forex

Technical Analysis – EURUSD loses momentum; re-tests short term rising trend line

Posted on January 22, 2019 at 7:12 am GMT

EURUSD has declined considerably after finding strong resistance level on the three-month high of 1.1570 on January 10. The world’s second most traded currency pair is now ready to re-test the short-term ascending trend line, which has been holding since November 12, while it dropped below the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Looking at the technical indicators, the RSI is losing momentum beneath its neutral threshold of 50, while the MACD oscillator is flattening near the zero line following the bearish crossover with its trigger [..]

Technical Analysis – EURGBP pares some losses after strong sell off in near term

Posted on January 18, 2019 at 12:36 pm GMT

EURGBP has been erasing the strong bearish rally that was created the previous six consecutive days, sending prices towards a new two-month trough of 0.8758. The stochastic oscillator is suggesting a positive retracement as the %K line jumped above the %D line creating a bullish crossover in the daily timeframe. An upside rally in the pair and a successful close above the 0.8810 barrier may retest the 0.8930 resistance barrier. Even higher, the price could test the 40- and then [..]

GBPJPY hovers around 1-month high; positive in short term

Posted on January 18, 2019 at 9:17 am GMT

GBPJPY has been advancing considerably for three days in a row, reaching a fresh one-month high of 142.20 during yesterday’s trading session. The price jumped above the strong obstacle of the 50.0% Fibonacci of 141 of the downleg from 149.50 to 132.50, while it also surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. Technically, the RSI indicator is trying to enter into the overbought zone, but its momentum is slowing down, while the MACD oscillator holds above trigger line and hovers in the positive [..]

Technical Analysis – USDCAD finds significant resistance near 23.6% Fibonacci region

Posted on January 18, 2019 at 7:31 am GMT

USDCAD has been struggling below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3663, around 1.3285 over the last seven days, following the bearish rally from the 19-month high of 1.3663. The price also remains below the simple moving averages (SMAs) which are turning lower, signaling a bearish crossover in the near future. Looking at the technical indicators, in the daily timeframe, they seem to be in agreement with the latest movement in the very short-term. The RSI is [..]

Technical Analysis – NZDUSD selling interest in progress; hits one-week low

Posted on January 17, 2019 at 9:15 am GMT

NZDUSD is continuing this week’s sell off with strong momentum, reaching a one-week low around 0.6730 and at the same time confirming the start of a bearish movement. 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 beneath its 50 neutral mark, moving towards the oversold territory. The 0.6705 could be a critical level for steeper bearish actions if the pair continues the negative tendency. Also, the 0.6670 could attract some [..]

Technical Analysis – USDJPY fails to post significant move; indicators signal bullish shift in short term

Posted on January 17, 2019 at 7:30 am GMT

USDJPY printed its second day of gains, touching the 109.20 resistance. However, currently, the pair is paring some of these gains, failing to exit the narrow range within the 107.80 support and the 109.20 resistance in the very short-term. Chances for an upside reversal are increasing as the MACD oscillator recorded a bullish cross with its trigger line and the stochastic oscillator is approaching the overbought zone. Another step higher may reach key resistance at 109.60 – 109.75, which encapsulates the 50.0% [..]

Technical Analysis – GBPAUD surpasses SMAs, paring losses in short term

Posted on January 16, 2019 at 2:26 pm GMT

GBPAUD is advancing above the 20-simple moving average (SMA) today in the daily timeframe, approaching the 23.6% Fibonacci retracement level of the upleg from 1.5725 to 1.8730, around 1.8015. The technical structure is not looking very positive at the moment with the MACD trying to post a bullish cross with its trigger line, while the RSI is rising higher above the threshold of 50. If the price manages to edge higher and rise above the 23.6% Fibonacci mark of 1.8015, this could send the price until the [..]

Technical Analysis – EURJPY fails to jump above narrow range; bearish in medium-term

Posted on January 16, 2019 at 12:48 pm GMT

EURJPY has been moving within a sideways channel over the last couple of weeks with upper boundary the 125.05 resistance and lower boundary the 123.40 support. Currently, the price is consolidating below the simple moving averages as well as below the 38.2% Fibonacci retracement level of the downward movement from 133.10 to 118.57. According to the technical indicators, in the 4-hour chart, the RSI is pointing slightly up below the 50 level, while the stochastic oscillator is strengthening its momentum higher above [..]

Technical Analysis – AUDUSD keeps moving slightly higher; still stands above SMAs

Posted on January 16, 2019 at 7:35 am GMT

AUDUSD is continuing its slightly upside tendency following the rebound on the decade low of 0.6746, recording a one-month high of 0.7235 earlier today. The price has successfully surpassed the 20- and 40-simple moving averages (SMAs) confirming another possible upside wave in the market. The short-term bias looks positive as the MACD keeps gaining ground above its red trigger line, while the RSI seems to be making its way up above its 50-neutral level. However, looking at the stochastic oscillator [..]

Technical Analysis – GBPUSD unlocks 2-month peak; turns short-term bias to bullish

Posted on January 15, 2019 at 7:40 am GMT

GBPUSD is hovering around the two-month high of 1.2930 after it posted two consecutive green days, having broken above the 40-day simple moving average (SMA) and the descending trend line. This week the pair continues to attract buying interest, with the price climbing slightly above the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2390, around 1.2855. The technical indicators are still positive in the short-term, with the MACD stretching further above its red trigger line and the RSI moving above the 50 level with strong momentum. Furthermore, [..]

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