Trade Successfully
While lacking in central bank meetings, the coming week is still a busy one. A poor showing by the UK Conservatives in the European Parliament elections could make it even more likely that Theresa May is replaced with someone that wants to deliver Brexit ‘no matter what’, keeping the pound
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GBP/AUD remains in a bearish correction despite the latest pullback. GBP/AUD is edging slightly higher after the pullback on the 23.6% Fibonacci retracement level of the up leg from 1.7220 to 1.8880 near 1.8485. The RSI is flattening around the neutral threshold of 50, while the stochastic oscillator is moving near the oversold
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WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo. WTI crude oil futures found strong support at the 23.6% Fibonacci retracement level from the one-and-a-half-year low of 42.50 to the recent peak of 66.60 over the last two weeks, remaining also above of the ‘golden cross’ within the 50- and 200-day
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AUD/JPY continues sell-off, recording 4-month lows. Selling interest is continuing in the AUD/JPY market, pushing the price towards a new four-month low of 75.37. The price is also holding beneath the red Tenkan-Sen and the blue Kijun-Sen lines, while the MACD is strengthening its bearish momentum below zero. The RSI is bearish as well,
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USD/CAD neutral in the short-term, within a symmetrical triangle. USD/CAD has been range-bound for another week within the 1.3520-1.3375 area, while candles keep closing above the lower line of the symmetrical triangle. The sideways move in the RSI and the flattening Ichimoku indicators (Tenkan-Sen, Kijun-Sen) signal that the pair may extend its neutral performance in
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Japan will be post GDP growth figures for the first quarter on Monday (Sunday, 23:50 GMT). But with trade uncertainty still weighing heavily on export-dependent Japanese businesses, the data is unlikely to bring music to policymakers’ ears as the world’s third-largest economy is expected to have contracted during the period. After
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EUR/JPY reversed higher after it tumbled towards a fresh four-month low of 122.07 this week. The technical picture supports that the slightly bullish correction is likely to continue in the short-term. The MACD is stretching to the upside above its trigger line and the stochastic oscillator is approaching the overbought zone in the 4-hour chart. Another
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FTSE 100 stock index (UK 100) has advanced considerably over the last couple of days after touching the 7124 support, remaining below the 50-day average. The stochastic oscillator is confirming this view, as it is heading north, approaching the overbought territory. If the price manages more bullish actions and surpasses successfully the
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NZD/USD eyes the descending line following touch on 1-week lows. NZD/USD declined earlier on Thursday, hitting a one-week low of 0.6544 but the price recovered most of its lost ground immediately. What remains to be seen is if the bulls have enough fuel to exit the steep descending trend line drawn from the April peak.
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USD/JPY paused its sell-off around the 109 round level earlier this week as the RSI signaled that bearish pressures were exhausted. The indicator is currently moving sideways along its 30 oversold level, hinting that a consolidation phase may follow before the price potentially rebounds. Sellers could wait for the price to rise well above the 109.70-110 area and hence
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