Technical Analysis

Technical Analysis – USDJPY pauses decline but bearish trend remains

Posted on June 15, 2016 at 7:14 am GMT

In the big picture USDJPY is bearish as the pair has made lower lows and lower highs since falling from the June 2015 peak of 125.84 to 105.54. The market is below the 50, 100 and 200-day moving averages, which are all downward sloping, and thus supporting the bearish bias. In the near term, the market is expected to pause its decline as downward momentum has weakened and the RSI has stopped sloping down and has approached oversold levels. To [..]

Technical Analysis – Gold rally pauses but holds positive bias

Posted on June 14, 2016 at 10:08 am GMT

Gold has retraced almost 80% of the May decline from its year-to-date high of 1303.6 to 1199.64, finding resistance around the 78.6% Fibonacci level. Prices have rallied by around 7% from the May 30 low of 1199.64, shifting the near-term bias back to positive. Looking at the momentum indicators, RSI has dipped slightly downwards after today’s pause but remains firmly in positive territory. The MACD also suggests there is scope for further gains with the histogram rising back above 0 [..]

FX Daily Outlook| 14-06-16

Posted on June 14, 2016 at 9:04 am GMT

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Technical Analysis – GBPCHF falls to one-month low, turning increasingly bearish

Posted on June 14, 2016 at 7:52 am GMT

GBPCHF fell to the lowest level in a month on Tuesday to reach 1.3598. The market has retraced almost all of the recent bounce from 1.3413 to 1.4611 (April to May rise). After briefly breaching the 200-day moving average to peak at 1.4611 on May 26, prices fell back down. The fall below the 50-day and 50% Fibonacci at 1.4014 accelerated a decline and prices have now broken below the 78.6% Fibonacci level of 1.3672. The daily RSI is bearish [..]

Technical Analysis – GBPAUD turns bearish, dropping below moving averages

Posted on June 13, 2016 at 1:32 pm GMT

GBPAUD hit a one-month low of 1.9065 earlier today but has since rebounded back above the 61.8% Fibonacci level. The pair has now retraced just less than 61.8% of the April-May upleg from 1.8292 to 2.0533, dropping below the moving averages and shifting the bias to negative in the process. The 61.8% Fibonacci level at around 1.9145 is the immediate support area for prices. But holding above this support may prove difficult as RSI is fast approaching oversold levels and [..]

FX Daily Outlook| 13-06-16

Posted on June 13, 2016 at 9:37 am GMT

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Technical Analysis – GBPJPY falls to 3-year low, resumes downtrend

Posted on June 13, 2016 at 9:08 am GMT

GBPJPY has turned increasingly bearish after breaking below key support of 151.63. The pair touched a three-year low of 150.07 early on Monday. Momentum is bearish, as the daily RSI has fallen below 50 and is trending down. This suggests risk of further downside moves, and the market could see a resumption of the long term downtrend that started from 195.87 back in June 2015. The 50 and 200-day moving averages are negatively aligned and sloping down, which also support [..]

FX Daily Outlook| 10-06-16

Posted on June 10, 2016 at 9:37 am GMT

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Technical Analysis – USDJPY risk of further downside towards 106

Posted on June 10, 2016 at 7:32 am GMT

USDJPY has turned more bearish in the short term after breaking below a key level of 108.00 and after retracing more than half of the recent upleg from 105.54 to 111.44. The pair accelerated its decline after falling below the 50% Fibonacci of 108.49 a week ago. Prices are now pivoting the 78.6% Fibonacci at 106.81. Resistance lies in the area of the 61.8% Fibonacci at 107.80 and at the key 108.00 level. Above this the 50% Fibonacci is an [..]

Technical Analysis – NZDJPY breaks above channel and cloud top

Posted on June 9, 2016 at 1:31 pm GMT

NZDJPY jumped to a 6-week high of 76.28 earlier today, breaking above the Ichimoku cloud for the first time since April. Today’s sharp rally also pushed prices above the top of the upward trending regression channel that prices have been trading in for most of June. RSI is rising and has yet to reach overbought levels so there is scope for further gains in the near term. The MACD histogram turned positive after today’s gains, further supporting the strengthening bullish [..]

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