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Technical Analysis – GBPJPY keeps flattening within bullish rectangle

Posted on November 21, 2019 at 8:23 am GMT

GBPJPY continues to bounce between the 140.70 and 139.40 boundaries, constructing a rectangle which looks to be a bullish formation as the pattern follows an uptrend started from the 3-year low of 126.53. The double bullish cross of the 20-day simple moving average (SMA) with the longer 50- and 200-day SMAs is another encouraging trend signal if sustained. In terms of momentum, the recent sideways move in the RSI, which continues to hold above its 50 neutral mark and the falling MACD, [..]

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Technical Analysis – NZDJPY consolidates around sturdy 50.0% Fibonacci resistance

Posted on November 20, 2019 at 4:07 pm GMT

NZDJPY is in the process of pushing above the 69.75 restrictive level – which is the 50.0% Fibonacci retracement of the down leg from 73.23 to 66.30 – a point within a range of 70.02 to 68.93, which buyers have struggled to overcome over the last month. The short-term oscillators reflect weakness in directional momentum but still lean slightly towards the positive picture, finding a minor backing from the bullish cross of the 100-day SMA by the 20-day one. The [..]

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Technical Analysis – GBPCAD breaches key resistance in effort to maintain bullish picture

Posted on November 20, 2019 at 2:14 pm GMT

GBPCAD is pushing above a key resistance of 1.7133 from the swing high from May 29. The ascent, which commenced on August 9, is aided by the progressing bullish cross of the 50-day simple moving average (SMA) and the improving positive momentum in the technical indicators. The short-term oscillators suggest that positive directional momentum is increasing as do the slopes of the 50- and 100-day SMAs. The MACD, in the positive zone, has moved back above its red trigger line, [..]

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Technical Analysis – AUDUSD remains bearish; 23.6% Fibonacci pauses sellers’ efforts

Posted on November 20, 2019 at 10:22 am GMT

AUDUSD, although looking bearish, has eased its descent, caught between the 100-day simple moving average (SMA) – located at the 0.6831 resistance – and the 0.6767 support. The latter is the 23.6% Fibonacci retracement of the down leg from 0.7081 to 0.6670, where the drop from the down trendline was previously halted. The short-term oscillators suggest that momentum has dried up but lean towards the negative view. The MACD has distanced itself below its red trigger line and has just [..]

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Daily Market Comment – Yen and gold creep higher on trade nerves; Fed minutes eyed

Posted on November 20, 2019 at 9:31 am GMT

Increased caution on US-China trade talks gives rise to safe-haven demand Hong Kong tensions cast cloud over trade progress as US Senate bill angers China Pound pressured after Johnson-Corbyn televised debate Mixed signals on trade talks put a lid on risk appetite Risk sentiment soured slightly on Wednesday as investors grew wary about the possibility of the United States and China striking a partial trade deal in the coming weeks. The renewed caution comes amid growing tensions between the two [..]

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Technical Analysis – NZDUSD stalls near familiar resistance area

Posted on November 20, 2019 at 8:28 am GMT

NZDUSD pulled below the familiar resistance level of 0.6435 but held within the 0.6400 area, with the momentum indicators pointing to a neutral short-term session as the RSI is heading towards its 50 mark and the MACD seems to be losing steam above its red signal line. A closing price under 0.6400, where the 20-day MA hovers at the moment, could pressure the price down to the 38.2% Fibonacci of 0.6378 of the upleg from 0.6239 to 0.6464. Beneath that, [..]

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Technical Analysis – CADJPY captured in a downward channel, stalls at 200-day MA

Posted on November 19, 2019 at 3:09 pm GMT

CADJPY, although in a downward channel, looks undecided resting on the 200-day simple moving average (SMA). Directional momentum has disappeared as reflected in the short-term oscillators with the MACD and RSI flat at their neutral marks. Further backing this picture and implying that the pair may adopt a short-term side move are the SMAs, which are converging, with the 50-day SMA already starting to turn flat like the 100- and 200-day SMAs, while the 20-day SMA heads lower towards them. [..]

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Fed minutes: Letting the economy run hot? – Forex News Preview

Posted on November 19, 2019 at 2:19 pm GMT

The next market-moving release for the dollar will be on Wednesday at 19:00 GMT, when the Fed releases the minutes of its latest meeting, where rates were cut again but the central bank signaled that it will pause its easing cycle. Back then, Chairman Powell hinted that the Fed may be willing to let the economy ‘run hot’, a confirmation of which in the upcoming minutes may hurt the dollar somewhat. That said, the currency’s broader outlook still seems positive. [..]

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Inflation and retail sales to guide loonie this week – Forex News Preview

Posted on November 19, 2019 at 1:41 pm GMT

The BoC chief, Stephen Poloz, left interest rates at 1.75% this month and at the highest among advanced economies, refraining to follow the dove camp that most of its major counterparts joined to countermeasure the negative spillovers from the US-China trade war. While higher rates keep Canadian bond yields relatively more attractive to investors, Canada’s heavy reliance on exports and commodity prices suggests that the economy could easily take a downturn if the US and China fail to find a [..]

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Technical Analysis – GBPUSD’s consolidation shows signs for a retest of recent high

Posted on November 19, 2019 at 9:46 am GMT

GBPUSD’s positive sentiment seems to be unbroken as the pair holds above the 200-day simple moving average (SMA), eyeing the fresh peak of 1.3011. The price bounced off previous peaks (now-turned-support) from June, repowering the positive signals of the MAs and the momentum indicators. The short-term oscillators suggest that positive momentum is improving. The MACD is still in the positive zone but below its red trigger line, looking to move back above it, while the RSI has risen close to [..]

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