Technical Analysis

Technical Analysis – AUDUSD cautiously positive as it nears restrictive trend line

Posted on April 23, 2020 at 7:10 am GMT

AUDUSD appears to have stalled between the 0.6449 level – that being the 61.8% Fibonacci retracement of the down leg from 0.7031 to 0.5506 – and the 50.0% Fibo of 0.6268, after the latest shove up reversed ahead of the falling trend line, drawn from December 31. The price is gaining above the 50-day simple moving average (SMA), mirroring a pickup in positive momentum within the short-term oscillators. The MACD, in the positive region, looks to increase further above its [..]

Technical Analysis – WTI futures recover somewhat after the dramatic crash to 6.62

Posted on April 23, 2020 at 6:50 am GMT

WTI crude oil futures are recovering somewhat after the sharp collapse to a multi-year low of 6.62 on Tuesday. The renewed selling interest broke the 19.32 strong barrier (resistance now – support before) to the downside, opening the way for steeper declines. However, currently, the momentum indicators are suggesting a possible upside pullback in the short-term. The stochastic oscillator is turning higher after the bullish crossover within the %K and %D lines in the oversold zone, while the RSI is [..]

Technical Analysis – USDJPY’s compass unclear of direction

Posted on April 22, 2020 at 2:26 pm GMT

USDJPY appears to have lost directional momentum bound between the 109.37 and 106.91 marks. The pair is presently consolidating around the 107.68 level, that being the 38.2% Fibonacci retracement of the up leg from 101.17 to 111.71. Confirming the flattened tone in price is the horizontal 100- and 200-day simple moving averages (SMAs) as well as the mostly even MACD and RSI. The even RSI is just below its 50 level, while the MACD is hovering slightly below zero and [..]

Technical Analysis – Amazon stock tumbles from record high; still bullish in long term

Posted on April 22, 2020 at 1:13 pm GMT

Amazon stock price reversed to the downside after the aggressive bullish action to the all-time high of 2,458. The RSI indicator is turning lower from the overbought zone, while the stochastic oscillator fell from the 80 level following the bearish crossover within the %K and %D lines. However, the MACD is still extending its bullish movement above the trigger line. Should the price decisively close above the roof of the record high of 2,458, that could drive the market towards [..]

Technical Analysis – USDCHF maintains a horizontal bearing as momentum fades

Posted on April 22, 2020 at 12:33 pm GMT

USDCHF has been mainly flat for the last two weeks confined within the 0.9742 and 0.9590 boundaries. Confirming the mostly directionless market are the 50- and 100-period simple moving averages’ (SMAs) uncertain signals and the sideways demeanour of the 200-period SMA. The short-term oscillators, although tilting marginally negative, suggest that directional momentum has dried up. The MACD is slightly above the zero mark but below its red trigger line, while the RSI has just dipped below the 50 mark. Moreover, [..]

Technical Analysis – NZDUSD stalls after recent advance brought to a halt

Posted on April 22, 2020 at 7:32 am GMT

NZDUSD has turned flat around the 0.5961 level, that being the 38.2% Fibonacci retracement of the down leg from 0.6754 to 0.5468. This comes after the pair’s recent lunge up from 0.5843, which hit a snag at the 50.0% Fibo of 0.6113 and the capping 50-day simple moving average (SMA). Looking at the short-term oscillators, although they are in bearish territory, they reflect a slight improvement in price. The MACD is just below zero but above its red trigger line, [..]

Technical Analysis – EURGBP increases but 40-SMA halts bullish actions

Posted on April 22, 2020 at 6:23 am GMT

EURGBP rose on Tuesday’s session to rest near the 50.0% Fibonacci retracement level of the up leg from 0.8275 to 0.9500 at 0.8890, which coincides with the 40-day simple moving average (SMA). Currently, the pair is trying to recoup some of last month’s losses but the bearish crossover within the 20- and 40-day SMAs seems to be a strong resistance obstacle for the bulls. Technically, the RSI indicator is flattening near the 50 level, suggesting a downside retracement again. However, [..]

Technical Analysis – EURCHF edges sideways near fresh multi-year low

Posted on April 21, 2020 at 3:23 pm GMT

EURCHF today slipped marginally lower towards a new 56-month bottom of 1.0504. The price appears to be tiptoeing sideways within a tight area from 1.0527 – 1.0504. Maintaining a neutral tone – also reflected by the squeezed Bollinger bands – the pair is currently situated at the upper Bollinger band. Looking at the short-term oscillators, they reflect weak directional momentum, though lean marginally towards some improvement. The MACD, in the negative zone, is rising above its red trigger line heading [..]

Technical Analysis – USDJPY consolidates below SMAs and Ichimoku cloud

Posted on April 21, 2020 at 12:46 pm GMT

USDJPY has been consolidating since March 27 and has been stuck in a channel tilting slightly to the downside. The neutral to bearish picture in the short-term looks to last for a while longer after price slipped below the simple moving averages (SMAs) earlier this month. Resistance was met at around the 109.20 region, forcing the pair to reverse lower. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of [..]

Technical Analysis – Gold maintains positive structure despite negative pressures

Posted on April 21, 2020 at 12:07 pm GMT

Gold appears to be breaching the 1,678 level, that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to 1,746.95, and the 1,672 inside swing high, following a pullback off the 88-month peak of 1,746.95. The short-term oscillators confirm the recent deterioration in the price. The MACD, deep in the positive region, has faded towards its red trigger line while the RSI, in the bullish zone, has dwindled nearing the neutral mark. Moreover, boosting further declines are the [..]

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