Technical Analysis

Technical Analysis – USDJPY stages strong rally but at risk of reversal

Posted on July 12, 2016 at 7:18 am GMT

USDJPY staged a strong rally on Monday from the 100 yen handle to eventually reach a high of 103.46 early on Tuesday. In the bigger picture though, the pair remains in a downtrend as prices have been making lower highs and lower lows since late 2015. The market remains below the 200 and 50-day moving averages, which support a bearish bias. A decisive daily close above 103.38 (July 1 high) is required to take immediate pressure off the downside with [..]

FX Daily Outlook| 11-07-16

Posted on July 11, 2016 at 9:31 am GMT

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Technical Analysis – GBPUSD neutral in short term, downside bias remains

Posted on July 11, 2016 at 4:52 am GMT

GBPUSD remains under pressure since its big drop from 1.50 over two weeks ago. While the bigger picture is bearish, the pair is looking more neutral in the short term and is consolidating around 1.2950 after touching its lowest level in over 30 years at 1.2794 last Thursday. RSI is in oversold territory just under 30, which suggests that the market will likely consolidate at current levels or even see a correction to the upside before resuming its downtrend. Downside [..]

FX Daily Outlook| 08-07-16

Posted on July 8, 2016 at 10:11 am GMT

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Technical Analysis – NZDJPY looking less bearish but remains pressured below 50-DMA

Posted on July 8, 2016 at 9:30 am GMT

NZDJPY moved higher for a second day on Friday but its gains were not strong enough to shift the bias to positive. RSI is trending up but remains below 0 and the MACD is also in negative territory, suggesting the near-term bias remains negative, though weakened. Prices have been trading in a downward sloping channel since the beginning of the year and there was resistance today at the center of the regression channel at around 73.40. Further upside moves could [..]

FX Daily Outlook| 07-07-16

Posted on July 7, 2016 at 9:47 am GMT

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Technical Analysis – USDCAD consolidates after halting downtrend

Posted on July 7, 2016 at 9:04 am GMT

USDCAD has been consolidating since early May after breaking out of the downward trending channel. The downleg from 1.4689 to 1.2460 took prices below the 200-day moving average but with the recent move sideways, the medium-term outlook is looking increasingly neutral. The near-term bias is also neutral with the MACD flattening out around 0. The 23.6% Fibonacci level of the January-May downtrend capped prices at around 1.2980 earlier today. This is also where the 100-day moving average is converging, while [..]

FX Daily Outlook| 06-07-16

Posted on July 6, 2016 at 10:02 am GMT

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Technical Analysis – EURUSD in bearish bias but maintains longer-term neutral outlook

Posted on July 6, 2016 at 9:21 am GMT

EURUSD lost the 1.11 handle again as prices reversed sharply yesterday, bringing to a halt the partial rebound from after the June 24 slump. The negative bias is supported by today’s bearish cross of the %K and %D lines of the stochastic oscillator. Before the sell-off started yesterday, prices had met resistance at around 1.1180, which is the 38.2% Fibonacci level of the May 3 – June 24 downleg from 1.1615 to 1.0910. There was further resistance today at the [..]