With the NFP approaching, rangebound action seems likely. 11 August’s low around $1.276 could continue to be an important support, especially considering the presence of the 200 SMA. To the upside, $1.305 has been tested several times without success over the last few months. In this situation, saturation can be helpful to find entries in…
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There is no very clear signal from the chart except for the price being below all three of the 50, 100 and 200 simple moving averages, suggesting movement lower. The slow stochastic is close to neutral and there has been no significant change in ATR in June so far. In this context of no clear…
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With price now within the value area between the 100 and 200 SMAs and strongly oversold based on the slow stochastic, a pause seems likely in the runup to tomorrow’s meeting of the BoC. The target for sellers in the medium term seems to be last month’s lows around C$1.25, while to the upside the…
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The 161.8% weekly Fibonacci extension area based on the US dollar’s gains in March last year remains the key technical reference. As of now, a clear push below this zone still looks unlikely. Conversely, a movement above the 50 SMA from Bands, which seems likely in the near future, probably won’t signal a reversal. Instead,…
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Balance of trade from both countries plus of course American core inflation are the key releases to watch this week. The BoC’s meeting on Wednesday afternoon GMT is unlikely to generate a clear movement on this chart but volatility during the subsequent press conference could increase as traders try to read behind the lines of…
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The downtrend for EURGBP continues to be very strong from a technical perspective, with clearer spaces forming between the 50, 100 and 200 SMAs and price extending below the 38.2% area of the weekly Fibonacci fan. Oversold is an important concern for new sellers here, though, with the slow stochastic (15, 5, 5) having displayed…
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From a technical perspective, the uptrend still seems to be active on this timeframe: there has been no clear breach of the 100 SMA. However, price has now moved out of oversold based on both Bollinger Bands (50, 0, 2) and the slow stochastic (15, 5, 5), so more losses this week might be expected…
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There seems to be more room for gains here by the US dollar from a technical point of view. Moving averages are below the price, with none except the 200 SMA having offered significant resistance in the second half of January, and the 50 SMA from Bands is about to complete its golden cross of…
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From a technical point of view, the time appears to have come for another leg up by AUD. The consolidation for the past two weeks has taken price out of overbought and brought it close to the 38.2% area of the weekly Fibonacci fan. Volume remains relatively low, though, so waiting for a key event…
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From a technical perspective, support around $1.35 has yet to be clearly broken. Despite the recent movement below both the 50 and 100 SMAs, selling volume remains low this week so far and we now have clear oversold signals from both the slow stochastic (15, 5, 5) and Bollinger Bands (50, 0, 2). Both of…
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