Technical Analysis

Technical Analysis – NZDUSD capped at 0.73, neutral bias remains in medium term

Posted on August 11, 2016 at 7:27 am GMT

NZDUSD was on an upward trajectory from the January low of 0.6346 to the 0.7300 area in June where the upside momentum stalled. The pair will likely find strong resistance around 0.7300 and it remains to be seen whether the market can make a daily close above this key level. NZDUSD is trading sideways with major support at 0.6950 and prices capped just above 0.7300, keeping the medium term bias neutral. Only a daily close above today’s peak of 0.7338 [..]

Daily FX Outlook| 10-08-16

Posted on August 10, 2016 at 10:27 am GMT

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Technical Analysis – EURJPY remains bearish below cloud

Posted on August 10, 2016 at 9:28 am GMT

EURJPY has been unable to sustain its post-Brexit rebound that saw prices climb above 118 and has drifted lower again to the 112-113 region. The reversal of this uptrend has resulted in an increase in the bearish bias with the MACD trending back down again, while prices have pulled further away from the Ichimoku cloud. The nearest support can be found around 112.50, which has served as a previous support level. Below that, the June 24 low of 109.40 comes [..]

Daily FX Outlook| 09-08-16

Posted on August 9, 2016 at 10:17 am GMT

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Technical Analysis – AUDUSD back above 0.76 on strengthened bullish bias

Posted on August 9, 2016 at 9:16 am GMT

AUDUSD has been gaining increased upside momentum over the past two weeks, reclaiming the 0.76 handle in the process. Momentum indicators are bullish with RSI comfortably above 50, but with the stochastics stuck in overbought territory for much of the past week, it’s only a matter of time till prices see some correction or consolidation. If prices maintain their uptrend, resistance could come at around 0.7685, which is the 78.6% Fibonacci level of the April-May downleg from 0.7834 to 0.7144. [..]

Daily FX Outlook| 08-08-16

Posted on August 8, 2016 at 10:15 am GMT

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Technical Analysis – Gold struggling to hold above 1330 on increased downside pressure

Posted on August 8, 2016 at 9:32 am GMT

Gold prices extended Friday’s sharp losses today to hit an intra-day low at just above 1330. The commodity continues to face downward pressure with the stochastics trending down and falling below 50, while prices today slipped below the 20-day moving average. Further losses are therefore possible in the near term with support likely to come at around the 1325 area. Below that, the 50-day moving average comes into focus at 1310. A drop below the 50-day moving average would shift [..]

Daily FX Outlook| 05-08-16

Posted on August 5, 2016 at 9:03 am GMT

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Technical Analysis – EURUSD holds above 200dma but downside pressure exists

Posted on August 5, 2016 at 7:38 am GMT

The rally from 1.0951 to 1.1233 stopped dead at the 100-day moving average and prices turned back down. EURUSD is currently trading around 1.1140 in the early European session on Friday. Momentum weakened as the RSI reversed at 60 following a strong rise from below 50. The indicator is flat now around the 50 level which suggests prices will likely consolidate in the near term. But the stochastic is falling and is indicating there is downside pressure in the market. [..]

Technical Analysis – GBPJPY consolidates but bearish bias persists

Posted on August 4, 2016 at 10:04 am GMT

GBPJPY consolidated for a fourth day on Thursday as it stayed confined between the 50% and 61.8% Fibonacci levels. The 61.8% Fibonacci retracement level of the July upleg from 128.75 to 143.22 is providing immediate support at around 134.25, while the 50% Fibonacci level is the nearest resistance at 136. The momentum indicators remain in bearish territory with RSI flatlining below 50 but the stochastics could be about to break out of oversold level above 20 as the %K line [..]

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