forex

Technical Analysis – EURNZD recovers from 2-month low after hitting lower Bollinger Band

Posted on February 18, 2019 at 1:24 pm GMT

EURNZD has declined considerably over the previous three days, recording a new two-month low around 1.6408 and touching the lower Bollinger Band. Currently, the price is paring some of the losses, approaching the 1.6500 handle. Technical indicators in the daily timeframe are reversing back to the upside. The stochastic oscillator is turning higher in the oversold zone, signaling bullish pressure, while the RSI indicator is pointing up in the bearish area. In the event of an upside reversal, the 23.6% Fibonacci retracement level [..]

Technical Analysis – EURGBP opens with gap down; soft momentum in near term

Posted on February 18, 2019 at 7:59 am GMT

EURGBP opened with a gap down on Monday, challenging the 20-simple moving average (SMA) in the daily timeframe after it topped on the 0.8840 resistance level in the preceding week. Currently, the price is covering this gap and moving higher. In the near term, the pair could consolidate as the RSI is flattening slightly below the 50 neutral mark, while the MACD continues to improve above its red signal line and towards zero but with softer speed. However, the stochastics [..]

Technical Analysis – USDCHF edges higher; bullish phase remains intact

Posted on February 15, 2019 at 12:17 pm GMT

USDCHF has moved considerably higher after the touch on the ascending trend line, recording a new three-month high of 1.0097 on Thursday. The price climbed well above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the RSI is sloping marginally up in the positive zone and the MACD oscillator is strengthening its momentum above the trigger and zero lines. Should the pair continue to head higher the next level to have in mind is the 20-month high of 1.0130, achieved [..]

Technical Analysis – GBPJPY tests the lower boundary of the descending channel

Posted on February 15, 2019 at 10:43 am GMT

GBPJPY has been trading within a negatively sloping channel over the last three weeks, with the bears challenging the lower boundary today. Currently, the price holds well below the 20-and 40-simple moving averages (SMAs) in the 4-hour chart, which are ready to post a bearish crossover. Having a look at the technical indicators, the RSI is sloping slightly up in the bearish area, suggesting an upside retracement in the short-term. However, as long as the indicator holds below 50 and the MACD oscillator keeps strengthening [..]

Technical Analysis – USDCAD holds within SMAs; sharp move up needed for more gains

Posted on February 15, 2019 at 7:36 am GMT

USDCAD came to close to break the 40-day simple moving average (SMA), surpassing the 23.6% Fibonacci retracement level of the upward movement from 1.2060 to 1.3663, around 1.3285, earlier today. The positively aligned Tenkan-sen line serves as a testament to the bullish short-term momentum that is in place. The technical indicators also suggest a positive bias as the RSI entered in bullish territory, while the MACD is rising above the trigger and zero lines. Should the price stretch north, Thursday’s highs and the 40-SMA could provide immediate [..]

Technical Analysis – GBPCAD builds base around 50.0% Fibonacci; remains in upward range

Posted on February 14, 2019 at 2:31 pm GMT

GBPCAD hit the 1.6970 support again following last week’s pullback from the 1.7270 resistance level, slipping below the 20-and 40-simple moving averages (SMAs) in the daily timeframe. The pair has been trading within an ascending sloping channel over the last six months, despite the upside spikes towards 1.7530. The short-term bias looks negative as the MACD keeps losing ground below its red trigger line, while the RSI seems to be making its way down below its 50-neutral mark. Should the pair [..]

Technical Analysis – EURNZD posts new 2-month low around 1.6500

Posted on February 14, 2019 at 7:33 am GMT

EURNZD is printing its second strong day of losses after the failed attempt to break above the area which encapsulates the 38.2% Fibonacci retracement level of the downleg from 1.7925 to 1.6330, around 1.6940. Currently, the pair is recording a fresh two-month low of 1.6500 as it also declined below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Chances for a reversal, however, are decreasing as the 20-day simple moving average dropped below the 40-day SMA, creating [..]

Technical Analysis – GBPAUD slide stops around 20-day SMA; positive risks not faded yet

Posted on February 13, 2019 at 2:25 pm GMT

GBPAUD is recording the third day of losses after a failed attempt to break significantly above the 1.8340 resistance level last Friday. Chances for a short-term reversal are increasing as the price is dropping below the 20-day simple moving average (SMA), while 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 after the bearish cross within %K and %D lines. Should the price retreat further, [..]

Technical Analysis – EURJPY continues trading in upward sloping range

Posted on February 13, 2019 at 10:08 am GMT

EURJPY is falling today after the strong jump above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The pair is struggling within an upward sloping channel since January 15, finding strong resistance obstacle around the 50.0% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 125.85 and the 38.2% Fibonacci of 124.10. The technical indicators are still located in bullish area. However, there are indications that the upside rally is overdone as the RSI is stretching to the [..]

Technical Analysis – NZDUSD records strongest rally in three months

Posted on February 13, 2019 at 9:53 am GMT

NZDUSD jumped with full force early on Wednesday after finding support at the top of the Ichimoku cloud as stochastics entered oversold territory below 20. The RSI is positively sloped slightly above its 50 neutral mark, a sign that positive momentum may stay in place in the short term. Yet, with the MACD weakening below its red signal line and the red Tenkan-sen line losing strength, some caution may still be needed. An extension higher could see resistance coming within the 0.6850-0.6880 [..]

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