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Technical Analysis – EURJPY drifts in negative direction within a ranging market

Posted on February 4, 2021 at 12:56 pm GMT

EURJPY’s decrease from the 127.34 area appears paused, surrounded by the congested simple moving averages (SMAs). The falling red Tenkan-sen line and the topping blue Kijun-sen line are promoting the recent fading in price, though as things stand, the relatively neutral SMAs are backing no clear price direction. The short-term oscillators are also conveying mixed signals in directional momentum. The MACD is barely below its red trigger line and the zero mark, while the RSI is improving in bearish territory. [..]

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Technical Analysis – EURJPY grips negative direction within a ranging market

Posted on February 4, 2021 at 12:39 pm GMT

EURJPY’s decrease from the 127.34 area appears paused, surrounded by the congested simple moving averages (SMAs). The falling red Tenkan-sen line and the topping blue Kijun-sen line are promoting the recent fading in price, while as the pair stands the relatively neutral SMAs are backing no clear price direction. The short-term oscillators are also conveying mixed signals in directional momentum. The MACD is merely below its red trigger line and the zero mark, while the RSI is improving in bearish [..]

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Canadian jobs data may not dampen spirits – Forex News Preview

Posted on February 4, 2021 at 11:28 am GMT

The loonie may not be brought to tears when Canada releases its first employment report of the year on Friday at 12:30 GMT, as weaker figures are inevitable given the tight lockdown restrictions during the month of January. The data, however, will still be worthy to watch since the Bank of Canada (BoC) left two conflicting scenarios open during its previous policy meeting, and investors would like to gather fresh clues before they make assumptions about the next policy announcement. Dovish [..]

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Technical Analysis – WTI futures reach 1-year high; RSI looks overbought

Posted on February 4, 2021 at 9:58 am GMT

WTI futures reached another almost one-year high of 56.31 yesterday as the commodity extended its bull run above the 53.94 strong level. The bullish picture in the medium term is further supported by the MACD, which is rising and above its trigger line. Also, the RSI is holding in the overbought zone, suggesting a possible downside retracement. To the upside, there is immediate resistance at the 57.40-59.64 area, while above that, the next major resistance to watch is the 65.61 [..]

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Daily Market Comment – Dollar gains more ground on stimulus hopes but stocks softer

Posted on February 4, 2021 at 9:57 am GMT

Dollar at fresh 2-month high as US yields rise further on stimulus expectations But Wall Street turns more cautious, Asian stocks wobble on Chinese liquidity worries Pound skids ahead of Bank of England decision, euro can’t catch a break Dollar strengthens further on rosy US outlook Rising optimism about the US economic outlook lifted the greenback to a fresh 2-month top on Thursday as investors bet that the American economy will outperform on the back of the Biden administration’s pledge [..]

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Technical Analysis – AUDUSD’s pullback dismissed by 50-day SMA; upside intact

Posted on February 4, 2021 at 8:58 am GMT

AUDUSD is finding some footing on the 50-day simple moving average (SMA) around 0.7605, after a near one-month retreat from the recently reached multi-year top of 0.7820. The Ichimoku lines are reflecting a pause in the climb, while the rising SMAs are preserving the bullish sentiment. The ascent seems to be unharmed as the short-term oscillators are conveying a pickup in positive momentum. The MACD is holding above the zero mark, despite having dwindled below its red trigger line, while [..]

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Technical Analysis – GBPJPY bears resurface on shooting star candle

Posted on February 4, 2021 at 8:39 am GMT

GBPJPY charted a red shooting star candle during Monday’s session following the rejection near the topline of the bullish channel and the 144.00 level, justifying the subsequent selling pressure on the price. The downside reversal in the RSI and the softening momentum in the MACD is another alarm signal that the bears may dominate in the short term. The pair is currently looking for support around the 143.00 number, though a break at this point would not raise concerns among investors unless the decline ruins the upward trend [..]

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Technical Analysis – EURUSD unlocks 1.2000 creating 2-month low

Posted on February 4, 2021 at 7:29 am GMT

EURUSD is losing considerable ground after the pullback from the 1.2350 resistance, heading towards the 1.2000 psychological number. The short-term simple moving averages (SMAs) are endorsing the bearish structure, as do the Ichimoku lines. In terms of technical indicators, the RSI is pointing down and is approaching the 30 level, while the %K line of the stochastic oscillator posted a bearish cross with the %D line. A drop below the 1.2000 handle could take the price until the 1.1915 support [..]

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Will the Bank of England embrace negative rates? – Forex News Preview

Posted on February 3, 2021 at 2:54 pm GMT

The Bank of England is due to announce its first policy decision of 2021 on Thursday at 12:00 GMT. No change in policy is expected but updated economic forecasts will be published alongside the statement. However, much of the focus will be on the Bank’s findings of its review into the effectiveness of a negative interest rate policy. The United Kingdom has been one of the worst-hit countries from the Covid-19 pandemic, both economically and in terms of infections and [..]

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US Open Note – Dollar’s rally slows down; euro loses ground

Posted on February 3, 2021 at 2:15 pm GMT

US dollar advances marginally; ADP employment in surprise jump In the United States, a relief package of $1.9 trillion may be a good sign for the economy, providing significant stimulus without overwhelming the market with unnecessary bond issuance. The release of the ADP employment data will give some clues for the non-farm payrolls report on Friday. The report surprised as private payrolls increased by 174K in January, beating the estimates of an increase of 49K, and recovering from a downwardly revised 78K decline in the previous month. The dollar index is [..]

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