Technical Analysis

Technical Analysis – AUDUSD lands on 20-day MA; keeps uptrend safe

Posted on May 7, 2020 at 7:26 am GMT

AUDUSD nicely landed on the 20-day simple moving average (SMA) following its pullback from a peak of 0.6569 on April 30. Despite the latest downside reversal, the main trend remains up in the short-term picture, with the price set to confirm another higher low at 0.6371 and head north again if the bulls manage to close above the nearby 0.6450 resistance, which is the 61.8% Fibonacci retracement level of the bearish wave from the 0.7031 top. The bullish cross between [..]

Technical Analysis – EURUSD trades near 1.0800; neutral mode sustains

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

EURUSD was trading not too far from the bearish cross within the 20- and 40-period simple moving averages (SMAs) near 1.0800 in the 4-hour chart, creating a negative movement in the consolidation mode. But momentum indicators suggest some negative moves for the pair to decline further. The near-term bias is looking neutral-to-bearish as the MACD is flatlining below the trigger and zero lines, while the stochastics are pointing south and the %K and %D lines remain negatively aligned. Also, the red Tenkan-sen [..]

Technical Analysis – WTI futures’ correction calms ahead of the 50-day SMA

Posted on May 7, 2020 at 6:47 am GMT

WTI oil futures’ pullback ran out of steam before reaching the 50-day simple moving average (SMA) at the 26.00 handle. This price stall can also be seen in the hovering of the RSI above the 50 level and the smoothing of the incline of the red Tenkan-sen line. The short-term oscillators provide conflicting opinions. Looking at the RSI, it has run above its neutral mark while the MACD, in the negative zone, is increasing above its red trigger line towards [..]

Technical Analysis – USDTRY accelerates to fresh record high

Posted on May 6, 2020 at 3:52 pm GMT

USDTRY bulls moved to an uncharted territory on Wednesday, unlocking a new all-time high of 7.192 on top of the previous record peak of 7.108 registered in 2018. The rally which keeps strengthening for the fourth consecutive week has put the market back in a long-term uptrend, increasing optimism for further upside that may next stall near the 7.500 psychological level, while the 8.000 number will be closely watched if more buyers enter the market. Meanwhile, the positive slope in the 20- [..]

Technical Analysis – GBPCAD drifts, stalled within a sideways market

Posted on May 6, 2020 at 2:21 pm GMT

GBPCAD found some traction at the 200-period simple moving average (SMA) of 1.7378 following a drop from the 1.7703 level. The price is still within the confines of a short-term trading range since April 8, something also endorsed by the somewhat flat and converged SMAs. The short-term oscillators display a paused picture of dried up momentum though reflect some signs of optimism. The MACD is barely below its red trigger line and the zero mark. However, the RSI has risen [..]

Technical Analysis – EURAUD could see further weakness

Posted on May 6, 2020 at 12:59 pm GMT

EURAUD has been extending its losses over the last couple of days, following the pullback on the 1.7180 resistance level which lies near the short-term descending trend line. Currently, the price is trading not far below the 20- and 40-period simple moving averages (SMAs) and holds within the Ichimoku cloud in the 4-hour chart. The MACD turned lower after the decrease below the trigger line. The bias also looks bearish as indicated by the stochastics: the %K and %D lines [..]

Technical Analysis – EURGBP still range-bound; directional signals conflict

Posted on May 6, 2020 at 11:15 am GMT

EURGBP is currently capped by the merged 50- and 100-period simple moving averages (SMAs) in the 4-hour chart still bound within a directionless market that commenced on April 6. Further backing this view is the mostly flat joined 50- and 100-period SMAs. Turning to the short-term oscillators, they paint an unclear picture. The stochastics are rising towards the overbought section, promoting some advances. However, the MACD is marginally below its red trigger line and the zero mark, while the RSI, [..]

Technical Analysis – GBPJPY records new six-week low, breaking consolidation area

Posted on May 6, 2020 at 9:44 am GMT

GBPJPY continues to fall below the Ichimoku cloud and the simple moving averages (SMAs) in the 4-hour chart over the last couple of days, penetrating the consolidation area, which had been holding since March 26. According to the MACD, negative momentum could push for further losses in the short-term as the indicator picks up steam below its red signal line. The RSI is also decreasing, and it is relatively close to the oversold threshold; positive corrections cannot be excluded if there is a drop [..]

Technical Analysis – Gold struggles in symmetrical triangle; neutrality holds

Posted on May 6, 2020 at 7:15 am GMT

Gold prices are heading sideways in a symmetrical triangle formation, hovering near the short-term simple moving averages (SMAs) and within the squeezed Bollinger bands. The market could remain in consolidation if the RSI keeps moving around 50 and the MACD stays around the zero line with weak momentum in the 4-hour chart. An extension to the upside and above the descending line of the triangle, which overlaps with the upper Bollinger band could meet the 1,722 area. Further up, resistance [..]

Technical Analysis – NZDUSD keeps buying interest after bouncing on trendline

Posted on May 6, 2020 at 7:12 am GMT

NZDUSD refused to return below the descending trendline earlier this week and ticked up instead, hinting that the short-term uptrend started from the 11-year low of 0.5468 is not ready to end soon. A decisive close above the 0.6130 hurdle, which is slightly above the 50% Fibonacci retracement level of the bearish wave with a top at 0.6754 and a bottom at 0.5468, could confirm the continuation of the positive pattern, with optimism strengthening further above the 0.6175 high. The [..]

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