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Midweek tech review

February 19, 2020 15:10
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    Nancy Pelosi’s stomach-turning impeachment charade damages America

    Risk tones keep tentative after Pelosi’s Taiwan visit

    Markets hit by rising tensions between the United States and China

    US-China tensions trigger risk-off trades across the markets

    Investors unsettled despite solid corporate earnings

    Risk appetite looks tepid at the start of the week and the month

    Investor sentiment remains unstable amid geopolitical developments

    Risk demand turns more measured ahead of the weekend

    Risk sentiment keeps deteriorating, dollar climbs

    Fed-induced rally fades, dollar steadies

    Investors stay nervous as tensions escalate

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Home » Midweek tech review

Midweek tech review

by Joseph Deen
February 19, 2020 15:10
in Technical analysis
0
Tech analysis

EURUSD 

EURUSD printed new April 2017 lows around 1.0780 and struggles to regain the 1.08 handle. The modest recovery attempts in extreme oversold conditions are seen by traders as selling opportunities, suggesting further losses may lie ahead in the near term. Furthermore, the 50-SMA is about to make a bearish cross with the 100-SMA in the daily timeframes, which is another negative sign amid a broad-based dollar strength. So, as the selling pressure persists, there is a scope for a dip towards 1.07. On the upside, the immediate resistance arrives at 1.0815 and then around 1.0840.


GBPUSD 

The cable remains stuck in a range limited by the 50- and 100-DMAs over the past two weeks. The bearish bias prevails for a third consecutive day, since the pair failed to challenge the 1.3070 local resistance late last week. On Wednesday, GBPUSD struggles to regain the 1.30 handle, with the pair looking directionless as long as the prices have been oscillating around the psychological mark. Daily RSI is flat below 50 following a rejection from 52. In the hourly timeframes, the technical picture looks more bearish, however the sellers may wait for a sustained weakness below 1.2970 before positioning for further depreciation. 

USDJPY 

Following three days of consolidation marginally below 110.00, the dollar jumped north on Wednesday. The local rally has accelerated on a break above this important level, and the prices extended gains to May 2019 highs around 110.60, remaining bullish in the short term. In the 4-hour charts, the prices had been following the 20-SMA which is lagging behind the pair after a brief spike. RSI is now pointing to overbought conditions, so the greenback is yet to confirm the breakout. Should the upside momentum persist in the near term, the pair may target 111.00. 

USDCHF

USDCHF extending gains since early February, having climbed to 0.9840 for the first time this year earlier in the day. However, the rally lacked any strong follow-through, and the pair has retreated since then. The prices turned nearly flat but still preserve a mild upside bias. On the upside, there is a strong resistance in the form of the 200-DMA that may scare off the bulls. It is possible that the dollar will see a limited downside correction before the buyers reenter the game at more attractive levels. In the weekly timeframes, the USDCHF pair has encountered the 200-SMA as well, suggesting a retreat may lie ahead. 

NZDUSD

NZDUSD has been making shallow recovery attempts following four days of decent losses. The pair received support around 0.6380 and remains below the 0.64 handle which stands as the nearest resistance now. Despite the current upside bias, the kiwi is still vulnerable to further declines, at least as long as the pair remains below the key MAs both in the hourly and daily timeframes. Once below 0.6380, NZDUSD will target mid-November lows around 0.6360.

Tags: EURUSDGBPUSDUSDCHFUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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