Category: Technical analysis of Forex market

USDCAD’s seven-week uptrend from the 6-year lows remains structurally intact with shaped higher lows and highs, in spite of the fresh pullback from the peak of 1.2807. Upside sentiment appears to be growing, something also being indicated by the softened negative slopes of the 100- and 50-day simple moving averages (SMAs). Furthermore, the rising 50-day …

USDCAD Recoils Beneath 200-SMA But Upside Still ActiveRead More

Technical analysis The CCI with the MACD indicates that the uptrend may prevail The price is above MA(50), suggesting a possible movement upwards. What the possible outcomes are In our most likely scenario, the NZDUSD pair may attempt to break the first resistance level of 0.69823. If the pair manages to surpass the first resistance …

NZDUSD Is Possibly BullishRead More

The EURUSD is holding near the new multi-week low in early European trading on Friday, after strong upside rejection and subsequent drop on Thursday. The short-lived positive impact from ECB resulted in a brief correction which was capped by initial barriers (falling 10/20DMA’s). Upbeat German PMI data keep the pair afloat, but the reaction was …

EUR/USD Outlook: Extended Consolidation To Precede Final Push Towards Key SupportsRead More

USDCHF is struggling to dip beneath the 100-day simple moving average (SMA) at 0.9155 following the recent evaporation of upside momentum. That said, the pair is somewhat presently stuck between the stabilized upper and lower frontiers of the Bollinger bands at 0.9259 and 0.9114 respectively. The SMAs at this point in time are not really …

USDCHF Ranges Between 23.6% and 76.4% Fibonacci LevelsRead More

EURJPY has been trading higher over the last couple of days, keeping its footing around the 130.00 level and above the short-term simple moving averages (SMAs). As regards the market momentum, some optimism seems to be building over an upside correction as the RSI has been pointing up above the 50 level and the MACD …

EURJPY Flirts with 130.00 Mark; Falling Trend Line HoldsRead More

Technical analysis The four-hour time frame shows that a bullish inverted head and shoulders pattern has formed after the BTCUSD pair rallied back above the $32,000 resistance level. The Ichimoku indicator shows that the BTCUSD pair will break above the Ichimoku cloud if they are able to overcome the $32,800 resistance level. What the possible …

BTCUSD Strongly BullishRead More

GBPJPY has pushed over the 150.65 barrier and is making efforts to test the resistance band of 151.30-151.60. The falling simple moving averages (SMAs) are defending the broader bearish move, while the uptick in the red Tenkan-sen line is suggesting robust buying interest off the four-and-a-half-month bounce. The short-term oscillators are indicating growing upside momentum, …

GBPJPY powers up as negative risks endureRead More

The Euro hit new 3 –1/2 month low (1.1751) in European session on Wednesday. But bears started to face headwinds on approach to key supports at 1.1704/1.1694 (2021 low, posted on Mar 31 / Fibo 38.2% of 1.0635/1.2349 rally), that resulted in subsequent 40-pips bounce. Negative studies maintain overall bearish picture. Expectations that the ECB …

EUR/USD Outlook: Bears Remain in Play but Face Headwinds from Key Supports, ECB in FocusRead More

The 55– hour simple moving average pressured the EUR/USD currency pair lower during Tuesday’s trading session. Consequently, the Eurozone single currency declined by 45 pips or 0.38% against the US Dollar on Tuesday. All things being equal, the exchange rate could continue to decline in a descending channel pattern during the following trading session. The …

EUR/USD Decline Could ContinueRead More

EURJPY raised the odds for a bearish trend reversal following the drop below the long-term ascending trendline and the Ichimoku cloud, with the 20- and 50-day simple moving averages (SMAs) further enhancing the bearish case after their recent intersection. The price is currently consolidating Monday’s losses around a four-month low of 128.87 as the downward …

EURJPY Hits 4-Month Low, Pivot Area Could Be NearbyRead More