forex

Technical Analysis – EURAUD moves below decade high; strongly bullish in long term

Posted on January 7, 2019 at 2:14 pm GMT

EURAUD retreated after it found strong resistance on the almost 10-year high of 1.6658, returning below the 1.6350 strong barrier. The downfall in the price action is confirmed by the technical indicators. The MACD continues to head downwards after creating a bearish cross with its trigger line, while the stochastic oscillator weakened to enter oversold zone, with the latter supporting that a rebound could be around the corner. The positive cross between the 20- and 40-simple moving averages (SMAs) hints that the market trend [..]

Technical Analysis – EURUSD challenges descending trend line; bulls may take control

Posted on January 7, 2019 at 6:57 am GMT

EURUSD is challenging the long-term descending trend line, creating positive movement in the narrow range. The price has been developing within a consolidation area over the last three months with the 1.1480 resistance level as the upper boundary and the 1.1265 support barrier as the lower boundary. If the price jumps above the diagonal line, it would change the outlook to a more neutral one. Momentum indicators in the short-term though are currently supporting that neutral momentum. Specifically, the RSI indicator is pointing somewhat upwards near 50, while [..]

Technical Analysis – GBPJPY surpasses 23.6% Fibonacci, continuing bullish correction

Posted on January 4, 2019 at 8:59 am GMT

GBPJPY is seeing a pause in the selling pressure after reaching a more than two-year low around 132.48 on Thursday, with the MACD hinting a continuation of the rebound, fluctuating above trigger line in the 4-hour chart. However, the RSI indicator is sloping down in the negative territory, despite the latest upside pullback in the market. Further bullish actions above the 23.6% Fibonacci retracement level of the downleg from 149.50 to 132.48, near 136.50, could find immediate resistance at the 20-simple moving average [..]

Technical Analysis – USDCAD retreats below 19-month high; tendency still bullish

Posted on January 4, 2019 at 7:21 am GMT

USDCAD changed direction, heading to the downside, in the very short term over the last couple of daily sessions after finding strong resistance on the new 19-month high of 1.3663 last week. However, currently, the price remains above the near-term ascending trend line, which has been in place since October 10 and holds around the 20-day simple moving average (SMA). The technical indicators are still located in bullish area, with the MACD is slipping below its red signal line and the RSI is approaching the neutral area [..]

Technical Analysis – EURJPY holds above multi-month low of 118.57; strongly negative in medium term

Posted on January 3, 2019 at 9:15 am GMT

EURJPY tumbled to a new 21-month trough today, hitting the 118.57 support level. The price is moving higher at the moment, jumping above the 23.6% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 122.00. According to the RSI the short-term bias seems to be turning slightly higher as it approaches the 30 level, while the %K line of the stochastic oscillator posted a bullish crossover with the %D line in the negative territory. If the market continues to push [..]

Technical Analysis – AUDJPY dives near decade lows; bias still negative

Posted on January 3, 2019 at 8:25 am GMT

AUDJPY came under sharp sell-off on Thursday, diving towards 70.27 for the first time in more than nine years. With the RSI fluctuating in oversold area below 30, a rebound is likely in the short term. Yet the falling MACD which trends under its red signal line suggests that downside pressures may dominate. An upside extension could pause near 0.76 which could be of psychological importance, while even higher the 0.7750 level could halt upside forces as it did last [..]

Technical Analysis – NZDUSD pares some ground after reaching 2-month trough

Posted on January 3, 2019 at 7:12 am GMT

NZDUSD had a deep fall earlier today, dropping to a fresh two-month low of 0.6560. Currently, the price is trading well above this bottom, paring some of its losses it created below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The technical picture supports that the strong sell-off is likely to continue in the short-term. Looking at momentum indicators, the RSI is lacking direction in the oversold zone, while the MACD oscillator is strengthening its negative movement below the trigger and zero [..]

Technical Analysis – GBPUSD marginally bullish in very short-term; remains below falling trend line

Posted on December 31, 2018 at 10:19 am GMT

GBPUSD has rebounded somewhat after falling to a 20-month low of 1.2475 on December 12 and momentum indicators are endorsing that the market sentiment might get better and create some gains in the daily timeframe, despite the latest sideways movement; the RSI indicator is sloping slightly up marginally above 50, while the MACD oscillator is increasing strength to the upside and towards the zero line. Should upside movement dominate in the near term, the market might touch the 40-day simple moving average (SMA) around [..]

Technical Analysis – EURUSD fails to jump above 1.1500 and downtrend line; neutral in short term

Posted on December 31, 2018 at 7:43 am GMT

EURUSD has declined after touching the 1.1470 resistance level once again, which overlaps with the falling trend line in the daily timeframe. In the short-term, the pair seems to be in neutral mode over the last one-and-a-half months. Momentum indicators in the short-term though are currently supporting that neutral momentum. Specifically, the RSI indicator is pointing downwards above 50, while the MACD oscillator continues to stand slightly above the trigger and zero lines, weakening its movement, signaling slightly bullish mode. Should the pair experience negative pressure, it could [..]

Technical Analysis – USDCAD records a new yearly high in overbought zone

Posted on December 27, 2018 at 12:39 pm GMT

USDCAD had one of its best trading sessions for this year last week, gaining more than 1.5% to close at 1.36, while this week the pair continues to attract buying interest, with the price registering a fresh high for 2018 at 1.3631 on Thursday. The technical indicators are still located in bullish area, with the MACD stretching further above its red signal line and the RSI moving above 70. Yet the latter could also be an indication that the rally [..]

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