Technical Analysis

Technical Analysis – US 30 index falls slightly; broader outlook is positive

Posted on December 11, 2020 at 10:32 am GMT

The US 30 stock index (Cash) is edging south from its freshly logged all-time-high of 30,313.56. Positive sentiment seems to be taking a breather as the momentum indicators are losing some momentum. The MACD, in the positive region, is holding below its trigger line, while the RSI is exhibiting a stalled positive picture. However, the bullish 50- and 100-day simple moving averages (SMAs) could boost the price, sending the index to uncharted peaks. In a bullish scenario, immediate resistance may develop [..]

Technical Analysis – USDCAD’s bearish bias overpowers push higher

Posted on December 11, 2020 at 10:31 am GMT

USDCAD is finding some footing around the 1.2700 handle, while prevailing negative pressures are reinforcing downside risks. The dipping 200-day simple moving average (SMA) and the diving 50- and 100-day SMAs are strengthening the bearish structure. Additionally, the descending Ichimoku lines are further dampening the pair’s picture. The short-term oscillators presently reflect mixed signals in directional momentum. The MACD, in the negative region, is declining below its falling red trigger line. However, the RSI is pointing upwards and is trying [..]

Technical Analysis – USDCAD’s bearish bias overpowers, despite push higher

Posted on December 11, 2020 at 10:08 am GMT

USDCAD is finding some footing around the 1.2700 handle, while prevailing negative pressures are reinforcing downside risks. The dipping 200-day simple moving average (SMA) and the diving 50- and 100-day SMAs are strengthening the bearish structure. Additionally, the descending Ichimoku lines are further dampening the pairs’ existing picture. The short-term oscillators presently are reflecting mixed signals in directional momentum. The MACD, in the negative region, is declining below its falling red trigger line. However, the RSI is pointing upwards and [..]

Technical Analysis – GBPJPY feels the blues around supportive trendline

Posted on December 11, 2020 at 8:44 am GMT

GBPJPY caved in to selling pressure that held once again around the tough 140.30 ceiling, falling back to test the short-term ascending trendline within the 137.00 zone. Meanwhile, the RSI has already broken its own upward-sloping trendline and is set to violate its 50 neutral mark on the downside too as the Stochastics sail southwards and the MACD keeps decelerating below its red signal line. The above indicators signal that bearish forces may remain in play in the short run, though [..]

Technical Analysis – GBPUSD rebounds off 38.2% Fibonacci; some gains are expected

Posted on December 11, 2020 at 7:19 am GMT

Following an aggressive sell-off, GBPUSD found support at the 38.2% Fibonacci retracement level of the up leg from 1.2854 to 1.3538 at 1.3276and is currently posting some gains over the latest 4-hour sessions The price plummeted beneath the 20- and 40-period simple moving averages, while the momentum indicators are continuing to move in the negative territory. However, the RSI is trying to recover, while the MACD is flattening. More advances could send the price towards the 20-period simple moving average (SMA) at 1.3354 before touching the 23.6% [..]

Technical Analysis – USDCHF retains bearish outlook with commanding MAs

Posted on December 10, 2020 at 2:38 pm GMT

USDCHF is weighing down on the lower Bollinger band located at the more than 5½-year low of 0.8870. The diving simple moving averages (SMAs) and their dictating bearish tone may boost risks to the downside. However, the short-term oscillators are displaying a slight pickup in positive momentum, despite bigger negative pressures. In the bearish territory, the MACD’s climb above its red trigger line looks to be easing a bit, while the RSI is rising in the bearish zone. Furthermore, the [..]

Technical Analysis – EURJPY approaches 126.65 again; looks bullish

Posted on December 10, 2020 at 1:14 pm GMT

EURJPY had a bullish start on Thursday, with the price flirting with the upper surface of a short-term rectangle. The pair has also increased its distance above the Ichimoku cloud, indicating that the recent upward move might hold for longer. The momentum indicators are bullish as the RSI is holding in the positive territory and is strengthening. Also, the stochastic oscillator is heading north after the bullish cross within the %K and %D lines in the oversold zone. Should the price resume bullish momentum, the 126.65 top [..]

Technical Analysis – AUDUSD conveys further hikes; momentum favours upside

Posted on December 10, 2020 at 9:13 am GMT

AUDUSD is pushing up against the near 30-month high of 0.7483 as buyers look to extending the uptrend. Positive momentum is growing in the technical indicators and the rising simple moving averages (SMAs) are preserving the prevailing bullish picture. The short-term oscillators display improving momentum. The MACD, in the positive region, is holding above its static red signal line, while the RSI is flirting with the 70 level. Moreover, advances in price are being endorsed by the stochastic %K line, [..]

Technical Analysis – WTI futures ease near 9-month high; indicators suggest bearish move

Posted on December 10, 2020 at 7:44 am GMT

WTI futures recorded a rally last week towards a nine-month high of 46.76, though, the price is on the backfoot this week and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI is currently increasing negative momentum towards its neutral threshold of 50 after a decline from overbought levels, while the MACD is slowing down in positive territory. Both are hinting that the next move in prices could be on the downside [..]

Technical Analysis – UK 100 index eases slightly but upside risks remain

Posted on December 9, 2020 at 4:17 pm GMT

The UK 100 index (Cash) seems to be fading from its newly formed nine-month high of 6,623 as positive momentum is losing steam. Nevertheless, the simple moving averages (SMAs) are maintaining their bullish tone, preserving the positive structure. That said, the short-term oscillators are suggesting a strengthening of the negative price action. The MACD, in the positive zone, is sliding underneath its red trigger line, while the RSI is falling in bullish territory. Moreover, the stochastic oscillator has adopted a [..]

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