Melina DELTAS

Junior Market Analyst, JFD Brokers

Melina joined JFD Brokers in 2016 as a Junior Market Analyst in the JFD Research team. She has a unique ability to communicate market truths - like technical and chart pattern set ups - in a simple way, to improve comprehension and application for the newer trader. Her technically focused strategy looks mainly at price action across multiple time frames to catch those big moves that develop throughout the year. She majored in Pure Mathematics at Lancaster University and has a Master's Degree in Monetary and Financial Economics from the University of Cyprus. Currently specialising in forex, indices and commodities, she is an associate member of the Society of Technical Analysts (STA) and a Certified Financial Technician (CFTe).

Sterling extended its losses against the U.S. dollar for the fourth consecutive trading day whilst the British pound drove the EUR/GBP pair sharply higher. The upward rally on euro also helped the currency to create a bullish run and rose more than 1.3%, as cable remains subdued due to Brexit concerns. Currently, the price is printing the third positive month in a row and jumped above the 0.8950 critical barrier earning more gains.

The technical indicators are moving higher on the positive path. The RSI indicator is developing within the 50 and 70 level whilst is now sloping slightly to the downside. The MACD oscillator rose above the trigger line but is still moving with weak momentum. The next levels to have in mind is the 0.9025 – 0.9050 resistance area.

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The BTC/EUR surged more than 24% during yesterday’s trading period after the pullback on 1600 strong psychological level last week. Early this morning, the pair managed to challenge a new five-week high at 2532 and then started a downward retracement. Last week’s downward gap recovered successfully and pushed the price sharply higher.

The technical indicators on the daily timeframe are confirming the recent bullish movement as both are developing near its positive levels. The MACD oscillator is moving with strong momentum above its trigger and zero lines while the RSI indicator is sloping up into the 70 level. The next resistance level to watch is the 2480 and then the 2532 barrier. On the other side, if the price slips beneath 2315 will hit the 2127 support level which overlaps with the 100-SMA.

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Friday, 21.07.2017, 06:37

Nikkei 225 Closes Down -0.22% at 20,099.75

Published in Indices

The U.S. dollar plummeted more than 7.8% versus the Canadian dollar since May and is now posting the third bearish month in a row. The aggressive sell-off on price drove the pair lower after the rebound on the 1.3795 resistance handle and hit our recommended target at 1.2680 (see technical analysis here: http://bit.ly/2tMfPgz). Moreover, on a weekly chart, the price slipped below the 50 and 100 SMAs and remains well below them. Our expectation is an extension of the losses until the 1.2460 key support level.

Looking on the daily timeframe, the RSI indicator sank below the 30 level and is following an oversold path whilst the stochastic oscillator failed to move higher and struggled near the 20 level. Also, the MACD oscillator is strengthening its bearish attitude in the negative zone and is trading below the trigger line.

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It has been a busy trading day on Thursday with the euro heading to new highs following the ECB meeting. The common currency pair challenged an almost 23-month high at 1.1658 and surged 1% in just one trading day. The EUR/USD pair added at its performance almost 10% since March and is creating an aggressive bullish run, recording the fifth straight green month. In addition, the price surpassed successfully the 1.1615 significant barrier and if it ends the month above it, it should only be a matter of time before it breaks the two-year high at 1.1715.

The technical structure suggests further upward movement as both indicators are moving higher. The Relative Strength Index (RSI) approached the overbought zone with strong momentum whilst the MACD oscillator climbed above its trigger line and is rising in the positive territory. The three simple moving averages (50, 100 and 200) are still pointing to the upside indicating bullish bias.

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