forex

Technical Analysis – AUDJPY upward attempt capped by 50-day MA, loses momentum

Posted on October 31, 2018 at 4:02 pm GMT

AUDJPY made a strong upward push yesterday, gaining by 1.25% and lifting the RSI into positive territory. However, further advances are being blocked by the 50-day moving average (MA), resulting in a strong resistance being formed just below it around 80.35. The RSI is sloping downwards today, suggesting an easing of yesterday’s strong upside momentum. Should the pair manage to break above the 50-day MA, the next resistance would likely come at the 50% Fibonacci retracement of the downleg from [..]

Technical Analysis – EURJPY turns slightly positive in short-term but stuck below downtrend line

Posted on October 31, 2018 at 12:31 pm GMT

EURJPY has moved considerably higher following the rebound on the two-month low of 126.60 in the previous week. This week the pair has been higher, and the technical indicators are confirming the recent upside movement. The stochastic oscillator jumped into the overbought zone, while the MACD entered the positive territory with weak momentum. If prices are able to continue to move higher the next resistance for traders to watch is the 38.2% Fibonacci retracement level of the downleg from 133.10 to 126.60, [..]

Technical Analysis – GBPUSD has been in rally mode after surpassing 23.6% Fibonacci

Posted on September 18, 2018 at 6:34 am GMT

GBPUSD recorded a stunning rally after it jumped above the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660, around 1.3066, posting a fresh seven-week high of 1.3169. The buying interest following the rebound on the 1.2660 support level has shifted the bearish outlook to a neutral one. However, the 20-day simple moving average (SMA) created a bullish crossover with the 40-day SMA in the near-term, indicating a continuation of the upside correction move. The momentum indicators are supportive of [..]

Technical Analysis – EURUSD stays neutral; inverse head and shoulders pattern in progress in medium term

Posted on September 17, 2018 at 8:14 am GMT

EURUSD has declined considerably after touching the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2550, near 1.1708. The pair remains neutral since the end of August, trading between 1.1530- 1.1720. In the short-term, consolidation is likely to stay in place as the RSI continues to move around its 50 neutral level and the MACD flattened around zero and its red trigger line. However, the 20-day simple moving average (SMA) posted a bullish cross with the 40-day SMA, indicating possible gains. [..]

Technical Analysis – EURAUD eases slightly after printing 3-year high

Posted on September 14, 2018 at 8:59 am GMT

EURAUD recorded a stunning rally over the last five weeks, while on Tuesday it completed a fresh three-year high of 1.6350. This week, 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 MACD is currently increasing negative momentum as it falls towards its trigger line, hinting that the next move in prices could be on the downside rather than on the upside. The bearish signals are even stronger [..]

Technical Analysis – USDCAD turns flat in short term after dramatic slump; remains in bearish correction

Posted on September 14, 2018 at 6:28 am GMT

USDCAD has reversed to the downside this week, recording sharp losses following the bounce off the 1.3230 resistance level. Moreover, the pair plunged below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385 of 1.3072, and the 20- and 40-simple moving averages (SMAs) in the daily timeframe. However, since yesterday, the pair remains flat. Momentum indicators are currently supporting that negative momentum is likely to strengthen in the short-term. Specifically, the stochastic oscillator is still holding in the [..]

Technical Analysis – GBPJPY posts 6-week high, increasingly challenges bearish medium-term picture

Posted on September 13, 2018 at 1:57 pm GMT

GBPJPY staged a spectacular comeback after falling to its lowest since August 2017 of 139.88 in mid-August. The pair is currently trading more than 600 pips above the aforementioned nadir, having risen to a six-week high of 146.19 earlier on Thursday. The RSI continues heading higher, serving as a testament of the bullish momentum in the short term. A more conclusive break above the current level of the 100-day moving average line at 145.79 could meet immediate resistance around the [..]

Technical Analysis – GBPCAD downside prevails but SMAs point up

Posted on September 13, 2018 at 12:46 pm GMT

GBPCAD has lost its positive momentum after the bounce off the medium-term descending trend line at 1.7185 on Monday. In the short-term, the market could retain the bearish structure as the MACD is flattening above the zero and trigger lines, while the stochastic oscillator is moving lower. Despite those signs, the 20-day simple moving average (SMA) is ready to cross to the upside of the 40-day SMA in the next few sessions in case of a bullish movement. Should the pair stretch south [..]

Technical Analysis – AUDJPY touches one-week high, continues to look bearish in the medium-term

Posted on September 13, 2018 at 10:23 am GMT

AUDJPY is rising for the fourth straight day, further distancing itself from last week’s near two-year nadir of 78.67. Earlier on Thursday, it hit a one-week high of 80.20. The RSI has turned higher after coming close to oversold levels, signaling a shift in momentum to the upside. The stochastics are also projecting a bullish picture in the very short-term: the %K line has moved above the slow %D one and both lines are moving sharply higher. Should the pair [..]

Technical Analysis – NZDUSD rises above SMAs following rebound on 0.6500

Posted on September 13, 2018 at 8:42 am GMT

NZDUSD has finally reversed slightly to the upside in the short term following the rebound on the more than two-and-a-half-year low of 0.6500 on Monday. Momentum indicators in the 4-hour chart though are currently supporting that positive momentum is likely to strengthen. Specifically, the MACD is picking up speed near zero line and the RSI continues to hold above the threshold of 50. Should the price decisively close above the 0.6570 resistance level, bulls could extend the current bullish sentiment towards the 0.6615, reached [..]

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