Technical Analysis

Technical Analysis – GBPUSD stalls, struggling to revive the ascent from the 35-year low

Posted on April 10, 2020 at 9:08 am GMT

GBPUSD seems to be unable to break out of the two-week consolidation phase of 1.2165 to 1.2485. The recent price action up from the 1.2165 level appears to have lost its positive backing as indicated by the short-term oscillators, which paint a picture of diminished positive momentum. Despite the gradual rise of the RSI in the bullish region, the MACD, hovers slightly above its red trigger line and the zero mark. Moreover, the stochastic %K and %D lines have faded [..]

Technical Analysis – GBPUSD stalls, trying to revive the ascent from the 35-year low

Posted on April 10, 2020 at 8:11 am GMT

GBPUSD seems to be unable to break out of the two-week consolidation phase of 1.2165 to 1.2485. The recent price action up from the 1.2165 level appears to have lost its positive backing as indicated by the short-term oscillators, which paint a picture of diminished positive momentum. Despite the gradual rise of the RSI in the bullish region – supporting the latest move towards the 1.2485 boundary – the MACD, in the positive area, hovers slightly above its red trigger [..]

Technical Analysis – GBPJPY ticks out of the box; positive trend signals strengthen

Posted on April 10, 2020 at 7:35 am GMT

GBPJPY jumped out of the rectangle pattern, formed between the 132.50 and 134.47 borders on the four-hour chart to resume upside direction, though, the upturn was not significant as the price is barely trading above the 135.00 mark. The RSI and the MACD are in a flat mode, discouraging strong upside movements in the short-term. Still, traders should pay a greater attention to the bullish cross of the 20-period simple moving average (SMA) with the 200-period SMA, which indicates that the market’s [..]

Technical Analysis – USDCAD creates bearish correction in near term; positive outlook intact

Posted on April 10, 2020 at 6:51 am GMT

USDCAD takes a negative path after the pullback on the more than four-year peak of 1.4668 registered on March 19, revisiting the 1.3930 support level beneath the 20-day simple moving average (SMA) in the short-term. The Ichimoku indicators are suggesting a neutral to bearish movement as the cloud remains near the current market price, which fell below the red Tenkan-sen and the blue Kijun-sen lines. Additionally, according to the stochastics, the %K and %D lines declined in the oversold market and are losing more [..]

Technical Analysis – EURUSD consolidates as momentum evaporates; may flirt with 1.0925

Posted on April 9, 2020 at 8:53 pm GMT

EURUSD appears to be restricted by the 100-period simple moving average (SMA) after finding some support from the mid-Bollinger band around the 1.0838 level, that being the 23.6% Fibonacci retracement of the down leg from the 13-month high of 1.1496 to the multi-year low of 1.0635. The directionless pair is currently confined within a near-term range between 1.0925 and 1.0768. This is also reflected in the flat 200-period SMA and the short-term oscillators, which display a neutral picture of vanished [..]

Technical Analysis – US 30 index claws its way higher as recovery persists

Posted on April 9, 2020 at 2:37 pm GMT

The US 30 index has recovered a good chunk of its losses in the past couple of weeks and is now posting higher highs and higher lows on the four-hour chart above a short-term uptrend line drawn from the March 23 bottom. The immediate-term outlook therefore seems to have turned positive, and for that to change, the bears would need to pierce below the 22,350 area and the uptrend line. Momentum oscillators endorse the improving picture, with the RSI looking [..]

Technical Analysis – EURAUD extends downfall from 11-year peak

Posted on April 9, 2020 at 12:32 pm GMT

EURAUD is extending its negative rally below the 50.0% Fibonacci retracement level of the up leg from 1.5340 to 1.9800 at 1.8740 and beneath the 40-day simple moving average (SMA) currently at 1.7543. The selling interest started from the eleven-year peak of 1.9800, however, the long-term picture remains bullish. Turning to the near-term, the MACD oscillator is approaching the zero line as it fell below the trigger line, indicating more losses. Furthermore, the stochastic is holding in the oversold area, [..]

Technical Analysis – CHI50 stock index retreats to meet supportive trendline

Posted on April 9, 2020 at 12:09 pm GMT

China’s 50 stock index (CHI50) is testing the ascending trendline that has been navigating the market since the slump to a one-year low of 11,558. The negative cross between the red Tenkan-sen and the blue Kijun-sen lines and the weakening RSI on the four-hour chart hint that downside risks remain. To confirm that, the index needs to slip below the trendline and push towards the 38.2% Fibonacci of 12,593 of the downleg from 14,241 to 11,558. If sellers persist, traders could [..]

Technical Analysis – AUDJPY attempts to turn neutral as bulls keep control

Posted on April 9, 2020 at 12:09 pm GMT

AUDJPY posted solid gains in recent sessions, continuing to recover after crashing in late February. The pair is now testing the 67.70 zone and crucially, a close above this region could turn the outlook back to neutral, from cautiously negative now. Something similar is being signaled by the 50-day simple moving average (SMA), which has started to flatten out. Short term oscillators suggest that the recovery might continue for now. The RSI has popped above its 50 line and is [..]

Technical Analysis – EURCHF edges sideways in very short-term; strongly negative in medium term

Posted on April 9, 2020 at 9:44 am GMT

EURCHF has been in a descending trend since April 2019 and is currently hovering near the five-year low of 1.0517. In the short-term, the price is lacking direction as it remains within the 1.0650 – 1.0517 channel over the last month and is capped by the simple moving averages (SMAs). According to the technical indicators, the RSI is pointing slightly up in the negative territory, however, the MACD oscillator completed a bearish crossover with its trigger line in the bearish [..]

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