CHI 50 Index Fights With 200-SMA After Rebound On 8-Month Low
China’s 50 stock index (CHI 50) has rebounded somewhat after falling to the eight-month low of 12,520 on February. Currently, the price struggles beneath the 200-day simple moving average (SMA), which overlaps with the area of the 23.6% Fibonacci retracement...
WTI Oil Outlook: Oil Remains in Red on Concerns about Virus and OPEC+ Group Consensus for Increased Output Cut
WTI oil price extends weakness on Monday and is on track to fully retrace mild $49.41/$52.28 correction, which was capped by falling 10DMA. The sentiment remains weak on reduced demand from China, due to coronavirus outbreak and worries whether Russia...
EURCAD Bounces on Moving Averages Bullish Cross; Neutral Bias in Near Term
EURCAD has been losing ground over the last four days but its sideways move since the end of August remains intact, keeping the short- and medium-term pictures neutral. The price is currently hovering near the 20- and 40-day simple moving averages (SMAs) which...
AUD/USD Outlook: Aussie Bears Are Pausing As China Is Back To Business After Holiday And On Upbeat Chinese CPI Data
The Australian dollar rose in early Monday after hitting new multi-month low at 0.6662 last Friday. China is back to business after extended Lunar New Year holidays and slight optimism about coronavirus epidemic could be slowing, lifted Aussie after Friday’s...
AUDJPY Reverses Lower, Picture Turning Negative
AUDJPY posted a ‘golden cross’ in mid-January – which is usually a positive sign – but was unable to sustain the upside momentum. Instead, the price structure on the daily chart seems to be turning negative, with lower highs and...
EUR/USD At 4 Month Low On Weak German Data, NFP Next
The euro is under pressure in early trade on Friday following yet more disappointing data from Germany. German industrial production declined by more than expected -3.5% mom in December, greater than the -0.2% fall forecast. Annually production declined -8.7% well...
GBPNZD Maintains Neutral-to-Bullish Bias Above Cloud
GBPNZD has been consolidating over the last four months with upper boundary the 2.0430 resistance and lower boundary the 50.0% Fibonacci retracement level of the up leg 1.8280 – 2.0550, near 1.9410. However, the broader picture remains positive as the...
USD/JPY Outlook: Bulls Are Pausing Under 110 Barrier Ahead Of NFP
Strong four-day rally is taking a breather on Friday ahead of US jobs report, which is expected to provide fresh signal. The dollar remains well supported and strong labor data today would add to bullish bias for eventual break through...
GER 30 Index Pullback Looks To Test Positive Picture
Germany 30 Index (Cash) is pushing under the 13,519 level, following a deflection off the 13,604 resistance from January 24. The candles reflect sellers’ efforts for a down move, something also reflected within the short-term oscillators, where negative momentum appears...
GBP/USD Outlook: Traders Anticipate Strong US Jobs Data Which Would Further Deflate Sterling, But Bounce Scenario Is Also On The Table
Bears are on hold above key Fibo support in European trading on Friday, as quiet and narrow range movement await release of US jobs report. Cable registered significant losses this week, pressured by rising dollar and uncertainty over Brexit negotiations....
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