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Technical Analysis – EURCHF remains optimistic although advances hit a snag

Posted on December 28, 2020 at 4:29 pm GMT

EURCHF is retreating from a fresh 6½-month peak of 1.0891, although continuing to retain a somewhat bullish tone. The pair appears to have logged a false break above the 1.0870-1.0876 resistance ceiling, soaring to a new high marginally above the 1.0889 barrier from June 8. The flattening 100-period simple moving average (SMA) is sponsoring the neutral-to-bullish demeanour in the price, while the rising 50- and 200-period SMAs are backing further positive price action. However, the short-term oscillators are currently reflecting [..]

Technical Analysis – EURCHF optimistic although advances hit a snag

Posted on December 28, 2020 at 4:03 pm GMT

EURCHF is retreating from a fresh 6½-month peak of 1.0891, although continuing to retain a somewhat bullish tone. The pair appears to have logged a false break above the 1.0870-1.0876 resistance ceiling and simultaneously soared to a new high, marginally above the 1.0889 barrier from June 8. The flattening 100-period simple moving average (SMA) is sponsoring the prices neutral-to-bullish demeanour, while the rising 50- and 200-period SMAs are backing further positive price action. However, the short-term oscillators are currently reflecting [..]

Technical Analysis – Silver regains bullish desire with bounce off 100-day SMA

Posted on December 28, 2020 at 1:35 pm GMT

Silver gapped higher, spiking above the 26.56 resistance today, continuing the recent traction the commodity found off the 100-day simple moving average (SMA). The climbing 200-day SMA is defending the positive structure, while the flattening 100-day SMA, is endorsing waning in the commodity’s improvement. Nonetheless, the slight upturn in the 50-day SMA together with the pickup in positive sentiment in the short-term oscillators are promoting additional advances. The MACD, in the positive region, is holding above its red trigger line, [..]

Technical Analysis – US 500 index unlocks fresh all-time highs before the end of the year

Posted on December 28, 2020 at 12:54 pm GMT

The US 500 stock index (cash) is exploring new all-time highs marginally above last week’s top of 3,730 following the approval of the US stimulus package, which averted a government shutdown and secured funding through September. The bullish move is well supported by the 20-day simple moving average (SMA) once again, though the muted reaction in the MACD, which continues to fluctuate below its red signal line, the flattening red Tenkan-sen, and the sideways trajectory in the RSI suggest that the positive [..]

Technical Analysis – AUDUSD recoups lost ground; resumption of uptrend in focus

Posted on December 28, 2020 at 10:27 am GMT

AUDUSD has almost recouped the downfall from the 2 ½-year high of 0.7638 despite the narrow trading the past two days in the four-hour chart. Although some weakness could be possible in the near term given the touch around the upper Bollinger band, market sentiment remains largely positive as the RSI holds comfortably above its 50 neutral mark despite the latest pullback, and the MACD continues to strengthen within the bullish territory and above its red signal line. The Ichimoku [..]

Daily Market Comment – Stocks cheer Trump’s stimulus U-turn; pound muted after ‘thin’ Brexit deal

Posted on December 28, 2020 at 9:40 am GMT

President Trump makes surprise U-turn on virus aid bill, averts government shutdown ‘Thin’ Brexit deal leaves many unanswered questions, pound unimpressed Equities buoyed, dollar pressured, gold jumps Relief as US stimulus and spending bill becomes law Trading for the last week of 2020 got off to a bullish start after President Trump unexpectedly signed into law the Covid-19 relief and funding bill late on Sunday after repeatedly refusing to do so. The $2.3 trillion package, which includes a fresh round [..]

Technical Analysis – Gold clashes with hardened upside boundary

Posted on December 28, 2020 at 9:12 am GMT

Gold is in the process of confronting a fortified resistance zone from 1,896-1,907. This reinforced region comprises of highs, the 100-day simple moving average (SMA), the Ichimoku cloud and the overlapping descending trend line pulled from the all-time high. The horizontal blue Kijun-sen line and the mild downward slopes of the 50- and 100-day SMAs are promoting a more neutral-to-bearish picture. However, the bullish tone in the rising red Tenkan-sen line and the hiking 200-day SMA, as well as the [..]

Technical Analysis – GBPUSD resilient within bullish channel after Brexit trade deal

Posted on December 28, 2020 at 8:36 am GMT

GBPUSD held within the 1.3500 territory on Monday and slightly below its 2 ½-year high of 1.3623 following the endorsement of a skinny Brexit trade deal and the approval of the US stimulus package. From a technical perspective, the short-term bias remains tilted to the upside despite the rejection around the topline of the upward-sloping channel as the price continues to trade above its simple moving averages (SMAs) and the Ichimoku cloud. The momentum indicators are also in favor of [..]

Commodities outlook: can gold, oil and metals stay bullish in 2021?

Posted on December 24, 2020 at 2:46 pm GMT

It’s been an incredible year for commodities as the global pandemic has induced some historic moves in the prices of key commodities such as gold and oil. Growth commodities like oil and industrial metals, whose fortunes are more directly tied to economic performance, have rallied hard since March when markets were flooded with stimulus and look set to finish 2020 on a positive note. The safe-haven gold, which had been on the rise long before the pandemic, has not been [..]

Technical Analysis – GBPJPY crosses 140.30 border but will the bulls persist?

Posted on December 24, 2020 at 12:02 pm GMT

GBPJPY is pushing efforts to close above the noisy 140.30 ceiling that kept the bulls under control the past six weeks. The RSI and the MACD are endorsing the buying appetite in the market, though some caution is warranted as the former is approaching a restrictive trendline and the latter has yet to show a clear positive direction above its red signal line. Should the bulls persist, the pair could retest the 141.85 resistance region before meeting the crucial trendline from March’s lows around September’s [..]

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