forex

Technical Analysis – GBPUSD still runs higher finding resistance at 23.6% Fibonacci

Posted on November 6, 2018 at 7:32 am GMT

GBPUSD had an impressive bullish rally in the preceding week, while it continues the run, touching the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2690, near 1.3065, earlier today. Also, cable surpassed the 20- and 40-simple moving averages (SMAs) in the daily timeframe, confirming the recent upside movement. Momentum indicators are pointing to a positive bias in the short term with the RSI heading upwards above the threshold of 50 and the MACD strengthening its upside momentum in the [..]

RBA to stick to script as risks loom – Forex News Preview

Posted on November 5, 2018 at 2:01 pm GMT

The Reserve Bank of Australia will make an announcement on monetary policy on Tuesday at 0330 GMT and it is certain that policymakers will choose to keep interest rates at record lows for the 26th consecutive month. Some discomfort however is expected regarding recent weakness in economic data, while escalated global risks could be another reason to hold policy accommodative for now. Australian consumer prices grew by 1.9% year-on-year in the third quarter, in line with forecasts but below the 2.1% mark [..]

Technical Analysis – EURGBP opens with a gap down; approaches oversold area

Posted on November 5, 2018 at 8:03 am GMT

EURGBP opened with a gap down on Monday near one-month lows and is currently trying to restore its losses. Negative risks however remain in the background as the MACD increases momentum to the downside and below its red signal line. The RSI is also in bearish territory but is close to its 30 oversold threshold, hinting that an upside correction is possible. The latter is also supported by the Stochastics which are heading for a bullish cross below 20. Should the market stretch north, immediate resistance is expected [..]

Technical Analysis – GBPJPY climbs even higher; remains well above moving averages

Posted on November 2, 2018 at 9:45 am GMT

GBPJPY has reversed back up again after finding support at the 143.20 support level, achieved on Tuesday. Today, the pair reached a new 10-day high, continuing the sharp buying interest that started yesterday. Technical indicators seem to be strongly positive. The RSI stands in the overbought zone, while the MACD is strengthening its momentum above the trigger and zero lines. The next resistance would come from the 147.60 – 147.80 zone if the price creates a closing candle above the 61.8% Fibonacci retracement level of [..]

Technical Analysis – USDCAD tumbles near 23.6% Fibonacci; bearish in medium-term

Posted on November 2, 2018 at 6:56 am GMT

USDCAD had a deep fall on Thursday challenging again the 23.6% Fibonacci retracement level of its long way up from 1.2060 to 1.3385, around 1.3072. Currently, the pair remains slightly above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, but the risk is to the downside today as well. The technical picture supports that the range bound movement is likely to continue in the short-term. Looking at momentum indicators, the RSI is moving south and is approaching the neutral threshold of 50, [..]

Technical Analysis – EURAUD bearish as it touches 2-month low

Posted on November 1, 2018 at 3:54 pm GMT

EURAUD lost more than 500 pips after touching a more than three-year high on October 11. Earlier on Thursday, it hit a two-month low of 1.5821. The Tenkan- and Kijun-sen lines are negatively aligned in support of a bearish short-term bias; it should be kept in mind though that the Chikou Span may be signaling a market that is close to oversold. Steeper losses may meet immediate support around 1.5813, the 50% Fibonacci retracement level of the upleg from 1.5272 [..]

Technical Analysis – EURGBP momentum heads south; medium-term picture also looks bearish

Posted on November 1, 2018 at 1:53 pm GMT

EURGBP has moved considerably lower after touching a one-month high of 0.8939 on Tuesday. The pair is currently trading not far above a nine-day low of 0.8804 touched earlier on Thursday. The RSI turned lower over the past couple of days, entering bearish territory below 50; this is a sign of short-term momentum shifting to the downside. Also, the stochastics are projecting a bearish picture in the very short-term, as the %K line has moved below the slow %D one [..]

Technical Analysis – USDCHF takes the back seat after hitting 20-month highs

Posted on November 1, 2018 at 11:52 am GMT

USDCHF topped at 1.009 on Wednesday, at the highest since May 2017, but with the RSI in the four-hour chart fluctuating near its 70 overbought threshold in the past couple of days, chances for a downside reversal were high and thus the price pulled back today. The indicator is currently a shy above its 50-neutral mark, signalling that the market might consolidate in the coming sessions. Yet the MACD continues to weaken below its red signal line, suggesting that weakness [..]

Technical Analysis – NZDUSD eases a bit following sharp upside rally

Posted on November 1, 2018 at 11:42 am GMT

NZDUSD recorded a stunning rally over the last three sessions in the 4-hour chart, creating a new one-month high of 0.6615. Currently, though, the pair is on the backfoot and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI is moving marginally south after the bounce off the overbought levels, while the stochastic oscillator is showing signs for a potential retracement in price action. The Stochastics indicate that a pullback is not far off [..]

Technical Analysis – USDJPY slips lower after unlocking 3-week high

Posted on November 1, 2018 at 7:35 am GMT

USDJPY is losing some ground after the sharp jump in the previous days towards a three-week high of 113.40, reached on Wednesday. It’s noteworthy that the price successfully surpassed the 20- and 40-simple moving averages (SMAs) but created a bearish crossover in the daily timeframe, indicating a possible negative retracement. Zooming into the technical indicators, the RSI indicator is moving slightly to the downside in the positive territory, while the MACD oscillator climbed marginally above the trigger and zero line, suggesting weak momentum in the near [..]

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