Technical Analysis

Technical Analysis – GBPUSD tops at 1.3700 in the first trading day of 2021

Posted on January 4, 2021 at 10:09 am GMT

GBPUSD stretched its rally to a fresh 32-month high of 1.3700 in the first trading day of 2021, but it continues to face limitations around the topline of the upward-sloping channel, which it failed to successfully overcome last week. Technically, the short-term bias remains on the positive side in the daily chart as the price keeps printing higher highs and higher lows above its simple moving averages (SMAs) and the Ichimoku Cloud. In momentum indicators, the MACD is regaining ground above its red [..]

Technical Analysis – Gold welcomes the new year with bullish fireworks

Posted on January 4, 2021 at 8:47 am GMT

Gold kicked off the new year spectacularly, opening with a positive gap on Monday and up by more than 1.0% to finally pierce the 1,900 level. More interestingly, the price has jumped above the four-month old descending channel and flew beyond the Ichimoku Cloud, bringing the bulls back into play. The momentum indicators are also reflecting the growing buying appetite in the market as the RSI is printing new highs above its 50 neutral mark and the MACD is rising at a stronger pace above its [..]

Technical Analysis – GBPJPY maintains gradual improving tone above SMAs

Posted on December 31, 2020 at 11:35 am GMT

GBPJPY is creeping higher within a broader neutral structure, receiving some assistance from the rising 50-day simple moving average (SMA) and its bullish crossover of the 100-day SMA at 137.93. The Ichimoku lines are exhibiting a more neutral bearing, while the advancing SMAs are backing further gains in the price. The short-term oscillators are revealing a slight strengthening in positive momentum. The MACD, in the positive region, is peaking above its red signal line, while the RSI is heading higher [..]

Technical Analysis – Tesla’s stock roars to record year; bearish divergence seems in progress

Posted on December 31, 2020 at 11:33 am GMT

Tesla’s stock had undoubtedly one of its best years ever, making markets wonder how far the price can travel in uncharted territory, following its inclusion in the S&P 500 community. The electric-car maker has fully ignored the lockdown situation, claiming a 740% gain during 2020 and hitting a fresh record high of 696 in the last trading session of the year. Technically, the rally could see a continuation as the upward pattern shows no sign of reversal above its exponential moving averages (EMAs) and the [..]

Technical Analysis – GBPJPY maintains its gradual improving tone above the SMAs

Posted on December 31, 2020 at 10:53 am GMT

GBPJPY is creeping higher within a broader neutral bias, receiving some assistance from the rising 50-day simple moving average (SMA) and its bullish crossover of the 100-day SMA at 137.93. The Ichimoku lines are exhibiting a more neutral bearing, while the advancing SMAs are backing further gains in the price. The short-term oscillators are revealing a slight strengthening in positive momentum. The MACD, in the positive region, is peaking above its red signal line, while the RSI is heading higher [..]

Technical Analysis – WTI futures hover below ceiling; upside risks intact

Posted on December 31, 2020 at 9:11 am GMT

WTI oil futures appear to be positively skewed but are now consolidating ever so slightly below the 49.00 mark, after recently peaking within a heavy resistance section of 48.80-49.61. The Ichimoku lines are conveying a positive tone, despite a minor easing in the incline of the red Tenkan-sen line. Furthermore, the bullish bias seems to be receiving further aid from the rising simple moving averages (SMAs). On that note, the short-term oscillators are demonstrating a pause in positive sentiment. The [..]

Technical Analysis – AUDUSD bids goodbye to 2020 at fresh highs; retains bullish bias

Posted on December 31, 2020 at 8:58 am GMT

AUDUSD is on the top list of the best performing pairs for 2020 despite the unforeseen Covid-19 dramatic economic impact, rallying 9.76% on a yearly basis to a fresh 2 ½-year high of 0.7707 in the last trading session of the year. From a technical perspective, the short-term bias remains on the positive side as the price continues to build its uptrend comfortably above its upward-sloping simple moving averages (SMA) and the Ichimoku cloud. Moreover, the red Tenkan-sen line keeps [..]

Technical Analysis – USDCHF sets a floor near fresh 6-year lows; bearish overall

Posted on December 30, 2020 at 1:03 pm GMT

USDCHF, capped by the 20-day simple moving average (SMA), inched down to a new six-year low of 0.8814 on Wednesday. While the recent negative correction resurfaced fears of a stronger downtrend, the 0.8824 support region, which acted as resistance back in January 2015, continues to hold firm, giving another opportunity for a rebound. The technical indicators are not in favor of bullish actions, but cannot exclude the case of an upside reversal either. The MACD, although stable, is still some [..]

Technical Analysis – EURGBP’s upside drive dwindles, nourishing range

Posted on December 30, 2020 at 11:43 am GMT

EURGBP remains consolidated between the confines of 0.8860 and 0.9229, with the pair currently testing the flattening simple moving averages (SMAs). The horizontal SMAs are promoting the sideways picture, while the static Ichimoku lines are reflecting the oxygen deprived directional momentum. Looking at the short-term oscillators, the conflicting signals in sentiment are apparent. The MACD is slightly above zero but below its red trigger line, while the RSI has dipped below its neutral threshold. Yet, the stochastic oscillator maintains a [..]

Technical Analysis – Gold in a narrow trading range after Senate’s stimulus vote delay

Posted on December 30, 2020 at 10:39 am GMT

Gold is in a tight range around the 1,880 level in the four-hour chart, stubbornly refusing to dip inside the Ichimoku cloud and below the tough ascending trendline, which has been strictly supporting the market since the end of November. The odds for an exciting rebound are looking minimal as the RSI and the MACD continue to hold muted around their neutral levels, supporting the current sideways move in the price. The 61.8% Fibonacci of the 1,965 – 1,764 downfall at 1,888 [..]

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