AUDJPY (1H) - short term bearish bias The pair broke above the daily resistance of 74.50 without much conviction. Though the medium term bullish outlook remains intact, we may expect the pullback to last for the next few days. The RSI divergence signalled the top at the aforementioned level as longs started to take some money off the table. The bearish MA cross...
GBPUSD (1H) - short term bearish bias The latest rally seems to be running out of steam as a RSI divergence showed a loss of momentum in the bullish drive. A series of signs confirmed that sellers are taking control of the action. The price broke below the first major support in the form of trend line and moving averages. The ensuing bearish MA cross sealed the...
Brent crude (1H) - short term bullish bias The oil price bounced off the demand zone near 58.20 as the RSI indicator recovered from the over-sold territory. The black gold completed an inverse head and shoulder pattern by breaking above the neckline. The target projection gives the immediate resistance around 59.70. The faster MA is crossing above the slower one...
AUDCAD (1H) - short term bearish bias The Australian dollar came under pressure in the 0.9020 area near the previous high. Diverging RSI in the over-bought zone foreshadowed a potential reversal in the making. The confirmation was given by a break of the 0.8980 support level and a bearish MA cross earlier this morning. We expect the price to test the immediate...
USDCHF (1H) - short term bullish bias Buyers have been waiting on the sideline for the price to stabilise. Signs of a bullish correction or perhaps a reversal have emerged. The RSI divergence i.e. higher lows in the indicator versus lower lows in the price meant a deceleration in the bearish trend. Then the price started to cross above both moving averages in...
USDCAD (1H) – short term bearish bias Following the double top near 1.3340, the price is heading south on the daily chart to complete the M-shaped pattern. The hourly chart provides precise entry and exit points as the moving averages act as strong resistance. The RSI is venturing into the over-sold territory and we can expect a few hours of consolidation and a...
BTCUSD (4H) - medium term bullish bias Following three tests of the 7800 psychological level, a combination of profit-taking and fresh buying has stabilised the cryptocurrency between 7800 and 8700. Last week's diverging RSI was a sign that the price action could turn around soon, which was confirmed by a strong bullish momentum above the 8100 resistance. The...
EURCAD (1H) - intraday bullish bias The pair has risen along the trend line and is now expected to test the major resistance of 1.4690. The faster MA has been diverging from the slower one and indicated an acceleration in the upside momentum. Following a retreat of the RSI from the over-bought area, the euro is likely to spend the next few hours to consolidate...
NZDCAD (1H) - intraday bullish bias The kiwi bounced back from the previous low near 0.8250 after a divergent RSI hinted at the possibility of a reversal. The bullish MA cross was the confirmation that buyers have taken control of the action. We expect the rally to carry on towards the psychological level of 0.8400. The averages may provide further support when...
Brent crude (1H) - short term bullish bias The oil price has been inching up along a trend line from 8 October. While the medium term outlook is far from rosy, the pullback has some long opportunies on the table for short-term traders. Diverging moving averages are a sign of acceleration to the upside. The price is set to challenge the previous high of 60.70...
EURUSD (4H) - medium term bearish bias The October rally is completing its fifth impulse wave as the euro approaches the major resistance of 1.1160. The first and third waves found support at the 50% (1.0940) and 38.2% (1.0990) Fibonacci retracement levels respectively. The price is showing signs of over-extension: RSI in the over-bought area; horizontal...
NZDCHF (1H) - short term bullish bias There is no lack of buying interest after the pair bounced off the daily support area of 0.6180. The latest consolidation might have come to an end as the price broke above 0.6270 with much conviction. The 20-hour moving average crossed above the 30-hour one in a textbook bullish crossover. As the RSI ventures later into the...
EURGBP (1H) - intraday bearish bias The pound sterling renewed its strength this morning against the single currency, but don't be fooled by the big red candle. While it is not too late to jump on the bear train and grab a few pips, that might just be it. The price is approaching the critical and psychological daily support of 0.8500, and we can reasonably expect...
GBPAUD (1H) - short term bearish bias The Australian dollar is recouping its losses against most major currencies this morning, putting the seemingly over-stretched pound under pressure. The bearish RSI divergence signalled a deceleration in the uptrend, the price followed by breaking under the moving averages and the trend line. For more conservative...
DAX (D) - medium term bullish bias The latest surge can be seen as the third wave of a bullish movement that could last till the end of the year. The first wave found support after a 50% retracement of the initial impulse. The index is testing the critical resistance level of 12650 on the daily chart. While there is no sign of pullback yet, a doji at today's...
Gold (1H) - short term bearish bias The precious metal is still under water after dropping below the pennant formation. The price rose back to test the lower band support-turned-resistance and was met with stiff selling pressure. The current consolidation is expected to be short-lived and the price is likely to head south from the moving averages. The RSI has...
USDJPY (4H) - medium term bearish bias While the US dollar is making an attempt at the major daily resistance of 109, the uptrend seems to have lost its momentum. The RSI failed to produce a higher high to reflect the bullish price action. This is a warning sign that buyers have taken profit and become hesitant to commit more chips on the table. The demand zone...
GBPUSD (1H) - intraday bearish bias The cable is struggling today to break into a new high, attempts at the 1.2700 psychological level has failed so far for lack of news catalyst on the Brexit front. This leaves the price action to technical trading as buyers took profit at the double top formation. The RSI divergence gave a warning that the bullish momentum...