Technical Analysis

Technical Analysis – EURUSD maintains short term bullish phase

Posted on August 18, 2016 at 7:04 am GMT

The break above the 100-day moving average earlier this week helped shift the bias to bullish in the short term. EURUSD maintains a positive outlook as prices rose above the key 1.1300 level this morning. A daily close above 1.1300 would open the way towards 1.1350. Strong resistance is expected at 1.1427, which is the June 24 high. But clearing this level would bring the May 3 high of 1.1615 into view. RSI is still rising and is well into [..]

Technical Analysis – USDCAD facing downside pressure

Posted on August 17, 2016 at 2:34 pm GMT

USDCAD hit a 7-week low of 1.2798 yesterday as the sell-off extended to a seventh day, but prices had recovered back above the 1.28 level today. RSI is heading up, supporting today’s rebound, but remains sharply below 50, suggesting the negative bias will likely persist in the near term. Immediate support comes at just below today’s intra-day low at 1.2845, which is also a historical support and resistance level. A bigger drop would take prices below the Ichimoku cloud, shifting [..]

FX Daily Outlook| 17-08-16

Posted on August 17, 2016 at 9:52 am GMT

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Technical Analysis – Oil bullish above 100-day moving average

Posted on August 17, 2016 at 7:20 am GMT

WTI oil has staged quite a strong rally from the August 2 low of 39.23 to the August 16 high of 46.71 but stopped just before the 61.8% Fibonacci retracement level at 46.88 (retracement of downleg from 51.65 to 39.23). The market maintains a short term bullish bias after breaking above the 100-day moving average. Immediate support lies at the 50% Fibonacci at 45.43. As long as prices remain above the 50% Fibonacci there is scope for a move higher. [..]

FX Daily Outlook| 16-08-16

Posted on August 16, 2016 at 10:08 am GMT

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Technical Analysis – GBPUSD strengthens bearish outlook after break below 1.29

Posted on August 16, 2016 at 5:12 am GMT

GBPUSD broke below a major support level of 1.2900 on Monday and had a daily close below it for the first time since July 7. This level will now act as immediate resistance. A move back above 1.2900 would extend the short term consolidation pattern (since early July). Downside pressure still remains as the RSI is trending down and is in bearish territory below 50. There is scope to retest the 31-year low of 1.2794 that was hit on July [..]

FX Daily Outlook| 12-08-16

Posted on August 12, 2016 at 10:10 am GMT

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Technical Analysis – USDJPY neutral short term; long term downtrend stalls above 100

Posted on August 12, 2016 at 7:50 am GMT

USDJPY has a neutral bias in the short term, with a range between 100.60 and 102.80. In the bigger picture, there is a long term downtrend that started from early this year when prices fell from 121.68 to reach a low of 98.96 in June. A break below the key psychological level of 100.00 would see the market resume this downtrend. Prices would need to clear the June high of 107.48 and target major resistance at 111.00 in order to [..]

Technical Analysis – Germany 30 Cash Index looking bullish at 2016 high

Posted on August 11, 2016 at 3:02 pm GMT

The Germany 30 cash index hit the highest level since December 2015 today as it extended its post-Brexit gains. The rally has taken prices above the 50- and 200-day moving averages and above the Ichimoku cloud. The tenkan-sen and kijun-sen lines are positively aligned and rising, and the positive momentum is further supported by the RSI holding close to the 70 level. Today’s intra-day peak of 10740.30 is the nearest resistance should prices attempt fresh yearly highs. Further gains could [..]