forex

Technical Analysis – CADJPY hovers above 2-month low; outlook turns to bearish

Posted on November 21, 2018 at 1:58 pm GMT

CADJPY is paring some of yesterday’s negative ground but remains slightly below the medium-term ascending trend line. Also, the price recorded a two-month low of 84.57 earlier today. From the technical point of view, the MACD oscillator suggests that the market could maintain the bearish movement near the zero line, however, the RSI indicator is moving higher below the 50 level. Should the price head lower, traders could look for support around 83.72, which stands well below the rising trend line. Such a move [..]

Technical Analysis – EURCHF turns bearish again in short-term; outlook remains negative

Posted on November 21, 2018 at 12:02 pm GMT

EURCHF has slipped back below its 50-day moving average (MA), touching a two-month low of 1.1303 earlier today. The near-term bias is looking bearish again with the MACD histogram returning to negative territory and falling below its signal line, while the stochastics are declining sharply. Further declines would likely drive the pair towards the nearest support around 1.1265 – a previous congestion zone. Failure to hold above this support would risk a breach of September’s 13-month low of 1.1182. If [..]

Technical Analysis – AUDNZD around 7-month lows; bearish in the medium term

Posted on November 21, 2018 at 10:48 am GMT

AUDNZD declined considerably from early October’s peak of 1.0992 to eventually hit a seven-month low of 1.0588 on Tuesday. It is currently trading not far above the aforementioned trough. Attesting to the bearish short-term bias are the negatively aligned Tenkan- and Kijun-sen lines. Notice though that the two appear to have halted their declines, which may be an early sign of weakening negative momentum. Lending credence to this view is the RSI which is moving sideways in bearish territory. Additionally, [..]

Technical Analysis – EURJPY runs higher in narrow range; next obstacle near 129.00

Posted on November 21, 2018 at 9:40 am GMT

EURJPY is pushing aggressively higher, paring Tuesday’s losses above the 20- and 40- simple moving averages in the 4-hour chart. Moreover, the price has been trading within the 23.6% Fibonacci retracement level and the 38.2% Fibonacci mark of the downleg from 133.10 to 126.60, between 128.15 and 129.10 over the last week. Technically, the MACD oscillator is moving higher in the negative zone, below its trigger line, and the RSI indicator is pointing up, surpassing the neutral threshold of 50. If prices are able to [..]

Technical Analysis – AUDUSD recovers some ground, maintains bullish short-term bias

Posted on November 21, 2018 at 7:19 am GMT

AUDUSD turned negative over the last two consecutive days after its downfall from the two-and-a-half-month high near 0.7340, reached last Friday. The price started the day in bullish territory finding support around the 20-day simple moving average (SMA) around 0.7200. In the short-term, the technical indicators remain in the bullish area with the RSI pointing slightly up, however, the MACD oscillator dipped below the trigger line. On the upside, the 23.6% Fibonacci retracement level of the strong downward movement from [..]

Technical Analysis – GBPAUD attempts rebound from 3-month low; looks bearish in the medium term

Posted on November 20, 2018 at 2:24 pm GMT

GBPAUD rebounded after hitting a three-month low of 1.7473 on Friday. It is currently trading around 200 pips above the aforementioned trough. Despite recovering somewhat, the pair continues to look mostly bearish in the short term, something which is also supported by the negatively aligned Tenkan- and Kijun-sen lines. Notice though that the %K and %D lines of the stochastic oscillator have just recorded a bullish cross, which may constitute an early sign for gains in the very short term. [..]

Technical Analysis – EURCAD turns neutral to bullish after surpassing 1.5100

Posted on November 20, 2018 at 2:11 pm GMT

EURCAD broke to the upside of the falling trend line, however, it remains confined near the 23.6% Fibonacci retracement level of the downleg from 1.6150 to 1.4745, around 1.5075. The pair seems to be in a bullish correction mode as it jumped above 1.5100 and the technical indicators hold in positive territory. The stochastic oscillator is running into overbought zone, while the MACD jumped above the zero line. Another closing day above the 23.6% Fibonacci mark, could push the pair until the next resistance of 1.5140. A stronger [..]

Technical Analysis – AUDJPY challenges 23.6% Fibonacci mark; falls in downward sloping channel in long term

Posted on November 20, 2018 at 12:03 pm GMT

AUDJPY has reversed back down again after reaching resistance at the 83.00 handle, which coincides with the 50-week simple moving average (SMA). Momentum indicators are pointing to a neutral to bearish bias in the short-term. The MACD oscillator has slipped below the trigger line, indicating further losses and the RSI indicator is pointing down near the 50 region. Further losses should bring into focus the 20-day SMA at 81.30 at the time of writing, which coincides with the 23.6% Fibonacci retracement level of the downleg from 90.30 to [..]

Technical Analysis – GBPUSD retains sideways movement between 1.2690 – 1.3255

Posted on November 20, 2018 at 7:36 am GMT

GBPUSD remains under negative pressure as it declined below the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660, around 1.3065. Momentum indicators, signal that the market holds in a consolidation mode in the short-term as the RSI indicator is flattening below its threshold of 50, while the MACD oscillator stands below the trigger and zero lines with weak movement. A bounce up could see immediate resistance at the 20-day simple moving average (SMA), which hovers near the [..]

Technical Analysis – AUDCAD holds around 3-month high; penetrates above falling trend line

Posted on November 19, 2018 at 2:13 pm GMT

AUDCAD turned positive after its bullish rally above the descending trend line, which has been holding since March 14, recording a three-month high of 0.9653. In the short-term, the technical indicators are signaling for overstretched movement as they point down. The RSI indicator is trying to slip below its overbought territory, while the %K line of the stochastic oscillator is ready for a bearish cross with the %D line. On the downside, the area between the 38.2% Fibonacci retracement level [..]

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