Technical Analysis

Technical Analysis – USDJPY eases below SMAs; negative in short- and long-terms

Posted on November 16, 2020 at 8:06 am GMT

USDJPY is heading south after the pullback on the 105.65 resistance on November 11, sending the pair beneath the 20- and 40-period simple moving averages (SMAs). The red Tenkan-sen line dropped below the blue Kijun-sen line, suggesting more losses, while the momentum indicators are currently confirm the bearish structure. The RSI is pointing down in the negative territory, while the MACD declined below the trigger and zero lines in the short-term. Immediate support could come from the lower surface of [..]

Technical Analysis – NZDUSD maintains bullish bias despite pullback

Posted on November 13, 2020 at 1:50 pm GMT

NZDUSD peaked at a 19½-month high of 0.6914 following a one-week ascent from 0.6612, before being pulled back below the mid-Bollinger band. The pair has found some footing at the upper part of a support base surrounding the lower Bollinger band. The upward sloping simple moving averages (SMAs) are sustaining a strong bullish bearing while momentum in the short-term oscillators appears to be picking up. The MACD, in the positive region, is decreasing below its red trigger line but its [..]

Technical Analysis – US 30 index returns lower after spike to record high

Posted on November 13, 2020 at 10:28 am GMT

The US 30 index posted an aggressive spike towards a fresh all-time high of 30,091.18 on Monday before returning near the previous high of 28,945. Momentum indicators in the daily chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the RSI is picking up speed slightly below the overbought region and the MACD continues to distance itself above its trigger line. Should the price move higher again, the bulls could extend the uptrend towards the aforementioned record high before the price [..]

Technical Analysis – GBPUSD sets up for some recovery; key resistance area ahead

Posted on November 13, 2020 at 9:47 am GMT

GBPUSD has been developing an upward structure in the four-hour chart since the end of September, recently unlocking a two-month high of 1.3311 near a key upward-sloping line, which has been curbing both upside and downside corrections from April onwards. The price has decelerated thereafter but the 50-period simple moving average (SMA) managed to catch the fall around 1.3128 earlier this week, giving another chance to the bulls. With the Stochastics exiting the oversold area and the price having deviated [..]

Technical Analysis – GBPJPY directionless despite recent push over SMAs

Posted on November 13, 2020 at 9:38 am GMT

GBPJPY is resting on the upper surface of the Ichimoku cloud after topping at 140.28, just above the 140.00 mark, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 to 124.00. The horizontal cloud and the conflicting signals from the converged simple moving averages (SMAs) further reflect an aimless market. The short-term oscillators are transmitting mixed clues in directional momentum. The MACD, in the positive region, is creeping higher above its red trigger line, while [..]

Technical Analysis – USDCAD shows chances for gains above falling trend line

Posted on November 13, 2020 at 7:56 am GMT

USDCAD is touching the falling trend line, which has been developing since April 21, despite the break to the upside at the end of October. The price is also flirting with the 20-day simple moving average (SMA) and the momentum indicators are confirming the upside bias. The RSI is heading towards the positive region, while the stochastic is approaching the overbought area. An extension above the descending line could find immediate resistance at the 40-day SMA and the lower surface [..]

Technical Analysis – USDCHF range bound; directional momentum lost

Posted on November 12, 2020 at 4:19 pm GMT

USDCHF is currently stuck between the 50- and 100-day simple moving averages (SMAs) after paring last week’s losses, which pushed the price towards a fresh 69-month low of 0.8981. The price’s consolidating demeanour is endorsed by the flattening 50-day SMA, while the downward sloping 100- and 200-day SMAs are commanding a bearish bias. The short-term oscillators reflect weak sentiment despite the latest improvement in price. The MACD, marginally above its red signal line, has merely popped over the zero threshold, [..]

Technical Analysis – USDCHF range bound; directing momentum lost

Posted on November 12, 2020 at 3:44 pm GMT

USDCHF is currently stuck between the 50- and 100-day simple moving averages (SMAs) after paring last week’s losses, which declined the price towards a fresh 69-month low of 0.8981. The price’s consolidating demeanour is endorsed by the flattening 50-day SMA, while the downward sloping 100- and 200-day SMAs are commanding a bearish bias. The short-term oscillators reflect weak sentiment despite the latest improvement in price. The MACD, marginally above its red signal line, has merely popped over the zero threshold, [..]

Technical Analysis – WTI futures consolidate; resistance ceiling dominates

Posted on November 12, 2020 at 9:00 am GMT

WTI oil futures appear to have returned to the vicinity of the controlling resistance levels of 43.69 and 43.76, which have together been suppressing advances for 4 months now. The commodity’s return above the simple moving averages (SMAs), from the 33.63 low, deflected off the upper Bollinger band at 43.04, just shy of the curbing level. The short-term oscillators are tilting ever so slightly towards the positive picture. The MACD above its red trigger line has narrowly pierced above its [..]

Technical Analysis – AUDUSD hovers above 0.7250; lacks direction in short term

Posted on November 12, 2020 at 8:32 am GMT

AUDUSD seems to be range bound, something also reflected in the flattening out of the slopes of the 20- and 40-day simple moving averages (SMAs), though, the price climbed above 0.7250 in the previous daily sessions. The directionless Ichimoku lines and the steadied cloud further reflect this view. That said, the short-term oscillators, although somewhat stalled, still lean towards a slightly positive picture. The MACD, in the positive region, is holding above its trigger line, while the RSI hovers in bullish territory. [..]

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