Technical Analysis

Technical Analysis – NZDUSD maintains uptrend but facing downside pressure

Posted on July 18, 2016 at 9:35 am GMT

NZDUSD is facing downside pressure today as it moves below the center of the upward trending regression channel that it’s been trading in since January. The negative momentum in the near term is supported by the RSI which has fallen to just below 50. However, the %K line of the stochastic oscillator has fallen more rapidly, entering oversold territory. This suggests that prices may soon consolidate or reverse upwards. The nearest support is the 0.71 level followed by the 0.7070 [..]

FX Daily Outlook| 15-07-16

Posted on July 15, 2016 at 2:03 pm GMT

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Technical Analysis – GBPJPY short term bullish after rising above 140

Posted on July 15, 2016 at 7:35 am GMT

The short term bias for GBPJPY has turned bullish especially after prices broke above the key psychological level of 140.00. This level was previously acting as major resistance and has now turned into immediate support. RSI is rising and approaching 50. If it crosses over into bullish territory, this would strengthen upside momentum in the market and accelerate a rise in prices towards 144.37. This level is the 50% Fibonacci retracement of the drop from 160.08 to 128.75. In the [..]

Technical Analysis – WTI oil futures turn bearish below 50-DMA

Posted on July 14, 2016 at 9:16 am GMT

WTI oil futures continue to face downwards pressure today despite some upside moves during the day. RSI is flat below 50, while the MACD is trending down in negative territory. The near-term bias is therefore bearish as the futures go into a corrective phase following a strong rally in the first half of the year. Prices found support at 44.50 yesterday and this remains the immediate support level. A drop below this level would take prices towards the 38.2% Fibonacci level of [..]

FX Daily Outlook| 14-07-16

Posted on July 14, 2016 at 8:48 am GMT

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Technical Analysis – AUDUSD testing key 0.76 level, retains bullish bias

Posted on July 14, 2016 at 7:37 am GMT

AUDUSD is retesting the key 0.76 level this week with three successful daily closes above this. The 0.76 level that was previously resistance (tested in June) has now turned into a key support level. Next resistance lies at 0.7685, which is the 78.6% Fibonacci retracement of the downleg from 0.7833 to 0.7144. A break above this would open the way for a test of the April high of 0.7833 (the highest in a year). Alternatively, if support at 0.76 fails, [..]

FX Daily Outlook|13-07-16

Posted on July 13, 2016 at 8:43 am GMT

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Technical Analysis – EURGBP reverses upside move to test key 0.83 support

Posted on July 13, 2016 at 7:32 am GMT

EURGBP has been easing off the post-Brexit high of 0.8627, a near 3-year high. Prices have been steadily declining since then and are now testing a key psychological level at 0.83. This is an important support level which saw some congestion around this area right after the big move up following the Brexit vote. Upside momentum faded after the big rally and RSI reached overbought levels above 70. Consequently, the RSI indicator has turned back down, although still in bearish [..]

Technical Analysis – US 30 index futures bullish above cloud

Posted on July 12, 2016 at 12:40 pm GMT

The US 30 index futures has turned strongly bullish after recovering from the post-Brexit sell-off. Prices have risen sharply above the Ichimoku cloud and the tenkan-sen and kijun-sen lines are positively aligned. The momentum indicators are also supporting the bullish bias with the MACD turning positive again and the RSI rising towards 70. Further gains in the near term are possible as RSI has yet to cross into overbought territory. The index is trading not too far from its all-time [..]