AUDUSD (D) - medium term bullish bias After treading water near the daily support level of 0.6680 the Australian dollar has bottomed out and is aiming at the July high of 0.7070. The RSI divergence indicated a brake in the sell-off. Then the rally lifted offers at key resistance levels of 0.6800 and 0.6880 and turned the sentiment around in the process. The...
USDJPY (1H) – short term bearish bias Looks like the greenback could not get pass the gatekeeper at the daily resistance level of 109.30. The doji following the Fed’s interest rate cut was a sign that the recovery was about to end. The hourly chart clearly showed a RSI divergence suggesting a loss of momentum in the previous rally. The bearish MA cross and the...
USDCAD (1H) - short term bullish bias The US dollar bounced back from the July low near 1.3030-1.3040, completing a 13-week-long M-shaped pattern. The rebound is likely to be fuelled by a combination of profit-taking and buying the dip. On the hourly chart, the RSI divergence indicated that the selling pressure was waning. The ensued MA cross and successive...
CHFJPY (1H) - short term bullish bias After two consecutive tests of the 109.60 resistance, the Swiss franc finally made a bullish breakout. The faster moving average is diverging from the slower one suggesting acceleration in the upward momentum. Now the question is whether buyers have enough conviction to rally above the key level of 109.80. The doji and the...
EURUSD (1H) - short term bullish bias The euro is currently in an attempt to end its flag-shaped consolidation. After a double test of the demand zone around 1.1075, the pair bounced back and broke above the psychological level of 1.1100. The RSI divergence showed a deceleration on the sell-side in anticipation of a turnaround. The bullish MA cross and...
EURCAD (1H) - short term bullish bias The Canadian dollar came under pressure across the board while the euro found buyers to make a comeback. The demand area around 1.4450 may be a major lifeline for the single currency to start a reversal. The RSI divergence struck a higher low against a lower high in the price, suggesting a slowdown in the bearish momentum....
EURJPY (D) - medium term bullish bias The October rally came to a halt near the July high of 121.40. We expect the price to pull back and consolidate as longs take some money off the table. This could be the fourth corrective wave following a strong bullish impulse. The upbeat sentiment remains intact as long as buyers commit themselves near major support levels....
AUDCAD (1H) - intraday bullish bias The Aussie was supported by strong buying interests near the psychological level of 0.8900. The RSI divergence at the bottom was an indication that selling pressures have waned and a potential U-turn was in the making. The confirmation came from the rally above the resistance level of 0.8930 and the bullish MA cross. The...
Brent crude - short term bullish bias The crude is slowly recovering after the sell-off in late September, we may expect the price to test the 50% (63.00) then the 61.8% (64.50) Fibonacci retracement levels successively. On the hourly chart, the price saw strong support around the moving averages during each pullback, the sentiment would stay optimistic as long...
Gold - medium term bullish bias The bullion has been rising along the moving averages as traders increased their bets on the safe haven metal since late May. The latest pullback in a shape of a flag saw some profit-takings, and the RSI indicator retreated into the neutral area. However, the bullish sentiment remains strong, as the price is now attempting to break...
AUDNZD - short term bullish bias The Australian dollar has gained the upper hand after it found support again at 1.0670. In the medium term, the price action is in a flag consolidation on the daily chart and sentiment remains upbeat. This offers intraday traders opportunities to go along with the underlying trend. The RSI divergence was followed up by a bullish...
EURUSD (1H) - short term bearish bias The single currency came under increasing pressure as it failed to hold the high ground yesterday. The ill-fated rebound looked more like a dead cat bounce than a sustainable bullish movement. The break of the 1.1100 support was followed by a bearish MA cross, like rubbing salt in bulls' wounds. We expect the price to test...
EURNZD (1H) - short term bullish bias The euro has found renewed strength against the kiwi after it broke above the psychological level of 1.7400. A bullish MA crossed was followed by a day-worth of consolidation before a directional bias was settled. The fresh momentum is likely to push the price towards 1.7500 and beyond. In case of a pullback, especially if...
USDCHF (1H) - short term bullish bias The US dollar has enjoyed a smooth ride so far and pulled back to the 61.8% (0.9930) Fibonacci level of the mid-October drop on the daily chart. We expect the price to meet increasing selling pressures ahead as short term longs start to take profit. However, The RSI is yet to penetrate the over-bought area, and the uptrend is...
WTI crude (4H) - medium term bullish bias After two tests of the demand area around 50.80 , the US oil price was supported by buyers to recover in a steady manner. The RSI divergence foreshadowed a 3-week-long consolidation period in which sellers took their feet off the pedal. Even though the faster moving average crossed above the slower one in a typical...
AUDUSD (1H) - short term bearish bias The daily supply area of 0.6880 has proved to be resilient so far, and a combination of profit-taking and fresh selling are weighing on the Australian dollar. The RSI divergence at the top was followed up by a bearish MA cross, which made the U-turn much more compelling. As the price successively broke below the support...
EURAUD (1H) - short term bullish bias The single currency found strong buying interests near the daily support level of 1.6200 to recoup some losses from last week. The RSI divergence and two days of consolidation were signs that selling pressures have eased off. The RSI indicator bounced back from the over-sold area while the faster MA crossed above the slower...
NZDCHF (1H) - short term bullish bias The kiwi is renewing its push towards the previous high and psychological level of 0.6400. The price has been inching up along a trend line. While the break of the 0.6330 resistance level saw some profit-taking, this allowed the RSI indicator to back off from over-heating. As long as the support line holds well, the bullish...