Technical Analysis

Technical Analysis – NZDUSD surpasses SMAs but bias is neutral

Posted on May 20, 2020 at 7:48 am GMT

NZDUSD has been on the sidelines over the last six weeks with a strong resistance level at the 50.0% Fibonacci retracement level of the down leg from 0.6750 to 0.5476 at 0.6110 and the 0.6175 barrier. Also, it found significant support at the 0.5910 level and the lower surface of the Ichimoku cloud. The RSI indicator is suggesting weak upside movement while the MACD is flattening, confirming the recent view in the short-term. Immediate resistance is coming from the 0.6175 [..]

Technical Analysis – USDJPY tests key resistance for more upside moves

Posted on May 20, 2020 at 7:44 am GMT

USDJPY controlled by the 20- and 50-day simple moving averages (SMAs) the past few sessions is pushing for another soft green week that could see a test of the 108.50 barrier if the bulls manage to successfully breach the 50-day SMA and resistance around 107.97– being the 61.8% Fibonacci of the down leg with a top at 112.21 and a low at 101.17. According to the momentum indicators, another upside correction is possible as the RSI and the MACD are [..]

Technical Analysis – EURGBP gains some traction for a climb

Posted on May 20, 2020 at 6:47 am GMT

EURGBP appears to be finding some footing on the mid-Bollinger band since May 12. Further helping the move up are the recent bullish crossovers of the 200-period simple moving average (SMA) by the gradually rising 50- and 100-period ones. Taking a glimpse at the short-term oscillators, they reflect a pause in the positive picture. The RSI is turning up above its neutral mark while the MACD, in the positive region, has slipped below its red signal line. That said, the [..]

Technical Analysis – Silver touches 10-week high but returns near 200-SMA

Posted on May 19, 2020 at 1:39 pm GMT

Silver has climbed considerably higher on Monday, resting near a fresh ten-week high of 17.60, surpassing a strong key level – the 200-day simple moving average (SMA) – but the price failed to end the day above it. The momentum indicators suggest an overbought market as the stochastic completed a bearish cross within the %K and %D lines above the 80 level and the RSI is holding above 70, pointing upwards. A clear increase above 17.60 would bring the white [..]

Technical Analysis – EURCHF claims largest daily gain in more than a year; 1.0652 next in target

Posted on May 19, 2020 at 10:35 am GMT

EURCHF recorded its largest daily gain in more than a year on Monday after repeatedly failing to clear the tough 1.0500 bottom. On Tuesday the pair is attempting to claim a similar credit, but it first needs to remove the 1.0652 resistance and close above 1.0700 to confirm additional buying action. The momentum indicators are in favor of the bulls as the MACD is hovering within the positive area – barely though – for the first time since the end [..]

Technical Analysis – WTI futures retreat after the jump to 6-week high at 33.05

Posted on May 19, 2020 at 9:31 am GMT

WTI futures for July delivery advanced to a fresh six-week high of 33.05 on Monday before pulling slightly back, opening the way for more bullish actions on the 4-hour chart. The price has been creating an upside trend since April 28, and the 20- and 40-period simple moving averages (SMAs) posted a bullish crossover in the preceding sessions, backing the positive structure. The technical indicators send overbought signals, suggesting a possible pullback. The RSI has peaked above the 70 level and is heading south, while the MACD is losing momentum in the positive [..]

Technical Analysis – GBPUSD attempting to end bearish trend formation

Posted on May 19, 2020 at 7:43 am GMT

GBPUSD dropped as low as 1.2074 after breaking the 1.2246 neckline of the bearish double top pattern on the four-hour chart. The price is now pushing efforts to recover above that border and distance itself from its shorter-term moving averages (SMAs) in order to eliminate negative trend signals. With the RSI ready to expand above its 50 neutral mark and the Stochastics having yet to confirm overbought conditions, additional gains could be possible in the short-term. However, on the way up, [..]

Technical Analysis – EURJPY rests near descending line, suggesting upside tendency

Posted on May 19, 2020 at 7:20 am GMT

EURJPY is revisiting the descending trend line, which has been standing since January 16, despite the upside break at the end of March. The bullish picture in the very short-term looks to last for a while longer if prices overcome the critical line and the 40-day simple moving average (SMA). The positive bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has risen sharply near overbought levels after [..]

Technical Analysis – USDCAD in horizontal mode; dives below flat MA’s

Posted on May 19, 2020 at 5:39 am GMT

USDCAD lost ground once again within a sideways market – that begun around April 6, – falling under the directionless simple moving averages (SMAs) and the 1.4011 level, that being the 38.2% Fibonacci retracement of the up leg from 1.2951 to the 50-month peak of 1.4667. The decline towards the lower boundary of the range looks to have stalled, slowing ahead of the 1.3900 low, something also reflected in the RSI and the stochastic oscillator. The RSI is improving after [..]

Technical Analysis – AUDUSD still consolidating; unable to break lower channel

Posted on May 18, 2020 at 1:11 pm GMT

AUDUSD has been consolidating since the end of April around the Ichimoku cloud and the 40-period simple moving average (SMA) currently at 0.6473. The price is trading within the 0.6378 – 0.6570 area with the stochastics approaching the overbought zone and the RSI touching the 50 level, suggesting some more gains in the 4-hour chart. If prices continue to head higher, resistance should come from the 0.6520 barrier. A jump above it would reinforce the upside move and open the [..]

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