forex

Technical Analysis – EURUSD on a slippery slope; bears break the 1.1300 bottom

Posted on November 12, 2018 at 7:57 am GMT

EURUSD had a bearish start on Monday, with the price breaking a crucial support at 1.1300 to drop towards 1.1267, the lowest since June 2017. The pair has also increased distance below its negatively sloped moving average lines and the Ichimoku cloud, indicating that the recent downtrend might hold for longer. Momentum signals are bearish as well as the red Tenkan-sen line, which is below the blue kijun-sen line, looks to be heading south, while the RSI has reversed lower [..]

Technical Analysis – USDCAD tries to jump even higher; bullish in long-term

Posted on November 9, 2018 at 7:06 am GMT

USDCAD is challenging the 1.3170 resistance level after it failed several times to close below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385, around 1.3072. According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped above its neutral threshold of 50, while the MACD oscillator is ready to post a bullish crossover with its trigger line in the daily chart. In case of a significant leg above the 1.3170 [..]

Technical Analysis – AUDJPY bullish at 3-month high; medium term outlook also turns positive

Posted on November 8, 2018 at 11:23 am GMT

AUDJPY staged a remarkable comeback after hitting a two-year nadir of 78.55 in late October. The pair currently trades more than 400 pips above the aforementioned low, while it rose to a three-month high of 82.95 earlier on Thursday. The Tenkan- and Kijun-sen lines are positively aligned in support of a positive short-term bias. The RSI, which continues to rise in bullish territory, also lends credence to the bullish view. At marginally above 70 though, the indicator has entered overbought [..]

Technical Analysis – NZDUSD hovers below 3-month high; bullish correction in short-term

Posted on November 8, 2018 at 9:26 am GMT

NZDUSD has been in a flying mode over the last six days after the rebound on the 0.6505 support level. The rally brought the price even higher, creating a strong upside correction mode, reaching a new three-month high around the 61.8% Fibonacci retracement level of the downleg from 0.7060 to 0.6423, at 0.6812. Looking at 4-hour oscillators though, there are signs that the latest rebound may be over, and a bearish move is possible. The RSI turned marginally down after it reached [..]

Technical Analysis – USDJPY bulls still alive as it extends gains to one-month high

Posted on November 8, 2018 at 7:33 am GMT

USDJPY continues to rise above the 113.40 key level and is set to complete the fifth bullish day in a row today, stretching its upward tendency to a fresh high. According to the MACD oscillator, positive momentum could push for further gains in the short-term as the indicator picks up steam above its trigger line. The RSI is also advancing in the positive territory. The 20- and 40-simple moving averages (SMAs) are sloping up, following the price action. In the [..]

Technical Analysis – USDCHF hits 2-week low; remains bullish in medium term

Posted on November 7, 2018 at 2:41 pm GMT

USDCHF extended Tuesday’s losses and is currently trading not far above a two-week low of 0.9952 hit earlier on Wednesday. The RSI turned lower after entering overbought territory above 70. At the moment, it continues to head lower in support of a negative short-term picture. The bias in the very-short-term also looks bearish as indicated by the stochastics: the %K and %D lines are negatively aligned and are both moving further down. Further declines may meet support around 0.9925, this [..]

Technical Analysis – GBPAUD halts downslide, turns neutral in short term

Posted on November 7, 2018 at 11:42 am GMT

GBPAUD has steadied after dropping to an 8-week low of 1.7860 October 30. The pair rebounded to a one-week high of 1.8147 yesterday but is being capped by the long-term ascending trend line, which has been serving as both support and resistance ever since prices first dipped below it in August. A break above this resistance shouldn’t be ruled out in the near term as the stochastic oscillator suggests the positive momentum hasn’t receded completely, with both the %K and [..]

Technical Analysis – EURJPY on the up after rebound on 126.60

Posted on November 7, 2018 at 9:56 am GMT

EURJPY has jumped considerably following the rebound on the two-month low of 126.60, hitting a new two-week high of 129.88 earlier today. The technical indicators are confirming the recent upside movement. The RSI is ready to jump into the overbought zone, while the MACD surpassed the trigger line in the bullish zone. If prices are able to continue to move higher and overcomes 50.0% Fibonacci retracement level of the downleg from 133.10 to 126.60, around 129.86, the next resistance for traders to [..]

Technical Analysis – AUDUSD remains above long-term falling trend line; indicators suggest bullish correction mode

Posted on November 7, 2018 at 7:34 am GMT

AUDUSD recorded a stunning rally last week, surpassing the long-term descending trend line. Earlier today, the pair reached a fresh six-week high of 0.7271 but returned quickly near its opening level. The price has almost violated the fall off 0.7314 turning somewhat neutral, with the technical indicators suggesting further upside to folllow up. Looking at the daily timeframe, the stochastic oscillator entered the overbought zone with strong momentum and the MACD oscillator jumped above its trigger and zero line. Moreover, the simple moving averages (SMAs) [..]

Technical Analysis – EURUSD posts double bottom formation at 1.1300

Posted on November 6, 2018 at 1:57 pm GMT

EURUSD re-challenged the 14-month low of the 1.1300 strong psychological level in the previous week, creating a double bottom formation. The price rebounded on it, heading north towards the 50.0% Fibonacci retracement level of the upleg from 1.0340 to 1.2550, which overlaps with the 20-day simple moving average (SMA) at 1.1447. The RSI indicator is approaching the threshold of 50 with strong momentum, while the MACD oscillator stands above its trigger line in the negative zone. Immediate resistance to focus on is [..]

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