Technical Analysis

Technical Analysis – NZDJPY pushes key obstacles out of the way; claims 21-month high

Posted on January 7, 2021 at 9:05 am GMT

NZDJPY managed to cross the support-turned resistance bar, which kept bullish actions in check from July 2019 onwards, and peak at a 21-month high of 75.28 on Thursday. At the same time, the pair has also overcome the 200 simple moving average (SMA) in the weekly chart at 73.90 and closed clearly above the 61.8% Fibonacci of the 2017- 2020 long-term down leg at 74.55, signaling that with those key barriers out of the way, new buyers could join the market. [..]

Technical Analysis – WTI futures step up, exhibit robust positive tone

Posted on January 7, 2021 at 8:49 am GMT

WTI oil futures are currently pushing up against the 51.14 resistance, after a bounce off the blue Kijun-sen line boosted the commodity’s price. The progressing Ichimoku lines are suggesting additional advances are on the table as positive price action is strengthening. Likewise, the increasing upturn in the simple moving averages (SMAs) is safeguarding the price’s growing bullish bearing. The short-term oscillators are also demonstrating strengthening positive momentum. The MACD, some distance above zero, has returned back above its somewhat horizontal [..]

Technical Analysis – AUDUSD extends uptrend to 34-month high

Posted on January 7, 2021 at 8:00 am GMT

AUDUSD has been in a strong bullish rally since March 2020, sending the price to a new 34-month high of 0.7827 on Wednesday. The MACD oscillator is extending its upside move above its trigger line in the positive region, however, the RSI is turning south in the overbought area, suggesting a downside pullback in the price. An advance above the multi-month high of 0.7827 could send the pair towards the 0.7923 resistance, taken from the peak on March 2018. Clearing this region, the high from January [..]

Technical Analysis – AUDUSD in recovery mode, but some caution grows

Posted on January 5, 2021 at 12:46 pm GMT

AUDUSD is recouping the short downfall from the new 32-month high of 0.7739 in the four-hour chart after creating a bullish doji around the 0.7654 support region. Despite the rebound, however, the red Tenka-sen line has yet to resume a positive slope, while the RSI seems to be easing momentum following the bounce on the 50 neutral mark. The MACD is also providing some cautious positive signals as the indicator has paused its decline, but at the same time seems [..]

Technical Analysis – USDJPY bears strive to close below 103.00

Posted on January 5, 2021 at 10:51 am GMT

USDJPY is stubbornly pushing for a close below December’s 103.00 support area, which managed to keep the bears in check for the third consecutive day on Monday despite the slide to a fresh eight-month low of 102.70. The durable negative market structure navigated by the descending channel stretched into the new year, while the negative slope in the RSI and the red Tenkan-sen line is another indication that robust bullish pressures will likely come with some delay. A successful break [..]

Technical Analysis – USDJPY bears strive to close below 103.00

Posted on January 5, 2021 at 10:32 am GMT

Technical Analysis – EURUSD premieres uneventfully at the start of the year

Posted on January 5, 2021 at 8:37 am GMT

EURUSD avoided great shakes at the start of the new trading year on Monday, holding muted marginally below the fresh 32-month high of 1.2309 reached last week. Even though the RSI is currently pointing upwards, the indicator has already created a lower high within the bullish area, while the MACD is also following the same negative pattern below its red signal line, reducing the case of a meaningful upside correction in the price. Technically, however, for the bears to come [..]

Technical Analysis – USDTRY halts sell-off near 200-day SMA

Posted on January 4, 2021 at 4:56 pm GMT

USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA). With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at [..]

Technical Analysis – US 500 index gives up gains after fresh all-time highs

Posted on January 4, 2021 at 3:40 pm GMT

The US 500 stock index (cash) added another record high of 3,780 to its collection in the first trading day of the year before giving up all the gains to test the 20-period simple moving average (SMA) in the four-hour chart. Unless the 20-period SMA catches the fall around 3,740, the decline could get new legs within the bearish Bollinger band area, shifting the spotlight towards the 3,723 – 3,710 support zone. Beneath the latter, the 100-period SMA at 3,700 may attempt [..]

Technical Analysis – USDCNH dives to fresh lows; bears could catch a breather in short term

Posted on January 4, 2021 at 11:58 am GMT

USDCNH stretched its seven-month old sell-off to the new year, diving to a fresh 2 ½ -year low of 6.438 on Monday. Although the bearish market structure, which develops below the Ichimoku Cloud and the simple moving averages (SMAs), keeps sentiment negative, with the falling momentum indicators also keeping the risk on the downside, some stabilization cannot be ruled out in the near term as the price is eyeing a close below the lower Bollinger band. The 78.6% Fibonacci of [..]

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