forex

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Technical Analysis – CADJPY falls to 2011 low, posts death cross

Posted on March 18, 2020 at 10:27 am GMT

CADJPY has sold off aggressively in the past few weeks, with the pair falling to 73.85 – a zone last seen in 2011 – before rebounding somewhat. The outlook therefore seems to have turned negative, something endorsed by the 200-day simple moving average (SMA) crossing below the 50-day one to form a ‘death cross’. That said, a break below 73.85 is needed to confirm the downtrend. Short-term oscillators paint a bearish picture too. The RSI looks ready to test its [..]

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Technical Analysis – EURCHF loses steam marginally above 5-year low and below SMAs

Posted on March 18, 2020 at 10:13 am GMT

EURCHF has been declining over the last eleven months, driving the pair towards the almost five-year bottom of 1.0540 on March 12. The market is remaining well below the descending trend line and close to the 20- and 40-period simple moving averages (SMAs) in the daily timeframe. Technically, the RSI indicator is pointing down in the bearish zone and marginally above the oversold region, while the MACD is stretching its negative momentum below the trigger line, suggesting an extension of the [..]

Technical Analysis – AUDUSD records a new 17-year low in oversold zone

Posted on March 18, 2020 at 7:10 am GMT

AUDUSD has been in a strong bearish rollercoaster over the last ten days, flirting with the 17-year low beneath the strong psychological mark of 0.6000. The pair has also increased distance below its negatively sloped moving average lines and the flattening Ichimoku cloud, indicating that the recent downtrend might hold for longer. Momentum signals are bearish as well as the red Tenkan-sen line, which is below the blue kijun-sen line, and looks to be heading south, while the RSI remains in the oversold territory over the [..]

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Technical Analysis – EURAUD rollercoaster continues to fresh 11-year peak; next level 1.86

Posted on March 17, 2020 at 1:00 pm GMT

EURAUD is still extending its bullish rollercoaster to a fresh eleven-year peak of 1.8415, posting its fifth consecutive green day. The moving average lines are following the price’s action and are pointing north. Additionally, the RSI indicator is hovering in the overbought territory with weaker momentum than before, while the stochastic is edging higher above the 80 level. On the upside, the price could attempt to overcome the eleven-year high and test the 1.8600 round level, which has been standing [..]

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Technical Analysis – EURGBP unlocks 6-month high; indicators look overbought

Posted on March 16, 2020 at 2:08 pm GMT

EURGBP recorded a stunning rally over the last month towards a six-month peak of 0.9132. The Ichimoku lines and the moving averages are following this bullish action, with the 40-day simple moving average (SMA) and the 100-day SMA posting a golden cross. According to the Relative Strength Index (RSI), the market may extend its movement to overbought levels as the index is standing above 70 mark. In addition, the MACD oscillator is still moving north above its red trigger and zero [..]

Technical Analysis – USDCAD retreats below 4-year high; indicators suggest pullback

Posted on March 13, 2020 at 7:36 am GMT

USDCAD looks to be overbought according to the technical indicators after the bullish rollercoaster occurred in the preceding days towards a fresh four-year high of 1.3960. The stochastic oscillator is flattening above the 80 level and is ready to post a bearish cross within the %K and %D lines. Also, the RSI is reversing to the downside after the extension above the 70 level. However, the short-term moving averages are still following the strong upside structure in the daily timeframe. [..]

Technical Analysis – USDJPY extends selling interest; indicators signal further weakness

Posted on March 12, 2020 at 7:57 am GMT

USDJPY continues the selling interest underneath the 104.00 psychological level and the 23.6% Fibonacci retracement level of the bearish move from 112.20 to 101.15. The RSI indicator is pointing down again and the MACD oscillator is extending its bearish momentum well below its trigger and zero lines, suggesting a sharper bearish structure. The selling pressure could accelerate again if the market deteriorates below the 23.6% Fibo of 103.75, edging towards the 41-month low of 101.15. Such a move could next bring [..]

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Technical Analysis – EURAUD declines following the surge to 11-year peak of 1.8200

Posted on March 11, 2020 at 10:22 am GMT

EURAUD is reversing lower following the pullback on the eleven-year top of the 1.8200 handle, which overlaps with the 261.8% Fibonacci extension level of the downfall from 1.6790 to 1.5890. The pair today has declined to the nearby 161.8% Fibonacci extension of 1.7320, with backing from the technical indicators. The short-term oscillators suggest an increase in negative momentum for now. The RSI, in the positive region, is slipping towards the 70 level, while the falling stochastic has moved underneath its [..]

Technical Analysis – EURGBP accelerates above 0.8800; risk tilted to the upside

Posted on March 11, 2020 at 8:12 am GMT

EURGBP regained positive momentum above the 200-day simple moving average (SMA) on Wednesday that kept the bulls under control since the start of the month and is currently in battle with the 0.8800 area. Earlier, the pair confirmed a bullish double bottom pattern by breaking the neckline around 0.8594 and now the bullish cross competed between the 20- and the 50-day SMAs is further backing a trend improvement. Regarding the price momentum, it could stay positive in the short-term but [..]

Technical Analysis – AUDUSD calms down after plunging to 11-year low

Posted on March 11, 2020 at 7:35 am GMT

AUDUSD is recovering some of Monday’s losses as it plummeted towards an eleven-year trough of 0.6310 but reversed quickly higher. Currently, the pair is trading near the 0.6500 psychological mark and the flattening red Tenkan-sen line. The RSI indicator is sloping marginally up in the negative territory, suggesting a possible upside correction, while the MACD oscillator is flirting with the trigger line in the bearish zone. Moreover, the 20- and 40-day simple moving averages (SMAs) are acting as strong resistances [..]

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