forex

Technical Analysis – GBPUSD retreats after finding obstacle at 3½-month top

Posted on January 29, 2019 at 7:35 am GMT

GBPUSD had been in a flying mode on Friday, reaching a fresh three-and-a-half month high around 1.3217, before slipping lower again on Monday towards the immediate support of the 38.2% Fibonacci retracement level of the downleg from 1.4375 to 1.2390, near 1.3145. Despite the latest setback, the pair holds above that area, signaling more gains. The RSI turned lower after entering overbought territory above 70. At the moment, it continues to flatten around 70 in support of a positive short-term [..]

Technical Analysis – USDCNH touches 6-month trough again; bearish correction in progress

Posted on January 28, 2019 at 1:16 pm GMT

USDCNH had a bearish start on Monday, with the price touching a crucial support at the six-month low of 6.7360. The price dropped beneath the 23.6% Fibonacci retracement level of the upleg from 6.2350 to 6.9781, however, currently, it is paring some of the lost ground. The RSI is pointing up near oversold levels, slightly above 30, indicating that the market could strengthen a little bit in the short-term until the index falls back below that threshold, while the MACD supports a bearish to [..]

Technical Analysis – EURUSD trades around 1.1400; gains some ground in near term

Posted on January 28, 2019 at 7:32 am GMT

EURUSD recorded a stunning rally on Friday, hitting the 20-simple moving average (SMA) in the daily timeframe, paring the strong losses that it posted the day before. Currently, the pair is trading around the 1.1400 psychological level and the technical indicators are supportive of the neutral to bullish picture. The RSI indicator is trying to jump above the neutral threshold of 50, while the MACD oscillator is strengthening its positive momentum in the negative territory. If the bulls manage to [..]

Technical Analysis – GBPJPY retreats from 7-week high; holds in upward sloping channel

Posted on January 25, 2019 at 10:19 am GMT

GBPJPY has rebounded somewhat from the seven-week high of 144.20 that it reached earlier today. Currently, the price has been stuck in a channel tilted to the upside following the pullback on the more than two-year low of 132.48. The stochastic oscillator is turning to the downside and the RSI has slipped below the overbought level and is approaching the neutral threshold of 50. If prices continue to head lower, support should come from the 20-day simple moving average (SMA) near the 142.65 mark. A drop below the [..]

Technical Analysis – EURGBP turns slightly higher after reaching 20-month trough

Posted on January 25, 2019 at 8:54 am GMT

EURGPB plummeted to a fresh 20-month low earlier today, and currently is trying to pare some of the losses. However, the price is still lacking direction in the medium term and any daily close below the 0.8620 support level, would endorse the outlook for a negative tendency. From the technical point of view, the RSI has plunged into the oversold level and the MACD oscillator is down sharply too, holding below the zero and trigger lines with stronger momentum than before. Also, the 20- and 40-simple [..]

Technical Analysis – EURNZD on slippery slope; bears take charge in near term

Posted on January 24, 2019 at 11:42 am GMT

EURNZD has come close to breaking the 40-day simple moving average (SMA) today, moving towards the 1.6690 support level again. The MACD oscillator is consolidating below the zero and trigger lines keeping its momentum flat, while the %K line of the stochastic oscillator recorded a bearish crossover with the %D line, approaching the negative zone. The next level for traders to have in mind is the 1.6690 support, before slipping towards the 38.2% Fibonacci retracement level of the upward movement from 1.4535 to [..]

Technical Analysis – NZDUSD edges lower after creating double bottom in near term

Posted on January 24, 2019 at 9:37 am GMT

NZDUSD has retreated from the 0.6805 resistance level and the 38.2% Fibonacci retracement level of the downleg from 0.7390 to 0.6423, around 0.6794 after the pullback from the double bottom on 0.6705. The short-term bias looks negative as the MACD keeps losing ground with weak momentum above its trigger and zero lines, while the RSI seems to be making its way down towards the 50 neutral mark, risking a move to bearish territory. The 40- and the 20-simple moving averages (SMAs) at 0.6760 and [..]

Technical Analysis – EURJPY struggles in tight Bollinger Band; neutral in near term

Posted on January 23, 2019 at 9:12 am GMT

EURJPY has been moving sideways over the last three weeks with upper boundary the 125.05 resistance and lower boundary the 123.40 support. Currently, the mid-level of the range is the 38.2% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 124.10, where the price has been trading above it since January 17. According to the technical indicators, in the 4-hour chart, the RSI and the MACD are flattening above the neutral threshold of 50 and the zero line [..]

Technical Analysis – EURAUD surpasses 200-SMA after finding support at 1.5770

Posted on January 22, 2019 at 2:03 pm GMT

EURAUD retreated back to the 1.57 region after it found strong resistance on the almost 10-year high of 1.6658 but is currently challenging again the 23.6% Fibonacci level of the upward move from 1.3625 to 1.6658, which is around 1.5940. The bullish correction is confirmed by the technical indicators. The stochastic oscillator has steeply bounced back above its 20 oversold level, while the RSI indicator keeps sloping up to reach its 50 neutral mark. If the price successfully surpasses the 23.6% Fibonacci mark, the focus could shift up to the [..]

Technical Analysis – GBPUSD erases gains after touching strong wall at 1.3000

Posted on January 22, 2019 at 9:21 am GMT

GBPUSD has found a strong resistance obstacle on the significant psychological level of the two-month high of 1.3000, reached on January 17. However, Cable has been trading within the 1.3000 and the 1.2855 zone over the last week, which is the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2390. The short-term bias looks neutral as the MACD keeps moving sideways in the positive area, while the RSI is pointing marginally down above the threshold of 50. It is worth mentioning that the 20-day [..]

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