Technical Analysis

Technical Analysis – AUDUSD in neutral bias as it struggles to move past 0.75

Posted on December 13, 2016 at 11:15 am GMT

AUDUSD has made several attempts over the past week for a clear break above the 0.75 handle but has been unable to close above 0.7494. There is strong resistance in the area between 0.7488 and 0.75. The 0.7488 level is the 38.2% Fibonacci retracement level of the November downleg from 0.7777 to 0.7310. The near-term bias is neutral with RSI currently just below 50 at 49. Momentum has been gradually improving since November’s 5-month low of 0.7310 but RSI has [..]

FX Daily Outlook| 13-12-16

Posted on December 13, 2016 at 9:47 am GMT

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Technical Analysis – USDJPY pauses rally at 10-month high ; remains bullish

Posted on December 13, 2016 at 8:52 am GMT

USDJPY paused Monday’s strong rally and found resistance in the 116.00 area, which was previously a support level that was tested several times, going back from 2014, 2015 and early 2016. Prices hit a new 10-month high of 116.11 on Monday but struggled to rise any higher due to the technicals. The market has reached overbought levels as indicated by the RSI being above 70 – which is the overbought threshold. Therefore, a pullback or consolidation is expected in the market [..]

FX Daily Outlook| 12-12-16

Posted on December 12, 2016 at 9:44 am GMT

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Technical Analysis – USDCAD extends decline; short term bearish bias remains

Posted on December 12, 2016 at 9:12 am GMT

USDCAD extended its decline on Monday to touch a low of 1.3110, the lowest since October 20. The short-term bearish bias is still in place and this is highlighted by the falling RSI and MACD. Prices are heading towards the 200-day moving average which would likely act as support and restrict a further decline. This support level lies at 1.3074 and coincides with the 61.8% Fibonacci retracement level of the rise from 1.2762 to 1.3587. Below this, the key 1.3000 [..]

FX Daily Outlook| 09-12-16

Posted on December 9, 2016 at 11:43 am GMT

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Technical Analysis – EURUSD bearish below 1.09

Posted on December 9, 2016 at 8:49 am GMT

EURUSD regained the 1.06 handle today after a more than 1 percent drop on Thursday. The bias remains to the downside. Immediate support lies at 1.0600 and below this 1.0500 is another key support level. To the upside the 1.0700 level is a barrier. Above this 1.0850 is another resistance level. The 50-day moving average provided resistance on Thursday at 1.0873. Looking at the bigger picture, the structure is bearish and the market is below the moving averages. There was [..]

Technical Analysis – WTI oil futures remain on uptrend despite strong resistance around 52.00

Posted on December 8, 2016 at 1:46 pm GMT

WTI oil futures are looking bullish again in the near term following last week’s sharp gains. The MACD is back in positive territory and above the red signal line. Prices are also above the Ichimoku cloud and the moving averages, underlining the bullish picture. However, although prices reached a 17-month high of 52.38 on Monday, it is the third time since June that oil futures have met stiff resistance in the 51.50-52.50 zone. A sustained rise above 52.50 is needed [..]

FX Daily Outlook | 08-12-16

Posted on December 8, 2016 at 10:58 am GMT

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Technical Analysis – EURGBP looking bearish below cloud

Posted on December 8, 2016 at 9:53 am GMT

EURGBP has rallied 3% from the 4½-month low of 0.8304 it set on Monday, but despite the gains, the pair remain significantly below the Ichimoku cloud. Prices moved below the cloud and below the 50-day moving average in November, and the Tenkan-sen and Kijun-sen lines are negatively aligned, indicating a bearish bias in the near-term. RSI also points to negative momentum as it remains below 50 (although it has recovered from oversold levels). If prices resume their downtrend, immediate support [..]

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