Technical Analysis

Technical Analysis – Netflix stock advances to all-time high; stochastic suggests overbought

Posted on April 21, 2020 at 9:21 am GMT

Netflix stock price had been in an aggressive bullish rally in the previous periods, challenging a fresh all-time peak at 449.32 on April 16. The RSI and the MACD are confirming this strong upside tendency as both are gaining momentum in positive territories. However, the stochastic is suggesting an overbought market, as it has turned lower and posted a bearish crossover within the %K and %D lines above 80 area. Also, the 200-day simple moving average (SMAs) is flattening, while [..]

Technical Analysis – GBPUSD holds above bullish cross in SMAs

Posted on April 21, 2020 at 7:33 am GMT

GBPUSD has been underperforming in the past few sessions, breaking back below the 61.8% Fibonacci retracement level of the down leg from 1.3200 to 1.1410 at 1.2523. When looking at the bigger picture on the daily timeframe, the pair is trendless as the latest rebound from the 35-year low surpassed 1.2170. In technical indicators, the RSI has reversed south to meet its 50 neutral level, while the MACD oscillator is hovering above zero line with weak momentum. Despite these discouraging signals, the 20- and 40-day simple moving [..]

Technical Analysis – EURJPY cautiously negative around strong monthly-lows

Posted on April 21, 2020 at 7:19 am GMT

EURJPY has returned to the 116.35 low after sellers capitalised on the fact that the pair was unable to close above the 118.59 level – that being the 23.6% Fibonacci retracement of the down leg from 127.49 to 115.86 – and the mid-Bollinger band. The short-term oscillators also reflect the recent deterioration in the pair. The MACD, in the negative region, is falling back below its red trigger line, while the RSI is also gradually dropping in the bearish zone. [..]

Technical Analysis – US 500 index could confirm bullish bias above cloud

Posted on April 20, 2020 at 1:37 pm GMT

The US 500 stock index attempted to climb above the 50-day simple moving average (SMA) last week before the 2,893 barrier pushed it slightly back below the line. While the RSI is reversing lower, the MACD and the red Tenkan-sen line have yet to show any sign of weakness, hinting that upside corrections are still possible. Still, to confirm a sustainable upside move the bulls need to return above the 50-day SMA and more importantly run above the 2,893 peak [..]

Technical Analysis – USDCAD pops higher, but still in bear mode

Posted on April 20, 2020 at 12:09 pm GMT

USDCAD recovered somewhat in recent sessions, but the pair is still printing lower highs on the four-hour chart, which keeps the near-term outlook cautiously negative. For the short-term picture to improve to neutral, the bulls would need to push the market above 1.4350. Short term oscillators suggest that the latest recovery could continue for now. The RSI has crossed above 50 and is pointing up, while the MACD – already positive – is now testing its trigger line, an upside [..]

Technical Analysis – AUDUSD may be poised for more recovery above 0.6385

Posted on April 20, 2020 at 12:00 pm GMT

AUDUSD has been nicely developing along the rising 50-period simple moving average (SMA) on the four-hour chart after hitting a floor around the 50% Fibonacci of the downleg from 0.7031 to 0.5506. Expectations are for the pair to trade neutral-to-positive as the RSI is moving sideways above its 50 neutral mark and the MACD is softly rising above its red signal line. A positive bias would be confirmed above 0.6385, with the 61.8% Fibonacci of 0.6448 likely coming next under [..]

Technical Analysis – WTI oil futures collapse to 21-year lows; 13-level eyed next

Posted on April 20, 2020 at 9:18 am GMT

WTI oil futures (May delivery) collapsed to a 21-year low of 14.46 early on Monday, re-activating this year’s bearish direction and eliminating any hopes of a trend reversal that the incomplete head and shoulder and a double bottom patterns created in previous sessions. On the four-hour chart, the RSI returned below its 30 oversold level and the MACD strengthened its negative momentum below the signal line, both hinting that the bears may keep pressuring in the short-term. In this case, [..]

Technical Analysis – EURUSD trades quietly within key borders

Posted on April 20, 2020 at 7:35 am GMT

EURUSD started the week in a quiet mood, making limited moves within the 1.0800 zone as the momentum indicators continue to lack bullish appetite. The RSI has been unable to climb forcefully above its 50 neutral mark for more than a week, the MACD has been moving sideways, while the Stochastics are heading towards their 20 oversold area, all reducing the odds for an important upside correction. For the bears to take control in the near-term, the 61.8% Fibonacci of [..]

Technical Analysis – GBPUSD uptrend runs out of steam above 61.8% Fibonacci

Posted on April 17, 2020 at 12:28 pm GMT

GBPUSD is struggling to recapture positive momentum after its rebound from the 35-year low of 1.1410 ran out of energy when it crossed above the 61.8% Fibonacci retracement of the March down move in the 4-hour timeframe. The RSI is hovering just below the 50-neutral level, while the MACD is barely holding in positive territory and is in the process of slipping below its red signal line. Both indicators suggest the latest consolidation phase is set to continue in the [..]

Technical Analysis – GBPJPY’s appreciation finds some footing from SMAs; indicators seem weak

Posted on April 17, 2020 at 10:45 am GMT

GBPJPY is turning slightly lower over the last few days touching the 40-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 144.95 to 124.00 at 134.48. Technically, the RSI indicator is challenging the neutral threshold of 50, while the MACD entered the positive territory but it travels with weak momentum. The 40-day SMA may act as strong support for the pair and send the market higher again towards the 135.80 high. A jump [..]

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