Technical Analysis

Technical Analysis – Copper futures penetrates ascending line; indicators weaken

Posted on September 24, 2020 at 12:58 pm GMT

Copper futures penetrated the six-month ascending trend line to the downside, falling beneath the 20- and 40-day simple moving averages (SMAs). The RSI indicator is standing in the negative zone, moving sideways, while the MACD oscillator is falling below the trigger line losing some momentum. A successful drop below the 2.9280 support level may shift the recent neutral bias to bearish moving towards the 2.7960 barrier. Clearing this zone, the 2.6960 hurdle could come in spotlight before slipping to 2.5510. [..]

Technical Analysis – US 100 index erases gains, flirting with downside retracement

Posted on September 24, 2020 at 12:55 pm GMT

The US 100 (Cash) index is recording its second day of losses after a failed attempt to break significantly above the 50-day simple moving average (SMA). Chances for an upside reversal, however, are decreasing as the 20-day SMA is pointing down and the momentum indicators are suggesting that the next move in the price is more likely to be down. The MACD continues to strengthen to the downside and below its trigger line, while the RSI is sloping south below the neutral [..]

Technical Analysis – EURJPY consolidates around 2-month lows; negative signals intact

Posted on September 24, 2020 at 12:44 pm GMT

EURJPY appears to have stalled its declines around the 122.51 mark. The pair is struggling to break under the 122.46 to 122.56 support section, which encompasses the lower Bollinger band. Nevertheless, the simple moving averages (SMAs) deliver a dominant negative bearing, particularly with the dictating downward slopes of the 50- and 100-period SMAs. The short-term oscillators display some waning in negative momentum but ultimately promote a deteriorating picture. The MACD, deep below zero, looks to be strengthening its downward momentum [..]

Technical Analysis – Dollar index aims for a bullish trend reversal

Posted on September 24, 2020 at 9:53 am GMT

The US dollar index (futures) is finally showing signs of a trend reversal after a six-month period of depreciation that pushed the price as low as 91.72 from 103.79 in March. Bullish pressures gained significant momentum this week, posting a higher high above the 93.60 resistance and the 20- and 50-day simple moving averages (SMAs) and hence, violating the downward pattern. Some consolidation cannot be excluded in the near-term as the price is currently testing the 23.6% Fibonacci retracement of the recent [..]

Technical Analysis – AUDUSD slumps to 2-month low; sell-off may continue

Posted on September 24, 2020 at 7:32 am GMT

AUDUSD is seeking fresh lows in the daily chart following the slump below its 20- and 50-day simple moving averages (SMAs). The pair is currently trading at the lowest price in two months, testing the bottom of the Ichimoku cloud and a former key support/resistance area. But the RSI has yet to confirm oversold conditions although it is close to touch the 30 level. The MACD’s drop within the negative zone and the bearish cross between the red Tenkan-sen and [..]

Technical Analysis – EURUSD takes a dive; positive divergence challenges the move

Posted on September 24, 2020 at 7:20 am GMT

EURUSD appears to have adopted a negative trajectory, after a near two-month gradual easing in its ascent, breaking below all simple moving averages (SMAs) and the Ichimoku cloud. The downward sloping 20- and 100-period SMAs and their bearish crossovers of the 200-period SMA may aid in dampening the pair further. Furthermore, the falling Ichimoku lines also suggest negative momentum is increasing. In terms of sentiment, the short-term oscillators currently back the weakening picture. The MACD, in the negative region, is [..]

Technical Analysis – AUDNZD reverses lower after reaching 2-year high

Posted on September 23, 2020 at 3:15 pm GMT

AUDNZD hit a two-year peak in August near 1.1140, but met fierce resistance and has been grinding lower since then. While the short-term picture seems negative, the broader uptrend that started in March remains in place as long as the price holds above 1.0565 and the 200-day simple moving average (SMA). Momentum-oscillators echo the cautiously negative picture in the short-run. The RSI is below 50 and is pointing down, while the MACD is moving deeper into its negative territory. If [..]

Technical Analysis – Boeing stock testing crucial support region

Posted on September 23, 2020 at 1:42 pm GMT

Boeing’s shares have been grinding lower since June, albeit in a slow and controlled manner. The short-term price structure looks cautiously negative, as the stock has been printing lower highs and is trading beneath its 50- and 200-period simple moving averages (SMAs) on the four-hour chart, which seem ready to post a ‘death cross’. The silver lining is that there hasn’t been a lower low, as the 153.0 support zone has held strong so far. Short-term oscillators reflect this mildly [..]

Technical Analysis – EURAUD rallies towards a fresh 1-month high

Posted on September 23, 2020 at 12:44 pm GMT

EURAUD spiked to a fresh one-month peak of 1.6440 earlier today. The price completed a double bottom formation after breaching the 1.6350 strong barrier, shifting the bias from bearish to bullish. Meanwhile, the stochastic oscillator is trying to post a bearish crossover in the overbought region, while the rising MACD continues to hold above its trigger and zero lines. The 1.6520 barrier is the nearest resistance that could reject any attempt higher. In case it fails to do so, and the price extends positive momentum, the 1.6550 [..]

Technical Analysis – GBPJPY slowing near 3-month lows; negative bearing intact

Posted on September 23, 2020 at 12:18 pm GMT

GBPJPY appears to have stalled its bearish trajectory ahead of the 132.93 border from July 1. The pause in the pair’s descent is also reflected in the short-term oscillators and the easing of the slopes of the negatively charged Ichimoku lines. The technical indicators are skewed to the downside despite displaying a slight improvement in momentum. The MACD, far below zero, has pushed above its red trigger line, while the RSI is pointing upwards after a bounce on the 30 [..]

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