forex

Technical Analysis – GBPUSD runs to 8-month high; overbought near key resistance

Posted on December 9, 2019 at 8:41 am GMT

GBPUSD closed significantly above the tentative descending trendline stretched from the 2018 high of 1.4375 that looked to be part of a bullish pennant formation. The price inched up to an eight-month high of 1.3179 on Monday but remained close to the key 1.3175 resistance mark, with the RSI and the Stochastics hinting that buying pressure is overloaded and downside corrections are likely in the short-term. Still, overbought signals would only be confirmed if the indicators show a clear downside reversal. In case sellers [..]

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Technical Analysis – EURSEK remains bearish, testing troughs from July

Posted on December 6, 2019 at 2:26 pm GMT

EURSEK continues to look negative in the short-term with sellers attempting again to break below the 10.514 support. Negative momentum seems to be returning with the nearing of a bearish cross of the 100-day simple moving average (SMA) by the 50-day SMA around 10.700. The technical indicators also reflect the improving negative momentum. The MACD, deep in the negative zone looks to fall further below its red trigger line, while the RSI, just above the 30 level is sloping downwards [..]

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Technical Analysis – NZDCHF approaches 200-MA as positive picture improves

Posted on December 6, 2019 at 12:19 pm GMT

NZDCHF is nearing the 200-day simple moving average (SMA) after buyers drove the price up from the 0.6280 level – which is the 23.6% Fibonacci retracement of the down leg from 0.6670 to 0.6161 – and past various restricting obstacles. The recent climb seems to be backed by positive signals from the technical indicators and the bullish crossovers of the 100-day SMA by the upward sloping 20- and 50-day SMAs. The MACD, in the positive zone, is increasing above its [..]

Technical Analysis – USDCAD sellers retake control in a range bound market

Posted on December 6, 2019 at 9:04 am GMT

USDCAD looks to be pushing lower with sellers trying to form a clear-cut direction. The recent ascent from 1.3041 failed to reach the resistance structure and sellers reversed the price back down from the 1.3289 area – which is the 50.0% Fibonacci retracement of the down leg from the 1.3564 to 1.3015 – and below the swing low of 1.3190. The short-term oscillators reflect mixed signals with the MACD indicating strengthening negative momentum, while the RSI in bearish territory is [..]

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Technical Analysis – AUDNZD continues to tumble with negative short-term signals intact

Posted on December 5, 2019 at 3:21 pm GMT

AUDNZD bears seem to be in control after the reversal at the twelve-month peak of 1.0864 and the break below the 1.0663 low. Having dropped past all simple moving averages (SMAs), the medium-term bias seems to have turned back to mostly neutral. Even though the pair has encountered some upside pressure at the 1.0452 level, the short-term oscillators concur with the bearish picture and continue to reflect strong negative momentum in place. The MACD, underneath the zero line is falling [..]

Technical Analysis – USDJPY’s positive picture takes a breather

Posted on December 5, 2019 at 10:16 am GMT

USDJPY, despite the recent fading in the pair, continues to find support from the 50-day simple moving average (SMA) and the 108.42 level, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The intact positive picture looks to be easing into a more sideways outlook, something also backed by the convergence within the SMAs. The short-term oscillators reflect a stalling in directional momentum with the RSI flat at the 50 level, while the MACD, in [..]

Technical Analysis – GBPJPY bulls likely to keep control; descending trendline in focus

Posted on December 5, 2019 at 8:11 am GMT

GBPJPY is surrounded by positive vibes on the daily chart, increasing optimism that there is more room for improvement in the market. The bulls geared up to seven-month highs and further above the upward-sloping 20-day simple moving average (SMA) after the price hit support around the upper surface of the narrow bullish rectangle. Oscillators are also holding a bullish flag as the MACD is resuming positive momentum above its red signal line, while the RSI is pointing upwards and has [..]

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Technical Analysis – GBPCAD rally looks overstretched near resistance trendline

Posted on December 4, 2019 at 2:16 pm GMT

GBPCAD gained further positive traction on Wednesday and unlocked a fresh 7-month high of 1.7393. It seems that there is more bullish fuel in store, though at a limited amount as the RSI and the Stochastics are moving into overbought waters and the price itself is trading near a resistance trendline that joins the peaks since March 2018.  A complete bearish cross between the 50- and the 200-day SMAs could turn medium-term traders cautious too. In case the price returns below [..]

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Technical Analysis – GBPNOK buyers navigate above 40-month high

Posted on December 4, 2019 at 1:42 pm GMT

GBPNOK buyers resurfaced to push the price above the forty-month high of 11.97, resuming the positive picture after a one-and-a-half month sideways move. Backing the climb is the bullish crossovers of the 200-day simple moving average (SMA) by the upward sloping 50- and 100-day SMAs, as well as the improving positive momentum in the short-term oscillators. The MACD, in the positive region, has pushed back above its red trigger line, while the RSI is rising in bullish territory, nearing the [..]

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Technical Analysis – NZDJPY ascent stumbles at 200-day MA; upside momentum eases slightly

Posted on December 4, 2019 at 1:36 pm GMT

NZDJPY is attempting to regain its positive footing after hitting a brick wall at the 200-day moving average (MA). Prices peaked at 71.24 – a 4-month high. Further gains are possible in the near term as, despite the softening in the bullish bias, the momentum indicators suggest there is scope for a continuation of the latest upswing. The stochastics have come off overbought territory, but the %K line is in the process of turning higher. The RSI flatlined just below [..]

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