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Technical Analysis

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Technical Analysis – NZDUSD stages strong rally to 1-year high

Posted on June 9, 2016 at 7:30 am GMT

NZDUSD staged a strong rally early on Thursday to reach a one-year high of 0.7146. The pair turned more bullish after clearing some important barriers. There was a daily close above the key 0.70 level on Wednesday. Prices also cleared the April 19 high of 0.7053 and the 0.7100 level. There is scope to target the next key level at 0.7200. The daily RSI is trending up but is entering overbought territory, which suggests that there could be some consolidation [..]

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Technical Analysis – USDCAD turns bearish after breaching 1.28 and 50MA

Posted on June 8, 2016 at 7:39 am GMT

USDCAD extended losses for a fourth day on Wednesday, further retracing the upleg from 1.2460 to 1.3187. The market is now testing the 61.8% Fibonacci retracement level at 1.2738. This is an important support level which if broken to the downside, would accelerate a further decline towards the key 1.2600 level. RSI is trending down and is in bearish territory below 50, suggesting there is risk of further downside. If the pair continues on its downside below 1.2600, there is [..]

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Technical Analysis – AUDJPY climbs above 80 in renewed upside momentum

Posted on June 7, 2016 at 1:53 pm GMT

AUDJPY has surged by almost 3% in the past two days to break above 80, helping it recover from fresh 4-month lows. However, despite the strong upside momentum, RSI has only barely reached 50 and the MACD is still in negative territory (although the signal line is in an ascending trend). Further gains in the near term are possible but the pair is already struggling to hold above the key resistance level of 80 and needs a strong break above [..]

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Technical Analysis – US oil neutral after rally to $50

Posted on June 7, 2016 at 7:41 am GMT

US oil futures have rallied sharply from the April low of 35.24 to reach a high of 50.19 on May 26. In the bigger picture the trend is bullish and the crossing of the 50-day moving average above the 200-day moving average supports this view. However, the short term outlook is neutral since prices have failed to break above the 50.19 high and the market has been consolidating gains in the past three weeks. RSI is in bullish territory but [..]

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Technical Analysis – AUDUSD gains capped by 100-DMA

Posted on June 6, 2016 at 9:46 am GMT

AUDUSD ended the week on Friday with a 2.5% gain but is being capped by the 100-day moving average after meeting resistance just below 0.7370. Momentum indicators are mixed with the stochastics continuing to rise, suggesting there is still some upside momentum despite today’s dip. However, further gains in the near term are likely to be limited as the %K line has already crossed into overbought territory. The MACD is still in negative territory, underlining the broader negative outlook for [..]

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Asian Session – Dollar stabilizes after NFP dip; pound slides on Brexit fears

Posted on June 6, 2016 at 8:21 am GMT

The US dollar stabilized in Asian trading on Monday following the sharp falls on Friday after the disappointing jobs data. Markets were shocked last week when US non-farm payrolls for May missed estimates by a large margin to grow by the slowest pace since 2010. The dollar fell to a one-month low of 106.36 against the yen, while the euro hit a three-week high of 1.1373 dollars. The greenback managed to come off its lows in late Asian session today [..]

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