Technical Analysis

Technical Analysis – AUDUSD pauses recent bullish trend, drops below 0.77

Posted on April 27, 2016 at 7:28 am GMT

AUDUSD is seeing a shift from the recent bullish bias after breaking below the key 0.77 level this morning. The pair staged a strong rally from the January low of 0.6826 to the April high of 0.7833. Prices are now targeting another key level at 0.7600. This also happens to be the 23.6% Fibonacci retracement level of the upleg from 0.6826 to 0.7833. If this support fails, the next target support level would be the key 0.7500 level. If the [..]

Technical Analysis – USDJPY finds resistance at 50-DMA

Posted on April 26, 2016 at 9:15 am GMT

USDJPY rallied to a three-week high of 111.86 yen on Monday but the pair’s gains were capped by the 50-day moving average. Prices have eased back below the 111 level today as the upside momentum fades. RSI is trending down but remains above 50, suggesting some positive momentum still in place. The MACD however points to ongoing downward bias for the pair, which is unlikely to shift to positive without a stronger rally. The broader negative outlook is underlined by [..]

FX Daily Outlook| 26-04-16

Posted on April 26, 2016 at 8:48 am GMT

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Technical Analysis – GBPUSD gains upside momentum to reach 2-month high

Posted on April 26, 2016 at 7:28 am GMT

GBPUSD has turned more bullish in the short term after rising to a two-month high of 1.4518 on Monday and is currently consolidating gains at this level. This area is the upper end of the range the pair has been trading in since early March. Prices moved above the daily Ichimoku cloud a week ago and the tenkan-sen line has crossed above the kijun-sen line, giving a bullish signal. Other technical indicators have turned bullish also, such as the RSI [..]

FX Daily Outlook|25-04-16

Posted on April 25, 2016 at 8:21 am GMT

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Technical Analysis – EURUSD turns more bearish after drop from 6-month high

Posted on April 25, 2016 at 8:03 am GMT

EURUSD has turned increasingly bearish in the short term after falling below the 21-day moving average and below the key 1.13 level last week. The pair has made another lower high after falling from the 6-month high of 1.1463 that was hit on April 12. This was when RSI reached overbought levels at 70 and then turned back down as upside momentum faded and consequently prices fell. RSI is currently below 50 in bearish territory and trending down, suggesting the [..]

FX Daily Outlook| 22-04-16

Posted on April 22, 2016 at 9:47 am GMT

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Technical Analysis – EURGBP falls out of rising channel, support at 50-dma

Posted on April 22, 2016 at 9:25 am GMT

EURGBP has fallen out of a 5-month rising channel and found support at the 50-day moving average and at the 23.6% Fibonacci level around 0.7850. This retracement level is of the upleg from 0.6981 to 0.8116. (November to April rise). After reaching the high of 0.8116, (the highest since June 2014), there was a subsequent correction in the market since RSI reached overbought levels at 70. The RSI indicator has dipped below 50 into bearish territory suggesting the risk of [..]

FX Daily Outlook| 21-04-16

Posted on April 21, 2016 at 9:21 am GMT

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Technical Analysis – EURJPY gains capped at 124.00

Posted on April 21, 2016 at 7:23 am GMT

EURJPY touched a 3-year low this week at 121.70 after making lower lows and lower highs since mid-2015. Prices then bounced to test the key 124.00 level. But the upside momentum lost steam as this has proven to be a strong resistance level and has been so during the past three days. RSI barely even reached 50 and currently still remains in bearish territory. Other technicals are highlighting the bearish market structure. All three moving averages are falling (50, 100 [..]

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