..]

Technical Analysis – EURUSD returns above 1.13 after finding obstacle near 23.6% Fibonacci

Posted on February 25, 2019 at 7:39 am GMT

EURUSD has found a strong resistance obstacle on the 1.1370 and 1.1360 resistance area, which encapsulates the 20-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the downleg from 1.1815 to 1.1215. The pair rebounded on the three-month low around 1.1230 on February 15 and is trying to post a bullish recovery despite the several resistance levels. Momentum indicators are pointing to a neutral to positive bias in the short term with the RSI just below 50 but pointing slightly up. [..]

Technical Analysis – GBPAUD eases above short-term uptrend line; indicators slope down

Posted on February 22, 2019 at 12:43 pm GMT

GBPAUD is paring yesterday’s gains significantly above the 23.6% Fibonacci retracement level of the upleg from 1.6160 to the 28-month high of 1.8730. The technical indicators have a steeper negative slope now. The RSI is heading towards the neutral threshold of 50, while the stochastic is moving down, attempting a bearish cross within the %K and %D lines in the daily chart. Should the price retreat further, the 20-simple moving average (SMA) around 1.8155 could act as support before slipping again towards the [..]

Technical Analysis – GBPJPY consolidates after reaching 11-month high of 145.00

Posted on February 22, 2019 at 7:34 am GMT

GBPJPY failed to post more gains above the fresh 11-month high of 145.00 that it posted earlier this week and is moving sideways within a narrow range of 144.05 – 145.00 in the 4-hour chart. Currently, the price is developing around the red Tenkan-sen line suggesting a possible bearish retracement, while it still stands above the 20- and 40-simple moving averages (SMAs). Technically, the stochastic oscillator continues to improve above the oversold zone and is posting a bullish cross within the %K and %D [..]

Technical Analysis – USDCNH touches 7-month low; turns negative after bouncing off 10-month high

Posted on February 21, 2019 at 1:37 pm GMT

USDCNH had a strong bearish start on Thursday, with the price falling below a crucial support of the 38.2%Fibonacci retracement level of the upleg from 6.2350 to 6.9781, near 6.6949, creating a fresh seven-month low of 6.6861. From the technical point of view, the RSI is flattening in bearish territory, while the MACD also supports a bearish picture, since it continues to hold beneath the zero line and trigger lines. Should prices drop below the seven-month low, they could hit the support area between6.5980 – 6.6061, which [..]

Technical Analysis – NZDUSD declines considerably; negative to neutral outlook

Posted on February 21, 2019 at 7:47 am GMT

NZDUSD has aggressively reversed back to the downside, dropping below the 23.6% Fibonacci retracement level of the upleg from 0.6423 to 0.6970, around 0.6840, and the mid-level of the Bollinger Band currently at 0.6830. Momentum indicators are pointing to a negative bias in the short term with the RSI trying to fall below the 50 level and the stochastic oscillator is declining from the overbought area. The stochastics have posted a bearish crossover within the %K and %D lines, suggesting further losses in the market. [..]

Technical Analysis – EURJPY still in positively sloped channel; bullish correction in progress

Posted on February 20, 2019 at 11:09 am GMT

EURJPY is trading slightly below the 50% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 125.85, surpassing the bullish crossover of the 20- and 40-simple moving averages in the 4-hour chart. The pair has been struggling in an upward sloping channel since January 15 with the technical indicators remaining in the positive area. The RSI is pointing marginally up, while the MACD stands above trigger line. If the market pushes the pair higher, the price could re-challenge the immediate 50.0% Fibonacci level and the [..]

Aussie retains bearish view; Employment report key to the Australian outlook – Forex News Preview

Posted on February 19, 2019 at 3:01 pm GMT

January’s employment report for Australia is likely to attract investor’s attention on Thursday at 0030 GMT as the Australian dollar has been losing some ground over the past week. Stronger figures in employment may provide some relief to the currency. The unemployment rate is predicted to have stayed at 5.0% in January, while the net change in employment is expected to show that the economy added 15,200 jobs, less than December’s 21,600. However, the participation rate is expected to remain steady at 65.6%, while [..]

Technical Analysis – CADJPY advances above SMAs with soft momentum

Posted on February 19, 2019 at 10:28 am GMT

CADJPY has been struggling within a narrow range in the near term with upper boundary the 83.96 resistance and lower boundary the 82.26 support barrier. The pair climbed above the bullish crossover of the 20- and 40-simple moving averages (SMAs) as well as above the 50.0% Fibonacci retracement level of the downleg from 89.25 to 76.60, near 82.90. The MACD oscillator is flattening above the trigger and zero lines, while the RSI holds in the positive zone. Should the price extend its advances, the 83.96 barrier and then [..]

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