Technical Analysis

US 30 Index Consolidates; Remains Cautiously Positive

US 30 Index Consolidates; Remains Cautiously Positive

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The Wall Street 30 stock index’s (cash) positive directional momentum appears to have weakened as it has eased slightly from the new all-time-high of 29,401. The index looks to be a bit flat – something also backed by the Ichimoku lines. Moreover, the short-term oscillators reflect a stall in the positive move with the MACD…
WTI Futures May Have More Weakness in Store in Short Term

WTI Futures May Have More Weakness in Store in Short Term

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WTI crude oil futures with delivery in March, are declining below the three-month ascending trend line, creating a bearish-to-neutral view. Momentum indicators are pointing to a negative bias in the short term with the RSI just below 50 and the stochastic oscillator is heading towards the bearish territory. The MACD oscillator is strengthening its downward…
Dollar Index Futures May Lengthen Bearish Trend

Dollar Index Futures May Lengthen Bearish Trend

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US dollar index futures are exposed to downside risks as regards the market trend. The first clue is the lower high and the lower lows registered below the 2 ½-year peak of 99.30 and second is the death cross created between the 50- and 200-day simple moving averages (SMA) after more than a year –…
US 100 Stock Index Remains Near New Highs But Momentum Fades

US 100 Stock Index Remains Near New Highs But Momentum Fades

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The US 100 stock index is continuing the strong upside rally, creating new record intraday highs every single day over the last four sessions. Today, the price hit the 9222.80 level, remaining well above the short- and long-term simple moving averages (SMAs). The technical indicators are supposing a potential downside correction as both, the RSI…
XAU/USD Remains Above 1,550.00

XAU/USD Remains Above 1,550.00

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On Tuesday, the XAU/USD exchange rate failed to surpass the 1,568.00 level. During today’s morning, the rate was trading below the 1,560.00 mark. Note that yellow metal is supported by the 55-, 100– and 200-hour SMAs, currently located in the 1,553.75/1,558.59 range. Thus, it is likely that the price for gold could go up. It…
GBP/USD Might Surpass 1.3080

GBP/USD Might Surpass 1.3080

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Yesterday, the GBP/USD exchange rate raised to the 1.3060 level. During Wednesday morning, the rate was trading at the given mark. Note that the currency pair is supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3030 area. Thus, some upside potential could prevail in the market, and the…
AUD/USD Outlook: Bears Take A Breather, Awaiting More Signals From Australian Jobs Data Early Thursday

AUD/USD Outlook: Bears Take A Breather, Awaiting More Signals From Australian Jobs Data Early Thursday

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The Australian dollar remains under pressure and hit new six-week low at 0.6826 on Wednesday, in extension of Tuesday’s 0.4% fall. Fears of the impact of Coronavirus on Chinese economy keep the Aussie at the back foot, but today’s fresh extension lower failed so far to clearly break below 100DMA (0.6838). Overextended 14-d momentum is…
EURUSD On The Ropes

EURUSD On The Ropes

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The euro has come under increasing downside pressure during the European trading session against the US dollar, with the pair approaching the worst levels of 2020 so far. A break under the 1.1060 level exposes the EURUSD pair to a possible decline towards the 1.0990 level. Extended technical support is seen at the 1.1050 level,…
USDJPY Support Holds

USDJPY Support Holds

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The US dollar is recovering higher against the Japanese yen currency after finding strong technical support from the 109.70 level. Risk-on market sentiment is helping the USDJPY pair move higher, with the 110.20 resistance level the last remaining technical barrier before bulls target 111.00. Only a decline below the 109.70 support level would cause short-term…
EUR/GBP Outlook: Break Of 0.8473 Fibo Support Would Signal An End Of Multi-Week Sideways Trading

EUR/GBP Outlook: Break Of 0.8473 Fibo Support Would Signal An End Of Multi-Week Sideways Trading

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The cross is consolidating above pivotal Fibo support at 0.8473 (Fibo 38.2% of 0.8276/0.8595) following Tuesday’s 0.4% drop, initiated by upbeat UK labor data. Sterling remains firm but needs more signals about BoE’s action on policy meeting next week, as strong jobs numbers on Tuesday reduced risk of rate cut and today’s release of CBI…

ANALYST PICKS

Australian Dollar May Fall vs Yen as RBA Bets, Charts Line Up

Australian Dollar May Fall vs Yen as RBA Bets, Charts Line Up

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AUD/JPY TRADING Strategy: BEARISH Bearish Engulfing candle pattern on AUD/JPY weekly chart hints at weakness Deterioration in the RBA policy outlook offering sellers fundamental backing Confirmation of a breakdown initially exposes support below the 74.00 figure The Australian Dollar may be preparing to resume the downward trend guiding it lower against the Japanese Yen since…
USD/ZAR – US Dollar Set Up to Decline vs South African Rand

USD/ZAR – US Dollar Set Up to Decline vs South African Rand

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USD/ZAR Highlights: USD/ZAR turning lower from confluent resistance Rising wedge price action breaking, kicking off move lower The first couple of days this week saw USD/ZAR running up against stiff resistance coming from several angles; the downtrend line from October, horizontal level extending over from September, and the 200-day MA. Both days resulted in minor…
Canadian Dollar Forecast: USD/CAD, AUD/CAD, NZD/CAD

Canadian Dollar Forecast: USD/CAD, AUD/CAD, NZD/CAD

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Canadian (AUD) Dollar Outlook: The Canadian Dollar has had varying performances to start the year USD/CAD has pressed higher to test resistance, but the longer-term downtrend persists Where are USD/CAD, AUD/CAD and NZD/CAD headed? Canadian Dollar Forecast The Canadian Dollar has had a mixed performance to start the year, but some of the longer-term trends…
Euro May Fall Against Japanese Yen If Chart Setup Plays Out

Euro May Fall Against Japanese Yen If Chart Setup Plays Out

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EUR/JPY TRADING Strategy: BEARISH Euro may be forming a top vs Japanese Yen below 123.00 level Break of Rising Wedge floor sought as confirmation of reversal Repeat of 2-year downtrend dynamics implies move sub-111.00 The Euro may be preparing tun lower against the Japanese Yen following a three-month recovery, resuming a two-year downtrend. The rise…