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Technical Analysis

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Technical Analysis – NZDJPY struggles to gain ground past upper band of cloud

Posted on May 11, 2020 at 1:46 pm GMT

NZDJPY appears to have somewhat adopted a horizontal demeanour, something also reflected by the directionless Ichimoku lines. As positive momentum is barely present, price is finding difficulty in moving above the Ichimoku cloud’s upper band. Turning to the short-term oscillators, they too paint a picture of weak momentum. The MACD is marginally below its zero point and only just above its red signal line, while the RSI is turning flat slightly above its neutral mark. That said, traders need to [..]

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Technical Analysis – AUDUSD retreats after flirting with 7-week peak

Posted on May 11, 2020 at 1:29 pm GMT

AUDUSD penetrated to the downside the short-term rising trend line in the previous days, but advanced to meet it again before the bearish movement today. A trading range has been created after the touch again on the seven-week high of 0.6570 with lower boundary the 0.6378 barrier. The price is flirting with the 20-period simple moving average (SMA) ahead of the flat 40-period SMA, while the technical indicators are confirming the recent negative bias with the RSI approaching the 50 [..]

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Technical Analysis – US 500 index’s advances under pressure

Posted on May 11, 2020 at 9:36 am GMT

US 500 stock index (Cash)  is struggling to overcome the 2,935 level, that being the 61.8% Fibonacci retracement of the down leg from the all-time high of 3,396.64 until the 2,183.95 low, after acquiring some footing on the Ichimoku cloud’s upper band at 2,791. The positive tone of the Ichimoku lines and the short-term oscillators further back an advancing view. The MACD, in the positive section, is holding just above its red trigger line, while the RSI is creeping higher [..]

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Technical Analysis – USDJPY touches upper boundary of descending channel above 107.00

Posted on May 11, 2020 at 9:15 am GMT

USDJPY has reversed back up again, above 107.00, after finding support at the eight-week low of 105.95 achieved last week. The price is in the process of penetrating the downward sloping channel to the upside, shifting the bearish structure to neutral. The price is ready to touch the 23.6% Fibonacci retracement level of the down leg from 111.70 to 105.95 at 107.33 and the 107.50 resistance, remaining above the short-term simple moving averages (SMAs). Furthermore, the technical indicators are confirming this view with the RSI approaching [..]

Technical Analysis – Gold preserves positive composure

Posted on May 11, 2020 at 6:57 am GMT

Gold is trading around the mid-Bollinger band at 1,707 after fading for nearly a month from the multi-year high of 1,746.95. The precious metal seems to be lacking direction as it plots lower highs and higher lows. Yet, the technical oscillators and the upward slopes in the simple moving averages (SMAs) appear to support a neutral-to-bullish picture for now. The MACD, has remained in the positive section but is below its red signal line, while the RSI continues to hover [..]

Technical Analysis – EURUSD in a sidelines mode; SMAs act as strong resistances

Posted on May 11, 2020 at 6:48 am GMT

EURUSD has been on the sidelines since the end of March as it consolidates within a channel with an upper boundary at the 1.0985 resistance and a lower boundary at the 1.0770 support level. Currently, the pair is capped by the 40-day simple moving average (SMA) and the mid-level of the Bollinger band, which is the 20-day SMA. From a technical viewpoint, the MACD oscillator posted a positive divergence in the preceding sessions, with the market creating lower lows and the oscillator continuing its upside movement. This picture seems to be a [..]

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Technical Analysis – USDMXN completes pennant formation after aggressive rally

Posted on May 8, 2020 at 11:37 am GMT

USDMXN seems to be completing a pennant formation on the daily chart after skyrocketing by almost 30% to enter the 25.00 zone in March. The pattern is expected to signal the continuation of the positive trend if the bulls manage to close decisively above the upper trendline. In this case, traders could look for resistance near the 25.00 round level, while the 25.40 barrier, where the rally hit a wall in late March, will be closely watched before all eyes [..]

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Technical Analysis – NZDUSD exhibits tendency for further advances

Posted on May 8, 2020 at 11:00 am GMT

NZDUSD is extending price action above the 100- and 50-period simple moving averages (SMAs) after recently finding some traction at the 200-period SMA. Moreover, the slight incline in the SMAs backs the recent improvement in the pair. Turning to the short-term oscillators, they are suggesting that the price may continue to advance for now. The MACD is strengthening in the positive region above its red signal line, while the rising RSI approaches the 70 overbought mark. Moreover, the stochastic lines [..]

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Technical Analysis – GBPUSD creates ascending triangle in near-term; slightly bullish

Posted on May 8, 2020 at 10:14 am GMT

GBPUSD is in the process to creating an ascending triangle pattern with strong resistance the 1.2640 barrier and a rising trend line, which starts from the low on April 7. The pair rebounded on 1.2265 in the preceding sessions and is now flirting with the 20-period simple moving average (SMA) in the 4-hour chart. Turning to the technical indicators, the RSI has pulled back from the 50 level and returning lower, while the MACD keepS flattening below its zero line [..]

Technical Analysis – GBPJPY targets 132.00 to extend recovery

Posted on May 8, 2020 at 7:33 am GMT

GBPJPY is making a second attempt to jump back into the range of 135.73-132.00 after the drop to a five-week low of 130.63. The 132.00 level did not let the bulls pass on Thursday and should it stand firm once again, the price may reverse south to retest this week’s support of 130.63, where any violation may trigger a sharper decline towards the 128.00 number. Lower, the price could revisit the 2019 trough of 126.53 before meeting the 124.73-124.00 restrictive zone. Alternatively, if the pair [..]

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