Technical Outlook

WTI oil price remains steady and holding near recovery high ($52.52) as bulls pause here, capped for now by falling 20DMA. Daily studies point to consolidative/corrective action as stochastic is strongly overbought and momentum turns south after touching the centerline. Broken Fibo 23.6% barrier now marks initial support at $51.82 which should…

The Euro is holding within narrow consolidation above new nearly three-year low (1.0827) in European trading on Monday, but strong bearish pressure remains, following 2.35% fall in past two weeks. Two consecutive long red weekly candles weigh heavily and add to negative outlook, as strong concerns about weakening EU economy growth keeps the Euro…

The pair extends sideways mode into second day, with Monday’s action being slightly bullishly aligned but still holding within Friday’s range. Downbeat Japanese GDP data (Q4 -1.6% q/q vs -0.9% f/c and 0.1% in Q3) had little impact but yen is a tad weaker after data release. The latest attempts of Chinese authorities to cushion the impact of…

Cable is holding well above key 1.30 support in early Monday’s trading and consolidating after last week’s 1.2% advance. Main boost for pound last week was change of the finance minister in PM Jonson’s cabinet as new finmin Sumak is seen more compliant with Johnson’s expansionary policy. Long bullish weekly candle underpins the action, with…

The Australian dollar fell in European session on Friday, maintaining negative near-term tone, following repeated recovery rejection at 0.6750 Fibo barrier (23.6% of 0.7032/0.6662, reinforced by falling 20DMA) and Thursday’s close in read after three-day rally. Recovery phase might be over as larger picture is bearish and renewed risk-off mode…

Friday’s action was so far shaped in Doji candle and in directionless, following Thursday’s close in red after failure to sustain break above important 110 barrier. Coronavirus fears prompted investors into safe-havens that boosted yen and kept larger USDJPY bulls on hold under 110 pivot. Mixed daily studies (strong bullish momentum and MA’s in…

The Euro is consolidating under new nearly 34-month low at 1.0827 on Friday but maintains strong bearish tone and on track for the second straight massive weekly loss (the pair fell 1.32% last week and is so far down 0.84% this week). Fresh negative signal was generated on Thursday’s close below Fibo support at 1.0863 (76.4% of 1.0340.1.2555),…

Cable maintains firm tone and holding near one-week high (1.3069) posted after Thursday’s 0.64% advance. Marginal daily close above 1.3040 (50% of 1.3209/1.2871 / 30DMA) was bullish signal which requires confirmation on repeated close above here that would open targets at 1.3080 (Fibo 61.8%) and 1.3100 (round-figure) initially. Thursday’s long…