Technical Analysis

Technical Analysis – GBPUSD capped by 200-DMA; bias still positive

Posted on June 22, 2016 at 10:22 am GMT

GBPUSD has been capped by the 200-day moving average and has been hovering around it since Monday following the 5% rally from last Thursday’s low of 1.4012. The pair has consistently met resistance at the 61.8% Fibonacci retracement level from the December to February downleg from 1.5239 to 1.3835. The positive momentum generated by the rally is holding, with RSI comfortably above 50 and the MACD histogram rising above 0. However, prices have consistently struggled to rise significantly above the [..]

Technical Analysis – AUDUSD jumps to 7-week high to test key 0.75 level

Posted on June 22, 2016 at 8:28 am GMT

AUDUSD briefly breached the key 0.75 level on Tuesday to hit a seven-week high of 0.7511. But prices failed to close above this resistance level and are trading below it early on Wednesday. The 0.75 level is also close to the 50% Fibonacci retracement level of the downleg from 0.7833 to 0.7144 (April to May decline) and lies at 0.7488. This Fibonacci level is a critical level and has been tested before recently with the same result of failing to [..]

FX Daily Outlook| 21-06-16

Posted on June 21, 2016 at 11:50 am GMT

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Technical Analysis – GBPAUD breaks above 50-day moving average

Posted on June 21, 2016 at 9:27 am GMT

GBPAUD jumped to a 2-week on Monday to reach 1.9732 after a successful break above the 50-day moving average which was previously acting as resistance. Prices also rose above the 50% Fibonacci retracement level of the rise from 1.8292 to 2.0533. This level lies at 1.9408. The market is now testing the 38.2% Fibonacci level at 1.9672. The daily momentum shows potential for more upside as the RSI has popped above the 50 level into bullish territory. A successful daily [..]

Technical Analysis – EURUSD jumps higher, retraces half of recent downtrend

Posted on June 20, 2016 at 9:14 am GMT

EURUSD jumped sharply on Monday to test the 50% Fibonacci level of the May downleg from 1.1615 to 1.1097, which is at 1.1354. The market rebounded from a low of 1.1130 touched last week to rise above the short-term descending trend-line. With upside momentum gaining, (RSI has popped above 50), there is scope for prices to rise further towards the 61.8% Fibonacci at 1.1417. A successful break above this level could see the pair retest the May high of 1.1615 [..]

FX Daily Outlook| 17-06-16

Posted on June 17, 2016 at 11:50 am GMT

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Technical Analysis – AUDUSD neutral bias after finding resistance at 0.75

Posted on June 17, 2016 at 7:21 am GMT

AUDUSD attempted to retrace half of the downleg from 0.7833 to 0.7144, only to find strong resistance at the key psychological 0.7500 level last week. This level is also close to the 50% Fibonacci of the slide from April to May. Support is being provided by the 0.7300 level, close to the 23.6% Fibonacci. In the short term AUDUSD has a neutral bias, with the pair trading sideways just below the 38.2% Fibonacci of 0.7408. The recent upside momentum has [..]

FX Daily Outlook| 16-06-16

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

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Technical Analysis – EURJPY tumbles to fresh 3-year low, tests 117

Posted on June 16, 2016 at 7:24 am GMT

EUR/JPY dropped to a new three-year low of 116.95 this morning. The long term trend has been clearly bearish since a year ago when prices started falling from the June 2015 peak of 141.04. The technicals are supporting a bearish bias as the 50-day moving average is below the 200-day moving average and both lines are falling. MACD is below zero in bearish territory. Currently the pair is testing the key 117.00 level. If there is a daily close below [..]