forex

Technical Analysis – USDCHF may find some footing at 2-year lows; bearish in medium-term

Posted on March 6, 2020 at 8:25 am GMT

USDCHF fell aggressively on Thursday to two-year lows and near the 0.9430 crucial support region taken from the 2016-2017 period, approaching the 78.6% Fibonacci of the 0.9186-1.0234 upleg. Hence, since the RSI and the Stochastics are fluctuating well into the oversold area too, the odds for a rebound are increasing, shifting attention towards the 0.9575-0.9596 restrictive zone that includes the 61.8% Fibonacci. Higher, the bulls may retest the 0.9560 barrier before meeting the 50% Fibonacci of 0.9715, turning the bearish [..]

Technical Analysis – USDCAD needs to hold above 61.8% Fibo to be bullish in short term

Posted on March 6, 2020 at 7:48 am GMT

USDCAD looks to be creating a floor below the eight-month high of 1.3463 and near the 61.8% Fibonacci retracement level of the down leg from 1.3664 to 1.2950 at 1.3390. Furthermore, the price remains well above the penetrated falling trend line, signaling more upside pressure in the short-term. The technical indicators seem to be losing momentum in the daily timeframe. The RSI is moving slightly to the downside in the positive territory, while the stochastic is flattening after it posted [..]

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Technical Analysis – EURCAD rises to 9-month peak above 1.5000

Posted on March 5, 2020 at 1:28 pm GMT

EURCAD stretched its two-week rally towards a nine-month high of 1.5032 earlier today. The market trend is likely to hold on the upside as long as the price holds far above its moving averages and the Ichimoku cloud. The MACD seems to be gaining momentum above its red signal line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is moving above the blue Kijun-sen, all signaling a more bullish trading in the short term. Should the positive action extend above [..]

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Technical Analysis – NZDUSD lies near 23.6% Fibonacci; corrects higher in near term

Posted on March 5, 2020 at 10:27 am GMT

NZDUSD has gained ground this week, advancing above the ten-and-half-year low of 0.6190 and the short-term moving averages, with the technical indicators feeding prospects for a possible positive trading. The RSI holds well above 50, while the MACD continues to strengthen in bullish territory and above its red trigger line.  Also, in the Ichimoku indicators, the red Tenkan-sen keeps rising above the blue Kijun-sen. Yet, the pair is facing strong resistance near its previous peak of 0.6325 and the two-month [..]

Technical Analysis – EURGBP gives up rally near 200-day SMA

Posted on March 5, 2020 at 8:31 am GMT

EURGBP bulls hit a wall near the 200-day simple moving average (SMA) which perfectly curbed last week’s aggressive rally, with the price edging down to the 0.8600 territory on Wednesday. The price is currently ready to enter the 0.8647-0.8560 restrictive region formed by the 50% and 38% Fibonacci retracement levels of the 0.9018-0.8275 downleg, where a consolidation phase could take place given the downside reversal in the RSI and Stochastics from the overbought levels. An extension below the bottom of this range [..]

Technical Analysis – USDJPY faces aggressive selling interest; hovers near 5-month low

Posted on March 5, 2020 at 7:19 am GMT

USDJPY is looking strongly bearish in the short-term after plummeting below its moving averages in the preceding week and penetrating the ascending trend line. Prices hit a five-month low of 106.84 on Wednesday and the technical indicators are all pointing to further negative momentum in the near term. The stochastics are heading downwards, and the %K line crossed below the %D line in the oversold zone, suggesting plenty of scope for additional southward moves on price. The RSI is hovering [..]

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Technical Analysis – USDCNH tumbles towards 6-week low with strong momentum

Posted on March 4, 2020 at 1:18 pm GMT

USDCNH is plunging for the ninth consecutive day after the pullback on the 7.0561 resistance, breaching the 23.6% Fibonacci retracement level of 6.9624 of the down leg from 7.1944 to 6.8433 today.  The price is also registering a six-week low of 6.9159 within the Ichimoku cloud. Technical indicators are moving south with the RSI approaching its 30 oversold mark and the MACD dropping below its zero level, while the red Tenkan-sen is preparing to cross below the blue Kijun-sen line. If the market closes successfully below the 23.6% Fibonacci of 7.0561 the spotlight could turn to the one-year low of 6.8433. Below that [..]

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Technical Analysis – GBPCHF stabilizes around 4-month low; bears could keep control

Posted on March 4, 2020 at 10:19 am GMT

GBPCHF slumped below the 200-day simple moving average (SMA) which proved an easy obstacle this time but the former strong support region around 1.2190 from the 2016-2017 period came to the rescue. Although the RSI, Stochastics and Bollinger bands reflect oversold conditions, the indicators have yet to reverse north, keeping the short-term bias negative. Should the wall around 1.2190 collapse, the sell-off could stretch until the 1.2090 familiar barrier, a break of which could stage another downfall towards 1.1900. On [..]

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Technical Analysis – EURJPY challenges 120.00 key level; short-term indicators signal positive session

Posted on March 4, 2020 at 10:12 am GMT

EURJPY is close to break the 120.00 psychological level which is near the 40-period simple moving average (SMA) on the 4-hour chart. According to the RSI, the market could maintain positive momentum in the very short-term as the indicator is positively sloped near its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, suggesting an upside correction in the price. On the upside, the price could attempt to overcome the 38.2% Fibonacci retracement [..]

Technical Analysis – GBPUSD hovers above 4-month low with weak momentum

Posted on March 4, 2020 at 7:36 am GMT

GBPUSD has been trading lower over the last three months with weak momentum, reaching a new four-month low of 1.2725. The risk is still to the downside as the pair remains beneath the Ichimoku cloud and the 20- and 40-day simple moving averages (SMAs). The RSI indicator is flattening below the 50 level, while the MACD oscillator is holding below its trigger and zero lines. In the wake of more negative pressures, the market could meet support at the 50.0% [..]

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