Technical Analysis

Technical Analysis – USDCHF’s downside risks prevail below SMAs

Posted on December 23, 2020 at 4:11 pm GMT

USDCHF is closing in on the mid-Bollinger band at 0.8918 after improving from the recently formed near 71-month bottom of 0.8820. The pair remains dominated by a strong bearish stance, also being exhibited from the downward sloping simple moving averages (SMAs). However, the short-term oscillators are displaying a slight pickup in positive sentiment. The MACD, in the negative area, is increasing above its red trigger line, while the RSI is trying to sustain its push higher in bearish territory. Moreover, [..]

Technical Analysis – GBPJPY sores within the confines of a sideways market

Posted on December 23, 2020 at 2:47 pm GMT

GBPJPY today, aggressively stepped back above the simple moving averages (SMAs) and the mid-Bollinger band, taking out the nearby highs of 139.50 and 139.77 before tackling the upper Bollinger band at 139.91. The steady incline in the 200-period SMA promotes a positive picture, while the fairly horizontal 50- and 100-period SMAs endorse a more neutral tone. The short-term oscillators are reflecting increasing positive sentiment. The strengthening MACD is pushing higher above its red signal line and pierced above the zero [..]

Technical Analysis – GBPJPY soars within the confines of a sideways market

Posted on December 23, 2020 at 2:46 pm GMT

GBPJPY aggressively stepped back above the simple moving averages (SMAs) and the mid-Bollinger band today, taking out the nearby highs of 139.50 and 139.77 before tackling the upper Bollinger band at 139.91. The steady incline in the 200-period SMA promotes a positive picture, while the fairly horizontal 50- and 100-period SMAs endorse a more neutral tone. The short-term oscillators are reflecting increasing positive sentiment. The strengthening MACD is pushing higher above its red signal line and has pierced above the [..]

Technical Analysis – US 500 index eases a bit below all-time high

Posted on December 23, 2020 at 1:49 pm GMT

The US 500 index has declined slightly from the all-time high of 3,730.53 over the last couple of days, taking the momentum indicators lower. The RSI dropped from the 70 level but is now pointing upwards again, while the stochastic is heading south after the downward move from the overbought territory. The 50-, 100- and 200-day simple moving averages (SMAs) are confirming the long-term upside tendency as the price remains well above them. If the price falls further, it could touch the 3,589 barrier before heading south [..]

Technical Analysis – USDJPY’s gradual nose-dive continues below falling SMAs

Posted on December 23, 2020 at 9:18 am GMT

USDJPY is in the process of plummeting further testing key troughs and is currently attached beneath the 103.65 level, which happens to be the 76.4% Fibonacci retracement of the up leg from 101.17 to 111.71. Furthermore, the pair maintains a bearish tone below the dictating simple moving averages (SMAs), and a restrictive trend line pulled from the 111.71 peak. The technical indicators are also supporting the dominant negative sentiment. The MACD is holding below its red signal line, some distance [..]

Technical Analysis – Gold weakens despite the bullish picture in short-term

Posted on December 23, 2020 at 9:02 am GMT

Gold has had a bullish tendency in the short-term, climbing to a new six-week high of 1,906 before it slipped below the simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the up leg from 1,764 to 1,906 at 1,873. The %K and %D lines of the stochastic justify the buying pressure in the very short-term, while in trend indicators, 20- and 40-period SMAs are moving towards the current market price to the downside and the 100-period SMA [..]

Technical Analysis – NZDUSD plummets from 32-month high; bullish outlook intacts

Posted on December 23, 2020 at 7:53 am GMT

NZDUSD has come under renewed selling pressure, falling below the 20-day simple moving average (SMA) and remaining well below the 32-month high of 0.7160. Despite the latest pullback though, the pair has been in a long-term ascending tendency since March 19. The RSI is plunging from the overbought territory, suggesting a downside correction, while the MACD is holding below its trigger line in the positive region. In case the selling interest persists, immediate support could come from the 0.6970 support, [..]

Technical Analysis – USDCAD steadfast, re-targets the 200-MA

Posted on December 22, 2020 at 3:59 pm GMT

USDCAD is headed to retest the 200-period simple moving average (SMA), after finding a foothold on the cloud’s upper surface and the 100-period SMA around 1.2819. The price bounce came after the 200-period SMA curbed the rally, which started from the near 32-month low of 1.2687. The upturn in the 50-period SMA and the slowing downward pace of the 100-period SMA suggest some improvements in positive sentiment, which may well possibly shove the pair into a sideways market below the [..]

Technical Analysis – EURCHF falters but upside risks remain intact

Posted on December 22, 2020 at 2:23 pm GMT

EURCHF appears somewhat skewed to the upside and is currently heading up towards the 1.0847 level, which happens to be the 61.8% Fibonacci retracement of the down leg from 1.1058 until 1.0504. The 200-and 100-day simple moving averages (SMAs) are defending the neutral-to-bullish structure, while the upturn in the 50-day SMA is reflecting growing positive drive. Currently, the short-term oscillators are indicating a pause in improving momentum. The MACD, in the positive section, is holding above its red trigger line, [..]

Technical Analysis – WTI futures retreat below rising trend line and SMAs

Posted on December 22, 2020 at 10:33 am GMT

WTI crude oil futures are dropping below the short-term ascending trend line, which had been holding since November 2, finding a powerful support at the 100-period simple moving average (SMA) and the lower surface of the Ichimoku cloud. The MACD oscillator is declining below the zero level with weak momentum, while the RSI is ticking slightly up in the negative territory. If the price remains beneath the diagonal line and the SMAs, immediate support could come from the 46.22 level, indicating a [..]

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