Technical Analysis

Technical Analysis – EURUSD tests 1.2130 support; neutral-to-bearish bias

Posted on January 14, 2021 at 8:16 am GMT

EURUSD has been underperforming in the past couple of sessions in the 4-hour chart, challenging the 1.2130 support level again, which has been acting as strong support over the last three days. In the very short-term, the RSI is continuing to head south in the bearish territory, suggesting more losses, however, the stochastic oscillator rebounded on the oversold zone, creating a bullish crossover within its %K and %D lines, indicating a possible pullback. In trend indicators, the simple moving averages [..]

Technical Analysis – EURCAD challenges familiar support zone

Posted on January 13, 2021 at 3:58 pm GMT

EURCAD is again seeking support around the 200-day simple moving average (SMA) following the recent pullback from a five-month high of 1.5783. The line has been limiting downside corrections since early November, hinting that another rebound at this point is possible as the Stochastics are set for an upside reversal in the oversold area, and the price is trading around the lower Bollinger band. If the bulls push above 1.5520, the price may advance towards the 20-day SMA (middle Bollinger [..]

Technical Analysis – NZDUSD maintains positive bearing despite pullback

Posted on January 13, 2021 at 1:35 pm GMT

NZDUSD appears to have found some footing on the mid-Bollinger band after receding from a recently reached 32½-month peak of 0.7314. The short-term technical indicators are revealing some weakness in positive momentum, while the soaring simple moving averages (SMAs) are endorsing a robust bullish picture. The MACD, some distance above zero, is fading below its red trigger line, while the downwards pointing RSI looks to be heading towards the 50 threshold. Furthermore, the negatively charged stochastic oscillator is promoting a [..]

Technical Analysis – EURGBP plummets to 7-week low; strongly negative

Posted on January 13, 2021 at 10:39 am GMT

EURGBP is plunging to a new seven-week low, below the 0.9000 handle, continuing the selling interest from the 0.9217 resistance. The bearish picture in the very short-term is further supported by the MACD, which is falling below its trigger line. The stochastic oscillator is holding in the oversold zone and is failing to make an attempt higher. Should prices reverse lower, immediate support could come at 0.8890 before taking the market down to 0.8865. A drop below this area would [..]

Technical Analysis – USDJPY advances curbed by cloud and downtrend line

Posted on January 13, 2021 at 8:57 am GMT

USDJPY seems to be re-adopting its negative tone after being redirected below the 50-day simple moving average (SMA), following the recent deflection off the downtrend line drawn from the 111.71 peak. The flattening Ichimoku lines are suggesting a pause in negative price action, while the controlling SMAs are escorting the pair even lower. The short-term oscillators currently do not give any compelling signals in directional momentum. The MACD, in the negative region, has thrusted above its red trigger line but [..]

Technical Analysis – GBPJPY tests September’s resistance; has some bullish potential

Posted on January 13, 2021 at 8:15 am GMT

GBPJPY is finally testing September’s resistance region of 141.85 after finding enough strength to breach the 140.30 ceiling that kept the bulls in check over the past two months. The positive momentum in the MACD and the rising RSI, which has still some distance to cover before touching a support-turned resistance line, suggest that there is some bullish fuel in store. Yet, to keep this optimism alive, the red Tenkan-sen line at 140.70 and the area around 140.30, where the [..]

Technical Analysis – Gold struggles below 50.0% Fibonacci; flat in short-term

Posted on January 13, 2021 at 8:03 am GMT

Gold prices found significant resistance around the 50.0% Fibonacci retracement level of the upward wave from 1,764 to 1,959.32 at 1,862, holding marginally above the 20-period simple moving average in the 4-hour chart. According to the technical indicators, the stochastic is looking overbought, as the %K line jumped above the 80 level after a bullish cross with the %D line. Moreover, the RSI is flattening around the 50 level, confirming the recent neutral bias on price. Should the precious metal [..]

Technical Analysis – EURCHF pulls back off heavy border; progressive picture unbroken

Posted on January 12, 2021 at 1:41 pm GMT

EURCHF has abated to the mid-Bollinger band around 1.0819 after recent attempts to appreciate, including the false break out of 1.0891, were capped by the upper Bollinger band and the tough resistance ceiling of 1.0857-1.0877. The simple moving averages (SMAs) are promoting an overall neutral-to-bullish demeanour in the pair. The short-term oscillators reflect a situation of strained directional momentum but weakly lean towards retaining a somewhat positive tone. The MACD, slightly above the zero mark, is trailing below its red [..]

Technical Analysis – EURCHF ebbs off heavy border; progressive picture unbroken

Posted on January 12, 2021 at 1:05 pm GMT

EURCHF has abated to the mid-Bollinger band around 1.0819 after recent attempts to appreciate, including the false break out of 1.0891, were capped by the upper Bollinger band and the tough resistance ceiling of 1.0857-1.0877. The simple moving averages (SMAs) are promoting an overall neutral-to-bullish demeanour in the pair. The short-term oscillators reflect a situation of strained directional momentum but weakly lean towards somewhat retaining a positive tone. The MACD, slightly above the zero mark, is trailing below its red [..]

Technical Analysis – USDCAD posts losses in Ichimoku cloud

Posted on January 12, 2021 at 9:43 am GMT

USDCAD posted losses for the second consecutive period, pulling back from the 200-period simple moving average (SMA) around the 1.2835 resistance and is now hovering in the Ichimoku cloud. The RSI in the 4-hour chart is falling further in the positive area, while the MACD is losing some momentum above its trigger and zero lines. However, the red Tenkan-sen is still moving above the blue Kijun-sen line while the 20- and 40-period SMAs created a bullish crossover in the preceding sessions, which is still acting as support. However, should the price close comfortably below the [..]

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