Technical Analysis

Technical Analysis – Netflix stock faces SMA resistance ahead of Q4 earnings report

Posted on January 19, 2021 at 11:11 am GMT

Netflix’s stock has been volatile within the range of 457.45 – 574.68 since mid-June, though in the four-hour chart, the simple moving average lines (SMAs) seem to have been navigating the price to the downside over the past two weeks. The negative slope in the RSI and the trendless negative MACD are currently keeping the odds for a significant upside reversal minimal, suggesting that a drop towards the 61.8% Fibonacci level of the latest upleg at 493.10 could be more likely. If [..]

Technical Analysis – WTI futures consolidate but continue to favour upside

Posted on January 19, 2021 at 9:10 am GMT

WTI oil futures appear to be finding a foothold on the 50-period simple moving average (SMA) and the cloud’s upper surface, after the pullback from the 11-month high region of 53.91. The Ichimoku lines are reflecting the sideways edging in the price, while the climbing SMAs are promoting additional advances. Looking at the short-term oscillators, we can see a slight pickup in positive momentum. The MACD is holding marginally below its red trigger line and the zero mark, while the [..]

Technical Analysis – GBPUSD bulls retain footing despite pullback

Posted on January 19, 2021 at 8:20 am GMT

GBPUSD managed to calm bearish forces around the 20-day simple moving average (SMA) once again following the latest rejection from the 1.3700 level, hinting that bullish appetite has not fully faded yet. In the near-term, the consolidation phase may continue as the RSI and the MACD keep lacking direction, with the former sidelining above its 50 neutral mark and the latter hovering around its red signal line. The red Tenkan-sen also remains trendless above the blue Kijun-sen line, suggesting an [..]

Technical Analysis – EURJPY tries to jump higher after steep negative sessions

Posted on January 19, 2021 at 7:47 am GMT

EURJPY tumbled for the seventh day in a row on Monday, recording a seven-week low around the 125.15 support level. However, today, it started the day in the green, recouping some of its losses from the preceding sessions. The upside moves drove the pair near the 40-day simple moving average (SMA) and any advances above this level could repeat the bullish move in the short-term. Technically, the RSI is returning up with strong momentum, remaining below its neutral threshold of 50, while the MACD oscillator is [..]

Technical Analysis – US 500 index fades from recent all-time high of 3,831

Posted on January 18, 2021 at 12:49 pm GMT

The US 500 index (Cash) is finding a foothold in the Ichimoku cloud, on the 100-period simple moving average (SMA) at 3,756, after the index receded from its latest all-time high of 3,831 under the 50-period SMA. All climbing SMAs are endorsing the positive picture, while the Ichimoku lines, with the dipping red Tenkan-sen line, are promoting the pullback in price. The short-term oscillators are proposing a tad increase in positive momentum. The MACD is flattening below its red signal [..]

Technical Analysis – USDJPY remains under pressure; maintains short-term bearish bias

Posted on January 18, 2021 at 11:08 am GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower from the 140.00 psychological level and are hovering around the 38.2% Fibonacci retracement level of the down leg from 105.65 to 102.60 at 103.77. The short-term technical indicators are pointing to more weakness in the market. Looking at the 4-hour chart, the price is looking capped by the 20 and 40-period simple moving averages (SMAs), while the MACD and the RSI are flattening [..]

Technical Analysis – AUDUSD ranges somewhat; uptrend under some strain

Posted on January 18, 2021 at 9:41 am GMT

AUDUSD has dipped below the 100-period simple moving average (SMA) and appears to be testing the lower boundary of a minor consolidation pattern at 0.7666. The directionless Ichimoku lines and the slightly slowed upward pace of the 50-period SMA are feeding the sideways direction in the pair. That said the steadily climbing 100- and 200-period SMAs are bolstering the positive structure. However, the short-term oscillators are leaning towards the downside, nurturing additional negative price action. The MACD, is declining further [..]

Technical Analysis – EURUSD aims to halt decline as bears hold near-term edge

Posted on January 18, 2021 at 8:46 am GMT

EURUSD started the week in a neutral tone, consolidating last week’s losses around the 50-day simple moving average (SMA), which happens to be near a key restrictive line and the 38.2% Fibonacci retracement of the 1.1600 – 1.2348 upleg, at 1.2063. While this could be an ideal place for a rebound, the momentum indicators continue to provide conflicting signals in favor of the bears. The MACD, comfortably below its red signal line, is converging towards the zero line, while the [..]

Technical Analysis – Gold is capped by 200-day SMA; holds in descending channel

Posted on January 18, 2021 at 8:01 am GMT

Gold prices are posting some gains, touching the 200-day simple moving average (SMA), which is acting as strong resistance in the short-term. In the broader picture, the price has been holding in a descending channel since the pullback from the record high of 2,074.89 on August 7. In terms of trend indicators, the Ichimoku lines are heading south alongside the 20- and 40-day SMAs. However, the %K line of the stochastic oscillator is posting a bullish crossover within the %D [..]

Technical Analysis – NZDUSD uptrend under negative pressure

Posted on January 15, 2021 at 1:56 pm GMT

NZDUSD has retreated from the recent 32½-month high of 0.7314 and is consolidating around the gradually rising 100-period simple moving average (SMA), which for the last week has curbed further deterioration under the 0.7152 trough. The steady upwards creeping 100- and 200-period SMAs are favouring advances and are trying to protect the positive picture. However, the short-term oscillators and the slowing upward pace in the flattening 50-period SMA are promoting a pickup in negative price action. The MACD, below the [..]

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