Technical Analysis – USDCNH touches 7-month low; turns negative after bouncing off 10-month high

Posted on February 21, 2019 at 1:37 pm GMT

USDCNH had a strong bearish start on Thursday, with the price falling below a crucial support of the 38.2%Fibonacci retracement level of the upleg from 6.2350 to 6.9781, near 6.6949, creating a fresh seven-month low of 6.6861. From the technical point of view, the RSI is flattening in bearish territory, while the MACD also supports a bearish picture, since it continues to hold beneath the zero line and trigger lines. Should prices drop below the seven-month low, they could hit the support area between6.5980 – 6.6061, which [..]


Technical Analysis – NZDUSD declines considerably; negative to neutral outlook

Posted on February 21, 2019 at 7:47 am GMT

NZDUSD has aggressively reversed back to the downside, dropping below the 23.6% Fibonacci retracement level of the upleg from 0.6423 to 0.6970, around 0.6840, and the mid-level of the Bollinger Band currently at 0.6830. Momentum indicators are pointing to a negative bias in the short term with the RSI trying to fall below the 50 level and the stochastic oscillator is declining from the overbought area. The stochastics have posted a bearish crossover within the %K and %D lines, suggesting further losses in the market. [..]


Technical Analysis – EURJPY still in positively sloped channel; bullish correction in progress

Posted on February 20, 2019 at 11:08 am GMT

EURJPY is trading slightly below the 50% Fibonacci retracement level of the downleg from 133.10 to 118.57, around 125.85, surpassing the bullish crossover of the 20- and 40-simple moving averages in the 4-hour chart. The pair has been struggling in an upward sloping channel since January 15 with the technical indicators remaining in the positive area. The RSI is pointing marginally up, while the MACD stands above trigger line. If the market pushes the pair higher, the price could re-challenge the immediate 50.0% Fibonacci level and the [..]


Aussie retains bearish view; Employment report key to the Australian outlook – Forex News Preview  

Posted on February 19, 2019 at 3:01 pm GMT

January’s employment report for Australia is likely to attract investor’s attention on Thursday at 0030 GMT as the Australian dollar has been losing some ground over the past week. Stronger figures in employment may provide some relief to the currency. The unemployment rate is predicted to have stayed at 5.0% in January, while the net change in employment is expected to show that the economy added 15,200 jobs, less than December’s 21,600. However, the participation rate is expected to remain steady at 65.6%, while [..]


Technical Analysis – CADJPY advances above SMAs with soft momentum

Posted on February 19, 2019 at 10:27 am GMT

CADJPY has been struggling within a narrow range in the near term with upper boundary the 83.96 resistance and lower boundary the 82.26 support barrier. The pair climbed above the bullish crossover of the 20- and 40-simple moving averages (SMAs) as well as above the 50.0% Fibonacci retracement level of the downleg from 89.25 to 76.60, near 82.90. The MACD oscillator is flattening above the trigger and zero lines, while the RSI holds in the positive zone. Should the price extend its advances, the 83.96 barrier and then [..]


Technical Analysis – EURNZD recovers from 2-month low after hitting lower Bollinger Band

Posted on February 18, 2019 at 1:24 pm GMT

EURNZD has declined considerably over the previous three days, recording a new two-month low around 1.6408 and touching the lower Bollinger Band. Currently, the price is paring some of the losses, approaching the 1.6500 handle. Technical indicators in the daily timeframe are reversing back to the upside. The stochastic oscillator is turning higher in the oversold zone, signaling bullish pressure, while the RSI indicator is pointing up in the bearish area. In the event of an upside reversal, the 23.6% Fibonacci retracement level [..]


Technical Analysis – EURGBP opens with gap down; soft momentum in near term

Posted on February 18, 2019 at 7:58 am GMT

EURGBP opened with a gap down on Monday, challenging the 20-simple moving average (SMA) in the daily timeframe after it topped on the 0.8840 resistance level in the preceding week. Currently, the price is covering this gap and moving higher. In the near term, the pair could consolidate as the RSI is flattening slightly below the 50 neutral mark, while the MACD continues to improve above its red signal line and towards zero but with softer speed. However, the stochastics [..]


Technical Analysis – USDCHF edges higher; bullish phase remains intact

Posted on February 15, 2019 at 12:16 pm GMT

USDCHF has moved considerably higher after the touch on the ascending trend line, recording a new three-month high of 1.0097 on Thursday. The price climbed well above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the RSI is sloping marginally up in the positive zone and the MACD oscillator is strengthening its momentum above the trigger and zero lines. Should the pair continue to head higher the next level to have in mind is the 20-month high of 1.0130, achieved [..]


Technical Analysis – GBPJPY tests the lower boundary of the descending channel

Posted on February 15, 2019 at 10:42 am GMT

GBPJPY has been trading within a negatively sloping channel over the last three weeks, with the bears challenging the lower boundary today. Currently, the price holds well below the 20-and 40-simple moving averages (SMAs) in the 4-hour chart, which are ready to post a bearish crossover. Having a look at the technical indicators, the RSI is sloping slightly up in the bearish area, suggesting an upside retracement in the short-term. However, as long as the indicator holds below 50 and the MACD oscillator keeps strengthening [..]


Technical Analysis – USDCAD holds within SMAs; sharp move up needed for more gains

Posted on February 15, 2019 at 7:36 am GMT

USDCAD came to close to break the 40-day simple moving average (SMA), surpassing the 23.6% Fibonacci retracement level of the upward movement from 1.2060 to 1.3663, around 1.3285, earlier today. The positively aligned Tenkan-sen line serves as a testament to the bullish short-term momentum that is in place. The technical indicators also suggest a positive bias as the RSI entered in bullish territory, while the MACD is rising above the trigger and zero lines. Should the price stretch north, Thursday’s highs and the 40-SMA could provide immediate [..]

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