FX Daily Outlook| 19-12-16
Posted on December 19, 2016 at 10:16 am GMT[..]
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Technical Analysis – USDCAD turns bullish to target 1.35
Posted on December 19, 2016 at 9:17 am GMTUSDCAD turned bullish after rising from the key 1.3100 area. The pair’s decline from highs above 1.3500 soon found support just above the 200-day moving average. Following a brief dip below 1.3100, prices rose to a high of 1.3416 last week (December 15) but then USDCAD levelled off as the 50-day moving average acted as a barrier to further upside moves. Consolidation is expected in the near term as momentum has faded and the RSI has flattened around the 50-point [..]
FX Daily Outlook| 16-12-16
Posted on December 16, 2016 at 9:19 am GMT[..]
Technical Analysis – USDJPY maintains bullish structure with scope to target 120
Posted on December 16, 2016 at 9:05 am GMTUSDJPY maintains its bullish bias despite being in overbought conditions. Prices hit a more-than 10-month high of 118.65 on Thursday and are now consolidating in the 118 handle. RSI is above the 70-point threshold and is in overbought territory but the market doesn’t seem to have lost its upside momentum. There was a crossover of the 50-day moving average above the 200-day moving average earlier this month on December 5. This gave a bullish signal. There is scope to target [..]
FX Daily Outlook| 15-12-16
Posted on December 15, 2016 at 1:38 pm GMT[..]
Technical Analysis – EURUSD strengthens bearish bias after fall below 1.0500
Posted on December 15, 2016 at 8:35 am GMTEURUSD tumbled below the key 1.0500 level today to reach the lowest level this year. The pair touched a low of 1.0467 early in the Asian session, coming close to last year’s low of 1.0461. If the market falls below this level, it would be at the lowest level since March 2003. The overall market structure is bearish, and the falling moving averages highlight this fact. There was a bearish crossover of the 50-day moving average with the 200-day moving [..]
Technical Analysis – AUDJPY uptrend stalls at strong resistance level
Posted on December 14, 2016 at 2:07 pm GMTAUDJPY has strengthened the bullish bias after clearing the key 85.00 level this week. The pair reached a high of 86.60, the highest since March 31, 2016. The 86.60 level is considered to be a strong resistance level since it has been tested several times since Monday. Looking at the 4-hour chart, it is evident that prices are struggling in this area and have just been trading in a tight range just below this resistance level. However, the RSI on [..]
Technical Analysis – EURJPY finds resistance at 123 as positive momentum eases
Posted on December 14, 2016 at 1:12 pm GMTEURJPY has found resistance around the 123 level as it’s made several attempts since December 5 to break past this area, but has been unable to close higher than 122.87. The pair peaked at a 6-month high of 123.34 on December 8 and is currently hovering around 122.40, which is the 23.6% Fibonacci retracement level of the April-June downleg from 126.46 to 109.40. The positive momentum has been easing since Monday according to the 4-hour chart, with the stochastics moving [..]
FX Daily Outlook| 14-12-16
Posted on December 14, 2016 at 9:10 am GMT[..]
Technical Analysis – Gold in downtrend after bearish crossover of moving averages
Posted on December 14, 2016 at 8:47 am GMTGold maintains a bearish market structure. Prices have reached oversold territory and this is indicated by the daily RSI which is below the 30 threshold. The momentum indicator at such levels suggests that the market will consolidate or even bounce in the near term. Immediate support lies at 1151.21, which was the low on December 12 and the lowest in 10 months. Any upside moves will find resistance at the 1166 area which was previously support. A move higher from [..]
