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Technical Analysis

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Technical Analysis – EURUSD jumps to 1.1300 before reversing gains

Posted on November 9, 2016 at 9:34 am GMT

EURUSD surged early on Wednesday from around 1.1000 to 1.1300, its highest level in two months.  The rally was short-lived and the strong resistance level at 1.1300 was left in tact. Looking at the 4-hour chart, RSI rose to overbought levels above 70 and turned back down nearing 50. EURUSD reversed lower to break below the 1.1100 level. It remains to be seen now whether EURUSD can maintain its bullish move that took place from the October 25 low of [..]

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Technical Analysis – AUDUSD overall neutral bias; needs to remain above key 0.7700 level to keep bulls in play

Posted on November 8, 2016 at 8:58 am GMT

AUDUSD started trading today near Monday’s high of 0.7728 but fell during Asian trading to briefly dip below the key 0.7700 level. The pair has steadied above the 0.7700 level for now but it is an immediate support level which if breached would target next support of 0.7656 (Monday’s low). Below this level, next support lies at 0.7630. Clearing Monday’s high of 0.7728 could see further upside towards the October 20 high of 0.7733 and then the August high of [..]

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Technical Analysis – EURUSD reverses from 4-week high to drop below 1.11

Posted on November 7, 2016 at 8:57 am GMT

After a steady 2-week rally that took EURUSD above the key psychological 1.11 level, the pair tumbled sharply on Monday to touch a low of 1.1052 in the Asian trade. This was quite a big drop from Friday’s 4-week high of 1.1139. RSI has reversed its advance and is now close to the 50 line which demarcates bullish and bearish territory. A break below 50 would see momentum turn bearish and further downside is expected for the EURUSD. Looking at [..]

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Technical Analysis – EURGBP falls to key support but remains in range

Posted on November 4, 2016 at 8:33 am GMT

EURGBP saw strong selling pressure on Thursday as the recent 2-week rally lost steam and prices reversed back down from the 0.9048 high. RSI has turned down which also highlights the loss in the market’s upside momentum. The pair has reached a critical support area now and it maintains its trading range between important support at 0.8880 and resistance at 0.9050. EURGBP therefore is neutral for now but looking at the market structure since the end of August, the pair [..]

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Technical Analysis – USDJPY turns bearish, tests moving averages

Posted on November 3, 2016 at 8:32 am GMT

USDJPY has fallen to a critical level today. After a strong rally from near the key 100-yen psychological level, (September 22) the pair peaked at 105.52 on October 28. Since then the market reversed back down while RSI has dipped below 50, highlighting the bearish bias. Bearish sentiment is also confirmed by three consecutive days of posting lower lows and lower highs. The USDJPY pair has now retraced half of the September 22 – October 28 rise and is testing [..]

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