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26/01/2017

The yellow metal fell for the second straight session yesterday and ended at $1197.80, after touching a low at $1192.60. A potential signal line crossover by the daily MACD from above coupled with the RSI and stochastic sharply pointing south, reflects at a weak technical picture. Moreover, the 8H MACD is attempting a negative centreline crossover along with the hourly momentum oscillators heading downwards, further confirms the bearish stance. The 8H 50SMA (currently placed at $1196/95) is acting as an important support, a breach below which might lead to increased selling in the yellow metal, targeting the next possible supports positioned at the 8H 200SMA (currently trading at $1193/90) and $1187/85 levels. On the bright side, key technical obstacle is located at the crucial $1200 level, followed by the 2H 20SMA (currently placed at $1202/05) and $1207/10 levels.

26/01/2017

Positive if breaks above 114.28/30
The USDJPY pair declined in the previous session and closed at 113.27, after forming a low at 113.01. As of now, the daily RSI & stochastic are attempting to regain the upward momentum, suggesting at the presence of positive momentum in the coming session. Likewise, the 8H RSI & stochastic are trading with a slight bullish tone, further verifying the above view. Key short term resistance is positioned at the 2H 20SMA (currently trading at 113.53/55), followed by the 8H 20SMA (currently placed at 113.90) and 114.28/30 levels. A surge above the latter is required to confirm bullishness in the pair. On the downside, 8H 200SMA (currently trading at 113.08/05) has been holding strong, a breach below which might pave the way towards 4H lower Bollinger band (currently placed at 112.76/75) and 112.43/40 levels.

26/01/2017

Intraday stance - Mildly Positive
The EURJPY pair traded with a negative tone in the prior session and closed at 121.70, after notching a low at 121.58. As of now, the daily MACD is treading water above its centreline coupled with the RSI & stochastic trading with an upside potential, suggesting at mild positive momentum in the near term. Recently, the pair formed a bullish harami candlestick pattern on the 2H chart along with the 8H RSI & stochastic slightly moving upwards, further validates the above view. Key resistance to be watched is placed at the 2H 200SMA (currently trading at 122.05), followed by the 8H 100SMA (currently placed at 122.37/40) and 122.70 levels. A move back above the latter might trigger bullish momentum in the pair. On the flipside, key support is located at the 2H 100SMA (currently trading at 121.65), followed by the 121.32/30 and 121.12/10 levels.

26/01/2017

Weak if breaches below 1.2992/90
The USDCAD pair weakened for the third consecutive session yesterday and ended below the 200day SMA (currently placed at 1.3116/15) at 1.3069, following a low at 1.3058. As clearly visible on the daily chart, the momentum oscillators are trending towards south, reflecting selling pressure on the pair. Also, the 8H momentum oscillators are showing no signs of reversal yet, further substantiating the above stance. Important support is seen at the 2H lower Bollinger band (currently trading at 1.3036/35), followed by the 1.3011/10 and 1.2992/90 levels. A clear breach below the latter might generate further negativity in the pair. However, a potential signal line crossover from below by the 2H MACD, suggests at likely correction over intraday basis. Key resistance is placed at the 1.3086/90 level, followed by the 2H 20SMA (currently trading at 1.3111/15) and 1.3140 levels.

26/01/2017

Strong if breaks above 1.2728/30
Yesterday, the GBPUSD pair traded above the 100day SMA for the first time since June 2016 and posted a daily close above the upper Bollinger band (currently trading at 1.2640) at 1.2630, after touching a high at 1.2638. The daily momentum oscillators are trading with a strong bias, hinting at presence of strength in the pair. Similarly, the hourly MACD & RSI are heading higher coupled with the stochastic indicator placed near its overbought territory, further affirms the above view. Key resistance is positioned at the 2H upper Bollinger band (currently trading at 1.2677/80), followed by the 1.2705 and 1.2728/30 levels. A sustained break above the latter might lead to continuation of bullish momentum in the pair. Meanwhile, key support resides at the 1.2636/35 level, followed by the psychological 1.2600 and 2H 20SMA (currently trading at 1.2572/70).

26/01/2017

Bearish if breaches below 1.0651/50
The EURUSD pair traded in the green in the previous session and finished at 1.0744, after hitting a high at 1.0769. As of now, the daily momentum oscillators are showing loss of upward momentum, indicating at weakness in the coming session. Furthermore, a potential signal line crossover by the 2H MACD from above coupled with the hourly RSI and stochastic sharply pointing south, endorses the above stance. Important support is situated at the 4H lower Bollinger band (currently trading at 1.0718/15), followed by the 4H 50SMA (currently placed at 1.0693/90) and 8H 200SMA (currently trading at 1.0651/50). A move back below the latter might trigger bearish potential in the pair. On the contrary, key technical barrier is located at the 4H upper Bollinger band (currently trading at 1.0766/70), followed by the 8H upper Bollinger band (currently placed at 1.0792/95) and 1.0817/20 levels.

26/01/2017

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26/01/2017

25/01/2017

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