WTI oil futures is creating positive 4-hour sessions after the bounce off the three-month rising trend line and the 50.41 significant support level. The commodity today has advanced to the nearby Ichimoku cloud’s upper band around the 23.6% Fibonacci retracement level of the bearish movement from 59.62 to 49.29 at 51.74. The short-term oscillators suggest […]

The UK 100 stock index slumped below the supportive trendline that has been holding since the end of 2018, increasing concerns that the market may be changing direction to south. The downside reversal in the RSI, which is currently heading towards its 30 oversold mark, is a negative signal that the bearish action may get new legs in the […]

GBPAUD is recording a negative day, recovering the gap up that created earlier today. The price completed a three-week peak of 1.9646. Chances for a downside reversal, however, are minimal as the 20-day simple moving average (SMA) remains above the 40-day SMA for more than a month now, while the red Tenkan-sen line has a steeper […]

Japan’s 225 stock index (cash) collapsed on Monday as the coronavirus cases outside China increased, shifting funds towards safe havens. The index dived straight to the 200-day simple moving average (SMA) to 4-month lows, losing nearly 4.0% From Friday’s closure. Should the 200-day SMA, which currently stands around the 61.8% Fibonacci of the 21,054-24,162 upleg, prove an easy obstacle, the market could […]

The US 500 index (Cash) declined considerably today after the gap down, retreating beneath the 50-day simple moving average (SMA). The price completed a three-week low at 3,249 with the technical indicators moving south. The MACD is extending its bearish structure below the trigger line, while the RSI dropped in the negative territory, strengthening the […]

Jump in number of infections outside China sends panic across financial markets Stocks take a large hit; gold scales fresh 7-year high amid flight to safety Dollar’s gains more restrained as Fed rate cut bets rise after weak US data Concerns mount about virus impact after spike in global cases The number of confirmed coronavirus […]

EURUSD finally found some footing around a 34-month low of 1.0777 last week following the heavy sell-off from the beginning of the month, with the price strengthening towards the 1.0800 territory on Friday. The rebound, however, has not convinced traders yet that it is long lasting as the price could not clear the 1.0862-1.0888 resistance area that kept […]

Gold surged to a fresh seven-year high earlier today, hitting the 1,679.65 level and continuing the sharp upside extension, posting a gap up. The market recorded four consecutive green days and opened the door for a long-term clear positive direction, following the penetration of the previous top of 1,612 on virus fears. From a technical […]

With not much on the economic calendar to enthuse markets next week, the virus and its impact on economies globally is likely to remain the primary driver of risk sentiment. Still, there are some important indicators worth keeping an eye on. Overall, there’s little to suggest that the dollar’s relentless rally is about to end, […]

CHI 50 index is capped by the 50- and 100-day simple moving averages (SMAs) and the Ichimoku cloud after the upside recovery from the 12,528 support level. The short-term upside tendency is confirmed by the technical indicators. The MACD is extending its bullish move near the zero line, as it holds above its trigger line. […]

USDTRY has been rising steadily since mid-January, surpassing its previous peak at 5.986 to print a fresh 6-month high slightly above the 6.00 mark on Friday. The upward direction in the MACD and the positive slope in the RSI, which keeps strengthening above its 70 overbought mark flag a bullish short-term bias. Hence, the focus will […]

Flight to safety boosts dollar and gold, yen nurses losses as new virus cases jump again Risk aversion finally reaches equity markets as global stocks stumble All eyes on flash PMIs as virus outbreak shows no sign of abating Dollar holds firm; gold hits fresh 7-year highs The risk-off mood deepened on Friday as China […]

EURAUD gathered significant positive traction this week, breaking above its simple moving averages (SMAs) and the Ichimoku cloud on the four-hour chart. While the RSI is testing its 70 overbought mark again, increasing the odds for a downside correction, it has yet to reach a peak at a time when the MACD continues to strengthen […]

USDCAD has found strong support area near the penetrated descending trend line and the 38.2% Fibonacci retracement level of the bearish move from 1.3664 to 1.2950 around 1.3220. In the short-term, the outlook seems to turn slightly bullish after the jump towards the 1.3325 resistance and the momentum indicators are holding in bullish area. The […]

GBPAUD is heading up following the rebound on the 20-day simple moving average (SMA) currently at 1.9347. The upside tendency is continuing since July 2019 with the technical indicators confirming the bullish structure. The RSI is pointing up, above the 50-neutral threshold, while the MACD appears to be in the process of returning above its trigger line. If price action remains […]

Preliminary PMI data out of the Eurozone will hit the markets on Friday at 09:00 GMT. Forecasts point to a mild decline in both the manufacturing and services indices, as concerns around the virus damage in China may have started to infect European business sentiment. As for the devastated euro, it’s difficult to see what […]

The US dollar index futures cleared the tough ceiling around 99.30 and spiked to a 33-month high of 99.74 on Thursday, re-activating the two-year old upward pattern off 88.13. If the bulls manage to close decisively above the former resistance level of 99.60 from 2015, the next key obstacle is expected to pop up around […]

Yen tumbles on virus worries as investors seek safety elsewhere; dollar surges Virus spread slows but change in counting methodology casts doubt Aussie and kiwi extend slide on growth concerns Is yen losing its safe-haven status? The Japanese yen came under attack on all fronts on Wednesday, sending the safe-haven currency plunging against all its […]

Yen tumbles on virus worries as investors seek safety elsewhere; dollar surges Virus spread slows but change in counting methodology casts doubt Aussie and kiwi extend slide on growth concerns Is yen losing its safe-haven status? The Japanese yen came under attack on all fronts on Wednesday, sending the safe-haven currency plunging against all its […]

GBPJPY is currently improving off the 143.80 level, which is the 23.6% Fibonacci retracement of the up move from 130.42 to 147.95. The near completion of the bullish crossover of the 200-period simple moving average (SMA) by the 50-period one seems to have further aided in the very short-term incline from February 10 that bounced […]

GBPJPY is currently improving off the 143.80 level, which is the 23.6% Fibonacci retracement of the up move from 130.42 to 147.95. The near completion of the bullish crossover of the 200-period simple moving average (SMA) by the 50-period one seems to have further aided in the very short-term incline from February 10 that bounced […]

NZDUSD could not overcome the key 0.6485 restrictive area last week, reversing south to unlock a three-month low of 0.6344 early on Thursday. The price is currently approaching a support zone near 0.6325 which could keep the bears busy in the short-term as the oversold status in the RSI and the Stochastics suggest, while the presence […]

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USDJPY has an impressive upside rally on Wednesday’s trading session, surging to a fresh nine-month high of 111.58 and also recovering the gap that was created last May. The aggressive run helped the pair to add more than 150 pips in just one day, increasing the distance from the rising trend line. However, the momentum […]

Copper futures are facing renewed selling interest, though prices are currently seeking support from the 2.5780 level – which is the 23.6% Fibonacci retracement of the down leg from 2.8819 to 2.4839 – and the 100-period simple moving average (SMA) just below it at 2.5740. Looking at the short-term oscillators, negative momentum appears to be picking up. The MACD, […]