Friday, 22.09.2017, 07:43

AUD/USD Dropped Sharply & Met Our Target At 0.7950

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The Australian dollar plummeted below 0.7950 against the U.S. dollar and met our recommended target (see the technical analysis here: http://bit.ly/2fESMA4). The AUD/USD pair challenged the 0.8125 strong resistance level and the two-year-and-three-month high two weeks ago, and then it had another failed attempt to rise further on Wednesday.

Overnight, the RBA Governor’s comments pushed the pair severely lower, below the 50-day SMA. However, on the weekly timeframe, the pair is finding strong support on the 200-SMA, which is enough to push the price back to higher levels. Our expectation is Aussie to rebound on the 200-week SMA, which is located near its current level, and rise until 0.8065. The RSI indicator is heading upwards, suggesting a bullish move, however, the MACD stands a step above the zero level. 

AUDUSDDaily22092017.png

The XAU/USD pair, hit the $1,358 resistance level, before it started the bearish tendency for the third week in a row. The precious metal is plummeting more than 4% since last week with strong downward momentum. If the price drops below the aforementioned level will move towards the three simple moving averages (50, 100 and 200) on the weekly timeframe, which are holding near the $1,243 price level.

From the technical point of view, on the medium-term chart, the MACD oscillator lost its strong momentum and is falling slightly in the positive area. Moreover, the RSI indicator is sloping to the downside and the stochastic oscillator is moving downwards.

XAUUSDWeekly220917.png

Thursday, 21.09.2017, 07:18

GBP/USD Has Weak Movement The Last 2 Days - Neutral Bias

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Over the last three trading days, the cable ends the sessions near its opening levels, indicating weak momentum expanding its gains. During yesterday’s period, the GBP/USD pair broke above the 1.3616 and challenged a new 15-month high at 1.3655 due to stronger than expected retail sales. However, the price settled the day near the 1.3500 psychological level. Monthly, the price soared more than 4.4% following the rebound on 1.2910 support barrier.

Technically, on the daily chart, the MACD oscillator is flattening in the overbought area as well as the RSI indicator. On the other side, the stochastic oscillator is falling. The technical indicators are signalling for a pause of the upward movement and maybe is the time for a retracement. The next level to watch to the downside is the 1.3330 handle. 

GBPUSDDaily210917.png

Thursday, 21.09.2017, 06:39

USD/JPY Soared and Hit Our Recommended Target at 112.40

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The U.S. dollar edged sharply higher against the Japanese yen, challenging the 112.65 price level, which is a two-month high. The USD/JPY pair surpassed our recommended target at 112.40 (see technical analysis here: http://bit.ly/2jJmAjy) and surged almost 2% over the last four days, posting three green days in a row.

Furthermore, on the daily timeframe, the price jumped above the three simple moving averages (50, 100 and 200) indicating for further gains towards the 50.0% Fibonacci retracement level with high at 118.60 and low at 107.30, near the 112.85 resistance barrier. After that, we are waiting for a small correction to the downside. The Relative Strength Index (RSI) is rising in the positive path, whilst the MACD oscillator lies above the trigger and zero lines. 

USDJPYDaily210917.png

Thursday, 21.09.2017, 06:08

EUR/USD Lost Some Ground and Posted a Red Day With 1% Fall

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The EUR/USD pair failed to end the day above the strong psychological level of 1.2000 and recorded a red day losing all the gains of the previous six days after the announcement of the Fed decision. The common currency pair plummeted almost 1% in just one trading day and touched the 50-day SMA, near the 1.1860 price level. It is worth to mention that the price is creating the first bearish month snapping the six-month winning streak.

From the technical point of view, on the short-term timeframe, the indicators are endorsing the thought for downward movement. The RSI indicator slipped beneath the 50-day SMA, whilst the MACD oscillator is falling below the trigger line and above the zero line. Our expectation is rebound on the 50-day SMA and a continuation of the upward movement. On the other hand, if the price drops below 1.1820 will open the way for the 1.1690 support handle.

EURUSDDaily210917.png

The Dow Jones Industrial Average is posting the sixth green straight month, recording a new all-time high near the 22385 price level. The sharp buying interest pushed the price to add more than 8% to its value and started the upward movement following the bounce off the 17470 support barrier. On a daily basis, the price is moving higher over the last 12 days after it hit the rising trend line, which is holding since November 2016.

Our expectation is a further upside potential move for a new high. The technical indicators are confirming the bullish thought as both are moving higher. The RSI indicator jumped above the 70 level and the MACD oscillator soared above the trigger line with strong momentum.

.US30CashDaily200917.png

Sterling lost some gains of the previous aggressive bullish run against the greenback following the pullback on the 15-month high at 1.3616. The GBP/USD pair added more than 4.6% so far this month, while this week is snapping four consecutive winning sessions, posting a negative week. Now, the cable is developing within the 1.3445 – 1.3616 area and we are expecting for a penetration in either direction to have a clear continuation of the trend.

On the short-term chart, the MACD oscillator is standing above the trigger line, whilst the RSI indicator lies in the overbought zone. Also, the stochastic oscillator posted a bearish crossover with its moving averages in the overbought zone, indicating a bearish movement.

GBPUSDDaily200917.png

Wednesday, 20.09.2017, 06:03

USD/JPY Remains Below 38.2% Fibonacci Level Ahead Fed Decision

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The big event of the day will drive the USD/JPY pair today. If Fed Chair Yellen expresses a caution for the U.S. economy will push the price lower until the 110.65 – 111.00 support barrier. On the other hand, if Yellen is optimistic can cause a bullish move on the pair that will extend its gains towards the 112.40 resistance handle.

Currently, the price fell below the 38.2% Fibonacci retracement level with high at 118.60 and low at 107.30, while is trading near the 200-day SMA. The RSI indicator is holding in the bullish area, however, it is sloping to the downside with weak momentum. Moreover, the MACD oscillator is rising above the zero and trigger lines. 

 USDJPYDaily200917.png

Wednesday, 20.09.2017, 05:43

EUR/USD Met Our Target at 1.2000 and Is Moving Slightly Higher

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The last five days are quite interesting for the EUR/USD pair. The euro posted another green day versus the U.S. dollar and reached our recommended target at 1.2000 (see technical analysis here: http://bit.ly/2xlVZhs) on yesterday’s trading period. The next target to have in mind is the 1.2090 resistance level, 32-month high, which trounced in the previous two weeks.   

From the technical point of view, on a monthly basis, the common currency pair is still developing above the 50-SMA and is recording the seventh bullish month in a row. On the daily chart, the RSI indicator is rising above the 50 level, whilst the MACD oscillator is approaching the trigger line for a bullish crossover and is moving into the positive path.

EURUSDDaily200917.png

Oil prices edged higher last week after the reports that OPEC members delivered more than 90% of the outputs cuts they agreed to a deal in January. The West Texas Intermediate crude oil surged 6% and managed to challenge a four-month high at $50.84. Additionally, the violent run broke the descending trend line to the upside and we are expecting further bullish movement.

The price met our suggested target before the penetration of the diagonal line (see technical analysis here: http://bit.ly/2wmpJH5). On the short-term timeframe, in case of a jump above $50.84 will open the door for the $52.05 resistance level. The RSI indicator is strengthening into the positive path, while the MACD oscillator rose above the trigger line. 

.WTICrudeDaily190917.png

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