forex

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Technical Analysis – EURGBP retreats from 11-year high, tests crucial support area

Posted on March 25, 2020 at 7:02 am GMT

EURGBP staged a powerful rally over the past month to touch an 11-year high near 0.9500, before retreating somewhat. The price structure still consists of higher highs and higher lows above an upside support line, as well as above the 50- and 200-day simple moving averages (SMAs), implying that the broader outlook remains positive. For that to change, the bears would need to pierce below the upside line and also drive the pair below the 0.9000 handle.   Short term [..]

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Technical Analysis – EURCHF rebounds on 5-year low; strongly negative in long-term

Posted on March 24, 2020 at 1:38 pm GMT

EURCHF is trading slightly above the five-year low of 1.0515, flirting with the 20-day simple moving average (SMA) and the immediate resistance at 1.0615, which coincides with the 40-day SMA. The market is remaining well below the descending trend line, creating a strong selling trend which began eleven months ago. Technically, the RSI indicator is pointing up in the bearish zone, while the MACD is losing some momentum, surpassing the trigger line in the negative area. Downwards, the bears could face immediate support from [..]

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Technical Analysis – USDCAD flirts with 20-SMA, signaling some losses in near term

Posted on March 24, 2020 at 7:54 am GMT

USDCAD is on course to slip beneath the short-term 20-period simple moving average (SMA) creating a neutral mode after the sell-off from the more than four-year high of 1.4670. According to the momentum indicators, the stochastic oscillator is diving towards the oversold zone, while the RSI is turning lower in the positive area. Immediate support is being provided by the 23.6% Fibonacci retracement level of the up leg from 1.3200 to 1.4670, around 1.4320, which stands near the 1.4330 support [..]

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Technical Analysis – AUSUSD slips marginally below 20-period SMA and 23.6% Fibonacci

Posted on March 23, 2020 at 10:28 am GMT

AUDUSD has been underperforming in the past two days, breaking back below the 23.6% Fibonacci retracement level of the down leg from 0.6685 to 0.5506 at 0.5783. When looking at the bigger picture, the pair has a clear downside trend and has been moving below the short-term simple moving averages (SMAs). Considering the momentum indicators, the RSI is lacking direction slightly below its neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD [..]

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Technical Analysis – EURUSD bounces quickly up after hitting 3-year low

Posted on March 19, 2020 at 1:48 pm GMT

EURUSD had a flash downside correction below the downward-sloping channel today, stretching its ten-day old sell-off to a three-year low of 1.0725. The MACD continues to lose momentum below its trigger line, the RSI is making its way down below its 30 oversold level, while the stochastic oscillator is reversing south again, all signaling a bearish trading in the short-term. Also, the 20- and the 40-period simple moving averages (SMAs) are following the price action down. Should weakness extend, support could be initially detected within the 1.0775 – 1.0800 support area before the 1.0725 trough [..]

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Technical Analysis – EURNZD finds wall at 10-year top; looks overbought

Posted on March 19, 2020 at 10:39 am GMT

EURNZD found some footing around the ten-year high of 1.9922 before edging lower near the 23.6% Fibonacci retracement level of the upward move from 1.6615 to 1.9922 at 1.9145. The red Tenkan-sen line, remains well above the blue Kijun-sen and the RSI is currently flirting with overbought levels, while the stochastic is turning lower into the positive area after the bearish cross within the %K and %D lines, which exited the overbought region. A pull back may meet immediate support around the 1.8990 barrier, while [..]

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Technical Analysis – US dollar index near 17-year high as rally accelerates

Posted on March 19, 2020 at 8:40 am GMT

US dollar index futures (June delivery) exploded higher in recent weeks, as the global pandemic crisis has ignited a dollar liquidity shortage. The price is now trading at three-year highs, with the structure on the weekly chart consisting of higher highs well above the 50- and 200-week moving averages (MAs), which posted a ‘golden cross’ in mid-2019. Hence, the picture is positive, and a weekly close above the almost two-decade high of 103.80 could add more gasoline to the rally. [..]

Technical Analysis – GBPUSD posts heavy fall within a tumble mode; new low since 1985

Posted on March 19, 2020 at 7:53 am GMT

GBPUSD has been gradually tumbling over the last couple of weeks, dropping to levels not seen in several decades. The price is flirting with the fresh low last seen in 1985 that posted on Wednesday at 1.1450. The sharp selling interest was confirmed by the long-term momentum indicators that slipped in their negative territories. The RSI is hovering near the 30 level, while the MACD is falling beneath its trigger line in the weekly timeframe. The Ichimoku lines are dropping as well, following the price action. Should [..]

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Technical Analysis – USDJPY recovers after touching US election low

Posted on March 18, 2020 at 2:16 pm GMT

USDJPY fell sharply in recent weeks to touch 101.20, a level last seen on November 9, 2016 – the day Donald Trump was elected US president. The pair found fresh buy orders near that zone and then staged a major recovery, holding above a short-term uptrend line. On the four-hour chart, the price structure now consists of higher highs and higher lows, so the very near-term outlook seems to have turned positive. A break back above 108.50 could confirm that. [..]

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Technical Analysis – AUDJPY resumes downtrend, hits new 11-year low

Posted on March 18, 2020 at 12:44 pm GMT

AUDJPY has come under renewed selling pressure in recent sessions, and at the moment it is testing the 63.50 region. The price structure on the daily chart consists of lower lows beneath both the 50- and 200-day simple moving averages (SMAs), which have posted a death cross lately, with the 50-day falling below the 200-day. Thus, the outlook is firmly negative. The RSI endorses that view, falling further in its oversold territory. Likewise, the MACD is declining in its negative [..]

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