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Technical Analysis – WTI futures posts bearish doji after 1-year high

Posted on February 11, 2021 at 7:40 am GMT

WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term. The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a flattening move, while the MACD holds above the trigger line in the positive region. However, the 20- and 40-day simple moving averages (SMAs) are continuing the upside price action, while the Ichimoku lines [..]

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Technical Analysis – EURGBP edges sideways around 9-month low

Posted on February 10, 2021 at 3:51 pm GMT

EURGBP is consolidating around depths not reached in nine months, capped by the 50-period simple moving average (SMA). The Ichimoku lines are reflecting the pause in negative momentum, while the downward sloping SMAs are defending the short-term bearish demeanour in the pair. A glimpse at the short-term oscillators suggests that a pickup in negative sentiment could play out. The MACD, below zero, is slightly above its red trigger line but is looking set to dip back below it, while the [..]

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US Open Note – Dollar moves south after soft CPI; euro rises above 1.21 

Posted on February 10, 2021 at 2:34 pm GMT

Dollar eases after US CPI; US stocks still up The selling interest in the US dollar is continuing, with its index against a basket of currencies flirting with the fourth consecutive red day after the release of the US CPI data. The annual inflation rate remained unchanged at 1.4% for January, the same as in December and marginally below expectations of 1.5%. Month-on-month, consumer prices went up 0.3%, in line with forecasts from 0.2% before. Powell and other policymakers at the Fed have suggested that [..]

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Technical Analysis – GBPJPY unlocks fresh 26-month high around 145.00

Posted on February 10, 2021 at 10:29 am GMT

GBPJPY is edging higher after the bounce off the 144.10 support, recording a fresh 26-month high above 145.00. In trend indicators, the Ichimoku lines are pointing upwards, while the simple moving averages (SMAs) are following the price action. The RSI indicators is heading north towards the 70 level, while the MACD is ticking up in the positive area. In case the buying interest intensifies, the next resistance could come at 147.95, taken from the peak on December 2019. However, the [..]

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Technical Analysis – USDJPY bulls still have a chance to regain control

Posted on February 10, 2021 at 8:08 am GMT

USDJPY bulls got exhausted near the 200-day simple moving average (SMA), letting the price to slump back into the 104.00 area on Tuesday. The pair, however, has not violated the short upturn from the 102.58 bottom yet, leaving the door open for a potential trend continuation as long as the price holds above the swing high of 104.39 and the 20-day SMA. Notably, the bullish cross between the 20- and 50-day SMAs is still endorsing a trend improvement. The momentum indicators, although [..]

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Technical Analysis – Gold’s advances tackle 100-MA and Ichimoku cloud

Posted on February 10, 2021 at 7:17 am GMT

Gold’s latest climb is simultaneously confronting the curbing Ichimoku cloud and the 100-period simple moving average (SMA) around 1,844. The Ichimoku lines are reflecting a pause in positive momentum, while the relatively horizontal SMAs are promoting a sideways market. The short-term oscillators suggest sentiment remains positively skewed. The MACD, in the positive region, is slightly above its red trigger line, while the RSI is persisting in bullish territory. Furthermore, the stochastic oscillator has shifted to positive, endorsing more price gains. [..]

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Technical Analysis – USDCHF tumbles near descending line around 0.8900

Posted on February 10, 2021 at 7:08 am GMT

USDCHF is retreating near the penetrated downtrend line, after finding strong resistance at the 0.9040 barrier. The strong selling interest is confirmed by the technical indicators. The RSI is plunging from the overbought zone to the neutral area, while the MACD is losing momentum in the positive territory. The 20- and 40-day simple moving averages and the Ichimoku lines are sloping downwards. Should the pair stretch south, the 40-day SMA at 0.8883 could provide immediate support before the pair touches the 0.8845 bottom. [..]

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US Open Note – Dollar extends losses; pound near 3-year high

Posted on February 9, 2021 at 3:36 pm GMT

Dollar eases as reflation trade returns The dollar is tumbling over the last couple of sessions as the reflation trade strengthened. President Joe Biden will probably push his aid proposal forward without Republican support. Some comments from government suggest that the stimulus negotiations act as a cautionary tale. The Republican Congress did the same thing to push through President Trump’s tax cuts back in 2017. The relief package is likely to be closer to $2 trillion rather than $1 trillion. The dollar index is registering the third straight day of [..]

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US CPI in focus as Yellen and Fed downplay inflation fears – Forex News Preview

Posted on February 9, 2021 at 3:18 pm GMT

With so much talk of inflation lately, the monthly print of the consumer price index (CPI) out of the United States on Wednesday (13:30 GMT) might attract a bit more attention than usual. After the NFP disappointment, stronger-than-expected CPI data could be what the dollar needs to resume its uptrend. President Biden’s $1.9 trillion stimulus proposal has sparked fears that the colossal-sized package may stoke inflationary pressures. Former colleagues Treasury Secretary Janet Yellen and Fed Chair Jerome Powell have both [..]

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Technical Analysis – AUDUSD recoups lost ground but positive signals take a hit

Posted on February 9, 2021 at 2:24 pm GMT

AUDUSD appears to be stalling above the 0.7700 mark after the pair’s recent gains from 0.7582 thrusted the pair over the simple moving averages (SMAs) and the Ichimoku cloud. However, positive sentiment seems to be waning slightly, something also being reflected in the pausing Ichimoku lines. The 50- and 100-period SMAs are endorsing the neutral-to-bullish price tone, after their bearish demeanour somewhat subsided. The short-term oscillators are demonstrating mixed signals in directional momentum. The MACD is holding above its red [..]

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