Technical Analysis

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

Posted on October 15, 2020 at 11:54 am 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 endorse a horizontal shift in the price. Moreover, the short-term oscillators display conflicting signals in directional momentum. The MACD, in the negative section, is [..]

Technical Analysis – USDCHF pulls back from 23.6% Fibo; retains bearish view

Posted on October 15, 2020 at 8:13 am GMT

USDCHF held in loses for the fourth week in a row, dropping below the 23.6% Fibonacci retracement level of the down leg from 0.9295 to 0.9084 at 0.9135. The RSI in the four-hour chart continues to miss direction around the 50 level, while the red Tenkan-sen jumped above the blue Kijun-sen line, increasing chances for a meaningful recovery in the short-term trading. Also, the stochastic oscillator completed a bullish crossover within the %K and %D lines above the 20 level. However, should the price [..]

Technical Analysis – AUDUSD tests 100-day SMA; neutral bias governs

Posted on October 15, 2020 at 7:58 am GMT

AUDUSD appears fixed, cramped between its 50- and 100-day simple moving averages (SMAs) and is adopting a short-term sideways demeanour. The steadied Ichimoku lines and the regulating 50- and 100-day SMAs back this view and may keep the price bound in a neutral phase for a while longer. The MACD, slightly below zero, is above its red signal line opposing negative momentum but looks set to dip back under it. The stochastic oscillator maintains a strong negative bearing, while the [..]

Technical Analysis – Gold recoups some losses, holding above 100-SMA

Posted on October 14, 2020 at 10:08 am GMT

Gold prices bounced off the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887, moving above the 100-period simple moving average (SMA). The technical indicators are endorsing the upside movement of the last couple of sessions. The RSI is standing near the neutral level of 50, while the stochastic is moving higher after the bullish cross within the %K and %D lines. An extension to the upside could take the precious metal until the 40-period [..]

Technical Analysis – GBPJPY retreats below SMAs after progress curbed by 50.0% Fibo

Posted on October 14, 2020 at 8:28 am GMT

GBPJPY defied the 100-period simple moving average (SMA) at 135.87 but found some footing at the floor of the cloud. The sharp drop ahead of the 137.85 level, that being the 50.0% Fibonacci retracement of the down leg from 142.70 to 133.03, is weighing heavily on the cloud’s lower boundary. The negative tone within the declining Ichimoku lines endorses additional deterioration in the pair. The short-term oscillators also reflect strengthening negative momentum. The MACD underneath its red signal line, is [..]

Technical Analysis – USDJPY stabilizes near 20-day SMA; medium-term trend is down

Posted on October 14, 2020 at 7:36 am GMT

USDJPY stabilized within the 105.00 area and around the 20-day simple moving average (SMA) following the rejection of the 106.10 level and the upper Bollinger band earlier this week. The momentum indicators are directionless, suggesting a neutral short-term bias as the RSI is hovering around its 50 level and the MACD is squeezed between its zero and signal lines. Nevertheless, a step below the middle Bollinger band (105.20), which is also the 20-day SMA, may generate additional losses towards the lower Bollinger [..]

Technical Analysis – NZDUSD finds strong resistance at 0.6670; neutral bias

Posted on October 14, 2020 at 6:24 am GMT

NZDUSD has been in a horizontal trajectory over the last three weeks within the 0.6520 and 0.6670 barriers. Currently, the pair is holding above the 20- and 40-day simple moving averages (SMAs) after they posted a bearish crossover in the short-term. The RSI indicator is sloping slightly up near the neutral threshold of 50, however, the stochastic oscillator is looking overbought as it is ready to create a negative cross within the %K and %D lines. If the price manages [..]

Technical Analysis – USDCAD recedes below 200-MA; negative signals pressurize

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

USDCAD is currently at a standstill near the red Tenkan-sen line after its retreat under the Ichimoku cloud and simple moving averages (SMAs). The subsiding 50-period SMA and the intact negative demeanour of the Ichimoku lines are endorsing a deteriorating picture. That said the horizontal 100- and 200-period SMAs favour a more neutral tone. Nonetheless, the flattened blue Kijun-sen line and the short-term oscillators propose slight improvements in momentum. The MACD, deep below zero, is strengthening above its red trigger [..]

Technical Analysis – EURJPY loses some momentum above 23.6% Fibo

Posted on October 13, 2020 at 6:39 am GMT

EURJPY has come under renewed selling interest, falling back below the 40-day simple moving average (SMA) and near the 23.6% Fibonacci retracement level of the up leg from 114.40 to 127.07 at 124.06. In technical indicators, the MACD is gaining some ground above its trigger line, but it is still standing marginally below the zero level. The RSI indicator is pointing down in the positive territory, suggesting a downside pullback in the price. However, if the price remains above the 23.6% Fibonacci, it could [..]

Technical Analysis – GBPUSD tests key resistance for fresh bullish momentum

Posted on October 13, 2020 at 6:14 am GMT

GBPUSD is testing the 1.3000-1.3080 area, where a broken long-term descending trendline stretched from the 2015 highs happens to be, following the strong rebound at the bottom of the ascending channel and near the 200-day simple moving average (SMA). The pair is also making an attempt to extend beyond its 50-day SMA as the RSI and the MACD are flashing a bullish bias, with the former running above its 50 neutral mark and the latter improving above its signal and zero lines. For the [..]

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