Technical Analysis

Technical Analysis – USDJPY loses ground, magnetized by lower Bollinger band

Posted on May 6, 2020 at 6:40 am GMT

USDJPY appears to be losing footing at the 106.44 level, that being the 50.0% Fibonacci retracement of the up leg from the 41-month low of 101.17 to the 111.71 high, tracing the lower Bollinger band around 106.21. The current negative push is confirmed by the downward slope in the 50-day simple moving average (SMA) as well as the increase in negative momentum reflected in the technical oscillators. The MACD, in the negative zone, is decreasing below its red trigger line, [..]

Technical Analysis – GER 30 Cash index retains upside trend; SMAs act as strong resistance

Posted on May 5, 2020 at 1:37 pm GMT

The GER 30 index (Cash) has been making higher highs and higher lows since the mid of March when it touched the new trough of 7,950, pausing the previous downtrend in the short-term. The technical indicators continue to send weak positive signals, suggesting either a pause in the continuation of the bullish bias may be turning close to an end. The RSI is pointing up approaching the 50 level, while the MACD is hovering near the zero line, but it remains below this significant level. [..]

Technical Analysis – EURCHF confined to the vicinity of the base

Posted on May 5, 2020 at 12:58 pm GMT

EURCHF has pushed back below the converged simple moving averages (SMAs), erasing most of the recent gains from the multi-year low of 1.0504, which failed to exceed the 1.0610 obstacle. The pair, currently capped by the 100-period SMA at 1.0538, is trailing the lower Bollinger band as it inches towards the strengthened bottom in the proximity of the 1.0500 handle. Looking to the short-term oscillators, the MACD, in the negative region, is descending below its red trigger line promoting the [..]

Technical Analysis – USDCAD flirts with bullish cross within SMAs; neutral mode

Posted on May 5, 2020 at 9:30 am GMT

USDCAD found strong resistance near 1,4150 and reversed south again, retaining its neutral structure in the short-term picture. Currently, the price is eating a portion of its bold gains it earned in the previous days and the RSI and the stochastics on the four-hour chart are pointing to a negative session as they are decelerating. The 23.6% Fibonacci retracement level of the down leg from 1.4670 to 1.3855 at 1.4050 has been a key support in previous sessions and could remain in focus, while traders will be also [..]

Technical Analysis – EURJPY back into the bearish area; focus shifts to the 115.00 zone

Posted on May 5, 2020 at 7:36 am GMT

EURJPY has barely improved after the plunge to a 3-year low of 115.43, with the pair erasing on Monday a significant portion of last week’s rally that drove the price as high as 117.76. The price has also pulled back below the middle Bollinger band and the RSI has failed to climb above its 50 neutral mark, both painting a bearish picture for the short-term. Immediate support to additional losses could be the 115.85 level that strongly rejected the bears [..]

Technical Analysis – WTI futures double bottom pattern completed to the upside; bullish bias

Posted on May 5, 2020 at 7:02 am GMT

WTI crude oil futures have advanced considerably over the last five days, finding a top today near the 200-period simple moving average (SMA) after the completion of a double bottom pattern in the 4-hour chart. Also, the commodity is creating a new two-week high near 22.24 and the bullish action is confirmed from the bullish crossover within the 20- and 40-period SMAs. From the technical viewpoint, the RSI indicator is approaching the 70 level with weak momentum, while the stochastic [..]

Technical Analysis – GBPUSD’s advances suppressed by stifling 200-day SMA

Posted on May 5, 2020 at 6:52 am GMT

GBPUSD is trading around the vicinity of 1.2462, that being the 50.0% Fibonacci retracement of the down leg from 1.3514 to 1.1410 and where the mid-Bollinger band currently lies. The pair failed on a second attempt to breach the overpowering flattened 200-day simple moving average (SMA), which has imprisoned the price for nearly a month between 1.2165 and 1.2646. Looking to the short-term oscillators, the MACD and the RSI promote slight improvements around their neutral marks, despite diminished directional momentum. [..]

Technical Analysis – Copper futures bullish correction under strain

Posted on May 4, 2020 at 3:19 pm GMT

Copper futures’ correction seems to be faltering below the 50-day simple moving average (SMA) and under the 2.3175 level – that being the 38.2% Fibonacci retracement of the down leg from 2.8819 to 1.9684 – as it edges in the Ichimoku cloud. The Ichimoku lines support the bullish run as does the MACD, which is for now, just above its red trigger and zero line. That said, the RSI, just below its neutral threshold, and the falling stochastics back a [..]

Technical Analysis – Western Union stock halts bearish bias, creating narrow range

Posted on May 4, 2020 at 1:15 pm GMT

Western Union stock price has been underperforming in the past two days, breaking back below the 50-period simple moving average (SMA). When looking at the bigger picture, the pair was in a negative move before it started consolidating after finding a floor at the 14-month low of 17.45. Momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the stochastic oscillator deep in oversold zone. Also, the SMAs are following the price [..]

Technical Analysis – US 500 index stalls after fading ahead of 2,986 border

Posted on May 4, 2020 at 12:15 pm GMT

The US 500 stock index (Cash) is inactive at the 2,789 level, that being the 50.0% Fibonacci retracement of the down leg from the all-time high of 3,396.64 till the 2,183.95 low. The price appears stuck between the lower Bollinger band of 2,767 and the 100-period simple moving average (SMA) at 2,827. Turning to the short-term oscillators, the RSI and the stochastics promote advances as does the 200-period SMA, which is building an incline. Moreover, the 50- and 100-period SMAs [..]

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