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Loonie left behind in risk rally, can jobs data help? – Forex News Preview

Posted on July 8, 2020 at 2:01 pm GMT

The Canadian dollar has underperformed other G10 commodity currencies lately, eating the dust of the aussie and the kiwi since markets bottomed in March, despite a powerful rally in oil prices. This might reflect uncertainties emanating from the US, which Canada’s economy is highly exposed to, and the threat of new tariffs. The upcoming jobs data at 12:30 GMT Friday could finally bring some good news, though the loonie’s broader direction in the coming weeks will depend mostly on risk [..]

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Technical Analysis – GBPJPY optimistic as fresh gains unfold

Posted on July 8, 2020 at 1:41 pm GMT

GBPJPY in spite of the latest pullback has managed to keep its bullish tone. The surge from the 131.93 low has held a positive trend climbing above the simple moving averages (SMAs). Additionally, the rising Ichimoku lines and the cloud promote extra gains. The short-term oscillators also suggest growing positive momentum. The MACD, in the positive region, is holding above its red trigger line and seems like it may appreciate further. The RSI is increasing in bullish territory and may [..]

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Technical Analysis – NZDUSD retests 4-month peak, creating double top

Posted on July 8, 2020 at 1:28 pm GMT

NZDUSD touched the four-month peak of 0.6580 for the second time over the last month. The momentum indicators, though, are currently suggesting that the buying interest may have topped, and the pair may be regain positive momentum. The RSI and the MACD are pointing slightly down, and from the Ichimoku indicators, the red Tenkan-sen line has also paused its upside move. A closing price above 0.6580 could boost buying interest and confirm additional gains towards the 0.6665 resistance. Higher still, the 0.6750 barrier, registered on December 2019 [..]

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Technical Analysis – USDJPY remains in horizontal trajectory; directional signals weak

Posted on July 8, 2020 at 7:47 am GMT

USDJPY’s fixed course continues to edge sideways below the steady 200-day simple moving average (SMA), squeezed by the upper and mid-Bollinger bands. The convergence in the 50- and 100-day SMAs and their flattening tone suggest that the current path may endure a while longer. Looking at the short-term oscillators, directional momentum is non-existent. The MACD is at its zero mark barely above its red signal line, while the RSI is marginally hovering above the 50 threshold. In the positive scenario, [..]

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Technical Analysis – EURGBP closes below trendline; bearish bias still weak

Posted on July 8, 2020 at 7:39 am GMT

EURGBP slipped below the 20-day simple moving average (SMA) on Tuesday and closed marginally below the ascending trendline that has been strictly supporting the market since the sharp rebound in mid-February. Another negative close below that line could strengthen warnings that the weakness in the price may persist, confirming the somewhat discouraging signal the falling RSI is currently providing. To the downside, the 50-day SMA and the lower Bollinger band, both around 0.8930, may prove to be game changers if they [..]

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Technical Analysis – USDJPY’s trajectory remains horizontal; directional signals weak

Posted on July 8, 2020 at 7:15 am GMT

USDJPY’s fixed course continues to edge sideways below the steady 200-day simple moving average (SMA), squeezed by the upper and mid-Bollinger bands. The convergence in the 50- and 100-day SMAs and their flattening tone suggest that the current path may endure a while longer. Looking at the short-term oscillators, directional momentum is non-existent. The MACD is at its zero mark barely above its red signal line, while the RSI is marginally hovering above the 50 threshold. In the positive scenario, [..]

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Technical Analysis – Gold trades around almost 9-year peak near 1,800

Posted on July 8, 2020 at 7:13 am GMT

Gold surged to an almost nine-year peak of 1,797 on Tuesday’s session, retaining the strong bullish structure. Currently, the price is holding well above the simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, looking at the short-term technical indicators, the RSI is moving sideways slightly below the 70 level, while the MACD, still above its trigger line, is losing momentum, suggesting a possible downside retracement. If the yellow metal has a successful attempt above the [..]

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Technical Analysis – GBPCHF’s positive pressures attempt to halt the decline

Posted on July 7, 2020 at 5:51 pm GMT

GBPCHF seems to have found a foothold on the 1.1760 level, that being the 38.2% Fibonacci retracement of the down leg from 1.2819 to the all-time low of 1.1109. The recent appreciation in price appears to have backing from the short-term oscillators, which could extend it towards the downward sloping 50- and 100-day simple moving averages (SMAs). The MACD, in the negative region, has moved above its red trigger line, while the RSI has pushed over the 50 threshold. In [..]

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Technical Analysis – GBPCHF yields attempts to halt the decline

Posted on July 7, 2020 at 3:00 pm GMT

GBPCHF seems to have found a foothold on the 1.1760 level, that being the 38.2% Fibonacci retracement of the down leg from 1.2819 to the all-time low of 1.1109. The recent appreciation in price appears to have backing from the short-term oscillators, which could extend it towards the downward sloping 50- and 100-day simple moving averages (SMAs). The MACD, in the negative region, has moved above its red trigger line, while the RSI has pushed over the 50 threshold. In [..]

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Technical Analysis – USDCNH plunges to new 4-month low

Posted on July 7, 2020 at 2:22 pm GMT

USDCNH plummeted to a fresh four-month low of 6.9947 earlier today after the strong bearish rally on Monday. The market is in the process to cover some of the losses, approaching the 50.0% Fibonacci retracement level of the up leg from 6.8433 to 7.1944 at 7.0201 again. The momentum indicators are contradicting each other as the RSI is rebounding on the oversold region, while the MACD is declining beneath its trigger line in the near term. Also, the 20- and [..]

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