forex

Technical Analysis – USDCNH erases downward rally; rebounds on 6-month low

Posted on January 14, 2019 at 12:36 pm GMT

USDCNH plunged to a new six-month low of 6.7360 in Friday’s session, creating three straight negative days. 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 below 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 picture as well, since [..]

Technical Analysis – EURUSD underperforms above downtrend line in short term

Posted on January 14, 2019 at 7:30 am GMT

EURUSD lost momentum over the previous couple of sessions finding strong resistance on the 1.1570 hurdle. Despite the upside penetration of the long-term descending trend line the price failed to extend gains well above this level. In the daily timeframe, the RSI indicator rebounded on the neutral threshold of 50 and is sloping marginally higher, while the MACD oscillator is flattening above the trigger and zero lines. It is worth mentioning that momentum is too weak to provide a sustained [..]

Technical Analysis – GBPCAD struggles in upward sloping channel in medium term

Posted on January 11, 2019 at 12:21 pm GMT

GBPCAD slipped below the 20- and 40-simple moving averages (SMAs) in the daily timeframe, following the bounce off the five-month high of 1.7495 resistance level reached on 1.7495. The pair has been trading within an ascending sloping channel over the last five months, despite the upside spike towards 1.7495. The RSI indicator keeps moving slightly down, below the 50 level, while the MACD is strengthening its momentum to the downside. Further declines may meet support around the lower channel line, which stands near the 1.6700 [..]

Technical Analysis – GBPJPY moves sideways within SMAs; still negative in near term

Posted on January 11, 2019 at 9:32 am GMT

GBPJPY has been in a neutral mode after the price jump above the more than two-year low around 132.48. The technical indicators are turning lower as the price is losing momentum. The RSI indicator is sloping down, failing to surpass the 50 level, while the MACD oscillator is flattening near the zero line in the 4-hour chart. Also, currently, the price holds within the 20- and 40-simple moving averages (SMAs) lacking direction. In case of bullish actions above the 38.2% [..]

Technical Analysis – USDCHF rebounds on uptrend line after reaching 4-month trough

Posted on January 10, 2019 at 2:01 pm GMT

USDCHF has moved considerably lower from the 20-month high of 1.0130, recording a new almost four-month low of 0.9715 earlier today and touching the long-term ascending trend line. The price retraced more than the 38.2% Fibonacci retracement level of 0.9770, taken from the downward movement from 0.9185 to 1.0130. Zooming to today’s intraday bullish move, the RSI is sloping marginally up in the negative zone, however, the MACD oscillator confirms the bearish structure as it holds below the trigger and zero lines. [..]

Technical Analysis – NZDUSD turns higher in short-term; remains below 61.8% Fibonacci

Posted on January 10, 2019 at 9:09 am GMT

NZDUSD has recovered substantially after the selling interest from the 0.6968 barrier, almost hitting the 61.8% Fibonacci retracement level from 0.6968 to 0.6560, around 0.6812. Currently, the price is trading well above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators are suggesting flat to bearish movement as the RSI is sloping down in the positive zone and the MACD is moving sideways above the trigger line. A move to the upside could see immediate resistance at the 61.8% Fibonacci level OF 0.6812. Should the [..]

Technical Analysis – EURGBP remains neutral in short and long terms

Posted on January 9, 2019 at 2:05 pm GMT

EURGBP has been lacking direction over the last month as it hovers within a narrow range with upper boundary the 0.9085 resistance and lower boundary the 0.8930 support. It is noteworthy that the price created a strong spike to the upside during the previous week, recording a fresh 16-month high of 0.9110. Technically, the %K line of the stochastic oscillator is ready to turn to the upside creating a bullish cross with the %D line. An upside run in the price and [..]

Technical Analysis – EURJPY recovers well above 21-month low; SMAs seem ready for bullish cross

Posted on January 9, 2019 at 9:06 am GMT

EURJPY has been edging higher since the price found strong support at the 21-month trough, registered on January 3 and surpassed the 38.2% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 124.10. It is worth mentioning that the 20-simple moving average (SMA) is ready to post a bullish cross with the 40-SMA in the 4-hour chart, suggesting further gains. According to the RSI, the short-term bias seems to be positive as it holds in the bullish area, while the stochastic [..]

Technical Analysis – GBPAUD in slippery mode despite SMAs bullish cross

Posted on January 8, 2019 at 12:24 pm GMT

GBPAUD moved aggressively lower from the 1.8540 resistance level, slipping beneath 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 RSI developing near the neutral level of 50, while the MACD oscillator posted a bearish crossover with its red trigger line in the short-term. Despite that, the 20- and 40-simple moving averages (SMAs) created bullish cross in the preceding week, confirming the longer-term upside [..]

Technical Analysis – GBPUSD challenges downtrend line; holds above SMAs in near term

Posted on January 8, 2019 at 7:21 am GMT

GBPUSD has been edging higher over the last three days, following the bounce off the 21-month low of 1.2390 that was reached on January 2. This week the pair continues to attract buying interest, with the price climbing slightly above the long-term descending trend line. 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 weak momentum. Yet the latter could also [..]

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