forex

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Technical Analysis – USDMXN appears bearish, capped by restrictive trendline

Posted on January 21, 2020 at 4:36 pm GMT

USDMXN pierced under the low of 18.73 from 17 October 2018 and is currently testing the trendline, limiting upside corrections drawn from December 3, 2019. Further backing the negative picture is the downward sloping 50- and 100-day simple moving averages (SMAs) and the near completion of a bearish crossover of the 200-day SMA by the 100-day one. That said, the short-term oscillators are reflecting mixed signals for now. The MACD, in the negative region, is above its red trigger line [..]

Technical Analysis – GBPUSD’s retracement turns sideways; nears ascending trendline

Posted on January 21, 2020 at 9:22 am GMT

GBPUSD looks to be a bit flat around the 1.3010 level, which is the 38.2% Fibonacci retracement of the up leg from 1.2194 to 1.3514. With the recent lower highs and higher lows, the pair could extend its sideways nature further into the Ichimoku cloud and possibly down towards the lower band of the cloud and the supportive trendline. The technical indicators suggest that directional momentum has evaporated but favor a very short-term negative move. The MACD is below its [..]

Technical Analysis – EURCHF tumbles to 33-month low; rebound likely in short-term

Posted on January 21, 2020 at 8:36 am GMT

EURCHF paused its 21-month old downtrend near a 33-month low of 1.0726 on Monday. With the RSI and the Stochastics rebounding deep in the oversold area, the MACD stabilizing below its red signal line and the price deviating slightly above the lower Bollinger band, the odds for an upside correction seem to be elevated. A forceful rally above the September low of 1.0810 and the middle Bollinger band could generate additional buying interest, sending resistance probably near 1.0900 which the bulls [..]

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Technical Analysis – EURAUD looks flat as momentum has vanished

Posted on January 20, 2020 at 3:37 pm GMT

EURAUD is consolidating around the 1.6103 level, which is the 76.4% Fibonacci retracement of the up leg from 1.5893 to 1.6784. With directional momentum nonexistent and the simple moving averages (SMAs) converging around 1.6170, the sideways market may drag on for a while longer, holding the pair between 1.6340 and 1.5964. The MACD, although in the negative zone, is above its red trigger line and approaching zero, while the RSI is hovering at its neutral mark. To the upside, immediately [..]

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Technical Analysis – GBPAUD inches sideways towards supportive trendline

Posted on January 20, 2020 at 12:59 pm GMT

GBPAUD has shifted sideways after a pullback from the multi-year peak of 1.9521. Directional momentum has evaporated, and the pair is approaching a supportive trendline drawn from the low of 30 July 2019. The MACD is marginally above its red trigger line and barely below zero, while the RSI is at its neutral mark, both reflecting an unclear short-term direction. Noteworthy is the 100-day SMA that has joined with the supportive trendline and with the 200-day SMA, which back a [..]

Technical Analysis – EURUSD drops below 200-day SMA; focus on supportive trendline

Posted on January 20, 2020 at 8:46 am GMT

EURUSD’s pullback from the 1.1238 top has again been interrupted by the 50-day simple moving average (SMA). That said, a bearish crossover of the Kijun-sen line by the falling Tenkan-sen line backs a negative view. The pair is currently flirting with a key support area around 1.1092 to 1.1082 involving the 50-day SMA and 38.2% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The short-term oscillators reflect a pause in the market but lean towards a negative picture. [..]

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Technical Analysis – NZDJPY cautiously positive in short-term; golden cross registered

Posted on January 17, 2020 at 11:26 am GMT

NZDJPY restored positive momentum after diving as low as 71.22 last week and is now approaching the 73.51 top registered in late-December. The upward-sloping RSI is endorsing the positive move, but some caution could be justified as the Stochastics have already posted a bearish cross above the 20 oversold level, while the MACD, although somewhat improving, has yet to reach its red signal line. Therefore, questions are rising whether the price can overcome its previous peak of 73.51. If it successfully [..]

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Technical Analysis – USDZAR posts ‘death cross’ in medium term downtrend

Posted on January 17, 2020 at 11:21 am GMT

USDZAR peaked during the summer after touching 15.50 and has been posting consecutive lower highs and lower lows on the daily chart ever since. What’s more, the 50-day simple moving average (SMA) recently crossed below the 200-day one, completing a so-called ‘death cross’, which is another bearish sign. The picture is therefore negative, and for that to change, the bulls would need to push the price above 14.85. Momentum oscillators – the RSI and the MACD – are mixed, and [..]

Technical Analysis – USDCAD needs rally above 1.3100 for bulls to gain traction

Posted on January 17, 2020 at 8:27 am GMT

USDCAD is retreating below the 50- period simple moving average (SMA) in the four-hour chart which nicely kept the bears under control on Thursday. Technically the pair could perform neutral to negative in the short-term as the RSI is slipping below 50 and the MACD is fluctuating marginally below its zero and signal lines, whilst in Ichimoku indicators, the red Tenkan-sen line which is moving below the blue Kijun-sen line is another discouraging signal. Below the Ichimoku cloud, the 1.3000 [..]

Technical Analysis – GBPJPY rises near upper boundary of the trading range

Posted on January 17, 2020 at 8:03 am GMT

GBPJPY is trading sideways over the last month, struggling within the 50.0% Fibonacci retracement level of the downleg from 147.95 to 140.80 near 144.40 and the 141.10 support level. However, looking at the very short-term timeframe the pair rebounded on the 140.80 barrier on January 6 and surpassed the moving averages, suggesting an upward wave. The technical indicators are suggesting an upside tendency as well. The MACD jumped above its trigger line and it is holding in the positive area, [..]

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