forex

Technical Analysis – USDCAD’s price appreciation may be confined by resistance structure

Posted on November 22, 2019 at 10:30 am GMT

USDCAD is attempting to pierce below the 200-day simple moving average (SMA) after its latest recovery from the 1.3041 level, which extended the price past all SMAs but fell short of the resistance structure. The pair seems to be imprisoned within the 1.3382 and 1.3015 structure lasting nearly five-months, something also backed by the converging SMAs. The short-term oscillators, although improving, reflect some easing in the positive momentum. The MACD is rising above its red trigger line in the positive [..]

Technical Analysis – EURGBP selling to lose steam; downtrend to stay in place

Posted on November 22, 2019 at 8:25 am GMT

EURGBP recovered a little after taking the shape of a doji near a 6 ½-month trough of 0.8620 on Monday. In momentum indicators, the RSI bounced off its 30 oversold mark, denying to register a new lower low at a time when the MACD continues to strengthen its positive momentum in the negative territory, both suggesting that the selling pressure is losing steam. Trend signals, however, remain negative as the market price is still below all its simple moving averages (SMAs) and well under [..]

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Technical Analysis – EURCAD recovery halted by 61.8% Fibo; bias cautiously positive

Posted on November 21, 2019 at 4:13 pm GMT

EURCAD buyers have hit a wall at the 1.4772 resistance, which is the 61.8% Fibonacci retracement of the down leg from 1.4994 to 1.4415, bringing the recent rebound off 1.4455 into question. The technical indicators are displaying mixed signals. Warning of a pullback is the declining RSI in the bullish zone and the turn down in the Stochastics in the overbought territory. On the other hand, the MACD is increasing above its red trigger line in the positive region, suggesting [..]

Technical Analysis – USDJPY consolidates at 50.0% Fibonacci, squeezed by Bollinger bands

Posted on November 21, 2019 at 9:25 am GMT

USDJPY is currently resting at the 108.43 level, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The pair appears to be adopting a short-term sideways move, something also reflected by the mostly flat 100-day simple moving average (SMA), the convergence of the 200- and 40-day SMAs and the price squeeze by the Bollinger bands. The technical oscillators suggest that upside momentum has dried up. The MACD remains in the positive zone below its red [..]

Technical Analysis – GBPJPY keeps flattening within bullish rectangle

Posted on November 21, 2019 at 8:23 am GMT

GBPJPY continues to bounce between the 140.70 and 139.40 boundaries, constructing a rectangle which looks to be a bullish formation as the pattern follows an uptrend started from the 3-year low of 126.53. The double bullish cross of the 20-day simple moving average (SMA) with the longer 50- and 200-day SMAs is another encouraging trend signal if sustained. In terms of momentum, the recent sideways move in the RSI, which continues to hold above its 50 neutral mark and the falling MACD, [..]

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Technical Analysis – NZDJPY consolidates around sturdy 50.0% Fibonacci resistance

Posted on November 20, 2019 at 4:07 pm GMT

NZDJPY is in the process of pushing above the 69.75 restrictive level – which is the 50.0% Fibonacci retracement of the down leg from 73.23 to 66.30 – a point within a range of 70.02 to 68.93, which buyers have struggled to overcome over the last month. The short-term oscillators reflect weakness in directional momentum but still lean slightly towards the positive picture, finding a minor backing from the bullish cross of the 100-day SMA by the 20-day one. The [..]

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Technical Analysis – GBPCAD breaches key resistance in effort to maintain bullish picture

Posted on November 20, 2019 at 2:14 pm GMT

GBPCAD is pushing above a key resistance of 1.7133 from the swing high from May 29. The ascent, which commenced on August 9, is aided by the progressing bullish cross of the 50-day simple moving average (SMA) and the improving positive momentum in the technical indicators. The short-term oscillators suggest that positive directional momentum is increasing as do the slopes of the 50- and 100-day SMAs. The MACD, in the positive zone, has moved back above its red trigger line, [..]

Technical Analysis – AUDUSD remains bearish; 23.6% Fibonacci pauses sellers’ efforts

Posted on November 20, 2019 at 10:22 am GMT

AUDUSD, although looking bearish, has eased its descent, caught between the 100-day simple moving average (SMA) – located at the 0.6831 resistance – and the 0.6767 support. The latter is the 23.6% Fibonacci retracement of the down leg from 0.7081 to 0.6670, where the drop from the down trendline was previously halted. The short-term oscillators suggest that momentum has dried up but lean towards the negative view. The MACD has distanced itself below its red trigger line and has just [..]

Technical Analysis – NZDUSD stalls near familiar resistance area

Posted on November 20, 2019 at 8:28 am GMT

NZDUSD pulled below the familiar resistance level of 0.6435 but held within the 0.6400 area, with the momentum indicators pointing to a neutral short-term session as the RSI is heading towards its 50 mark and the MACD seems to be losing steam above its red signal line. A closing price under 0.6400, where the 20-day MA hovers at the moment, could pressure the price down to the 38.2% Fibonacci of 0.6378 of the upleg from 0.6239 to 0.6464. Beneath that, [..]

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Technical Analysis – CADJPY captured in a downward channel, stalls at 200-day MA

Posted on November 19, 2019 at 3:09 pm GMT

CADJPY, although in a downward channel, looks undecided resting on the 200-day simple moving average (SMA). Directional momentum has disappeared as reflected in the short-term oscillators with the MACD and RSI flat at their neutral marks. Further backing this picture and implying that the pair may adopt a short-term side move are the SMAs, which are converging, with the 50-day SMA already starting to turn flat like the 100- and 200-day SMAs, while the 20-day SMA heads lower towards them. [..]

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