Technical Analysis

Technical Analysis – WTI futures posts bearish doji after 1-year high

Posted on February 11, 2021 at 7:40 am GMT

WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term. The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a flattening move, while the MACD holds above the trigger line in the positive region. However, the 20- and 40-day simple moving averages (SMAs) are continuing the upside price action, while the Ichimoku lines [..]

Technical Analysis – EURGBP edges sideways around 9-month low

Posted on February 10, 2021 at 3:51 pm GMT

EURGBP is consolidating around depths not reached in nine months, capped by the 50-period simple moving average (SMA). The Ichimoku lines are reflecting the pause in negative momentum, while the downward sloping SMAs are defending the short-term bearish demeanour in the pair. A glimpse at the short-term oscillators suggests that a pickup in negative sentiment could play out. The MACD, below zero, is slightly above its red trigger line but is looking set to dip back below it, while the [..]

Technical Analysis – GBPJPY unlocks fresh 26-month high around 145.00

Posted on February 10, 2021 at 10:29 am GMT

GBPJPY is edging higher after the bounce off the 144.10 support, recording a fresh 26-month high above 145.00. In trend indicators, the Ichimoku lines are pointing upwards, while the simple moving averages (SMAs) are following the price action. The RSI indicators is heading north towards the 70 level, while the MACD is ticking up in the positive area. In case the buying interest intensifies, the next resistance could come at 147.95, taken from the peak on December 2019. However, the [..]

Technical Analysis – USDJPY bulls still have a chance to regain control

Posted on February 10, 2021 at 8:08 am GMT

USDJPY bulls got exhausted near the 200-day simple moving average (SMA), letting the price to slump back into the 104.00 area on Tuesday. The pair, however, has not violated the short upturn from the 102.58 bottom yet, leaving the door open for a potential trend continuation as long as the price holds above the swing high of 104.39 and the 20-day SMA. Notably, the bullish cross between the 20- and 50-day SMAs is still endorsing a trend improvement. The momentum indicators, although [..]

Technical Analysis – Gold’s advances tackle 100-MA and Ichimoku cloud

Posted on February 10, 2021 at 7:17 am GMT

Gold’s latest climb is simultaneously confronting the curbing Ichimoku cloud and the 100-period simple moving average (SMA) around 1,844. The Ichimoku lines are reflecting a pause in positive momentum, while the relatively horizontal SMAs are promoting a sideways market. The short-term oscillators suggest sentiment remains positively skewed. The MACD, in the positive region, is slightly above its red trigger line, while the RSI is persisting in bullish territory. Furthermore, the stochastic oscillator has shifted to positive, endorsing more price gains. [..]

Technical Analysis – USDCHF tumbles near descending line around 0.8900

Posted on February 10, 2021 at 7:08 am GMT

USDCHF is retreating near the penetrated downtrend line, after finding strong resistance at the 0.9040 barrier. The strong selling interest is confirmed by the technical indicators. The RSI is plunging from the overbought zone to the neutral area, while the MACD is losing momentum in the positive territory. The 20- and 40-day simple moving averages and the Ichimoku lines are sloping downwards. Should the pair stretch south, the 40-day SMA at 0.8883 could provide immediate support before the pair touches the 0.8845 bottom. [..]

Technical Analysis – AUDUSD recoups lost ground but positive signals take a hit

Posted on February 9, 2021 at 2:24 pm GMT

AUDUSD appears to be stalling above the 0.7700 mark after the pair’s recent gains from 0.7582 thrusted the pair over the simple moving averages (SMAs) and the Ichimoku cloud. However, positive sentiment seems to be waning slightly, something also being reflected in the pausing Ichimoku lines. The 50- and 100-period SMAs are endorsing the neutral-to-bullish price tone, after their bearish demeanour somewhat subsided. The short-term oscillators are demonstrating mixed signals in directional momentum. The MACD is holding above its red [..]

Technical Analysis – WTI futures’ compass points north; bias optimistic

Posted on February 9, 2021 at 9:26 am GMT

WTI oil futures maintain a bullish tone but appear to be mildly faltering just shy of a resistance belt of 58.75-59.01, after the commodity’s recent rally above the 53.92 ceiling of a consolidation phase. The bolstering Ichimoku lines are feeding the ascent, while the simple moving averages (SMAs) are defending the bullish picture. The short-term oscillators are conveying an upside preference despite transmitting some easing in positive momentum. The MACD, way above zero, is beyond its red trigger line, while [..]

Technical Analysis – GBPUSD chops higher; bullish fuel might be running out

Posted on February 9, 2021 at 8:18 am GMT

GBPUSD found new buyers near the supportive 20-day simple moving average (SMA), extending its rally to a fresh 33-month high of 1.3786 on Tuesday. The new peak is again registered near the almost one-year-old resistance line, raising speculation that the price may give up some ground in the short term. The narrowing distance between the Bollinger bands is another sign that the current bullish appetite could change, although the RSI and the Stochastics continue to strengthen towards overbought levels, endorsing [..]

Technical Analysis – EURJPY still consolidating; unable to break above upper channel

Posted on February 9, 2021 at 7:04 am GMT

EURJPY has been consolidating since December and has been stuck within the 23-month high of 127.50 and the 125.15 support. The neutral-to-bullish picture in the medium-term looks to last for a while longer after prices failed to break above the upper channel and the RSI is losing momentum in the positive territory. The MACD oscillator is moving horizontally near the trigger and zero lines. If prices head higher, resistance should come from 127.50 before taking the pair back to bullish [..]

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