Technical Analysis

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Technical Analysis – EURUSD in consolidation phase below 1.18; maintains overall bullish picture

Posted on August 21, 2017 at 6:18 am GMT

EURUSD has shifted to a neutral bias after a bullish run from the 200-day moving average (MA) in May. The pair reached a high of 1.1909 on August 2 when the market failed to push higher after reaching overbought levels, as RSI rose above 70. EURUSD has now entered a consolidation phase with immediate resistance at 1.1800. Recent price action shows firm support at 1.1652. This level is the 23.6% Fibonacci retracement of the uptrend from 1.0822 to 1.1909 (April [..]

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Technical Analysis – GBPJPY sees increased downside momentum

Posted on August 18, 2017 at 7:51 am GMT

GBPJPY has increased its downside momentum since early August and has dropped several big figures from the 146.80 peak to reach below 141.00. Technical signals on the 4-hour chart remain bearish. The large drop on August 3 brought the market below the Ichimoku cloud, while the Tekan-sen and Kijun-sen lines are negatively aligned. RSI and MACD are both in bearish territory. Only a sustained move above immediate resistance at 141.00 would shift the focus back to the upside towards 142.00. [..]

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Technical Analysis – EURGBP still bullish near 10-month highs but running out of steam?

Posted on August 18, 2017 at 7:44 am GMT

EURGBP is still looking overbought according to many technical indicators despite yesterday’s losses. The pair is currently being supported by the middle line of the linear regression channel and has avoided closing below the line during every spike downwards in the past two weeks. The RSI is flat at the 70 overbought level, and although the stochastics are trending down, it is so far a shallow slope similar to the previous downside reversal which saw the %K and %D lines [..]

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Technical Analysis – USDCAD shifts to more bearish stance following recent bounce

Posted on August 18, 2017 at 7:30 am GMT

USDCAD maintains a bearish market structure on the daily chart. Following a drop from a multi-month high of 1.3793, the pair attempted to bounce from a more than one-year low of 1.2413. The rally faded after retracing about 23.6% of this May 5 to July 26 downtrend. The last two days of declines resulted in a break of the recent consolidation range that took place around this 23.6% Fibonacci level at 1.2736, which appears to have held in terms of [..]

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Technical Analysis – NZDUSD risk back to downside after rebound loses steam

Posted on August 17, 2017 at 8:15 am GMT

NZDUSD paused its decline from the July 27 high of 0.7557 to the August 16 low of 0.7222. After staging a robust rebound from this one-month low yesterday, the pair lost upside momentum. Prices reached the strong resistance level at the 61.8% Fibonacci retracement level (0.7335) of this downtrend. RSI remains above 50 in bullish territory which leaves room for further upside in the near-term, with scope to target the 50% Fibonacci at 0.7378. A break of this resistance would [..]

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Technical Analysis – GBPUSD bearish below moving averages

Posted on August 17, 2017 at 8:10 am GMT

GBPUSD has significantly moved away from 10-month highs hit earlier in the month as it continues its downslide, dropping below the key 1.29 level. It is now attempting to reclaim that level after finding support at the 61.8% Fibonacci retracement level of the upleg from 1.2588 to 1.3266 between June and August. Technical indicators continue to remain in bearish territory. The RSI is trending down again after failing to break above 50, while the MACD remains well below 0, though [..]

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Technical Analysis – USDJPY maintains downtrend in near-term; neutral in medium-term

Posted on August 17, 2017 at 6:54 am GMT

USDJPY is under pressure in the short-term and maintains the downtrend from the 5-month peak of 114.49, while the pair trades in a broader range between 108.00 to 114.00 in the medium term. USDJPY is now trading at the bottom of this consolidation range. The near-term risk is to the downside after the market failed to break above the strong 110.96 resistance at the 61.8% Fibonacci retracement level of the rise from 108.80 to 114.49 (June 14 to July 11 [..]

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Technical Analysis – EURJPY risk to upside following break above 130; medium-term structure remains neutral

Posted on August 16, 2017 at 8:13 am GMT

EURJPY has been in a neutral phase and has not shown a clear trend since early July. The pair has been oscillating around the key 130.00 level in a broad range between 128.00 and 131.00. Following a steep rise from the 124.00 area, prices rose to as high as 131.17 on August 2, a level not seen since early 2016. Taking a closer look on the 4-hour chart, EURJPY has made a bullish run from the August 11 low of [..]

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Technical Analysis – AUDUSD shifts from neutral to bearish; room for further weakness

Posted on August 16, 2017 at 7:06 am GMT

AUDUSD shifted from neutral to bearish after the market reached overbought levels. Prices were unable to sustain gains above the key 0.8000 psychological level and started to decline from the multi-year high of 0.8065. Downward momentum picked up after RSI fell below 70 and MACD turned back down. There is room for weakness in AUDUSD to extend further and fall below the key 0.7800 level. The 38.2% Fibonacci retracement level of the rise from 0.7328 to 0.8065 is within reach [..]

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Technical Analysis – Gold pauses rally at 10-week high; falls to critical level at 1280

Posted on August 14, 2017 at 9:28 am GMT

Gold has paused its advance to a 10-week high of 1291.86 following a 4-day rally that led to the market becoming overextended. On the 4-hour chart, downside momentum seems to be picking up as the RSI has turned back down with a steep slope after reaching overbought territory above 70. The key psychological level of 1280.00 is an immediate support level. A break below this may pave the way for a deeper decline towards 1271.33. This is the 23.6% Fibonacci [..]

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