Technical Analysis

Technical Analysis – EURJPY shifts sideways as resistance roof blocks gains

Posted on November 10, 2020 at 9:23 am GMT

EURJPY yesterday was overwhelmed by buying interest that thrusted the pair back above the 100- and 50-day simple moving averages (SMAs). Yet, advances hit a wall and the pair now seems to be steering into a more sideways structure. The minor upward inclines in the 100- and 200-day SMAs are preserving the positive picture, while the falling 50-day SMA promotes negative sentiment. The short-term oscillators also reflect the pair’s recent freeze in positive momentum. The MACD, in the negative region, [..]

Technical Analysis – GBPUSD could see further increases above 1.3180

Posted on November 10, 2020 at 7:58 am GMT

GBPUSD has been trading in an upward sloping channel over the last seven weeks, trying to surpass the 1.3180 resistance level. Technically, the price is still holding above the bullish crossover within the 20- and 40-day simple moving averages (SMAs) as well as beyond the Ichimoku cloud. The RSI indicator is standing in the positive territory and it looks ready to move towards the overbought area. However, the MACD oscillator is ticking marginally up above its trigger and zero lines. [..]

Technical Analysis – US 500 index skyrockets to new all-time high

Posted on November 9, 2020 at 3:14 pm GMT

US 500 index (Cash) abruptly propelled off the 3,550 mark today, stretching towards a fresh all-time high of 3,674 just above the 3,670 level, that being the 138.2% Fibonacci extension of the down leg from 3,550 until 3,233. The index is currently withdrawing from the new peak, though the Ichimoku lines maintain their strong bullish tone. Moreover, a nearing positive overlap of the 200-period simple moving average (SMA) by the rising 50-period SMA, and the upturn in the adjacent 100-period [..]

Technical Analysis – USDJPY pulls back from 8-month low

Posted on November 9, 2020 at 10:21 am GMT

USDJPY is reversing slightly higher after the aggressive sell-off in the preceding sessions towards the fresh eight-month low of 103.17. From the technical viewpoint, the RSI is ticking up in the negative territory, while the MACD posted a bullish crossover with its trigger line below the zero level. The 20- and 40-period simple moving averages (SMAs), though note that the red Kijun-sen line is flat and the blue Tenkan-sen also appears to be flatlining. If the bulls manage to hold control, then [..]

Technical Analysis – Gold tackles consolidation’s top frontier; drive frail

Posted on November 9, 2020 at 9:11 am GMT

Gold appears shackled as it is struggling to break above the cloud’s ceiling, which coincides with the roof of the two-and-a-half-month ranging market. In spite of the dwindling 50-day simple moving average (SMA), the SMAs defend the broader dictating bullish tone. The near-term gradual fading of the 50-day SMA and the directionless Ichimoku lines promote the commodity’s neutral demeanour. The short-term oscillators maintain a positive attitude despite flimsy sentiment. The MACD is above its red trigger line and the zero [..]

Technical Analysis – EURUSD surges near 1.1900 in consolidation area

Posted on November 9, 2020 at 7:54 am GMT

EURUSD is rallying above the previous high of 1.1880, creating four straight bullish days after the bounce off the 1.1611 support level. The price also jumped above the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud, signaling some more buying interest. Technically, the RSI is confirming the positive outlook as it approaches the overbought territory, while the stochastic is holding above the 80 level suggesting a retracement in the short-term. If the market picks up more speed, [..]

Technical Analysis – GBPUSD’s hike ceases around upper Bollinger band

Posted on November 6, 2020 at 1:30 pm GMT

GBPUSD is consolidating beneath the 1.3175-1.3183 limiting border after surging off the 200-period simple moving average (SMA) and above the 50- and 100-period averages. The fairly horizontal bearing of the SMAs are promoting the neutral picture. That said, the price is currently near the upper Bollinger band and is showing some signs of weakness. The short-term oscillators reflect the stall in positive price action. The MACD is in the positive region and above its red trigger line but looks to [..]

Technical Analysis – GBPJPY capped by SMAs and squeezed Bollinger band

Posted on November 6, 2020 at 12:17 pm GMT

GBPJPY is trading around the vicinity of 136.00, where the 20- and 40-day simple moving averages (SMAs) are also holding. The pair failed several times to jump above the 137.70 barrier, which has imprisoned the price for more than a month. Looking to the short-term oscillator, the RSI promotes slight improvement around its neutral mark, despite diminished directional momentum. Yet, the declining 20- and 40-day SMAs maintain a bearish tone, while the Bollinger band is squeezing. Should buyers drive above [..]

Technical Analysis – NZDUSD hits wall at fresh high; positive momentum under strain

Posted on November 6, 2020 at 10:46 am GMT

NZDUSD retreated slightly from a newly formed resistance band of 0.6797-0.6801 involving the previous 17½-month high of 0.6797. The improvement in the bullish simple moving averages (SMAs) is assisting the positive price action, though the technical indicators reflect some waning in the pair. The short-term oscillators reflect the struggle in price to ascend further. The MACD is some distance in the positive region and above its red trigger line but looks to be easing somewhat, while the RSI is hovering [..]

Technical Analysis – USDCAD seeks support at the bottom of a bearish rectangle

Posted on November 6, 2020 at 9:10 am GMT

USDCAD flipped last week’s gains after the rejection near 1.3389, diving back below its shorter-term simple moving averages (SMAs) and towards the key support of 1.3040, last seen in early September. The lower Bollinger band is also restraining the price around that border, marking the location a potential turning point as the Stochastics head for a bullish cross below their 20 oversold level. It is also worthy to note that the sideways move between the 1.3389 and 1.3040 boundaries could [..]

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