Technical Analysis

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Technical Analysis – GBPJPY stuck in 2-week range under key 150 level

Posted on October 20, 2017 at 8:12 am GMT

GBPJPY has been trading in a range during the past two weeks and is pivoting around the 20 and 50-period moving averages which are converging around the 148.50 level. This also happens to be the 38.2% Fibonacci retracement of the recent rally from 141.34 to 152.85. Support is expected at the 50% Fibonacci at 147.11. This level has been tested a few weeks ago and was rejected, resulting in the market consolidating just above it. To the upside, the key [..]

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Technical Analysis – USDCAD maintains bearish market structure; makes corrective move to consolidate around 1.25

Posted on October 20, 2017 at 6:16 am GMT

USDCAD maintains a bearish market structure as the pair continues to trade below the 200-day moving average. Looking at the short-term, prices made a corrective move higher after bouncing from 1.2061 and are currently consolidating around the 1.25 handle. Immediate support is being provided by the 50-day MA, currently at 1.2438. Breaking below this level would target the September 8 low at 1.2061. Another leg lower would increase downside pressure and bring a resumption of the broader downtrend, with scope to reach [..]

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Technical Analysis – NZDUSD sees increased downside pressure

Posted on October 19, 2017 at 8:22 am GMT

NZDUSD has shifted its near-term bias to bearish after dropping sharply to break key support at 0.7055. The odds are high for a move towards the next major low in the 0.6800 area. On the 4-hour chart, RSI has fallen into bearish territory below 50, indicating momentum is tilted to the downside. Price action is currently below the 20 and 50-period moving averages, which also highlights increased downside pressure in the market. The market has been in a downtrend since [..]

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Technical Analysis – USDJPY neutral both in the short- and medium-term

Posted on October 19, 2017 at 6:20 am GMT

USDJPY is neutral both in the short- and medium-term.  A broad range of (roughly) 108 and 114 has been formed since March and this is highlighted by a lack of direction in the major moving averages (50,100 and 200-day). Price action in the near-term since September 20 shows a consolidation range between 111.46 and 113.43. USDJPY is currently trading in the upper end of the broader range. Short-term downward pressure has weakened and there is a positive undertone in the market [..]

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Technical Analysis – EURJPY holds neutral bias; risk tilted to downside

Posted on October 18, 2017 at 8:23 am GMT

EURJPY has been neutral since September 25, trading in a broad range between 131.80 and 133.00. Trend and momentum indicators are pointing to more sideways trading in the short-term. On the 4-hour chart, RSI and MACD are flat, while the Ichimoku cloud analysis also shows a lack of direction in the market. EURJPY is currently trading at the lower end of the range, with support at 131.80. Immediate risk is tilted to the downside. Breaking below this level would target [..]

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Technical Analysis – AUDUSD maintains soft undertone in short-term

Posted on October 18, 2017 at 6:25 am GMT

AUDUSD maintains a soft undertone and the neutral to bearish technical indicators are supporting the bearish view for the short term. The downward move from the 0.8124 peak is still in progress after the recent bounce off 0.7732 reversed back down as prices found resistance at the 50-day moving average. AUDUSD may be forming a lower top at 0.7897 to continue the downtrend. This would be confirmed if prices break below the 50% Fibonacci retracement level of the uptrend from [..]

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Technical Analysis – WTI oil futures maintain bullish view in short-term; momentum remains positive

Posted on October 17, 2017 at 11:17 am GMT

WTI oil futures have shifted to a bullish phase and are making a steady recovery after breaking above the key 50.00 level. On the 4-hour chart, the crossover of the 20-period moving average above the 50-period MA highlights the bullish bias. Momentum indicators are positive. The rise from the October 6 low of 49.07 is still in progress but the market will likely remain in a range between 51.60 and 52.33 in the near-term. Immediate support is at 51.60. This [..]

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Technical Analysis – EURGBP remains bearish as recent bounce runs out of steam

Posted on October 17, 2017 at 11:06 am GMT

EURGBP has reversed back down again after finding resistance at the four-week high of 0.9032 achieved last week. This top is just above the 50% retracement of the downleg from August’s 8-year high of 0.9306 to September’s 3-month low of 0.8745. Momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the stochastic oscillator deep in bearish territory. However, the stochastics have reached oversold area and the %K line [..]

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Technical Analysis – GBPUSD may be resuming bearish phase after corrective move stalls

Posted on October 17, 2017 at 6:17 am GMT

GBPUSD has turned neutral in the near term after the recent bounce from the key 1.3000 area. It remains to be seen whether the market is making a lower top at 1.3337 and will continue the bearish phase from the 1.3656 peak. Risk is still tilted to the downside and further weakness is expected since momentum signals are weak. MACD is bearish while RSI is flat. Immediate support is at 1.3216, which is the 50% Fibonacci retracement level of the [..]

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Technical Analysis – EURCHF gathers momentum to the downside; bias turns bearish

Posted on October 16, 2017 at 10:39 am GMT

EURCHF has stalled its uptrend recorded between October 2-12, stretching below the 1.15 key level and the 50-period exponential moving average. The short-term bias has turned bearish in the 4-hour chart according to technical indicators. Both the RSI and the MACD give bearish signals as the former has dropped below its neutral zone, while the latter has slowed down, approaching zero and deviating below its signal line. Moreover, the Kijun-sen and the Tenkan-sen posted a bearish cross today, hinting that [..]

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