Technical Analysis

Technical Analysis – NZDUSD surges above 200-day SMA; positive signals intact

Posted on June 3, 2020 at 8:14 am GMT

NZDUSD recently received a positive boost that thrusted the price above the 200-day simple moving average (SMA). The pair is continuing its approach towards the 0.6451 level, which is the 76.4% Fibonacci retracement of the down leg from 0.6754 to the 11-year low of 0.5468. Further backing the appreciation in price is the improving 50-day SMA at 0.6063 and the rising Ichimoku lines. The MACD is accelerating above its red signal line in the positive region, while the rising RSI [..]

Technical Analysis – USDJPY jumps near 2-month high after sharp increase

Posted on June 3, 2020 at 6:35 am GMT

USDJPY increased to an almost two-month high of 108.87 earlier today after the aggressive buying interest on Tuesday’s session, surpassing the flat 200-day simple moving average (SMA) and the upper Bollinger band. Also, the 20- and 40-day SMAs posted a bullish crossover, confirming the recent upside rally in the short-term. According to the momentum indicators, the RSI is slowing down in the bullish territory, while the MACD is holding above trigger and zero lines but is failing to continue its [..]

Technical Analysis – CHI 50 index extends gains above 200-day SMA

Posted on June 2, 2020 at 3:10 pm GMT

China A50 stock index (Cash) lunged over the flat 200-day simple moving average (SMA) and the 13,692 high in the past sessions, reviving an improving picture. The recent upturn in the 50-day SMA suggests further advancements, as do the rising Ichimoku lines, which reflect growing positive momentum. Additionally, the MACD has pushed above its red trigger line in the positive zone, while the RSI is rising in the bullish territory. Moreover, the climbing stochastic %K line has entered the overbought [..]

Technical Analysis – EURCHF’s correction encounters obstructing 200-day SMA

Posted on June 2, 2020 at 1:57 pm GMT

EURCHF’s latest gains off of the 1.0575 mark have followed the upper Bollinger band until the 200-day simple moving average (SMA). Additionally, the momentum indicators reflect buyers’ efforts for further advances, despite the capping 200-day SMA at 1.0763. The short-term oscillators at the moment continue to reflect an improving picture with no signs of easing. The MACD, in the positive region, is increasing above its red signal line, while the rising RSI climbs into the overbought section. Moreover, the stochastic [..]

Technical Analysis – USDCAD declines to 2-month low but indicators signal a pullback

Posted on June 2, 2020 at 1:32 pm GMT

USDCAD extended Monday’s losses and is currently trading not far above a two-month low of 1.3491 hit earlier today. The strong bearish rally started has been evolving since April 21. However, the momentum indicators are suggesting a possible pullback in the very short-term. The stochastic oscillator is creating a bullish crossover in the oversold zone and the RSI is sloping up below the 30 level. Further declines may meet support around the inside swing high from February 28 at 1.3465. [..]

Technical Analysis – WTI oil futures hold neutral after ticking up to a 12-week high

Posted on June 2, 2020 at 9:56 am GMT

WTI crude oil futures for July delivery have been moving slightly higher on the four-hour chart since the soft rebound on the ascending trend line at 30.57 which has been holding since April 28. Over last couple of days, the commodity is trading sideways, finding resistance near the 12-week high of 35.90 and the upper Bollinger band. In the short-term, the market could maintain its consolidation phase if the RSI keeps moving around 50, and the 20- and 40-period simple moving averages (SMAs) hold flat. However, the MACD continues to stand above the trigger [..]

Technical Analysis – EURJPY plots gains, conquers bearish SMAs

Posted on June 2, 2020 at 9:06 am GMT

EURJPY is trailing the upper Bollinger band after the bounce off the 117.00 handle. Positive sentiment – also displayed in the short-term oscillators – has endured from the 42-month low of 114.423, extending the pair above the established, mostly bearish simple moving averages (SMAs). Although intact, the pair’s positive momentum appears to be under negative stress. On the one hand, the MACD in the positive section is distancing itself above its red signal line, while the RSI and stochastics lines [..]

Technical Analysis – EURJPY plots gains; advances conquer bearish SMAs

Posted on June 2, 2020 at 8:19 am GMT

EURJPY is trailing the upper Bollinger band after the push off the 117.00 handle. Positive sentiment – also displayed in the short-term oscillators – has endured from the 42-month low of 114.423, extending the pair above the established, mostly bearish simple moving averages (SMAs). Although intact, the pairs’ positive momentum appears to be under negative stress. On the one hand, the MACD in the positive section is distancing itself above its red signal line, while the RSI and stochastics lines [..]

Technical Analysis – GBPUSD ready to hit 100-day SMA after strong rally

Posted on June 2, 2020 at 6:29 am GMT

GBPUSD had an impressive increase on Monday, jumping above the 50.0% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2460 and heading towards the 100-day simple moving average (SMA). The bias in the short-term timeframe remains neutral within the 1.2460 and the 1.2080 lines. According to momentum indicators, the RSI is flattening above the neutral threshold of 50, while the MACD is climbing above the trigger line and is surpassing the zero line. Additionally, the Ichimoku [..]

Technical Analysis – GBPCAD in bearish mode, recedes below 200-day SMA

Posted on June 2, 2020 at 5:14 am GMT

GBPCAD’s negative momentum seems to be growing, something also reflected in the short-term oscillators. The pair looks to be restricted by the mid-Bollinger band and the 200-day simple moving average (SMA), following a one-month decline from the 1.7703 peak. The MACD, deep in the negative region, has dipped back below its red signal line while the RSI is falling in the bearish territory. Moreover, the stochastic oscillator is turning negative as the %K line nears a bearish overlap with its [..]

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