forex

Technical Analysis – USDCHF momentum heads south with pair at 2-week low; medium-term outlook still bullish

Posted on November 19, 2018 at 11:16 am GMT

USDCHF recorded considerable losses after touching its highest since March 2017 of 1.0128 last Tuesday. Additionally, the pair hit a near two-week low of 0.9958 earlier on Monday and looks set to record its fifth straight day of declines. The short-term momentum turned to the downside as evidenced by the downward sloping RSI which entered bearish territory below 50. Immediate support to declines may be coming around 0.9952, the pair’s lowest since late October. Notice that the area around this was [..]

Technical Analysis – EURUSD extends recovery near 1.1400; bearish outlook still in place

Posted on November 19, 2018 at 7:42 am GMT

EURUSD had a bearish start on Monday, with the price developing near the crucial psychological level of 1.1400, after creating four consecutive green days in the previous week. The pair has also significantly increased its distance above its 20-day simple moving average (SMA) for the first time over the last two months, while the technical indicators seem to be neutral to bullish. The RSI indicator is moving sideways near the threshold of 50 and the MACD oscillator is strengthening its positive momentum above its trigger [..]

Technical Analysis – CADJPY struggles inside Bollinger Band levels; positive view in long-term

Posted on November 16, 2018 at 12:55 pm GMT

CADJPY is back in bullish mode in the daily timeframe over the last eight months that helped the market to head higher and peak at 89.25 on October 3. While the MACD suggests that the market could maintain the neutral movement near the zero line and the RSI moves slightly below the 50 level, as the price has failed to provide strong direction during the past month. Moreover, the Bollinger Band is squeezing indicating sideways movement. Should the price head lower, traders [..]

Technical Analysis – GBPJPY holds above 2-week trough; neutral in medium-term

Posted on November 16, 2018 at 9:47 am GMT

GBPJPY has declined considerably over yesterday’s trading session, diving to a two-week low near the 144.20 level. In the very short-term the price seems to be strongly negative, while in the daily chart the pair remains in a consolidation area over the last two months. The RSI indicator is flattening in the negative territory while the MACD oscillator holds in the bearish zone below the zero and trigger lines. Immediate support is coming from the 144.20 support level, which it reached on Thursday, while even lower [..]

Technical Analysis – USDCAD loses some ground in very short-term; upside structure holds in long-term

Posted on November 16, 2018 at 7:25 am GMT

USDCAD has been underperforming since yesterday, remaining below the four-month high of 1.3265. Currently, the price holds above the very short-term rising trend line, but in case of a penetration it would move even lower in the near term. Also, when looking at the bigger picture the pair has a clear upside trend after its rebound on the 1.2060 support level. Momentum indicators in the daily timeframe, are too weak to provide a sustained move higher as the RSI is sloping to [..]

Technical Analysis – CHFJPY bearish risks alive in short and medium term

Posted on November 15, 2018 at 4:13 pm GMT

CHFJPY lost significant ground after the spectacular rally towards the pair’s highest since February of 118.05, falling as low as 111.54. Even though it attempted to recoup losses early this month, the pair somewhat reentered bearish mode this week, with the RSI flagging further weakness ahead; the indicator is currently heading south in bearish territory below 50 -notice though that it does not maintain a steep negative slope. A leg lower could meet support from the area around 112.14, where the 200-day simple moving average (SMA) and the 61.8% Fibonacci retracement of the upleg [..]

Technical Analysis – NZDJPY around 5-month high; rally could be overstretched

Posted on November 15, 2018 at 2:59 pm GMT

NZDJPY is trading not far below Wednesday’s five-month high of 77.44. The pair has staged a remarkable recovery from early October’s low of 72.25, this being only marginally above September’s more than two-year nadir of 72.24. The Tenkan- and Kijun-sen lines are positively aligned, attesting to the bullish short-term bias that is in place. However, notice that the Chikou Span may be signaling an overextended rally, the implication being that a near term pullback could take place. The RSI, which [..]

Technical Analysis – GBPAUD moves sharply lower; touches 2 ½-month lows

Posted on November 15, 2018 at 9:55 am GMT

GBPAUD is currently printing fresh 2 ½-month lows, extending the downtrend off 1.8724 below the Ichimoku cloud and the 200-day (simple) moving average (MA). The short-term bias is still negative as the MACD continues to fluctuate in bearish territory and below its red signal line, with the red Tenkan-sen line adding further bearish signals as the indicator points strongly to the downside. Yet the RSI suggests that the pair is near oversold levels and hence an upside correction could be around the [..]

Technical Analysis – NZDUSD rallies to 4½-month high; positive sentiment in near term

Posted on November 15, 2018 at 9:20 am GMT

NZDUSD recorded a fresh four-and-a-half month high of 0.6821 on Thursday and is set to create the third bullish day in a row. The price surpassed the 61.8% Fibonacci retracement level of the downleg from 0.7060 to 0.6423, around 0.6818, suggesting that the bullish movement is strengthening in the near term. The RSI indicator entered the overbought zone with strong momentum, while the MACD oscillator is rising in the positive territory. If the bulls continue to have the upper hand, the price [..]

Technical Analysis – AUDJPY positive momentum weakens; medium term outlook looks mostly bullish

Posted on November 14, 2018 at 4:11 pm GMT

AUDJPY’s remarkable recovery after hitting a two-year nadir of 78.55 in late October lost some steam when the pair touched a near three-and-a-half-month high of 83.04 last week. The Tenkan- and Kijun-sen lines remain positively aligned in support of a bullish bias in the short-term, though the fact that the Kijun-sen has flatlined is an indication of weakening positive momentum. Immediate resistance to gains may come around 82.23, the 61.8% Fibonacci retracement level of the downleg from 84.52 to 78.55; [..]

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