Technical Analysis

US Open Note – Dollar back to gains despite calm day; euro steady

Posted on February 8, 2021 at 2:05 pm GMT

Dollar records some gains; US stocks at record highs In a quiet day, the major theme is the inflation expectations in the US that continue to rise. Treasury Secretary Yellen is asking for a larger stimulus package to bring the economy back to full employment. The dollar seems ready to resume its recovery. The US dollar index is moving marginally up, while dollar/yen is approaching the 105.70 level again, hitting the 200-day simple moving average (SMA). In the stock market, an index tracking global bourses met another all-time [..]

Technical Analysis – USDMXN bearish bias persists under 50-day moving average

Posted on February 22, 2017 at 11:15 am GMT

USDMXN weakness persists below the 50-day moving average. After consolidating just above support at 20.2007, the pair fell sharply below this level on Monday to reach a low of 19.9230. Since RSI is in bearish territory below 50, there is scope for further losses to target 19.5036, which is where the 200-day moving average currently lies. This 19.5036 level was tested as a resistance level back in October. A break of this support area would pressure USDMXN lower, towards 18.1518 [..]

Technical Analysis – EURAUD bearish in downward channel

Posted on February 20, 2017 at 10:15 am GMT

EURAUD was in a downward channel since late December January when prices fell from the peak of 1.4721. The market reached oversold levels, (as indicated by the RSI falling below 30), and touched a multi-month low of 1.3723 on February 15. Support was provided at this level and prices bounced higher. Only a move above resistance at 1.4090 (support turned resistance) would shift the bias to a neutral one. A break above the peak at 1.4721 would turn the outlook [..]

FX Daily Outlook | 17-02-17

Posted on February 17, 2017 at 10:16 am GMT

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Technical Analysis – EURGBP tests key resistance at 50-day moving average

Posted on February 17, 2017 at 9:17 am GMT

EURGBP has been neutral since mid-January and pivoting around the 50-day moving average and trading between 0.8455 and 0.8650. In the past week, the pair has been capped at the 50-day moving average, which is providing resistance at 0.8540. This is giving a bearish bias in the near-term, as long as the market remains below this resistance level. RSI is below 50, indicating further downside in EURGBP is possible. MACD is below zero, also giving a bearish signal. Given this, a deeper fall [..]

Technical Analysis – EURJPY neutral bias in short-term

Posted on February 16, 2017 at 8:00 am GMT

EURJPY maintains a neutral bias in the near term. The horizontal 50-day and 200-day moving averages are indicating that there is no trend in the market now. The RSI is flat, also suggesting no direction in the market. Since February 10, EURJPY has been trapped between 120.21 and 121.37, after falling to a low of 119.30 on February 8. Prices bounced back up from here but have since found strong resistance at 121.37. This level is defined by the 23.6% [..]

Technical Analysis – GBPUSD neutral medium-term, pivoting key 1.25 level

Posted on February 15, 2017 at 3:28 pm GMT

GBPUSD has been in a consolidation phase since the beginning of the year and has been pivoting around the key 1.2500 level. The medium-term neutral bias is also highlighted by the fact that the 200-day moving average has leveled off, indicating a lack of direction in the market. The 200-day moving average is acting as an important support level at 1.2390. A daily close below this would bring another key support level into view at 1.2346. This is where there is [..]

Technical Analysis – NZDUSD stalls decline above 200-day moving average

Posted on February 15, 2017 at 7:45 am GMT

NZDUSD has been declining to a near one-month low but has stalled its decline near the 200-day moving average. After rallying to a high of 0.7374 from 0.6860, the pair has retraced almost half of this upleg. The market is now trading below the 38.2% Fibonacci retracement level of this recent uptrend. This level at 0.7177 will now act as immediate resistance to the upside. Above this, the key psychological level at 0.7200 will act as another important resistance level [..]

Technical Analysis – USDCAD extends losses to approach critical 1.30 level

Posted on February 14, 2017 at 6:08 am GMT

USDCAD has been testing the 200-day moving average in the past three weeks. The immediate risk is to the downside, as RSI is trending down. The 50-day moving average is sloping down as well, suggesting the bias has shifted to the downside. The market is now approaching a critical area where important support levels are likely to be provided by the key 1.3000 level and the level at 1.3028, which is defined by the 50% Fibonacci retracement level of the [..]