Technical Analysis

Technical Analysis – GBPJPY vulnerable, maintains a horizontal tone

Posted on October 23, 2020 at 8:14 am GMT

GBPJPY has become fixed between the capping 50-day simple moving average (SMA) and the mostly flattened 100-day SMA after attempts to improve faltered. The cloud and the steady Ichimoku lines, as well as the deteriorated bullish demeanour of the 50- and 100-day SMAs additionally endorse a directionless market. At the moment the short-term oscillators display momentum that is far from effective. The MACD is barely above its red trigger line and the zero threshold, while the downward-pointing RSI continues flirting [..]

Technical Analysis – USDCAD stops above 1.31; still bearish in long term

Posted on October 23, 2020 at 6:45 am GMT

USDCAD is continuing its downside movement in the longer timeframe after it found resistance around the 1.3420 barrier and the upper surface of the Ichimoku cloud once again. In the very short-term, the pair has been developing in a horizontal trajectory over the last couple of weeks, trading below the 20- and 40-day simple moving average (SMA). In the technical picture, the RSI indicator is pointing slightly higher, while the stochastic is heading north after the bullish cross within the [..]

Technical Analysis – GER 30 index recovers a little; negative risks remain

Posted on October 22, 2020 at 3:06 pm GMT

Germany 30 stock index (Cash) looks to be fading further despite recently finding footing at the 12,339 level. Painting a deteriorating picture are the negatively charged Ichimoku lines, one of which has capped additional progress from the price bounce. Furthermore, the bearish tone of the simple moving averages (SMAs), and specifically the downwards overlap of the 100-period SMA by the 50-period one, may accelerate the decline. The short-term oscillators display the recent price gains but also consider a stall in [..]

Technical Analysis – GER 30 index recovers a little; negative risks remain

Posted on October 22, 2020 at 2:38 pm GMT

GER 30 stock index (Cash) looks to be fading further despite recently finding footing at the 12,339 level. Painting a deteriorating picture are the negatively charged Ichimoku lines, one of which has capped additional progress from the price bounce. Furthermore, the bearish tone of the simple moving averages (SMAs), and specifically the downwards overlap of the 100-period SMA by the 50-period one, may accelerate the decline. The short-term oscillators display the recent price gains but also consider a stall in [..]

Technical Analysis – USDCHF rebounds off 7-week low; negative in medium term

Posted on October 22, 2020 at 12:55 pm GMT

USDCHF has reversed from the seven-week low of 0.9029 after the strong bearish move since September 25. Further backing this short-term view are the Ichimoku lines and the upward slopes on the MACD oscillator which holds above its trigger line in the negative zone. However, for now the RSI and the 20- and 40-period simple moving averages (SMAs) are reflecting contradicting signals as all of them are pointing downwards. If buying interest picks up, early tough resistance could occur at [..]

Technical Analysis – EURJPY remains in consolidation, positive momentum feeble

Posted on October 22, 2020 at 9:26 am GMT

EURJPY has been in a downside tendency over the last sessions, holding within the Ichimoku cloud and the short-term simple moving averages (SMAs). The RSI indicator is losing momentum beneath the 50 level, while the MACD is falling below its trigger line. Also, the red Tenkan-sen line is pointing down and the blue Kijun-sen line is moving sideways, suggesting fading upward momentum. In the event of a downside reversal below 123.75, the 123.34 support level and the 123.00 psychological mark may ease the selling pressure. [..]

Technical analysis – EURUSD bulls do not look exhausted yet; 1.1880 level eyed

Posted on October 22, 2020 at 7:51 am GMT

EURUSD found strong resistance at 1.1879 on Wednesday, but earlier today the pair completed a bullish doji in the four-hour chart, suggesting that there is more strength in store as the price is making efforts to recoup its moderate losses. Still, the weakness in the MACD hints that some caution should be warranted. A break above 1.1880 is expected to immediately stall within the 1.1900-1.1920 area. Moving higher, the next obstacle could occur around 1.1950, while above that, all eyes [..]

Technical Analysis – WTI futures muted; weak directional momentum persists

Posted on October 22, 2020 at 7:40 am GMT

WTI oil futures are presently confronting the Ichimoku cloud after having dipped slightly below the flat red Tenkan-sen line, as well as the 50- and 100-day simple moving averages (SMAs). The bullish overlaps of the 200-day SMA are still intact although the averages have adopted a more horizontal demeanour, as have the Ichimoku lines, all further backing the ranging market. The short-term oscillators reflect a rather frozen state in the commodity. The MACD and the RSI indicate evaporated directional momentum [..]

Technical Analysis – AUDUSD creates bearish correction near 0.71 in short-term

Posted on October 22, 2020 at 6:41 am GMT

AUDUSD is looking slightly bearish around 0.7100 in the short-term, after the pair pulled back off the two-year peak of 0.7413 on September 1. The RSI is turning lower in the negative territory, while the MACD is moving sideways below the zero level. Both are confirming the recent bearish correction of the long-term bullish picture. In light of negative pressures, initial tough support could develop from the zone of the 0.7000 round number and the 23.6% Fibonacci retracement level of the [..]

Technical Analysis – USDCAD’s plunge hits a snag; negative outlook intact

Posted on October 21, 2020 at 1:53 pm GMT

USDCAD seems to have stalled its negative dive under the 50-period simple moving average (SMA) as the pair improves slightly from the 1.3075 – 1.3086 support section. Nonetheless, the falling 50- and 100-period SMAs are promoting extra price deterioration, while the bearish crossover of the 200-period SMA by the 100-period one may boost the broader negative structure. However, the short-term oscillators reflect improvements in positive momentum. The MACD, in the negative region, is slowing below its red trigger line, while [..]

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