Technical Analysis

Technical Analysis – NZDUSD pulls under Ichimoku lines; bullish structure unbroken

Posted on December 4, 2020 at 10:42 am GMT

NZDUSD is receding below the flattening blue Kijun-sen line around 0.7054 in the four-hour chart, after a bullish trend off 0.6612 thrusted the pair up towards a 31-month high of 0.7103. The Ichimoku lines are indicating some stalling in positive price action, while the soaring simple moving averages (SMAs) are safeguarding the positive structure. Nevertheless, the short-term oscillators are echoing clues that a deeper negative retracement could unfold before the climb resumes. The MACD, after hovering for some time beneath [..]

Technical Analysis – GBPUSD eases below 1-year high around 1.3500

Posted on December 4, 2020 at 10:15 am GMT

GBPUSD is losing ground after it reached a fresh one-year high marginally below 1.3500 on Thursday. The momentum indicators suggest there is still some downside move before the pair advances again. The RSI is heading south in the positive area, while the MACD is losing momentum in the bullish territory. Should the price make another run higher, it’s likely to meet resistance at 1.3499. A successful break above this key resistance could open the way for the May 2018 high at 1.3600 before [..]

Technical Analysis – NZDUSD pulls under Ichimoku lines; bullish bias unbroken

Posted on December 4, 2020 at 10:13 am GMT

NZDUSD is receding below the flattening blue Kijun-sen line around 0.7054, after a bullish trend off 0.6612 thrusted the pair up towards a 31-month high of 0.7103. The Ichimoku lines are indicating some stalling in positive price action, while the soaring simple moving averages (SMAs) are safeguarding the positive structure. Nevertheless, the short-term oscillators are echoing clues that a deeper negative retracement could unfold before the climb resumes. The MACD, after hovering for some time beneath its red trigger line, [..]

Technical Analysis – USDCAD’s breakdown revives March downtrend

Posted on December 4, 2020 at 8:57 am GMT

USDCAD brought its downward pattern from the 1.4667 peak back into play after breaching the 1.2980 floor and the base of a rectangle, which kept the market in a sideways move during the past three months. In its third week of losses, the price is currently trading around a new 27-month low of 1.2846 and comfortably below its simple moving averages (SMA) as the momentum indicators continue to flash a bearish bias. Despite having ticked below their oversold levels, the RSI and the Stochastics [..]

Technical Analysis – USDCHF sinks to 6-year low below 0.89

Posted on December 4, 2020 at 8:37 am GMT

USDCHF plummeted to an almost six-year low on Thursday, hitting the 0.8890 mark. The pair has been in a strong descending movement since March 20, with no clear upside retracement in the daily timeframe. The RSI is approaching the oversold territory, strengthening its bearish momentum, while the MACD is extending its negative structure beneath its trigger and zero lines. However, the Ichimoku lines and the 20- and 40-day simple moving averages (SMAs) seem to be somewhat flat despite the selling interest over [..]

Technical Analysis – EURJPY recedes a little but preserves bullish charge

Posted on December 3, 2020 at 3:00 pm GMT

EURJPY has eased slightly towards the red Tenkan-sen line at 126.26 after having surged to a three-month high of 126.64. The rising red Tenkan-sen line is promoting strengthening momentum while the slowed pace of the blue Kijun-sen line, is reflecting some weakness in positive price action. The upward sloping simple moving averages (SMAs) are endorsing further advances, while the short-term oscillators are suggesting a downside retracement, as upside drive deteriorates somewhat. The MACD, deep in the positive area, is slipping [..]

Technical Analysis – EURUSD upside risks remain, regardless of slight ebbing

Posted on December 3, 2020 at 10:24 am GMT

EURUSD is conveying a strong bullish tone rocketing above the Ichimoku lines and the simple moving averages (SMAs), despite currently receding from seven-month high levels. The soaring Ichimoku lines are promoting positive price action while the advancing SMAs are defending positive sentiment. The short-term oscillators are reflecting some waning in positive momentum. The MACD, quite some distance in the positive region, is stalling ever so slightly above its red trigger line, while the RSI is making efforts to remain in [..]

Technical Analysis – AUDUSD the highest since 2018; targets 0.7500

Posted on December 3, 2020 at 8:40 am GMT

AUDUSD, having surpassed September’s top, is trading at the highest price since August 2018 and above all its simple moving averages (SMAs), giving a new impetus to its March uptrend. The RSI has also stretched to a fresh peak in the bullish territory and has yet to enter the overbought zone, while the MACD seems to be regaining strength above its red signal line after flattening a bit, both pointing to more progress in the short run. Note that the momentum [..]

Technical Analysis – WTI futures hovers around almost 9-month peak

Posted on December 3, 2020 at 7:49 am GMT

WTI crude oil futures found some footing around the 34.00 level last month and returned to a bullish trend shortly thereafter. The price is currently hovering around the almost nine-month high of 46.22 and a former restrictive area, where any decisive close higher may prove valuable to the market. The RSI indicator is approaching the overbought territory, while the MACD is strengthening its bullish move above its trigger and zero lines, suggesting more gains. A jump above the 46.22 resistance may meet immediate resistance [..]

Technical Analysis – GBPJPY holds bullish hopes as advances deteriorate

Posted on December 2, 2020 at 3:14 pm GMT

GBPJPY retreated aggressively from a freshly logged high of 140.43 under the mid-Bollinger band, hitting the 50-period simple moving average (SMA) at 139.11. Nonetheless, safeguarding positive sentiment are the advancing simple moving averages (SMAs). The short-term oscillators are reflecting a rise in negative momentum. The dwindling MACD has slid below its red trigger line in the positive region, while the weakening RSI has dipped beneath the 50 level. In the current negative scenario, sellers may face immediate reinforced support from [..]

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