forex

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Technical Analysis – GBPUSD finds support near 23.6% Fibonacci erasing some losses

Posted on September 25, 2018 at 6:22 am GMT

GBPUSD erased some of Friday’s significant losses yesterday and still remains above the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660. The buying interest following the rebound on the 1.2660 support level has shifted the bearish outlook to a neutral one. Moreover, the 20-day simple moving average (SMA) created a bullish crossover with the 40-day SMA in the near-term, indicating a continuation of the upside correction move. However, the momentum indicators are losing their positive momentum. The RSI indicator [..]

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Technical Analysis – EURAUD advances above 20-day SMA; outlook is bullish

Posted on September 24, 2018 at 1:33 pm GMT

EURAUD recorded a stunning rally today, advancing above the 20-day simple moving average (SMA). The RSI is currently increasing positive momentum as it stands above its threshold of 50, hinting that the next move in prices could be on the upside rather than on the downside. The bullish signals are even stronger from the stochastic oscillator as the blue % K line has finally formed a bullish cross with the red %D line and both are heading higher. If the pair continues the bullish rally, [..]

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Technical Analysis – USDCHF looking bearish in the short and medium term

Posted on September 24, 2018 at 10:09 am GMT

USDCHF lost 4.8% after reaching its highest since May 2017 of 1.0067 around mid-July. It is currently trading not far above a five-and-a-half-month low of 0.9541 tracked on Friday. The Tenkan- and Kijun-sen lines are negatively aligned in support of a bearish short-term bias for the pair. Should USDCHF extend lower, support may come around the 61.8% Fibonacci retracement level of the upleg from 0.9187 to 1.0067 at 0.9523; last week’s five-and-a-half-month nadir of 0.9541 is also part of the [..]

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Technical Analysis – EURUSD bounces off 1.1800; inverse head and shoulders pattern remains in play

Posted on September 24, 2018 at 6:38 am GMT

EURUSD has traded lower after the bounce off the 1.1800 strong psychological level on Friday, while it opened with a small negative gap in Monday’s European session. However, the pair remains in the inverse head and shoulders pattern with the neck line now being the aforementioned handle. In the short-term, the negative bias is likely to stay in place as the RSI continues to slope down around its 50 neutral level and the stochastic oscillator is in progress to post a bearish cross within [..]

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Technical Analysis – USDCAD pauses downside pressure; finds obstacle at 38.2% Fibonacci

Posted on September 21, 2018 at 8:55 am GMT

USDCAD dipped aggressively over the previous consecutive three days, which have taken the pair below the 20- and 40-simple moving averages (SMAs). The sharp sell-off, drove the pair below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385, near 1.3072. The momentum indicators are supportive of the bearish picture in the short-term, with the RSI holding in the negative territory below 50 but is sloping slightly to the upside. The MACD has dropped below the trigger line and is strengthening its negative [..]

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Technical Analysis – NZDUSD extends gains near 3-week high but bearish outlook still holds

Posted on September 20, 2018 at 8:49 am GMT

NZDUSD has been edging higher over the last three days, heading above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The price reached a new three-week high of 0.6662 earlier in the day, while the technical indicators are confirming the recent bullish bias in the short term. The RSI indicator entered the overbought zone, surpassing 70 level with strong momentum and the MACD oscillator is strengthening its positive movement above trigger and zero lines. Should the price decisively close [..]

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Technical Analysis – GBPAUD tumbles below 5-month high; neutral in medium term

Posted on September 19, 2018 at 1:31 pm GMT

GBPAUD has come under renewed selling pressure after it created a fresh almost 5-month low, falling back below the 1.8375 resistance level, but remaining above the 20- and 40-simple moving averages (SMAs) in the daily chart. Despite the latest pullback though, the pair has not posted a fresh lower low, which makes one hesitant to trust further sharp declines for now. Looking at momentum oscillators in the short-term, however, they suggest further downside pressure may be on the cards. The [..]

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Technical Analysis – EURJPY slips below 2-month high; remains bullish in near term

Posted on September 19, 2018 at 12:01 pm GMT

EURJPY created a higher high earlier today, posting a fresh two-month peak of 131.67. Currently, the price is moving above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating a possible upside extension. However, the technical indicators have lost their strong positive momentum as they are flattening. The stochastic oscillator is moving sideways in the middle area, while the MACD oscillator stands near the trigger line and above the zero line. A move to the upside may meet [..]

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Technical Analysis – GBPUSD has been in rally mode after surpassing 23.6% Fibonacci

Posted on September 18, 2018 at 6:34 am GMT

GBPUSD recorded a stunning rally after it jumped above the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660, around 1.3066, posting a fresh seven-week high of 1.3169. The buying interest following the rebound on the 1.2660 support level has shifted the bearish outlook to a neutral one. However, the 20-day simple moving average (SMA) created a bullish crossover with the 40-day SMA in the near-term, indicating a continuation of the upside correction move. The momentum indicators are supportive of [..]

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Technical Analysis – EURUSD stays neutral; inverse head and shoulders pattern in progress in medium term

Posted on September 17, 2018 at 8:14 am GMT

EURUSD has declined considerably after touching the 38.2% Fibonacci retracement level of the upleg from 1.0340 to 1.2550, near 1.1708. The pair remains neutral since the end of August, trading between 1.1530- 1.1720. In the short-term, consolidation is likely to stay in place as the RSI continues to move around its 50 neutral level and the MACD flattened around zero and its red trigger line. However, the 20-day simple moving average (SMA) posted a bullish cross with the 40-day SMA, indicating possible gains. [..]

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