forex

Loonie left behind in risk rally, can jobs data help? – Forex News Preview

Posted on July 8, 2020 at 1:47 pm GMT

The Canadian dollar has underperformed other G10 commodity currencies lately, eating the dust of the aussie and the kiwi since markets bottomed in March, despite a powerful rally in oil prices. This might reflect uncertainties emanating from the US, which Canada’s economy is highly exposed to, and the threat of new tariffs. The upcoming jobs data at 12:30 GMT Friday could finally bring some good news, though the loonie’s broader direction in the coming weeks will depend mostly on risk [..]

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Technical Analysis – EURAUD posts ‘death cross’, yet remains quiet

Posted on July 1, 2020 at 9:46 am GMT

EURAUD recently recorded a so-called death cross, meaning that the 50-day simple moving average (SMA) crossed below the 200-day one, which is a negative trend signal. That being said, the pair continues to trade very quietly between 1.6530 and 1.6020 since early June, suggesting that the very short-term outlook looks neutral, even if the broader one is negative. Short-term oscillators paint a mildly bearish picture, suggesting that the next move may be lower. The RSI is below 50 already and [..]

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Technical Analysis – USDCHF moves sideways, but negative trend still in play

Posted on July 1, 2020 at 7:19 am GMT

USDCHF has been consolidating in recent weeks, staying confined within a narrow sideways range between 0.9550 and 0.9420 since mid-June. Nonetheless, the broader price structure still consists of lower peaks and lower troughs, with the pair also trading below a downtrend line drawn from the peaks of March. Short term momentum oscillators are near their neutral levels, echoing the recent lack of direction. The RSI is just below 50 and seems to have flatlined, while the MACD is basically at [..]

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Technical Analysis – AUDJPY consolidates, but picture still positive

Posted on June 30, 2020 at 11:18 am GMT

AUDJPY has been confined within a narrow range in recent weeks, between 74.40 and 72.70. Yet, the bigger picture is still bullish as the pair remains above a three-month upside support line and the price structure still consists of higher peaks and higher troughs. What’s more, the 50-day simple moving average (SMA) looks ready to cross above the 200-day one, forming a so-called ‘golden cross’, which would be another positive sign. Short-term oscillators don’t tell us much about the next [..]

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Technical Analysis – EURGBP jumps above 0.9100, continues upward trend

Posted on June 30, 2020 at 8:00 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 [..]

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Technical Analysis – AUDJPY pulls back, but uptrend still in play

Posted on June 23, 2020 at 12:47 pm GMT

AUDJPY retreated recently after touching a one-year high near 76.80, but the pair found fresh buy orders at 72.70 and rebounded again. The structure of higher highs and higher lows on the daily chart remains intact, and the price is still trading above a three-month upside support line. If the 50-day simple moving average (SMA) crosses above the 200-day one soon, completing a so-called ‘golden cross’, that would be another bullish signal. Short-term oscillators like the RSI and the MACD [..]

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Technical Analysis – USDCHF rebounds, but downtrend still in play

Posted on June 17, 2020 at 1:34 pm GMT

USDCHF recovered somewhat after touching a three-month low of 0.9375, but the rebound has been capped by the 50-period simple moving average (SMA) on the four-hour chart, and negative forces seem to have taken over again. The broader picture is still bearish, with the pattern of lower highs and lower lows not broken by the latest rebound. Momentum oscillators like the RSI and the MACD are both near their neutral levels, not revealing much about the next directional wave. If [..]

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Australian jobs data: A risk for the high-flying aussie? – Forex News Preview

Posted on June 17, 2020 at 12:02 pm GMT

The latest employment numbers out of Australia will hit the markets at 01:30 GMT Thursday and forecasts point to more job losses, though that may be more of a counting issue than a reflection of real economic conditions. The high-flying aussie could spike lower if the data disappoint, but its broader direction will hinge mainly on risk sentiment. On that front, much will depend on how the global virus picture evolves, especially in America. Statistical shenanigans? Australia is expected to [..]

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Technical Analysis – EURGBP breaks sideways pattern, but can it break out?

Posted on May 26, 2020 at 9:42 am GMT

EURGBP spent more than a month trapped in a narrow range with a lower boundary at 0.8680 and an upper end at 0.8860, before breaching it to the upside. Yet, the upside move seems to have encountered powerful resistance near the 0.9000 handle and the pair has turned lower again, igniting doubts about whether this is a real breakout. Indeed, short-term oscillators reflect fading upside momentum, with the RSI pointing down within positive territory and the MACD looking ready to [..]

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Technical Analysis – AUDJPY pulls back, but still in positive mode

Posted on May 22, 2020 at 12:00 pm GMT

AUDJPY inched lower in the last couple of sessions, after touching a 6-week high at 71.00, but the series of higher highs and higher lows is still intact on the daily chart, keeping the broader outlook positive. Endorsing the improved sentiment, the 50-day simple moving average (SMA) has turned higher, while the pair is also trading above an upside support line. The latest pullback is also reflected in the RSI, which has turned lower but remains above its 50 line, [..]

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