Technical Analysis

Technical Analysis – AUDUSD’s progress suppressed by 200-MA

Posted on October 12, 2020 at 10:27 am GMT

AUDUSD appears muted by the 200-period simple moving average (SMA) after having shot upwards from the 0.7094 level, above the Ichimoku cloud and the SMAs. The stalled blue Kijun-sen line at 0.7168 and the short-term oscillators back a weakening picture, while the rising red Tenkan-sen line and the 50-period SMA’s recent bullish crossover of the 100-period SMA endorse strength in the pair. The MACD, in the positive region, is flattening above its red trigger line reflecting a slight drawback in [..]

Technical Analysis – US 500 index extends positive move; next target at all-time high

Posted on October 12, 2020 at 9:15 am GMT

The US 500 index has come under renewed buying interest, climbing above the 40-day simple moving average (SMA) following the rebound off the 3,200 support. The MACD and the RSI are heading slightly up, supporting the upside movement. The all-time high of 3,588.24 could be the next target, and if this gets violated, resistance could then develop around the 3,819 barrier, which is the 161.8% Fibonacci extension level of the down leg from 3,588.24 to 3,200. If sellers drive the pair [..]

Technical Analysis – EURUSD shows bullish appetite but don’t get excited yet

Posted on October 12, 2020 at 7:21 am GMT

EURUSD opened in the green on Monday with scope to maintain Friday’s gains above the 1.1800 number and its 50-day simple moving average (SMA). The recent strength in the price is justified by the RSI which has terminated its downward stroke and advanced above its 50 neutral mark. The MACD has breached its red signal line and is set to enter the positive area, reflecting an improving bias as well. Still, in terms of the trend, the pair continues to hold a [..]

Technical Analysis – Gold flirts with 23.6% Fibonacci; holds in bearish move

Posted on October 12, 2020 at 6:43 am GMT

Gold has found immediate resistance at the 23.6% Fibonacci retracement level of the up leg from 1,454 to 2,074.89 at 1,927 and the 40-day simple moving average (SMA). The downside correction over the last two months is now being confirmed by the weak momentum in the MACD oscillator and the downward slope in the RSI. However, if there is a significant step above the 23.6% Fibonacci, the door could open for the 1,972 barrier and the 2,015 hurdle. Moving higher, [..]

Technical Analysis – NZDUSD displays directionless market; advances curbed by 100-MA

Posted on October 9, 2020 at 12:23 pm GMT

NZDUSD appears to be stuck in a horizontal market, backed by the Ichimoku cloud, and is currently capped by the downward sloping 100-period simple moving average (SMA) at 0.6620. The pair is struggling to overtake this level that also happens to be the 38.2% Fibonacci retracement of the down leg from 0.6797 to 0.6510. The conflicting Ichimoku lines reflect an easing in negative momentum, while the gradual rising of the 50-period SMA suggests weakness in downward drive. The short-term oscillators [..]

Technical Analysis – CADJPY advances to fresh highs within overbought area

Posted on October 9, 2020 at 11:50 am GMT

CADJPY had its best week since early August, appreciating by 1.5% to an almost one-month high of 80.44. In the four-hour chart, the pair rallied beyond its 200-period simple moving average (SMA), while the 20-period SMA has further reduced its negative gap with that line, adding more shine to the ongoing uptrend. The momentum indicators are also backing a positive short-term bias as the RSI and the Stochastics have yet to leave the overbought area. However, they have somewhat stabilized, [..]

Technical Analysis – US 30 index bullish at 1-month highs

Posted on October 9, 2020 at 8:18 am GMT

The US 30 index is continuing its two-week-old rebound but with slower momentum, reaching one-month highs of 28,600 today. The short-term bias looks quite positive as the MACD is surpassing the trigger line, jumping in the positive area. The RSI, meanwhile, is flattening in the bullish territory, but it needs more progress for steeper inclines. The 29,210 resistance level could be a trigger point for more bullish actions, and if the index breaks the line, the all-time high of 29,582.61 would come next. Even higher, the market [..]

Technical Analysis – USDCAD capped by 100-day SMA; negative signals dictate

Posted on October 9, 2020 at 8:11 am GMT

USDCAD recently redirected back under the mid-Bollinger band and the 50-day simple moving average (SMA), after its progress was curbed by the 100-day SMA and upper Bollinger band. The slipping 50- and 100-day SMAs continue to back the prevailing bearish picture. The short-term oscillators mirror the increase in negative momentum, suggesting further weakening in price. The MACD, in the positive region, has slipped below its red signal line and is nearing its zero mark, while the downward-sloping RSI continues falling [..]

Technical Analysis – EURGBP narrows inside symmetrical triangle

Posted on October 9, 2020 at 7:28 am GMT

EURGBP turned less volatile within a symmetrical triangle in the four-hour chart, hinting that another breakout may happen soon following Thursday’s failure. The technical indicators are currently painting a neutral picture for the short term as the RSI is testing its 50 neutral mark from the downside, the MACD is attached to its zero line, and the Stochastics seem to be stabilizing. Should the price violate the 0.9100 level and hence exit the triangle on the upside, the bulls may [..]

Technical Analysis – GBPUSD retains bullish bias in very short-term

Posted on October 9, 2020 at 6:47 am GMT

GBPUSD gained some ground above the potential bearish crossover of the 20- and 40-period simple moving averages (SMAs). The momentum indicators are signaling a neutral-to-bearish retracement as the RSI is pointing down in the positive territory, while the MACD is moving horizontally above the zero line. However, in case the price continues to rebound off the 1.2670 support level, it could open the door for the 1.3000-1.3035 resistance area. Above this crucial zone, the bulls could meet resistance at the 1.3170 barrier, taken from the inside swing [..]

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