News

Technical Analysis – WTI futures rise slightly in the very short term

Posted on October 27, 2020 at 7:56 am GMT

WTI crude oil futures reverse slightly higher following the bounce off 38.25 and paring some of the previous sessions’ losses. The commodity finds resistance at the red Tenkan-sen line at the same time that the technical indicators are heading north. The RSI is edging higher in the negative territory, while the stochastic is approaching the overbought zone. In the wake of more positive pressures, the market could meet resistance at the 20- and 200-period simple moving averages (SMAs) at [..]

Technical Analysis – AUDUSD consolidates under 100-MA, tilting picture bearish

Posted on October 26, 2020 at 3:02 pm GMT

AUDUSD is creeping sideways in the Ichimoku cloud after the 100-period simple moving average (SMA) capped advances off the 0.7020 mark. The gradual downward sloping SMAs are upholding a bearish tone, while the flattening Ichimoku lines are nudging the price closer to the descending trend line. The short-term oscillators are conveying conflicting signals in directional momentum. The MACD is hovering below its red signal line in the positive region, while the RSI is diminishing towards its 50 threshold. Yet, the [..]

Technical Analysis – Facebook stock extends recovery above SMAs

Posted on October 26, 2020 at 2:17 pm GMT

Facebook’s stock price is climbing again above the crucial 280.16 barrier and its simple moving averages (SMAs) after a bearish movement towards 243.57. Currently, the price is trying to pare some losses and shift the short-term bias back to positive. The MACD oscillator is extending its upside movement above its trigger and zero lines, while the RSI is strengthening its momentum above its neutral threshold of 50. In the event the recovery continues, resistance could initially emerge near the all-time high of 304.55 before the market challenges new paths [..]

Technical Analysis – US 500 index turns slightly lower after pullback off 3,550

Posted on October 26, 2020 at 10:09 am GMT

The US 500 index has reversed back down after finding resistance at the 3,550 level. This top is just below the all-time high of 3,588.24 that was reached on September 1. The momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just above 50 and the MACD oscillator falling beneath its trigger line in the positive territory. Further losses should see the 40-day simple moving average (SMA) at 3,408 acting as major support around [..]

Daily Market Comment – Investors play defense as global cases surge, US election tightens

Posted on October 26, 2020 at 10:03 am GMT

Markets on red alert as US infections hit grim records, Europe adopts new measures Meanwhile, election polls have tightened – ‘Blue wave’ no longer as certain Global stocks retreat, oil hammered, dollar inches higher Big week ahead: three central bank meetings, key GDP data, tech earnings Global cases soar, investors cut risk exposure Market participants are playing some defense on Monday, slashing their exposure to riskier assets like stocks and rotating into the safety of sovereign bonds, amid a blitz [..]

Technical Analysis – Gold in wait-and-see mode ahead of US election; bears eye 1,900

Posted on October 26, 2020 at 8:44 am GMT

Gold completed another indecisive week, maintaining a horizontal trajectory within the 1,848-1,930 area as the final countdown to the US election nears an end, the stimulus confusion remains intact, and vaccine hopes rise. The technical indicators justify the sideways move in the price, with the RSI remaining muted around its 50 neutral mark and the MACD stabilizing between its zero and signal lines. On the downside, the 1,900 level is a crucial barrier to watch, especially in the weekly chart [..]

Technical Analysis – EURUSD creeps sideways under weak momentum

Posted on October 26, 2020 at 8:44 am GMT

EURUSD is stalling around the upper band of the Ichimoku cloud and seems to be adopting a neutral tone, something also reflected in the horizontal 50-day simple moving average (SMAs) and the flattening Ichimoku lines. Nonetheless, a dictating bullish bias in the SMAs remains fairly intact despite easing in the 50-day SMA. The short-term oscillators are transmitting conflicting signals in directional momentum. The MACD is rising in the positive region above its red trigger line, while the RSI’s gains are [..]

Technical Analysis – USDJPY tries to re-test 105.00; indicators look positive

Posted on October 26, 2020 at 7:57 am GMT

USDJPY is ticking higher, approaching the 105.00 psychological number in the 4-hour chart. The price rebounded off the 104.33 support level and surpassed the 20-period simple moving average (SMA), suggesting a possible bullish correction. The technical indicators are confirming this view with the RSI touching the 50 level and the MACD heading north in the bearish zone. If the price continues the upside move, immediate resistance would come from the 105.02 barrier, which stands around the 40-period SMA. Even higher, [..]

Technical Analysis – NZDUSD develops above MAs; bullish signals grow

Posted on October 23, 2020 at 12:07 pm GMT

NZDUSD maintains a positive tone despite stalling slightly above the 0.6687 level, that being the 61.8% Fibonacci retracement of the down leg from 0.6797 to 0.6510. The climbing red Tenkan-sen line, which has distanced itself above its blue Kijun-sen line, is suggesting strengthening price action. Moreover, the minor upward inclines in the 50- and 100-period simple moving averages (SMAs) promote forthcoming additional advances too, and could boost this view should they cross above the 200-period SMA overhead. Furthermore, momentum in [..]

Technical Analysis – US 100 index explores bullish breakout

Posted on October 23, 2020 at 12:07 pm GMT

The US 100 stock index (cash) resumed this week’s sideways move within the 11,619 and 11,743 boundaries, represented by the 61.8% and 50% Fibonacci levels of the rally that started from 11,212, despite briefly tumbling to a two-week low of 10,743. The 100-period simple moving average (SMA) on the four-hour chart is currently keeping the price under control, and more importantly, near the surface of the descending channel, suggesting that this could be a make or break point for the market. With [..]

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