forex

Technical Analysis – EURAUD hits fresh highs; some bullish action may be in store

Posted on February 21, 2020 at 8:29 am GMT

EURAUD gathered significant positive traction this week, breaking above its simple moving averages (SMAs) and the Ichimoku cloud on the four-hour chart. While the RSI is testing its 70 overbought mark again, increasing the odds for a downside correction, it has yet to reach a peak at a time when the MACD continues to strengthen above its red signal line, suggesting that there might be some extra bullish action in store. Trend indicators are also in a bullish mood as the 20-period [..]

Technical Analysis – USDCAD remains above the supportive falling trend line; slightly bullish

Posted on February 21, 2020 at 7:31 am GMT

USDCAD has found strong support area near the penetrated descending trend line and the 38.2% Fibonacci retracement level of the bearish move from 1.3664 to 1.2950 around 1.3220. In the short-term, the outlook seems to turn slightly bullish after the jump towards the 1.3325 resistance and the momentum indicators are holding in bullish area. The stochastic oscillator completed a positive cross in the oversold zone, while the Relative Strength Index (RSI) is moving sideways after the bounce on the 50-neutral [..]

Technical Analysis – GBPAUD hovers above 20-day SMA; still bullish

Posted on February 20, 2020 at 10:36 am GMT

GBPAUD is heading up following the rebound on the 20-day simple moving average (SMA) currently at 1.9347. The upside tendency is continuing since July 2019 with the technical indicators confirming the bullish structure. The RSI is pointing up, above the 50-neutral threshold, while the MACD is in the process to post a positive cross with the trigger line. If price action remains above the red Tenkan-sen line and the 20-day SMA, there is scope to test the three-and-a-half-month high of [..]

Technical Analysis – GBPJPY eyes upper boundary of 2-month sideways market

Posted on February 20, 2020 at 8:27 am GMT

GBPJPY is currently improving off the 143.80 level, which is the 23.6% Fibonacci retracement of the up move from 130.42 to 147.95. The near completion of the bullish crossover of the 200-period simple moving average (SMA) by the 50-period one seems to have further aided in the very short-term incline from February 10 that bounced off the 38.2% Fibo of 141.24. Looking at the short-term oscillators, they suggest a pickup in positive sentiment. The MACD, in the positive zone, is [..]

Technical Analysis – NZDUSD dives to 3-month low; trend signals bearish

Posted on February 20, 2020 at 8:24 am GMT

NZDUSD could not overcome the key 0.6485 restrictive area last week, reversing south to unlock a three-month low of 0.6344 early on Thursday. The price is currently approaching a support zone near 0.6325 which could keep the bears busy in the short-term as the oversold status in the RSI and the Stochastics suggest, while the presence of the lower Bollinger band in the neighborhood is also increasing the case. That said, the bearish cross between the 20- and 200-day simple moving [..]

Technical Analysis – USDJPY unlocks 9-month highs; strongly bullish

Posted on February 20, 2020 at 7:20 am GMT

USDJPY has an impressive upside rally on Wednesday’s trading session, surging to a fresh nine-month high of 111.58 and also recovering the gap that was created last May. The aggressive run helped the pair to add more than 150 pips in just one day, increasing the distance from the rising trend line. However, the momentum indicators are overbought, and a downside retracement may be on the cards in the next sessions. The %K line of the stochastic jumped above the [..]

Technical Analysis – CADJPY rallies to 1-month high; rises in upward sloping channel

Posted on February 19, 2020 at 2:15 pm GMT

CADJPY is in a flying mode today as it surges above the 50-day simple moving average and the 23.6% Fibonacci retracement level of the up leg from 78.48 to 84.55 near 83.11, stretching its upward pattern towards a one-month high. According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above its 50 level. The stochastic is also advancing, though, it is relatively close to the overbought threshold; negative corrections cannot be excluded should [..]

Technical Analysis – EURGBP stops near 2½-year low; neutral zone intact

Posted on February 19, 2020 at 10:42 am GMT

EURGBP is trading near its weakest level since 2017, following a plunge from the 0.8385 barrier in the preceding week. The pair created a consolidation area from 0.8275 to 0.8590 since December 13 but is still moving below the short- and medium-term moving averages, confirming the long-term bearish structure from the ten-year peak of 0.9324. From a technical viewpoint, the momentum indicators seem to be in confusion as the MACD is holding below its trigger line, which supports the bearish view [..]

Technical analysis – EURJPY’s efforts attempt a pullback in the ruling bearish picture

Posted on February 19, 2020 at 9:23 am GMT

EURJPY is currently aggressively overtaking the mid-Bollinger band and the 118.96 resistance level, after having pivoted at the 118.46 support (an inside swing high from 27 September 2019), thus producing a four-month low. Despite the prevailing one-month decline reflected in the downward sloping simple moving averages (SMAs) and by the tentative downtrend line, buyers’ efforts seem to be aided by the short-term oscillators, which are reflecting a pickup in positive sentiment. The MACD, in the negative region, has moved back [..]

Technical Analysis – AUDUSD could see further weakness near 11-year low

Posted on February 19, 2020 at 7:30 am GMT

AUDUSD is moving sideways within the 23.6% Fibonacci retracement level of the downward wave from 0.7030 – 0.6661 near 0.6750 to the eleven-year low of 0.6661. The latest level was reached on February 7 and acted as a reversal mark ahead of three consecutive green days. Technically, the RSI is in bearish territory below 50 but is clearly pointing up, while the MACD is gaining some ground above the trigger line in the negative area. Moreover, the 20- and 40- [..]

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