Technical Analysis

Technical Analysis – EURUSD retains bullish outlook but tests critical 1.13 level

Posted on August 24, 2016 at 8:41 am GMT

The recent rise in EURUSD was rejected at highs of 1.1365 reached on August 18 and since then prices eased lower to test the key 1.1300 level. The upside move from 1.0951 (June 24 low) lost momentum as RSI reached near overbought levels around 70 and then turned back down. Immediate support lies at the August 22 low of 1.1270, which also coincides with the 23.6% Fibonacci level (retracement of 1.0951 to 1.1365). The medium term outlook for EURUSD is [..]

FX Daily Outlook| 23-08-16

Posted on August 23, 2016 at 9:51 am GMT

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Technical Analysis – NZDUSD bullish after breaking above 0.73

Posted on August 23, 2016 at 8:32 am GMT

The technical picture for NZDUSD has been bullish since the pair rose from early 2016 lows of 0.6346 to the 0.73 area in August. The 50 and 200-day moving averages are giving a bullish signal and the RSI is in bullish territory above 50. The medium term picture shows the market was in a range between key psychological levels of 0.7000 and 0.7300. Resistance at 0.7300 has been tested several times and today prices have broken above it again. Only [..]

FX Daily Outlook| 22-08-16

Posted on August 22, 2016 at 2:10 pm GMT

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Technical Analysis – GBPJPY fails to make headway despite upward momentum

Posted on August 22, 2016 at 2:08 pm GMT

GBPJPY remains stuck deep in bearish territory, having made only a very modest recovery from last Tuesday’s six-week low of 129.09. Prices are being capped by the 78.6% Fibonacci retracement level of the July 6-15 upleg from 128.75 to 143.22 at around 131.90. Although there’s been some upside momentum over the past week with the stochastics rising above 50, the gains have been limited and the MACD continues to indicate a bearish bias over the near term. Should the upside [..]

Technical Analysis – USDJPY downside pressure eases on move above 100

Posted on August 22, 2016 at 8:48 am GMT

In the bigger picture USDJPY remains in a downtrend but the downside has paused as the market remains above the key 100 yen level. This level at 100 acts as a major support level, which if it is broken, there is scope to retest the 2016 low of 98.96 reached on June 24. A further decline from this level would accelerate a move down towards a key psychological level at 97.00 where there previously was some congestion around this area [..]

FX Daily Outlook| 19-08-16

Posted on August 19, 2016 at 9:47 am GMT

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Technical Analysis – USDCAD pauses 9-day decline, remains bearish

Posted on August 19, 2016 at 9:42 am GMT

USDCAD was on a sharp downward trajectory since early August, falling from above $1.31 down to 1.2762 on Thursday. There was a reversal this morning but there are no clear signals yet if this move up can be sustained. The overall picture is quite bearish and RSI is below 50 in bearish territory. Also, the market is below the 200-day moving average (this support the bearish view). USDCAD was on the rise from the June low of 1.2653 to the [..]

Technical Analysis – AUDJPY neutral to bearish below 50-DMA

Posted on August 18, 2016 at 1:59 pm GMT

AUDJPY remained stuck below the 50-day moving average with today’s upside momentum proving too weak to drive stronger gains. The near-term bias is slightly bearish with the MACD just below zero. Further upside gains are likely to be weak as the stochastics %K line appears to be to flattening out after a shallow uptick. If prices are able to extend their gains, the 38.2% Fibonacci level will likely act as a resistance just above the 50-day moving average at 78.0. [..]