Technical Analysis

Technical Analysis – Brent futures complete double bottom at 24.55; surpass SMAs

Posted on April 7, 2020 at 12:09 pm GMT

Brent has gained some of its positive momentum after the creation of a double bottom pattern at 24.55 on March 18 and on April 1. In the short-term the market could retain range-bound trading as the RSI is moving sideways above the 50 level and the MACD remains near the trigger line and above its zero line. Should the pair stretch north, the 35.38 level could provide immediate resistance before the price touches the area within the gap that posted [..]

Technical Analysis – EURJPY rises slightly but retains neutral outlook

Posted on April 7, 2020 at 9:14 am GMT

EURJPY has been on the sidelines since July 2019 with upper boundary the 122.90 resistance and lower boundary the 116.10 support level. However, the RSI is continuing its bullish move towards the 50 level and the stochastic is heading up after the bullish cross within its %K and %D lines in the oversold zone. Over the last couple of days, the pair is edging north following the rebound on the 116.35 barrier and is moving towards the next immediate level, [..]

Technical Analysis – USDCAD tilts negative after Bollinger bands squeeze

Posted on April 7, 2020 at 8:04 am GMT

USDCAD appears to be following the lower Bollinger band around 1.4060 after fading beneath the capping 50-period simple moving average (SMA) and the mid-Bollinger band around the 1.4140 threshold. The recent negative price action is also reflected in the short-term oscillators and seems to be aided by the recent bearish crossover of the 100-period SMA by the downward sloping 50-period one. The MACD has marginally declined into the negative region and below its red trigger line, while the RSI continues [..]

Technical Analysis – EURGBP may have more downside ahead

Posted on April 7, 2020 at 7:36 am GMT

EURGBP landed nicely near the 200-day simple moving average (SMA) last week, retracing 61.8% of the 0.8281- 0.9497 bullish rally. The pair, however, continues to look bearish despite the stabilization as the RSI seems unable to rise above its 50 neutral mark, the MACD continues to decelerate towards the negative area, while from the Ichimoku indicators, the falling red Tenkan-sen line has already forcefully crossed below the blue Kijun-sen line. A break below the 61.8% Fibonacci of 0.8745 could bring the bears back into play, shifting [..]

Technical Analysis – USDCAD tilts negative as Bollinger bands squeeze

Posted on April 7, 2020 at 7:14 am GMT

Technical Analysis – GBPUSD still holds above 38.2% Fibo; more gains are expected

Posted on April 7, 2020 at 7:02 am GMT

GBPUSD paused its bullish rally near the 50.0% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2460, which encompasses the 40-day simple moving average (SMA). The upside action helped the price to cover some of the previous month’s significant losses and turned the short-term bias to neutral. Regarding the technical indicators, the RSI is pointing to the upside with weak momentum and is touching the 50 level, while the MACD oscillator is edging higher, holding well [..]

Technical Analysis – US 500 stock index in neutral phase in near term; recoups some losses

Posted on April 6, 2020 at 12:34 pm GMT

The US 500 cash index has been developing within a narrow range over the last two weeks with upper boundary the 38.2% Fibonacci retracement level of the down leg from 3,396.64 to 2,173.95 at 2,646 and lower boundary the 2,440 support level. The momentum indicators are pointing to a neutral to positive bias in the short term, suggesting the possibility of an upside reversal. The RSI is just below 50 and the MACD oscillator is heading north above its trigger line, though with weak momentum. In the event [..]

Technical Analysis – AUDUSD remains under pressure below 0.6100

Posted on April 6, 2020 at 9:21 am GMT

AUDUSD has been in a slightly declining wave after the touch on the 0.6215 resistance, entering the Ichimoku cloud and being capped by the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. According to the momentum indicators, the RSI is pointing up near the neutral threshold of 50, gaining some ground, while the MACD is heading sideways, marginally below the zero level. In contrast, in the previous sessions, the moving averages posted a bearish cross suggesting more losses. In case of [..]

Technical Analysis – GBPJPY retests top of range despite PM Johnson’s hospitalization

Posted on April 6, 2020 at 9:08 am GMT

GBPJPY sped up towards the top of its range on the four-hour chart on Monday after officials eased fears over Boris Johnson hospitalization. A closure above the 134.47 resistance, which is also the 50% Fibonacci of the bearish wave from 144.94 to 124.00, and more importantly above the 200-period simple moving average (SMA), could prove valuable to the market, confirming the bullish signals the upward-sloping RSI and the fast Stochastics are currently providing. Such an event could drive the price up to [..]

Technical Analysis – Gold’s latest optimism looks to restart positive picture

Posted on April 6, 2020 at 7:41 am GMT

Gold’s fresh confidence is currently pushing off the 1,607 level – that being the 61.8% Fibonacci retracement of the down leg from 1,703.36 to 1,451 – following the recent positive sessions which commenced on April 1 from 1,566. Backing an improving near- and medium-term picture are all the inclining simple moving averages (SMAs) as well as the short-term technical indicators. The MACD has remained above zero and is expanding above its red trigger line, while the RSI is hovering above [..]

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