Technical Analysis

Technical Analysis – EURCHF maintains sideways structure; bounces off 100-day SMA

Posted on October 6, 2020 at 3:24 pm GMT

EURCHF continues to cycle around the 50.0% Fibonacci retracement of the down leg from 1.1058 to 1.0504, extending the horizontal pattern that has held since the late part of July. The short-term oscillators reflect evaporating directional momentum, and thus have done little to aid a new price development. The MACD, slightly above zero, holds fairly flat below its red signal line, while the stagnant RSI has fused with its neutral threshold. Moreover, the stochastic oscillator looks relatively neutral, despite its [..]

Technical Analysis – EURCHF maintains sideways structure; bounces on 100-day SMA

Posted on October 6, 2020 at 2:59 pm GMT

EURCHF continues to cycle around the 50.0% Fibonacci retracement of the down leg from 1.1058 to 1.0504, extending its horizontal pattern that has held since the late part of July. The short-term oscillators reflect evaporated directional momentum, and thus have done little to aid a new price development. The MACD, slightly above zero, holds fairly flat below its red signal line, while the stagnant RSI has fused with its neutral threshold. Moreover, the stochastic oscillator looks relatively neutral, despite its [..]

Technical Analysis – EURAUD spikes up; gains ground after several negative periods

Posted on October 6, 2020 at 1:12 pm GMT

EURAUD advanced considerably over the last period following the bounce off the 20-period simple moving average (SMA). The stochastic oscillator is ready to create a bullish crossover within its %K and %D lines near the overbought zone, while the MACD oscillator is extending its movement above the trigger line in the negative territory. A jump above the Ichimoku cloud could send the market until the 1.6547 resistance before meeting the 1.6580-1.6590 area, which includes the four-month peak. More upside pressures [..]

Technical Analysis – WTI oil futures aim for more recovery but the way ahead could be rocky

Posted on October 6, 2020 at 10:12 am GMT

WTI oil futures increased their recovery odds after advancing above the middle Bollinger band in the four-hour chart on Monday which is also the 20-period simple moving average (SMA). However, there are still some barriers that bulls need to remove to extend the rally although the RSI and the MACD are reflecting a positive short-term bias, with the former rising above its 50 neutral mark and the latter climbing above its zero and signal lines. The bottom of the Ichimoku cloud is [..]

Technical Analysis – GBPUSD acquires positive drive after rebound off 200-day SMA

Posted on October 6, 2020 at 8:29 am GMT

GBPUSD is in the process of pushing beyond the 1.3000 mark after pivoting around the bullish crossover between the 100- and 200-day simple moving averages (SMAs), and pressing above the mid-Bollinger band at 1.2861. The rising 50- and 100-day SMAs support bullish sentiment while the short-term oscillators mirror the pickup in positive price action. The MACD, in the negative region, has climbed above its red trigger line and is nearing its zero line, while the RSI is improving above its [..]

Technical Analysis – GBPUSD acquires positive drive after rebound on 200-day SMA

Posted on October 6, 2020 at 8:17 am GMT

Technical Analysis – EURJPY rallies above 124.00; retests bearish trend reversal pattern

Posted on October 6, 2020 at 7:41 am GMT

EURJPY had a constructive day on Monday, bouncing sharply back into the 124.00 area until it met strong resistance around the 50-day simple moving average (SMA). The positive correction closed marginally above the 124.40 neckline of a bearish head and shoulder pattern, and it remains to be seen if the pair can sustain strength above that level, eliminating the risk of a down-trending market. Still, the momentum indicators have yet to show a clear bullish bias, suggesting that the bears have not fully faded. [..]

Technical Analysis – USDCAD hits 2-week low and returns back above

Posted on October 6, 2020 at 7:28 am GMT

USDCAD is pointing upwards after the strong selling interest from the two-month high around 1.3418. The pair surpassed the 38.2% Fibonacci retracement level of the upward wave from 1.2993 to 1.3418 at 1.3255. The momentum indicators are also endorsing a bullish bias in the very short-term. The stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, while the RSI is heading north in the negative territory. Immediate resistance is coming from the 20-period [..]

Technical Analysis – USDJPY crowned by 200-MA; price appears static

Posted on October 5, 2020 at 12:08 pm GMT

USDJPY is struggling to push above the 200-period simple moving average (SMA) as directional momentum has dampened. The Ichimoku lines appear powerless in aiding the stagnant pair while the flattening out of the simple moving averages (SMAs) promotes additional sideways development. The MACD has improved marginally above zero and its red trigger line but remains around its neutral zone, while the RSI is losing pace in bullish territory. Moreover, the stochastics %K line is stalling in the overbought section but [..]

Technical Analysis – US 500 capped by 50-day SMA and Ichimoku cloud

Posted on October 5, 2020 at 9:28 am GMT

The US 500 index rebounded on the 3,200 handle and the 100-day simple moving average (SMA), shifting back to the upside. Currently, the price found resistance at the 50-day SMA and the upper surface of the Ichimoku cloud, while the red Tenkan-sen and the blue Kijun-sen line are moving horizontally. The MACD and the RSI are also heading sideways failing to support the upside movement. To the upside, emanating pressure over the last couple of days has denied upside moves. [..]

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