Technical Analysis

Technical Analysis – US 500 index safe and sound above trendline

Posted on October 19, 2020 at 9:37 am GMT

The US 500 stock index is trimming its latest downfall in the four-hour chart after landing again on the ascending trendline and near its 50-period simple moving average (SMA). Technically, the short-term bias is set to switch back to bullish as the price is trying to strengthen above its 20-period SMA, while the RSI and the MACD are also pushing efforts to gain momentum above their neutral levels. A decisive close above the 3,500 level followed by a run towards the 3,533-3,549 resistance region [..]

Technical Analysis – EURUSD fails to improve bullish bias; indicators are weak

Posted on October 19, 2020 at 8:26 am GMT

EURUSD has been in a slightly descending movement after the break below the rising channel in the previous month. Currently, the price is capped by the short-term simple moving averages (SMAs) and the red Tenkan-sen and the blue Kijun-sen lines. The RSI indicator fell below the neutral threshold of 50, while the MACD is flattening around the zero line, failing to signal a clear direction on price. If the price continues to move lower, immediate support is coming from the 1.1687 level, which [..]

Technical Analysis – Gold ranges between 50 and 100 SMAs; momentum feeble

Posted on October 19, 2020 at 8:15 am GMT

Gold seems to be adopting a sideways pattern after retreating under the Ichimoku cloud. The guiding and constricting 50- and 100-day simple moving averages (SMAs), as well as the horizontal Ichimoku lines, further back the suspended picture of the commodity. The short-term oscillators suggest a frozen state of directional momentum. The MACD, in the negative region, is holding above its red signal line but slightly below its zero mark, while the RSI is zig zagging around its neutral threshold. A [..]

Technical Analysis – AUDJPY puts breaks on losses; bullish bias expected above 74.86

Posted on October 19, 2020 at 8:02 am GMT

AUDJPY paused last week’s sell-off at 74.24 and above September’s trough of 73.96, reviving some hopes that a downtrend could be avoided. In the four-hour chart, the pair is currently testing the 20-period simple moving average (SMA) within the 74.00 territory as the MACD keeps distancing itself above its red signal line and the RSI continues to recover towards its 50 neutral mark. Despite the above encouraging signals, the bulls may not take the helm yet unless the price breaks [..]

Technical Analysis – US 30 index struggles at mid-Bollinger band; positive signals grow

Posted on October 16, 2020 at 12:42 pm GMT

US 30 stock index (Cash) after having pushed above the 50-period simple moving average (SMA) is now confronting the mid Bollinger band at the 28,600 barrier. The index appears to be regaining strength after a pivot back up from the 28,156 mark. The rising slopes of the 50- and 100-period SMAs and the recent bullish crossover of the 200-period SMA by the 100-period one may boost the short-term uptrend. The short-term oscillators also reflect increasing positive momentum. The MACD, slightly [..]

Technical Analysis – GBPUSD pares losses after getting caught in another Brexit storm

Posted on October 16, 2020 at 12:18 pm GMT

GBPUSD swung by about 100 pips on Friday, setting an upper boundary around 1.2960 and a floor at 1.2860. The momentum indicators in the 4-hour chart are pointing to a mixed bias in the near term. The %K line of the stochastic oscillator continues to climb out of oversold territory and is positively sloped with the %D line, suggesting there is still some upside left in the pair after today’s erratic moves. But looking at the RSI, which is heading [..]

Technical Analysis – GBPJPY capped by 50-day SMA, adopts neutral tone

Posted on October 16, 2020 at 10:38 am GMT

GBPJPY appears to have stalled around the mid-Bollinger band at 135.78 after efforts to push higher were curbed by the 50-day simple moving average (SMA). The pair is edging east as directional momentum has taken a back seat. Despite their recent bullish crossovers, the fading slopes of the converging 50- and 100-day SMAs are endorsing a sideways market, while the relatively horizontal tone of the 200-day SMA also backs this view. Currently, the short-term oscillators reflect conflicting signals in directional [..]

Technical Analysis – GBPJPY’s advances capped by 50-day SMA; pair adopts neutral tone

Posted on October 16, 2020 at 9:50 am GMT

GBPJPY appears to have stalled around the mid-Bollinger band at 135.78, after efforts to push higher were curbed by the 50-day simple moving average (SMA). The pair is edging east as directional momentum has taken the back seat. Despite their recent bullish crossovers, the fading slopes of the converging 50- and 100-day SMAs are endorsing a sideways market, while the relatively horizontal tone of the 200-day SMA also backs this view. Currently, the short-term oscillators reflect conflicting signals in directional [..]

Technical Analysis – USDCAD’s negative bias stalls; positive price action develops

Posted on October 16, 2020 at 6:46 am GMT

USDCAD has pushed over the 50-day simple moving average (SMA) of 1.3204 and is ready to face the mid-Bollinger band at 1.3267, following a recent bounce off the lower Bollinger band. The gliding 50- and 100-day SMAs appear to be escorting the price into a neutral-to-bearish structure. Nonetheless, the short-term oscillators are continuing to exhibit improving momentum. The MACD, marginally below its red trigger line and zero mark, looks set to return above them, sponsoring extra gains in the pair. [..]

Technical Analysis – EURUSD’s retreat hits a wall around 1.1700; may edge sideways

Posted on October 15, 2020 at 12:27 pm GMT

EURUSD has been on a downward trajectory lately after the recent decline from the 1.1830 high and under the simple moving averages (SMAs), but the pair encountered support near the 1.1700 level and has subsequently rebounded a little. The diving 20-period SMA promotes further losses, while the slowing downward pace of the 100- and 200-period SMAs endorses a horizontal shift in the price. Moreover, the short-term oscillators display conflicting signals in directional momentum. The MACD, in the negative section, is [..]

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