Technical Analysis

Technical Analysis – AUDUSD neutral between 50 and 200-day moving averages

Posted on September 20, 2016 at 7:41 am GMT

The big decline that took place from the 0.7700 area down below the 0.7500 level this month has ended with AUDUSD bouncing back up and now finding support at the 200-day moving average at 0.7475. With RSI rising, upside momentum could increase if it breaks above 50, giving scope for the market to extend gains. However, there is resistance at the 50-day moving average at 0.7580 which would likely be strong enough to cap any further advance. AUDUSD is expected [..]

Technical Analysis – Germany 30 Index looking neutral around 50-DMA; struggles to regain momentum

Posted on September 19, 2016 at 12:42 pm GMT

The German 30 cash index found support at the lower Bollinger band today just below 10300 but the rebound was not strong enough to take it back above the 50-day moving average after closing below it yesterday. The index has been hovering around the 50-day moving average for nearly a week now as the positive bias from the post-Brexit rally continues to wane after forming a double top. However, today’s bullish crossover of the stochastics suggests a near-term rebound may [..]

FX Daily Outlook| 19-09-16

Posted on September 19, 2016 at 8:44 am GMT

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Technical Analysis – USDJPY stays in range, capped by 50-day moving average

Posted on September 19, 2016 at 8:01 am GMT

USDJPY continues to trade in a range, thus keeping a neutral bias for the short term. After rebounding from the 100 yen area on August 26, the pair rose to briefly peak above the 104 yen level. It reached a high of 104.31 on September 2. Since then, the market has pulled back and is now pivoting the 50% Fibonacci retracement level (102.20) of the recent August to September rise. The RSI is flat and hugging the 50 level, which [..]

Technical Analysis – EURUSD neutral and stuck below key 1.1300 level

Posted on September 16, 2016 at 7:27 am GMT

For the past two weeks, EURUSD has been neutral but the underlying market structure is bullish in the medium term, as the pair rose from 1.0951 (July 25) to 1.1365 (August 18) and is now consolidating this move. Following a 50% retracement of this upleg, the pair found support at the 50-day and 200-day moving average (around 1.1130). Prices subsequently bounced higher but found strong resistance at the 23.6% Fibonacci retracement level at 1.1268. The near term bias is now [..]

FX Daily Outlook| 15-09-16

Posted on September 15, 2016 at 8:18 am GMT

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Technical Analysis – NZDUSD back below 0.73; overall bullish structure maintained in rising channel

Posted on September 15, 2016 at 7:32 am GMT

NZDUSD rallied to multi-month highs last week to hit 0.7484 after successfully breaking above a key resistance level at 0.7300. The pair was unable to sustain gains above this level and has fallen back below it. This level is now being tested and is acting as a resistance level again. Looking at the bigger picture, NZDUSD remains bound within an ascending channel thereby maintaining its year-long bullish market structure (uptrend since January low of 0.6346). A break below important support area [..]

FX Daily Outlook| 14-09-16

Posted on September 14, 2016 at 7:53 am GMT

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Technical Analysis – GBPJPY finds strong support at 50-day moving average; neutral near term bias

Posted on September 14, 2016 at 7:26 am GMT

GBPJPY maintains a neutral bias in the near term. The market has been consolidating after falling out of a rising channel and finding support at the 50-day moving average around the key 135.00 level. This is a strong support zone as it is also near the 38.2% Fibonacci retracement level of the upleg from the August 16 low of 129.07 to September 2 high of 138.82. If this support area is broken to the downside, there is scope for a [..]