WTI (1H) - short term bullish bias The oil price is looking to consolidate its gains after rising through the psychological level and the September high of 62. The surge overnight was a sign of strong bullish sentiment that is likely to continue to fuel the rally. As the RSI shot into the over-bought area, the price pulled back to take a breather. We would expect...
NZDUSD (1H) - short term bearish bias The kiwi continues to fall back towards the moving averages on the daily chart. This is a textbook mean reversion play after a stellar rise over the past month. While the medium term trend stays bullish, a deeper retracement is likely at the moment. On the hourly chart, the rebound around 0.6640 only gave the pair a breather...
USDJPY (1H) - intraday bullish bias After breaking below the major floor of 107.90 the US dollar is trying to make its way back. Though the medium term prospect does not seem to raise optimism, we may expect a limited recovery in the short term. The RSI divergence kick-started the bounce as sellers lifted their feet off the pedals. The bullish MA cross along with...
GBPUSD (1H) - short term bullish bias The pound sterling extends its recovery across the board today. The RSI divergence from last week while the indicator dipped into the over-sold territory was a forward warning that the bearish pressure was losing steam. The 20-hour moving average crossed above the 30-hour one in a typical bullish reversal fashion. The strong...
EURGBP (1H) - short term bearish bias The euro's week-long rally came to a halt at the 4H resistance level of 0.8545. The rising moving averages and the trend line have been providing support during previous pullbacks. Now that the pair has broken to the downside, this is a confirmation that the 4H supply level is likely to keep the euro under water. After a few...
GBPCHF (1H) - short term bullish bias Backed by a strong bullish momentum this Monday, the pound sterling is rising across the board. The support level of 1.2685 saw solid demand after a few hours of consolidation. The RSI divergence was the first sign of a potential bounce as the sell-off was waning. The upward impulse above the 20 and 30-hour moving averages...
AUDUSD (1H) - short term bearish bias The Aussie continues on its way down after over-stretching itself during the latest rally. The RSI on the daily chart went into the over-bought area and has retreated into the neutral territory since. On the hourly chart, the pair has been pulling back in a parabolic shape after a bearish MA cross. The averages and the...
USDNOK (1H) - short term bullish bias The US dollar is rallying across the board at the end of the week after being sold off at the year's end. The RSI rising back from the over-extended area came in as a sharp contrast to the price's lower lows, this bullish divergence was the first sign of a potential reversal in the making. Successive breaks above 8.7900 and...
EURNZD (1H) - short term bullish bias The pair has found support above the psychological level of 1.6600 and the low point from last July (1.6550). The week-long choppy sideways action is typical of a consolidation phase during a downtrend. On the hourly chart, the most recent support can be found at 1.6650 after a break above the immediate resistance of 1.6700....
GBPUSD (1H) - short term bearish bias After cable overshot above the psychological level of 1.33, the ensuing retracement came to rest on the bullish trend line established in November. We would expect more choppy actions in the shape of a wedge pattern in the next couple of weeks. On the hourly chart, the break of the floor at 1.3110 has dented the short-term...
EURUSD (1H) - short term bearish bias The euro's advance came to a halt at the major resistance level of 1.1230 from last August. The bearish RSI divergence was a forward warning that the bullish momentum was losing steam. The break under 1.1200 along with a bearish MA cross was the confirmation that sentiment had turned downbeat. 1.1170 will be the next target...
NZDJPY (1H) - short term bearish bias The break above the July high of 73.20 drove the pair into the RSI's over-bought territory. We would expect the New Zealand dollar to make its way down as buyers started to take profit. On the hourly chart, the drop below the psychological level of 73.00 has put increased pressure on the kiwi. As the moving averages start to...
USDJPY (1H) - intraday bullish bias The US dollar could not find enough buying interest to push through the major daily resistance at 109.70 over the past few weeks. The New Year's resolution might be to take a breather and build up momentum after the greenback came back to the key level of 108.45. We would expect a rally in the short-term as shorts take profit...
USDNOK (1H) - short term bearish bias After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to...
USDCAD (1H) - short term bullish bias The US dollar had rallied to the previous highs between 1.3170 and 1.3180. Stiff selling pressure was felt as traders took some chips off the table. The RSI has come down into the neutral zone which may leave room for another round of rally. The pair is currently consolidating above the bullish trend line, a critical support...
EURUSD (1H) - short term bearish bias The euro could not gather enough interests to rally above the October high of 1.1170 as the long spike suggested stiff selling pressure in that area. The single currency is likely to continue to pull back as the year draws to an end. On the hourly chart, the moving averages act as resistance level after the RSI indicator...
GBPUSD (D) - short term bullish bias The pound sterling's meteoric rise has come to a halt at the psychological level of 1.3500. As the RSI shot into the over-bought area twice in two months, the pair struggled to close above June 2018's high and the long wick was a sign of strong rejection. The pound has since retraced to the 30-day moving average at the...
USDSEK (1H) - intraday bearish bias The greenback struggled to keep its lead after rising above the resistance level of 9.4280. The price has fallen back to test the major support of 9.3850. The bearish RSI divergence where the indicator failed to achieve a higher high despite a bullish price action foreshadows a deceleration in the upward momentum. If the US...