Technical Analysis

Technical Analysis – USDCHF extends sideways in a range-bound market

Posted on May 28, 2020 at 2:31 pm GMT

USDCHF presently below the 0.9700 mark, continues to zig zag above and below the mostly horizontal simple moving averages (SMAs) in a directionless market that has endured since early April. Glancing at the short-term oscillators, they too mirror weak directional momentum within the confines of 0.9588 and 0.9800. The MACD is just above its red signal line and barely beneath zero, while the RSI has just dipped below its 50 threshold promoting declines. Moreover, the stochastics are also uncertain around [..]

Technical Analysis – US dollar index holds in consolidation after March peak

Posted on May 28, 2020 at 12:11 pm GMT

The US dollar index looks to be mostly neutral after a descent from the March 20 peak of the three-year high of 103.80, returning the price back below the 101.00 barrier and below the 20- and 40-day simple moving averages (SMAs). The decline in the MACD oscillator and the flattening mode in the RSI in the negative region are suggesting more losses in the near term, pushing the market towards the 98.40 support level, which overlaps with the 200-day SMA. Clearing this significant zone, the [..]

Technical Analysis – EURJPY’s ascent retraces, loading for another run up

Posted on May 28, 2020 at 12:07 pm GMT

EURJPY despite the recent pullback in price maintains its bullish bias above the simple moving averages (SMAs) and the Ichimoku cloud. The current horizontal Ichimoku lines reflect a pause in price appreciation, while the short-term oscillators suggest some weakening in positive sentiment. The MACD in the positive region has flattened above its red signal line, while the RSI drifts lower under the 70 level. Looking at the stochastic oscillator, the %K line has deflected off the 80 mark completing a [..]

Technical Analysis – AUDUSD attempts to conquer capping 200-day SMA

Posted on May 28, 2020 at 7:48 am GMT

AUDUSD though having recently failed (in the past two days), appears to persist in tackling the area, from the 200-day simple moving average (SMA) at 0.6642 to the tough border of 0.6684, which includes the 76.4% Fibonacci retracement of the down leg from 0.7031 to the 17½-year low of 0.5506, at 0.6669. The pairs’ efforts to close above this key section is also exhibited within the rising 50-day SMA and the technical indicators. The MACD, deep in the positive region [..]

Technical Analysis – EURUSD trades around 2-month peak; turns bias to bullish

Posted on May 28, 2020 at 7:38 am GMT

EURUSD has been rising over the last two weeks, challenging a fresh almost two-month high at 1.1034. The bullish picture in the short-term is further supported by the MACD, which is edging higher and above its red trigger line, while the stochastic is heading towards the overbought zone with weaker momentum than before. The 20- and 40-period simple moving averages (SMAs) posted a bullish crossover, indicating more gains in the foreseeable future. The next resistance area to have in mind [..]

Technical Analysis – WTI oil futures lose some shine but uptrend still intact

Posted on May 28, 2020 at 7:32 am GMT

WTI crude oil futures for July delivery inched down on Wednesday after failing to lift the strong ceiling around 34.63 and jump above the Ichimoku cloud. The price is now looking for support at April’s highs around 31.00 in order to pick up steam, though the weakening RSI and the slowing MACD are currently discouraging any upside move but not ruling it out as long as the former holds above its 50 neutral mark and the latter above its red [..]

Technical Analysis – GBPJPY’s recent optimism attempts to turn tone bullish

Posted on May 27, 2020 at 1:14 pm GMT

GBPJPY’s recent up move from the 129.28 level appears to be finding difficulty in closing above the 200-period simple moving average (SMA) at 132.60 and the 133.00 handle. The flatness in the MACD and the blue Kijun-sen line reflect a stall in positive momentum, while the upward slopes in the red Tenkan-sen line and the RSI promote strength in the advance. Moreover, the rising 50-period SMA may be nearing a bullish crossover of the 100-period one, which could further aid [..]

Technical Analysis – Gold heads lower, hitting 2-week low

Posted on May 27, 2020 at 8:19 am GMT

Technical Analysis – Gold heads lower, hitting 2-week low Gold prices are heading lower in the very short-term, penetrating the 100-period simple moving average (SMA) on the 4-hour chart and challenging a new two-week low of 1,705. According to the technical indicators, the RSI is pointing slightly up near the oversold zone, while the MACD is falling below the trigger and zero lines. In case of steeper decrease the price could move towards the 50.0% Fibonacci retracement level of the [..]

Technical Analysis – USDJPY edges sideways; capped by 50-day SMA

Posted on May 27, 2020 at 7:25 am GMT

USDJPY’s recent obstruction to upside moves seems to be coming from the 107.69 level, that being the 38.2% Fibonacci retracement of the up leg from the 41-month low of 101.17 to the 111.71 high. The pair had drifted into a consolidation period (105.98 – 108.08) that has held for 6-weeks, where price advancements have been restricted by the 50-day simple moving average (SMA). Aiding the struggle to climb higher is the converged 100- and 200-day SMAs, which further dictate a [..]

Technical Analysis – NZDUSD looks for more gains but path could be challenging

Posted on May 27, 2020 at 7:15 am GMT

NZDUSD is recording its second week of gains thanks to the descending trendline stretched from the 0.6754 peak that managed to curb downside corrections once again, allowing the price to advance to a 2 ½-month high of 0.6227 on Tuesday. The RSI and the MACD are still in favour of bullish actions but the pair has several key obstacles to go through on the way up. First is the 0.6200-0.6260 restrictive zone which is currently under examination. Clearing this area, [..]

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