Technical Analysis

Technical Analysis – USDJPY pauses short-term bounce, holds neutral bias

Posted on September 6, 2016 at 5:00 am GMT

The short-term rally off the key 100.00 yen support level in August was not sustained and USDJPY appears to have peaked at 104.31, which was hit on September 2. Prices are finding resistance at the downtrend line (upper downward channel line) and the near term bias has turned neutral. If trading is sustained above the 50-day moving average around 102.69 and if RSI remains above 50, this could help upside momentum bounce back. Prices would need to rise towards the [..]

FX Daily Outlook| 05-09-16

Posted on September 5, 2016 at 12:43 pm GMT

[..]

Technical Analysis – Gold remains supported above 1300; MACD warns of weakness ahead

Posted on September 5, 2016 at 5:04 am GMT

Gold staged a bullish rally all year, rising from the December lows of 1047 to reach a multi-year high of 1375 on July 11. The market appears to have peaked at this level and has made lower highs since then, although it remains above the key 1300 level, keeping the near term outlook neutral. This is a strong support level as it coincides with the 23.6 Fibonacci retracement level of the upleg from 1047 to 1375. However, prices have fallen [..]

Technical Analysis – NZDUSD uptrend capped at 0.73 resistance

Posted on September 2, 2016 at 5:08 am GMT

NZDUSD has been in an uptrend since early January 2016. Prices have been steadily rising from the January 20 low of 0.6346 and reached a new multi-month high of 0.7379 on August 26. The pair faces strong resistance at the key psychological level of 0.7300 as this level has been tested a few times. After breaking above it, prices quickly reversed back below it. In the near term, support is provided by another key psychological level at 0.7200. The overall [..]

Technical Analysis – EURJPY climbs to 1-month high on strengthening upside bias

Posted on September 1, 2016 at 2:29 pm GMT

EURJPY rose to a fresh one-month high today as the week-long rally showed no sign of abating. RSI continues to climb but has yet to reach overbought levels so there is scope for further gains in the near term. If the rally holds, prices are likely to find resistance at the 116 level which is also the bottom of the Ichimoku cloud. EURJPY has been stuck below the cloud since April and a break into it would help shift the [..]

FX Daily Outlook| 01-09-16

Posted on September 1, 2016 at 9:14 am GMT

[..]

Technical Analysis – USDCAD maintains short term bullish bias

Posted on September 1, 2016 at 5:26 am GMT

USDCAD maintains the bullish bias in the short term after bouncing from 1.2762 on August 18. Prices rose to a high of 1.3144 on Wednesday but have found resistance in this area.The market is also currently at an important psychological level at 1.3100, which is just below the 23.6% Fibonacci retracement level (1.3112) of the upleg from 1.2653 to 1.3252. (June 8 – July 27 rise). These levels act as barriers to the upside. The market’s upside momentum was quite [..]

FX Daily Outlook| 31-08-16

Posted on August 31, 2016 at 9:24 am GMT

[..]

Technical Analysis – Gold stuck near one-month lows on ongoing downward pressure

Posted on August 30, 2016 at 12:43 pm GMT

Gold prices moved back towards yesterday’s one-month low of 1314.80 as the rebound that came late on Monday faltered today. RSI has dipped back down again, moving further below 50, indicating increased downward pressure in the near term. Immediate support comes at around the 1315 area and further losses would take prices towards the 38.2% and 50% Fibonacci levels of the May-July upleg from 1199.64 to 1375. A drop below the 38.2% Fibonacci level at 1308 would be significant as [..]