forex

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Technical Analysis – EURNZD rebounds on 14-month low, regaining ground

Posted on December 7, 2018 at 12:21 pm GMT

EURNZD created a strong negative rally over the last two months, after the pullback on the three-year high of 1.7925. Looking at the very short-term, the price has been moving higher since yesterday finding support on the 14-month low of 1.6330. However, the technical indicators are hovering in the bearish zone. The RSI is sloping marginally up below the neutral threshold of 50, while the MACD is weakening its negative momentum above the trigger line. Further upside pressure may meet again the significant resistance of 1.6555, before [..]

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Technical Analysis – GBPJPY tumbles below falling trend line; neutral in medium term

Posted on December 7, 2018 at 9:57 am GMT

GBPJPY has declined considerably after touching a two-month high of 149.50 at the beginning of November. In the short-term the price seems to be negative, while in the daily chart the pair remains in a sideways channel over the last three months with upper boundary the 149.50 resistance and lower boundary the 142.80 support. Technically, the RSI indicator is pointing south near the 50 level, while the MACD oscillator is moving above the trigger line and is approaching the zero line. Immediate support is [..]

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Technical Analysis – CADJPY penetrates ascending trend line; hovers above 5-month trough

Posted on December 7, 2018 at 8:27 am GMT

CADJPY completed a five-month low of 83.55 on Thursday and had a significant bearish rally in the preceding three days. The strong bearish sentiment has pushed the price to penetrate the long-term ascending trend line to the downside, shifting the positive outlook to a more negative one. Despite the latest pullback on price today, the technical indicators remain in the bearish territory. The MACD oscillator is strengthening its momentum below the trigger line, while the RSI indicator is flattening. Should the pair [..]

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Technical Analysis – USDCAD increasingly bullish at 1 ½-year highs; could be overbought

Posted on December 7, 2018 at 8:03 am GMT

USDCAD pierced a key resistance around 1.3385 on Thursday and spiked to a 1 ½-year high of 1.3443, deviating further above its moving averages which are positively sloped, a sign that the uptrend could continue. Momentum indicators are also in bullish territory, with the MACD crossing above its red signal line and the RSI fluctuating well above its 50 neutral mark. Yet downside corrections cannot be ruled out in the short term as the latter is just about to touch [..]

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Technical Analysis – USDCHF lacks clear direction movement in very short term

Posted on December 6, 2018 at 1:44 pm GMT

USDCHF has been struggling within a narrow range over the last couple of weeks in the very short term with upper band the 1.0000 level and lower band the 0.9910 support barrier. Additionally, the 20- and 40-simple moving averages (SMAs) are ready to post a bearish crossover, while the technical indicators are flattening. The short-term momentum turned to neutral as evident by the momentum indicators which are flattening. The RSI remains around 50 level and the MACD holds near zero line with weak movement. Immediate support [..]

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Technical Analysis – NZDUSD dives below 5-month peak; bearish correction in near term

Posted on December 6, 2018 at 9:40 am GMT

NZDUSD has been underperforming in the past days, drifting lower from the five-month high of 0.6968 and below the 20- and 40-simple moving averages in the 4-hour chart. In the short term, technical indicators point to more weakness, with the RSI dropping to bearish territory below 50 and the MACD losing further ground below the trigger line. In case of further declines, immediate support could come from the 23.6% Fibonacci retracement level of the upward move from 0.6423 to 0.6968, [..]

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Technical Analysis – USDJPY moves within a symmetrical triangle; risk neutral to bearish

Posted on December 6, 2018 at 8:01 am GMT

USDJPY seems to be moving within a symmetrical triangle in the daily chart, creating lower highs and higher lows. In the short term, momentum indicators suggest that the bias is neutral to bearish as the RSI hovers marginally below its neutral threshold of 50, while the MACD has already crossed below its red signal line but continues to hold above zero. A significant step below 112.56 and therefore out of the triangle would increase speculation that further negative corrections might [..]

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Technical Analysis – EURJPY remains in sideways channel; fails to create clear tendency

Posted on December 5, 2018 at 9:46 am GMT

EURJPY has been developing within a sideways channel over the last month, with upper boundary the 129.28 resistance barrier, and lower boundary the 127.60 support level. Currently, the price bounced off the 23.6% Fibonacci retracement level of the downleg from 133.10 to 126.60, around 128.15. Technically, in the 4-hour chart, the RSI indicator is moving slightly higher below the threshold of 50, while the stochastic oscillator is moving higher after the bullish crossover within the %K and %D lines. However, if prices remain [..]

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Technical Analysis – AUDUSD stops at 4-month highs; positive risks not faded yet

Posted on December 5, 2018 at 7:50 am GMT

AUDUSD reached overbought levels according to the RSI and reversed lower just before touching the 200-day simple moving average (SMA) on the daily chart, creating a new peak at 0.7392, a four-month high. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past three days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. The MACD is also holding above its red signal line, which supports the bullish view [..]

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Technical Analysis – USDTRY unlocks 2-week high, creating significant gains

Posted on December 4, 2018 at 2:15 pm GMT

USDTRY strengthened sharply today, climbing to a new two-week high, around 5.3653, extending its run from the pullback on 5.1330. The bullish picture in the very short-term is further supported by the RSI, which is rising above the 50 level and the stochastic oscillator hovers in the overbought territory.  Also, the price advances above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. In the event of further upside reversal, the 5.4360 could act as a barrier before being [..]

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