Technical analysis

Technical analysis

07 December 2018
  • 19:34

    AUDUSD: The Aussie Declines Four Days in a Row

    AUDUSD: The Aussie Declines Four Days in a Row 07.12.2018


    The AUDUSD pair was down again on Friday and was trading 0.15 percent lower during the London session, hovering at around 0.7225.

    Bears managed to push the AUDUSD pair back below the 100-day moving average and the Aussie is now testing another stronger zone at around 0.7215. If this level is taken out, further losses toward 0.7150 could occur and the trend could switch back to bearish.

    The RSI uptrend line was already broken down and so was the actual price trend line, which suggests that bears might be more active.

    On the upside, the resistance is seen at the 100-day moving average near 0.7240 and if not held, the Aussie might accelerate toward the broken trend line, which is currently at 0.7265.

    Sentiment seems to remain negative as stocks are dropping again, which might put some bearish pressure on commodity currencies.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

     

  • 19:24

    NZDUSD: Kiwi Remains Above 200DMA

    NZDUSD: Kiwi Remains Above 200DMA 07.12.2018


    The NZDUSD pair dropped on Wednesday and Thursday, but was consolidating on Friday and luckily for bulls, the pair managed to defend the 200-day moving average. It was trading at around 0.6880 during the London session.

    Tuesday’s daily candle looks like a reversal pattern, either an evening star pattern and/or a bearish pinbar. Both are bearish reversal patterns and the price has moved lower since then. The main support is now at the 200-day moving average, which is located near 0.6850 and if the price drops below, the bearish reversal could be confirmed, with the next target probably around 0.6750.

    There is also another bullish support at 0.68, where the uptrend line from previous lows is seen.

    On the upside, the resistance is now at 0.69 and if broken, the pair might revisit the current cycle highs at 0.6970.

    Sentiment seems to remain negative as stocks are dropping again, which might put some bearish pressure on commodity currencies.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

Market focus

  • Earnings Season in U.S.: Major Reports of the Week
  • Industrial production fell by 1.7% in the euro area (EA19) and by 1.3% in the EU28 m/m
  • China's exports and imports in December declined at the worst rates in two years
  • IMF cuts global growth outlook, cites trade war and weak Europe
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