EURCAD (1H) - short term bearish bias The pair came under pressure as the euro ran up to the previous high of 1.4760. The daily double top formation is likely to keep the price muted after longs took profits off the table. A number of bearish signs have called for a reversal: a bearish RSI divergence showed a loss in the upward momentum, followed by successive...
EURGBP (1H) - short term bearish bias After four days of consolidation, the euro could not rally above the previous high of 0.8580. Instead, the break below the support level of 0.8520 along with a bearish MA cross were signs that the British pound was gaining the upper hand and would drive the single currency further down. Following a short recovery from the...
USDNOK (1H) - short term bearish bias The US dollar had been going sideways between 9.0700 and 9.2200 during the November consolidation. As the pair made a U-turn at the daily resistance, we can expect further weakness as a result of profit-taking from range-bound traders. The break of the key support level at 9.1600 put the greenback under increasing pressure as...
EURJPY (1H) - short term bearish bias Exactly as we predicted yesterday, the euro was living its last hours of glory under the major resistance level of 121.00. Following the bearish RSI divergence - a forward warning of decelerating upward momentum, the price failed to make a new high. Today's engulfing red candle broke simultaneously below the averages and the...
GBPAUD (1H) - short term bearish bias Sentiment has turned downbeat after the psychological level of 1.9000 failed to gather enough buying interests. Yesterday's bearish MA cross was an indication that the pair could undergo a correction. The post-RBA meeting optimism gives the Australian dollar the high ground despite the pound's strength across the board. As...
USDCHF - short term bearish bias The US dollar's two-week-long rally came to a halt at the October highs around 1.0025. We may expect a pull back for the next few days as longs take some chips off the table. This would be the first retracement after the faster MA crossed above the slower one, a sign that buyers may have taken control of the action. The immediate...
EURJPY (1H) - short term bullish bias The euro has recouped most of its losses from early November but will it find enough strength to rally up to the psychological level of 121.00? The bearish divergence is a warning sign that the price has met strong resistance and the upward momentum might have lost steam. As the price is pulling back to the moving averages,...
USDSEK (1H) - short term bullish bias The US dollar started the week with a lead in continuation of Friday's momentum. The bullish RSI divergence at the November low of 9.5450 was the first hint that selling pressures were easing off and the price could start to turn around. The break above the moving averages and the bullish MA cross came as further...
NZDUSD (1H) - short term bullish bias After a 10-day long consolidation, the kiwi might have made up its mind in continuation of the uptrend. The breach of the key resistance level at 0.6433 suggests buyers' strong commitment and we could see the price rallying towards the daily high of 0.6460. A bullish MA cross would seal the deal as a confirmation of the...
EURGBP (1H) - short term bullish bias The euro seems to be bottoming out from last May's lows of 0.8500. The RSI indicator has risen back from the over-sold territory while the price broke above the resistance-like moving averages. As shorts scrambled to cover their positions we would expect more buying interests to push the price higher. 0.8518 has been...
AUDCAD (1H) - short term bullish bias The Australian dollar has found solid support near the daily demand area of 0.8970. The bullish RSI divergence signalled a deceleration in the week-long downtrend. As the price bounced above the psychological level of 0.9000 overnight, we could expect increasing interest to reverse the trade to the long side. For less...
EURCAD (1H) - short term bearish bias As per our previous forecast on this pair, the euro's advance came to a halt at the 1.4770 supply area. We would expect the pull back to last until the price reaches the previous low of 1.4550. The latest rally toward 1.4650 has proved to be short-lived after an engulfing bearish candle put buyers under pressure. The RSI...
AUDUSD (1H) - short term bearish bias After breaking below the 4H support of 0.6770, the pair underwent a pennant-shaped consolidation. As selling pressure mounted, the breach of the lower end suggested renewed strength from the sell-side and that the bearish move is likely to carry on. The faster MA crossed below the slower one as a confirmation of...
NZDJPY (D) - medium term bullish bias The Japanese yen has been weakening across the board due to a combination of fundamental and technical factors. Sentiment gradually has improved in the global markets and we may expect increasing pressure on the safe haven currencies like the yen. The bullish RSI at the end of August was a forward warning of waning momentum...
DAX 30 (1H) - intraday bullish bias The German index bounced off the 20-day moving average on the daily chart as global sentiment remains optimistic. The hourly chart offers some short-term opportunities to go along with the underlying trend. After filling the weekend gap, the index has been rising along the 20-hour MA and the trend line which provide support...
USDCHF (1H) - short term bearish bias The US dollar is having a hard time pushing up to the mid-October high right underneath 1.0000, market participants might not yet be ready for the psychological parity level. The upward rectangle consolidation has seen some longs taking their money off the table, and the current indecision has probably dented the bullish...
USDCAD (D) - medium term bearish bias The pair has been trading in the 300 or so pip range between 1.3030 and 1.3340 for the second half of the year. The US dollar has reached the October high around 1.3330 but struggled to push higher as the RSI showed signs of an over-extension. We would expect a combination of profit taking and fresh selling to drive the price...
EURNZD - short term bearish bias The pair has been inching down along the moving averages and the bearish trend line. The downtrend will remain in place as long as these levels keep the price in check. We may expect a test of the previous daily low of 1.0720 in continuation of the current trend. However, the RSI divergence is a heads-up that selling pressure has...