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Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

Technical Analysis – GBPUSD hold below 40-period SMA; bullish in medium term

Posted on September 4, 2020 at 9:46 am GMT

GBPUSD held in losses this week, dropping to the 1.3240 support level and near to the Ichimoku cloud. The RSI in the four-hour chart continues to miss direction in bearish area, while the MACD is holding below the zero line. The red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. However, should the price close comfortably above the 40-period moving average (SMA) (1.3308), which has been unbreakable over the past sessions, traders could add more value [..]

Technical Analysis – USDCAD aims for a bullish breakout but bears still in play

Posted on September 4, 2020 at 7:43 am GMT

USDCAD is pushing for a close above the long-term ascending trendline drawn from September 2017, which could also drive the price out of the 5 ½-month old downward-sloping channel, following the bounce within the 1.3040-1.2985 area. Should the pair break significantly above the channel and the 20-day simple moving average (SMA), the bullish action could stretch towards the 50-day SMA currently at 1.3350, where the 61.8% Fibonacci of the 1.2556-1.4667 upleg (2018-2020) happens to be. Higher, resistance could next emerge [..]

Technical Analysis – US 30 index withdraws from fresh high; bullish bias intact

Posted on September 4, 2020 at 7:24 am GMT

US 30 stock index (Cash) retreated from the vicinity of 29,168, that being the 150.0% Fibonacci extension of the down wave from 27,632 to 24,560. The positive picture seems safeguarded by the advancing 50- and 100-day simple moving averages (SMAs), and may receive a boost from the approaching bullish crossover of the 200-day SMA by the 100-day one. Additionally, the progressing Ichimoku lines further service the ascent in the index. At the moment the short-term oscillators suggest the recoil from [..]

Technical Analysis – GBPJPY spikes to fresh 6-month high but retreats

Posted on September 4, 2020 at 6:51 am GMT

GBPJPY has been developing in an ascending movement since March 18, reaching a fresh six-month high of 142.70, returning lower, suggesting a downside retracement in the daily timeframe. The pair is hovering above the short- and medium-term simple moving averages (SMAs), though the momentum indicators are heading south. The RSI pulled back from the overbought zone and is flattening, while the stochastic is approaching the 20 region. Should bearish dynamics dominate in the very short-term, the market might revisit the [..]

Technical Analysis – Copper futures stop at 26-month highs; positive risks may fade

Posted on September 3, 2020 at 1:17 pm GMT

Copper futures reached overbought levels according to the RSI and reversed lower after touching the 26-month peak of 3.0898 achieved on September 1. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past three days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. On the other hand, the MACD is holding below its trigger line, which supports the pullback. In case the pair changes its short-term direction to the [..]

Technical Analysis – GBPCHF reverses at 200-day SMA, prolonging sideways pattern

Posted on September 3, 2020 at 12:32 pm GMT

GBPCHF pivoted at the 200-day simple moving average (SMA) preserving the horizontal structure and reinforcing its confines of 1.1628 and 1.2257. The 50- and 100-day SMAs have adopted a relatively neutral bearing, which may be aiding the directionless market. Nonetheless, the short-term oscillators mirror the recent weakness in the price, suggesting growing negative momentum. The MACD, in the positive region, stands above its red trigger line but looks to have paused. The falling RSI deflected off the 70 mark, while [..]

Canadian jobs data could add to recovery hopes in Q3 – Forex News Preview

Posted on September 3, 2020 at 12:10 pm GMT

Canadian employment readings will be closely watched on Friday at 12:30 GMT as markets weigh the prospects of Canada recovering faster than the US in the coming quarters. Forecasts suggest a decline in the jobless rate and a softer rise in employment, which could endorse the growing optimism, especially if the numbers come in brighter-than-expected, further fuelling the rally in the loonie. Canada’s fortunes could be better than US’s The loonie scored five consecutive green months against the US dollar but August brought the bulk [..]

Technical Analysis – USDCHF curbed by 200-MA; neutral tone forming

Posted on September 3, 2020 at 9:01 am GMT

USDCHF is currently struggling with the 200-period simple moving average (SMA) at the 0.9139 barrier, after jumping above the very-short-term descending line drawn from 0.9239. That said, the flat blue Kijun-sen line and the levelling out of the bearish 50- and 100-period SMAs suggest that a sideways pattern may be developing. The short-term oscillators are reflecting conflicting signals of momentum, backing a directionless market. The MACD, in the positive area, holds above its red trigger line, while the stochastic oscillator [..]

Technical Analysis – EURJPY on a slippery slope; strongly positive in medium term

Posted on September 3, 2020 at 8:48 am GMT

EURJPY had a bearish start on Thursday, with the price breaking the lower surface of the Ichimoku cloud. The pair has also increased distance below their flattenning moving average lines, indicating that the latest downtrend might hold for longer after it touched the 18-month high of 127.05. Momentum signals are bearish as well as the red Tenkan-sen line, which is below the blue kijun-sen line, looks to be heading south, while the RSI has reversed lower after falling below its [..]

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