Technical Analysis

Technical Analysis – AUDUSD neutral bias below 0.77

Posted on April 14, 2016 at 7:42 am GMT

AUDUSD has had a short term neutral bias in the last couple of weeks. The pair has been trading in a broad range of 0.7500 – 0.7700 since early March. After a decent rally from 0.6826 to a 9-month high of 0.7722, the market approached overbought levels (RSI reached 70) and consequently there was consolidation after this move. After several tests of the key 0.77 level, prices have failed to make a daily close above this level, which is acting [..]

FX daily Outlook|13-04-16

Posted on April 13, 2016 at 11:09 am GMT

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Technical Analysis – EURGBP rally stalls and reverses below 0.80

Posted on April 13, 2016 at 5:31 am GMT

EURGBP has staged a strong rally from the November 2015 lows of 0.6981 to rise in an ascending channel to reach a high of 0.8116 last week on April 7. Prices have since reversed lower after failing to close above a key level at 0.8091. This is the 61.8% Fibonacci retracement level of the downleg from 0.8813 to 0.6935 (February 2013 to July 2015 decline). This has acted as a strong resistance level that was tested a few times until [..]

Technical Analysis – NZDJPY bearish despite 3-day rally

Posted on April 12, 2016 at 1:42 pm GMT

NZDJPY looks set to achieve a third straight day of sharp gains, having rebounded from the April 4 low of 72.86 to an intra-day high of 74.96 today. RSI is trending up on the fresh upside momentum but has yet to cross above 50. The MACD also remains in negative territory and without further gains, the near-term bias will remain bearish. Prices found resistance just below 75 today but could yet break above the level if the upside momentum is [..]

FX Daily Outlook| 12-04-16

Posted on April 12, 2016 at 8:43 am GMT

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Technical Analysis – USDCAD bearish below key $1.30 level

Posted on April 12, 2016 at 7:16 am GMT

USDCAD continues to fall in a descending channel. The outlook remains bearish especially after prices fell below a key level on Monday, breaking below 1.3000 and $1.2900 to reach $1.2884. A daily close below $1.2900 could see a continuation of the bearish trend that started from the multi-year peak of 1.4689 in January (the highest in more than 12 years). RSI is below 50 in bearish territory, supporting the downside momentum. The 50-day moving average is falling sharply and approaching [..]

Technical Analysis – Gold at 3-week high on fresh upside momentum

Posted on April 11, 2016 at 1:25 pm GMT

Gold prices rose to the highest in three weeks on Monday, reaching 1254.14 on renewed upside momentum. Prices have eased from the 1-year high of 1283.42 set one month ago and technical indicators have weakened since. The weakened momentum is underlined by the tenkan-sen line moving below the kijun-sen line for the first time since December. However, last week’s gains have prevented the MACD from turning negative, helping sustain the positive bias for the near term. But with the stochastics [..]

FX Daily Outlook| 11-04-16

Posted on April 11, 2016 at 8:47 am GMT

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Technical Analysis – GBPJPY bearish at 2 ½ year low

Posted on April 11, 2016 at 8:20 am GMT

GBPJPY fell to its lowest level since August 2013 last week on Thursday, to reach 151.63. Prices have since stabilized and paused the decline as momentum reached oversold levels – RSI dipped just below 30. This suggests that there will be some consolidation and a possible pullback in the near term before heading lower. The technical picture looks bearish, with all three moving averages sloping down (50,100 and 200-day moving averages). Prices have been making lower highs and lower lows [..]