Technical Analysis

Technical Analysis – Gold hovers near 7½-year peak; still positive

Posted on April 27, 2020 at 6:59 am GMT

Gold prices successfully surpassed the previous high of the 1,703 strong barrier, confirming the upside tendency in the short- and medium-terms. The yellow metal challenged a new fresh seven-and-a-half-year high of 1,746.95 on April 14 and is currently hovering slightly below this level. The momentum indicators are fading to improve the positive picture on price action. The MACD oscillator slipped beneath the trigger line and is losing some ground, while the RSI is pointing marginally to the downside in the [..]

Technical Analysis – JP 225 index unable to decisively close above 50.0% Fibonacci

Posted on April 24, 2020 at 11:54 am GMT

JP 225 stock index (Cash) appears mostly flat in the very near-term as it edges sideways into the Ichimoku cloud, capped by the 50-day simple moving average (SMA) residing at the 19,779 border, that being the 50.0% Fibonacci retracement of the down leg from 24,162 to 15,384. Extra neutral signals are reflected in the flattened Ichimoku lines, despite their bullish tone. The short-term oscillators further exhibit a picture of evaporated directional momentum. The MACD is above its red trigger line [..]

Technical Analysis – US 30 index stands below 50.0% Fibo; bullish correction in progress

Posted on April 24, 2020 at 10:51 am GMT

The US 30 stock index (cash) found strong resistance at the 24,443 level and the 50-day simple moving average (SMA), returning back below the 50.0% Fibonacci retracement level of the downward wave from 29,582.61 to 18,145 at 23,866. Technically, the RSI indicator, holding in positive territory, is moving sideways with weak momentum, while the MACD is standing above the trigger and zero lines but is failing to suggest any directional movement. Further declines may meet support around the 38.2% Fibonacci [..]

Technical Analysis – USDCAD stalls around mid-Bollinger band; momentum freezes

Posted on April 24, 2020 at 7:39 am GMT

USDCAD stunned, is resting at the mid-Bollinger band around 1.4070 after a deflection off the upper band at the 1.4263 level, that being the 23.6% Fibonacci retracement of the up leg from 1.2951 to 1.4667. The price appears undecided for now as do the short-term oscillators, which display conflicting directional signals. The MACD is in the positive area but only just above its red trigger line, while the RSI has bounced off its 50 neutral mark, improving marginally. Yet, the [..]

Technical Analysis – GBPJPY holds in tight range; eyes on 132.00

Posted on April 24, 2020 at 7:00 am GMT

GBPJPY is lacking direction in the very short-term timeframe as is has been consolidating above the 38.2% Fibonacci of the down leg 144.95-124.00 at 132.00 and the 135.80 resistance over the last month. It is noteworthy that, the 20- and 40-day simple moving averages (SMAs) are turning lower after their bullish crossover in the previous sessions, suggesting a possible downside movement again. The MACD and the RSI indicators are heading sideways with weak momentum near their neutral levels, failing to [..]

Technical Analysis – EURJPY denied a close below tough support of 115.86

Posted on April 23, 2020 at 3:10 pm GMT

EURJPY today pushed below the 115.86 low of September 2019 producing a 3-year low of 115.71. The pair bounced off this level, that being the 123.6% Fibonacci extension of the up leg from 116.35 to 119.03 driving the price to the mid-Bollinger band at 116.65. The recent pick up in price action is also reflected in the short-term oscillators with strengthening positive momentum. The MACD, in the negative region, is below its red trigger line but looks to move back [..]

Technical Analysis – Facebook stock recovers after rebound on 15-month low

Posted on April 23, 2020 at 1:10 pm GMT

Facebook’s stock price has been advancing over the last month after it reached a 15-month low of 136.75. The run above the 50-day SMA could open the way for a possible upside correction of the negative movement from 224.30 to 136.75. Regarding the momentum indicators, the MACD entered the positive territory while the RSI is pointing north above the 50 level. An extension of the positive move could push the stock towards the 61.8% Fibonacci level of the down leg [..]

Technical Analysis – Gold’s positive sentiment picks up; eyes multi-year top

Posted on April 23, 2020 at 12:05 pm GMT

Gold’s new-found confidence today broke above the Ichimoku cloud confirming the bounce off the lower band of the cloud and the 100-period simple moving average (SMA). Boosting this climb is the bullish crossover within the Ichimoku lines and the upward slopes of the SMAs. Moreover, the short-term oscillators suggest further gains for now, with the MACD increasing above zero and its red trigger line and the RSI nearing the 70 level. Additionally, the stochastics are in the overbought territory, holding [..]

Technical Analysis – US 100 index may confirm positive bias above 8,714

Posted on April 23, 2020 at 11:15 am GMT

The US 100 stock index (cash) rebounded near the one-month old ascending trendline and the 8,300 level on the four-hour chart, saving its uptrend from a disruption. The price also managed to find some footing on the upper surface of the Ichimoku cloud but resistance around 8,714 is currently blocking the way north. Technically, there is some bullish pressure in store, though weak, as the RSI is pushing efforts to hold above 50, while the MACD is making tiny steps [..]

Technical Analysis – US dollar index ticks up; bullish in medium term

Posted on April 23, 2020 at 9:48 am GMT

The US dollar index continues to rise above the short-term simple moving averages (SMAs) following the bounce off the 98.30 support level. According to the MACD, positive momentum could push for further gains in the near-term as the indicator picks up steam above its trigger line. The RSI is also marginally advancing above the neutral threshold of 50. In the positive scenario, where the price continues to expand, a new top could be formed around the 101.00 barrier, where the upper [..]

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