FX Daily Outlook| 30-05-16
Posted on May 30, 2016 at 9:16 am GMT[..]
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Technical Analysis – Gold at critical 1200 level after falling to 4-month low
Posted on May 30, 2016 at 8:33 am GMTGold fell to a four-month low on Monday and is testing a critical level at 1200. The precious metal dipped below 1200 early in the Asian session to 1199.59 for the first time since February, extending a decline from above 1300 at the beginning of May. Gold is now in its fourth week of decline, losing 7% since the 1303.58 peak, and is at risk of turning into a bearish trend. The commodity was in an uptrend since bouncing from [..]
FX Daily Outlook| 27-05-16
Posted on May 27, 2016 at 12:28 pm GMT[..]
Technical Analysis – EURUSD falls below 1.12 in downward channel
Posted on May 27, 2016 at 7:39 am GMTEURUSD has been falling in a descending channel since falling from the high of 1.1615. The pair broke below the key 1.12 level earlier this week. There was a strong bounce from 1.1128 but prices found resistance at 1.12. It is also near the 38.2% Fibonacci retracement level of the upleg from 1.0520 to 1.1615. This level lies at 1.1196. RSI is still in bearish territory below 50 and a significant shift in upside momentum would be needed to propel [..]
FX Daily Outlook| 26-05-16
Posted on May 26, 2016 at 8:38 am GMT[..]
Technical Analysis – GBPAUD bullish in ascending channel
Posted on May 26, 2016 at 7:44 am GMTGBPAUD remains bullish in an ascending channel on the daily chart. The pair broke above the 200-day moving average as well on Wednesday, which gives an indication of the probability of further advance. However it should be noted that the RSI has entered overbought territory above 70 which indicates there is risk of a pull back. But there is immediate support at the 61.8% Fibonacci level of the downleg from 2.1706 to 1.8292. This level lies at 2.0392. Downside moves [..]
FX Daily Outlook| 25-05-16
Posted on May 25, 2016 at 9:50 am GMT[..]
Technical Analysis – EURGBP looking increasingly bearish as it tests 0.76
Posted on May 25, 2016 at 9:41 am GMTEURGBP hit a near 4-month low of 0.7601 earlier today as momentum turns increasingly bearish for the pair. RSI has recovered slightly after hitting oversold level but the MACD chart points to further downwards pressure to come for EURGBP in the near term. Prices have retraced about 44% of the November-April upleg from 0.6982 to 0.8116 and further downside moves would take the pair towards the 50% Fibonacci level at 0.7550. A break below this level would threaten the longer-term [..]
Technical Analysis – EURJPY tests key Fibonacci level, downside pressure persists
Posted on May 25, 2016 at 7:37 am GMTEURJPY failed to sustain the break above the key 124 yen level. The correction from 121.47 (which was the lowest level since March 2013) was brief and prices reversed back down into the 122 handle. RSI is in bearish territory below 50, suggesting further downside risk. MACD also remains in bearish territory. Apart from resistance at 124.00, the market is being capped by the 50-day moving average. As long as prices remain below this, then downward pressure will likely persist, [..]
Technical Analysis – GBPJPY attempts to break above cloud
Posted on May 24, 2016 at 2:51 pm GMTGBPJPY reversed the previous day’s losses to rise sharply on Tuesday as it attempted to break above the Ichimoku cloud for the first time since December. The near-term bias is positive as RSI is trending up and with further scope for gains as it’s still below 70 (overbought level). If prices continue to head higher, there’s likely to be resistance from the 100-day moving average at around 161.40. A break above the 100-day moving average would strengthen the upside momentum. [..]
