forex

Technical Analysis – AUDUSD pauses bearish rally in short-term; indicators turn positive

Posted on December 12, 2018 at 7:35 am GMT

AUDUSD is paring some of the previous week’s losses, surpassing the 40-day simple moving average (SMA). However, the price returned back below the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.7020, near 0.7285 after it created a new peak at 0.7390, a four-month high. While the technical indicators continue to pick up speed, mirroring the market’s bullish behavior over the past two days, the RSI is still moving in the negative zone, but is pointing up, flagging [..]

Technical Analysis – EURGBP declines below 3-month high; lacks direction in long term

Posted on December 11, 2018 at 12:59 pm GMT

EURGBP has advanced considerably over the preceding two days, hitting a new more-than three-month high of 0.9086. Today’s pullback shifted the technical indicators from upside direction to sideways movement. The RSI indicator is sloping down after reaching overbought zone, while the ROC oscillator is flattening in the positive area. An upside run in the price may retest the previous peak of the one-year high of 0.9100. Above that, investors would be interested to see whether bullish dynamics can overcome the previous peak and meet the 0.9300 psychological hurdle. Alternatively, [..]

Technical Analysis – GBPUSD hovers above 20-month low; strongly bearish in long-term

Posted on December 11, 2018 at 7:25 am GMT

GBPUSD tumbled to a fresh 20-month low of 1.2505 on Monday, creating a strong negative move below the previous multi-month bottoms. The bearish outlook was confirmed by the lower low and the pair looks ready to maintain and possibly extend its sizeable recent losses in the next sessions. The momentum indicators are endorsing this view, despite today’s weak upside opening. The MACD oscillator holds below the trigger and zero lines, strengthening its movement, while the stochastic oscillator returned lower again near its oversold zone. If the [..]

Technical Analysis – EURUSD surpasses short-term SMAs; posts bullish days

Posted on December 10, 2018 at 7:05 am GMT

EURUSD has reversed back up after finding support at the 1.1265 barrier, successfully surpassing the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Price advanced above the 1.1400 handle and is set to complete the fourth green day in a row, approaching the long-term descending trend line. The bullish bias is further supported by the MACD, which is holding above the trigger line, while the RSI entered positive territory, signaling more gains in the very short-term. In case of [..]

Technical Analysis – EURNZD rebounds on 14-month low, regaining ground

Posted on December 7, 2018 at 12:22 pm GMT

EURNZD created a strong negative rally over the last two months, after the pullback on the three-year high of 1.7925. Looking at the very short-term, the price has been moving higher since yesterday finding support on the 14-month low of 1.6330. However, the technical indicators are hovering in the bearish zone. The RSI is sloping marginally up below the neutral threshold of 50, while the MACD is weakening its negative momentum above the trigger line. Further upside pressure may meet again the significant resistance of 1.6555, before [..]

Technical Analysis – GBPJPY tumbles below falling trend line; neutral in medium term

Posted on December 7, 2018 at 9:58 am GMT

GBPJPY has declined considerably after touching a two-month high of 149.50 at the beginning of November. In the short-term the price seems to be negative, while in the daily chart the pair remains in a sideways channel over the last three months with upper boundary the 149.50 resistance and lower boundary the 142.80 support. Technically, the RSI indicator is pointing south near the 50 level, while the MACD oscillator is moving above the trigger line and is approaching the zero line. Immediate support is [..]

Technical Analysis – CADJPY penetrates ascending trend line; hovers above 5-month trough

Posted on December 7, 2018 at 8:28 am GMT

CADJPY completed a five-month low of 83.55 on Thursday and had a significant bearish rally in the preceding three days. The strong bearish sentiment has pushed the price to penetrate the long-term ascending trend line to the downside, shifting the positive outlook to a more negative one. Despite the latest pullback on price today, the technical indicators remain in the bearish territory. The MACD oscillator is strengthening its momentum below the trigger line, while the RSI indicator is flattening. Should the pair [..]

Technical Analysis – USDCAD increasingly bullish at 1 ½-year highs; could be overbought

Posted on December 7, 2018 at 8:03 am GMT

USDCAD pierced a key resistance around 1.3385 on Thursday and spiked to a 1 ½-year high of 1.3443, deviating further above its moving averages which are positively sloped, a sign that the uptrend could continue. Momentum indicators are also in bullish territory, with the MACD crossing above its red signal line and the RSI fluctuating well above its 50 neutral mark. Yet downside corrections cannot be ruled out in the short term as the latter is just about to touch [..]

Technical Analysis – USDCHF lacks clear direction movement in very short term

Posted on December 6, 2018 at 1:45 pm GMT

USDCHF has been struggling within a narrow range over the last couple of weeks in the very short term with upper band the 1.0000 level and lower band the 0.9910 support barrier. Additionally, the 20- and 40-simple moving averages (SMAs) are ready to post a bearish crossover, while the technical indicators are flattening. The short-term momentum turned to neutral as evident by the momentum indicators which are flattening. The RSI remains around 50 level and the MACD holds near zero line with weak movement. Immediate support [..]

Technical Analysis – NZDUSD dives below 5-month peak; bearish correction in near term

Posted on December 6, 2018 at 9:40 am GMT

NZDUSD has been underperforming in the past days, drifting lower from the five-month high of 0.6968 and below the 20- and 40-simple moving averages in the 4-hour chart. In the short term, technical indicarors point to more weakness, with the RSI dropping to bearish territory below 50 and the MACD losing further ground below the trigger line. In case of further declines, immediate support could come from the 23.6% Fibonacci retracement level of the upward move from 0.6423 to 0.6968, [..]

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