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Technical Analysis – GBPNZD’s nearly 2-month rally dries up ahead of May high

Posted on September 20, 2019 at 1:47 pm GMT

GBPNZD after a decisive push north on September 13, fell inches short of the May high of 2.0020, plotting a shooting star suggesting the bears have taken control. The pattern was followed by an engulfing candle, backed by the momentum indicators reflecting a possible top reversal. The Tenkan-sen and Kijun-sen lines have flattened, with the RSI in the overbought region, while the MACD currently deep in the positive area, has already turned down towards its red trigger line. Despite this, [..]

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Week ahead – RBNZ meets, but geopolitics may steal the show

Posted on September 20, 2019 at 1:13 pm GMT

The Reserve Bank of New Zealand (RBNZ) will be the sole major central bank that meets next week, but there’s a flood of economic data to keep traders busy – most importantly the euro area’s preliminary PMIs due on Monday. Beyond these, markets will also keep a close eye on the geopolitical arena as tensions in the Middle East continue to boil, and any serious escalation threatens to impact not only oil prices but global risk appetite too. European PMIs [..]

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Eurozone flash PMIs to hold steady, unlikely to knock euro out of range – Forex News Preview

Posted on September 20, 2019 at 1:12 pm GMT

The preliminary readings for the September PMIs are due out of the Eurozone on Monday at 08:00 GMT. The data will be closely watched as there have been some signs that business confidence has started to perk up lately, albeit only moderately. And with the European Central Bank unlikely to turn on the stimulus taps again anytime soon following its contentious decision to restart QE, the euro could easily be buoyed from further improvements in economic sentiment. Is a growth [..]

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Technical Analysis – GBPAUD spikes to 4-month high; additional gains could be limited

Posted on September 20, 2019 at 9:47 am GMT

GBPAUD stretched Thursday’s impressive rally to a four-month high of 1.8492 on Friday and is ready to close the week up by 1.7%. The RSI has also picked up steam and is currently pointing towards its 70 overbought mark, while the Stochastics have yet to confirm overbought conditions, suggesting that the bullish momentum is likely to stay in a limited time frame. On the way up, the bulls could take a break near the 1.8600 round-level – a congested area during the [..]

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Technical Analysis – EURNZD possibly forming triple top near 10-month high

Posted on September 20, 2019 at 9:40 am GMT

EURNZD is again attempting to overcome the 1.7590 resistance region tested multiple times over August. The bulls recent rally from 1.7000 is backed by the Tenkan-sen that has already distanced itself from the Kijun-sen, as well as the momentum oscillators reflecting a persisting positive picture. Furthermore, the 21-period simple moving average (SMA) has completed a bullish cross of the 100- and 200-period SMAs. That said, the 100-period SMA has approached the 200-period SMA, and looks to complete a bearish cross, thus traders need to be aware of a possible [..]

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Daily Market Comment – Pound jumps on Brexit deal hopes; dollar edges lower

Posted on September 20, 2019 at 8:29 am GMT

Pound surges on rising odds of a Brexit deal; Barnier-Barclay meeting eyed Dollar edges lower as other central banks hold steady, Treasuries slip Cautious optimism as US-China trade talks resume Oil spikes again after Saudi Arabia strikes Houthi targets in Yemen Pound continues to surge amid Brexit deal talk Hopes that the United Kingdom and the European Union may yet reach a deal on their divorce terms boosted the pound on Friday, taking the currency to 2½-month highs versus the [..]

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Technical Analysis – USDCAD bulls relax under 200-day SMA

Posted on September 20, 2019 at 7:24 am GMT

USDCAD bulls relaxed near the 200-day simple moving average (SMA) on Thursday, letting the price slip back into the 1.3200 handle. According to the RSI and the MACD, traders could behave neutral in the short-term as the former hovers around the 50 mark and the latter is showing little strength around its red signal line. Although the pair managed to inch above the 50% Fibonacci of the downleg from 1.3563 to 1.3015 this week, it could not close above it, [..]

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Technical Analysis – NZDUSD still bearish, but forming possible double bottom 

Posted on September 20, 2019 at 7:19 am GMT

NZDUSD bears are at the wheel and have steered the pair back on track with the medium-term negative picture. The price recovered on September 3, to hit a pothole at the 200-period simple moving average (SMA) on the four-hour chart, before the sellers reversed the price back down from the obstructing resistance of 0.6445. The 50-period SMA has turned back down to merge with the 100- and 200-period SMAs enduring negative outlook. The Tenkan-sen has completed a bearish cross and [..]

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Oil price retreat a relief for global economy; are more shocks on the way? – Commodity News

Posted on September 19, 2019 at 3:07 pm GMT

The world experienced its biggest oil price shock since the 1991 Gulf War this week after Saudi Arabian oil facilities came under fire from suspected Iranian drone and missile strikes on Saturday. The attack shut down about 50% of Saudi Arabia’s daily oil production, amounting to 5% of global supply, sending prices soaring by more than 20% in the immediate aftermath. But as the United States appears to be reluctant to engage in a military conflict with Iran and calm [..]

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Technical Analysis – EURJPY recovery starts to lose steam; 50-SMA holds strong

Posted on September 19, 2019 at 2:41 pm GMT

EURJPY bulls retook control bouncing off the 119.00 handle, which is the 23.6% Fibonacci retracement level of the up leg from 115.85 to 120.00 and where the restrictive 50-period simple moving average (SMA) also rests. The bears’ multiple attempts to breach below the 50-period SMA have been denied and the price seems to have started to adopt a sideways move. The 100- and 200-period SMAs are nearing a completion of a bullish cross, which supports the short-term developing bullish bias. [..]

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