Technical Analysis

Technical Analysis – EURUSD consolidates as momentum evaporates

Posted on April 9, 2020 at 8:50 am 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 undecided 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 – NZDUSD cautiously raises bullish flag

Posted on April 9, 2020 at 8:47 am GMT

NZDUSD created a higher low at 0.5921 and strengthened above the middle Bollinger band, which is also the 20-day simple moving average (SMA), increasing hopes for further improvement in the short-term. The RSI could add to the positive signals if it manages to climb comfortably above its 50 neutral mark. Moreover, to attract investors’ attention, the pair needs to overcome the nearby resistance of 0.6067. Such a move could generate additional gains towards the upper Bollinger band, while a decisive close [..]

Technical Analysis – USDJPY fluctuates near 109.00; capped by 23.6% Fibonacci

Posted on April 9, 2020 at 7:35 am GMT

USDJPY recorded a stunning upside rally last month towards a one-month high of 111.70, recouping the previous strong losses to the 41-month low. In the preceding week, though, the pair was on the backfoot before it returned slightly up, and the technical indicators suggest a sideline move in the short-term. The RSI is currently flattening at its neutral threshold of 50 after an exit from the negative levels, while the MACD is slowing down in positive territory, both hinting that [..]

Technical Analysis – Silver could retreat but will the trendline help?

Posted on April 8, 2020 at 2:44 pm GMT

Silver bulls surrendered to the 200-period moving average (SMA) on the four-hour chart earlier this week and shifted sideways, pausing the uptrend at a fresh high of 15.50. Downside risks seem to be increasing as the RSI is pointing down to its 50 neural mark and the MACD keeps losing strength below its red signal line. Yet, whether any negative correction will be noticeable will depend on the ascending trendline that has been supporting the market since the plunge to [..]

Technical Analysis – US 100 stock index starts a bullish correction in short-term

Posted on April 8, 2020 at 1:08 pm GMT

The US 100 cash index has been making higher highs and higher lows through the end of March after it touched a more than 14-month low of 6,635, pausing the aggressive downward movement. The technical indicators continue to send some bullish signals, suggesting that the positive momentum is not over yet. The RSI, slightly above 50, is indicating that the market could strengthen a little bit in the short-term. Stochastics are not yet in oversold territory with the %K and %D positively aligned, creating a bullish crossover. [..]

Technical Analysis – USDCHF turns slightly bullish in short term after dramatic slump

Posted on April 8, 2020 at 10:08 am GMT

USDCHF found some footing at the 0.9500 handle on March 30, extending its bullish action towards the 0.9800 key level. Also, earlier today, the pair touched the 20-day simple moving average (SMA) at 0.9680 and turned higher again. In the short-term, the market could retain the slightly bullish trading as the RSI holds marginally above its 50 neutral mark and the MACD remains above zero and close to its red trigger line. The upside move could stay in place given [..]

Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]

Technical Analysis – AUDUSD finds wall above 0.6200; negative in long term

Posted on April 8, 2020 at 7:40 am GMT

AUDUSD rebounded on the 17½-year low of 0.5506 on March 19 and sent the price slightly above the 0.6200 psychological mark, surpassing the 20-day simple moving average (SMA). The MACD oscillator is moving higher in the negative territory, holding well above the trigger line, however, the RSI indicator paused its positive momentum near its 50 level. If the price successfully climbs above the 0.6213 barrier, it may find at the 50.0% Fibonacci retracement level of the downward wave from 0.7030 to 0.5506 [..]

Technical Analysis – WTI oil futures draw a bullish inverted head and shoulders pattern

Posted on April 8, 2020 at 7:39 am GMT

WTI oil futures (May delivery) appear to be forming an inverted head and shoulders pattern in the four-hour timeframe in a possible signal for a positive trend reversal. In the latest upturn, the price failed to overcome its previous high of 28.45 and reversed south to build the right shoulder. The bullish cross between the 20- and 50-period simple moving averages (SMAs) is also encouraging for a trend improvement. A decisive rebound above the 29.00 level, where the formation’s neckline is standing, could indicate the start of [..]

Technical Analysis – GER 30 index exits neutral zone but new barrier pops up

Posted on April 7, 2020 at 2:50 pm GMT

The German 30 stock index escaped from an almost three-week old range on the four-hour chart but quickly found new resistance near the 200-period simple moving average (SMA) on the way up. According to the RSI and the Stochastics, there is not much upside left as the indicators are reversing southwards after peaking in the overbought area. In the event of a downside reversal, the 38.2% Fibonacci retracement of the bearish wave from 13,826 to 7,961 at 10,200, could come to rescue in scope to push the price [..]

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