GBPJPY (1H) - short term bullish bias After a week-long consolidation between 142.30 and 143.50, the British pound is finally making a move on the upside. The yen's weakness across the board favoured a breakout and lifted offers around the key resistance level of 143.50. The upward slope in the moving averages and the trend line suggests strong optimism for an...
USDCAD (1H) - short term bullish bias The greenback has been in a sideways pattern for a week, which gave market participants clear boundaries for range trading. However, sentiment remains skewed to the upside. From the daily chart's perspective, after piercing through the 20-day moving average, the pair is recovering towards the 30-day one. The latter coincides...
EURUSD (1H) - short term bullish bias The single currency has been consolidating around the daily demand zone of 1.1100 for a few days. As we previously mentioned, the divergent RSI showed a deceleration in the correction. Yesterday's drop struggled to breach through key support but was met with strong buying interests instead. We would expect the pair to rally...
EURJPY (1H) - short term bearish bias The January rally has met stiff selling pressures near the major resistance level of 122.50. Yesterday's doji candle was a sign of exhaustion. The euro is likely to pull back in a temporary correction. On the hourly chart, the moving averages and the support level of 122.30 failed under pressure. The bearish MA cross is a...
Gold (D) - short term bearish bias After shooting through its 3-month consolidation range and above 1550, bullion went all the way up to the March 2013 high of 1610. The spike and an over-bought RSI were signs of an over-extension. The 20-day moving average crossed above the 30-day one, which suggests the bullish trend has now resumed. Nevertheless, we would...
EURCAD (1H) - short term bullish bias The euro met strong buying interests at the daily support level of 1.4450. After the recovery broke above the hourly resistance of 1.4510, it was clear that a reversal could be in the making. A bullish MA cross and then an extension above 1.4540 were the final confirmation that sentiment has turn to the upside. We would...
GBPUSD (D) - medium term bearish bias The four-month-long rally in the British pound might have come to an end. Cable had surged in a textbook five-wave pattern, then came to a halt under the psychological level of 1.3500. The RSI indicated an over-extension as it crossed above 70. Sentiment has turned to the downside after buyers took profit. The 20-day moving...
NZDJPY (1H) - short term bullish bias The New Zealand dollar bounced off the 30-day moving average around the psychological level of 72.00. The strong momentum indicates rising interest in the kiwi after it broke above 73.00. On the hourly chart, the pair has been climbing along the moving averages. The RSI fell back from the over-bought area, suggesting that...
GBPCAD (D) - medium term bearish bias The pound sterling is making its way down after reaching the March high of 1.7780. The long spike on the daily chart indicated a sharp rejection at that major resistance level. Buyers have started to take profit. Neither the moving averages or the level of 1.7050 succeeded in offering support during the retracement. As the...
EURUSD (1H) - short term bullish bias The euro has found buying interests after it pulled back to the daily support area of 1.1090. Last Friday's close with a bullish candle was a sign that the retracement might have come to an end. The hourly chart is also painting an optimistic picture. A bullish RSI divergence showed that the sell-off was decelerating. The...
EURNZD (D) - short term bearish bias The euro is seeking to bounce off from the demand zone of 1.6600. While we see some buying interests to lift the price, there is still strong resistance in place. The pair met stiff selling pressure at the 30-day moving average. We would expect the euro to continue on its way lower. However, the RSI divergence is a sign that...
USDSEK (1H) - short term bullish bias The US dollar maintains its way up across the board ahead of today's jobs report. After bouncing off the psychological support level of 9.3000, the greenback has been climbing higher and breaking through resistance. Sentiment remains upbeat as the moving averages and the trend line provide a strong incentive to go with the...
EURAUD (1H) - short term bearish bias The euro came under pressure right near the daily resistance level of 1.6280. The pair has been in a wide consolidation range between 1.5900 and 1.6400. As the euro reached the higher end of the range, we would expect a retracement as buyers take profit and sellers get in. The bearish RSI divergence on the hourly chart gave...
USDCHF (1H) - short term bullish bias After a week-long consolidation between 0.9640 and 0.9740, the US dollar seems to be bottoming out. The latest bullish MA cross was followed up by a break above the key resistance level of 0.9740. This upward momentum has put the greenback on the path of recovery. We may expect the rally to go on to test the 20-day moving...
GBPUSD (1H) - short term bearish bias The pound sterling starts to drift lower again as part of a deeper retracement. The break below the previous support level of 1.3070 has put cable under new pressure. The 20-hour moving average has crossed below the 30-hour one in a typical bearish move. As the RSI dipped into the over-sold area, the price has over-extended...
EURCHF (1H) - short term bullish bias The euro is trying to make a recovery across the board on Thursday. After a double dip, the pair rallied back above 1.0820. The bullish RSI divergence suggests that the sell-side has lost its momentum, a sign that sentiment could be improving. The latest bullish confirmation comes in the shape of the 20-hour moving average...
USDJPY (1H) - short term bullish bias Following our forecast of waning selling pressure on the pair yesterday, the US dollar has seen a dramatic U-turn. The last sell-off overnight failed to close below the major support of 107.80, which gave buyers confidence to get in the dip. The break of the immediate resistance level of 108.60 has prompted sellers to cover...
EURUSD (1H) - short term bearish bias After a temporary rebound at the 20-day moving average, the single currency continues on its way down towards the 30-day moving average. The pair is looking for buying interest that has yet to show up. On the hourly chart, the euro broke below the support of 1.1130 as a sign of increased pressure. The moving averages are...