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Copper futures on a slippery slope; sideways channel holds. Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement
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EUR/GBP runs to 1-month highs; tests upper Bollinger band. EUR/GBP pierced the 50-day moving average and a key support and resistance area around 0.8690 on Thursday to reach a one-month high of 0.8726. Gains through appeared short-lived, with the price starting Friday’s trading in a negative mood. Meanwhile, in momentum indicators, the
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GBP/JPY loses ground; neutral in the near term. GBP/JPY had another bearish start on Friday, with the price breaking the crucial 23.6% Fibonacci retracement level of the up leg from 132.48 to 148.85, around 145.00. The technical indicators in the 4-hour chart are endorsing this view, with the RSI reversing back
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USD/CAD bulls find a wall near 1.34; retains the bullish view. USD/CAD is stretching its positive momentum above the 23.6% Fibonacci retracement level of the up leg from 1.2250 to 1.3663, near 1.3230 and the 20- and 40-simple moving averages (SMAs) in the daily timeframe. During yesterday’s session, the pair touched
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The Eurozone will be on the receiving end of preliminary PMI for March on Friday, at 09:00 GMT. Economic growth has slowed drastically lately, leading the ECB to redeploy its ‘shock and awe’ tactics and push back the timing of its first planned rate increase. Against this backdrop, these data could
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EUR/CHF finds support near 23.6% Fibonacci again; consolidates in the short and medium term. EUR/CHF has been trading in a relatively narrow range between 1.1385 and 1.1305 from late January onwards, while the past few days the market action has stretched further below the 20- and 40-day simple moving averages (SMA).
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CAD/JPY turns slightly lower; capped by SMAs. CAD/JPY was capped by the 20- and 40-simple moving averages (SMAs) in the daily timeframe, declining below the 50.0% Fibonacci retracement level of the drop from 89.25 to 76.60, near 82.90. Currently, the price is standing within the sideways moving Bollinger Bands while the
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Dollar index pares losses but trend signals are still negative. The US dollar index is paring some losses from yesterday above the 23.6% Fibonacci retracement level of the up leg from 88.10 to 97.65 and closer to the 200-day simple moving average (SMA). On Wednesday, the price dropped below the rising
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NZD/USD stood tall on Wednesday by almost 1% after trading flat over the past week. The pair stretched further its rally to new one-and-a-half-month highs on Thursday, but the bulls found a familiar barrier around 0.6940, with the Stochastics flagging an overbought market – the red %D line and the
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USD/JPY tumbles below rising channel; creates a 1-month low. USD/JPY is looking strongly bearish in the short-term after plunging below its daily simple moving averages (SMA) on Wednesday. The price found significant obstacle near the 200-SMA, dropping beneath the ascending channel to challenge the 23.6% Fibonacci retracement level of the up
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