Daily Market Comment – Wall Street eclipses all-time high, dollar gets a black eye

Posted on August 19, 2020 at 9:18 am GMT

S&P 500 closes at a new record, powered by slowing US cases and stimulus signals Dollar gets hammered, hits fresh two-year lows  Sterling capitalizes most on the dollar’s troubles Today: FOMC minutes and Canadian inflation numbers Mission accomplished: Wall Street at new records There’s no stopping the US equity freight train. The S&P 500 erased all its losses since the pandemic rocked global markets to capture new records, pulling off its quickest ever return to new highs after entering a [..]


Euro rally stalls: just a pause or is a major correction in sight? – Special Report

Posted on August 18, 2020 at 10:54 am GMT

After getting whipsawed and then clobbered at the height of the virus fallout in March, the euro is fast becoming one of the strongest performing currencies of 2020. Europe’s better handling of the coronavirus outbreak – at least when compared to America – and a big rescue package that is substantially made up of grants, have helped turn the euro’s fortunes around. But as the incredible rally pauses for breath, are investors having second thoughts about the Eurozone outlook amid [..]


Technical Analysis – EURGBP creeps sideways below limiting 200-MA

Posted on August 12, 2020 at 1:18 pm GMT

EURGBP is currently attempting to jump above the heavy 200-period simple moving average (SMA), which has kept the deterioration of the pair alive. The SMAs are somewhat all flat for now, reflecting the neutral tone of the pair, but an approaching bearish cross of the 200-period SMA by the 100-period one may revive negative tendencies. The short-term oscillators suggest that positive directional momentum is strengthening. The MACD, in the negative region, has pushed above its red signal line and has [..]


Technical Analysis – EURGBP halts decline below trendline

Posted on August 5, 2020 at 7:12 am GMT

EURGBP could not sustain strength above the ascending trendline that seems to have adopted a resistance role following its downside violation, with the price retreating slightly below the 0.9000 level on Monday. The 38.2% Fibonacci of the 0.9497-0.8670 downleg came immediately to the rescue thereafter, helping the pair to rebound near 0.8980 and hold above its previous low of 0.8937, a break of which would raise concerns about the short-term upward pattern. From a technical perspective, the short-term bias is [..]


Technical Analysis – EURGBP rests near 38.2% Fibo; holds in ascending channel

Posted on July 29, 2020 at 1:28 pm GMT

EURGBP has been in an ascending channel since April 30 but is currently testing the 20-day simple moving average (SMA) and the 38.2% Fibonacci retracement level of the up leg from 0.8275 to 0.9500 at 0.9035. The momentum indicators are suggesting a possible downside pullback as the RSI is meeting the 50 level and the stochastic is moving lower after a bearish cross within the %K and %D lines. If sellers drive the pair below the 100-day SMA at 0.8940, [..]


Technical Analysis – EURGBP ticks up in ascending channel

Posted on July 22, 2020 at 1:09 pm GMT

EURGBP has been in a slightly bullish channel over the last three months, rebounding on the 20-day simple moving average (SMA).  The RSI is heading higher above the neutral threshold of 50, while the MACD is strengthening its momentum near its trigger line, marginally above the zero line. The 20- and 40-day simple moving averages (SMAs) are moving marginally higher as well, along with the Ichimoku lines. Immediate resistance is coming from the 0.9180 barrier, taken from the latest high, before [..]


Technical Analysis – EURGBP reclaims ascent, salvaged by 50-day SMA

Posted on July 15, 2020 at 10:16 am GMT

EURGBP recovered its positive bearing as it recently found a foothold on the rising 50-day simple moving average (SMA). The rescued hike appears to be aided by the upward slopes in the 50- and 100-day SMAs. Glancing at the short-term oscillators, it seems positive sentiment has paused. The MACD, slightly in the positive area, looks to nudge back above its red trigger line, while the RSI’s improvement in the bullish territory stalls. Moreover, the stochastic oscillator holds a bullish tone [..]


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 [..]


Technical Analysis – EURGBP jumps above 0.9100, continues upward trend

Posted on June 30, 2020 at 8:10 am GMT

EURGBP levitated higher this week, continuing the pattern of higher highs and higher lows on the daily chart above an uptrend line drawn from the lows of February. The pair is also trading above all its simple moving averages (SMAs), all of which suggests that the outlook is bullish. Short-term oscillators mostly concur with that assessment, as the RSI is already positive and is hovering just below its 70 line, while the MACD is above both its zero and red [..]


Daily Market Comment – Virus resurgence haunts stocks but dollar edges lower

Posted on June 29, 2020 at 8:30 am GMT

Markets start week in risk-off mode as virus surge halts reopening plans in the US Stocks slip, but less cautious mood in FX markets as dollar and yen pull back Pound bounces off lows as Brexit talks enter intensive phase Virus fears keep Wall Street on the back foot Worries that the world could be in the midst of a second Covid-19 outbreak continued to weigh heavily on market sentiment as the second quarter almost draws to a close. Stocks [..]

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