Technical Analysis

Technical Analysis – EURAUD rallies above 200-SMA after double bottom emerges

Posted on January 28, 2021 at 10:18 am GMT

EURAUD completed a bullish double bottom formation in the four-hour chart and spiked to a three-week high of 1.5946 on Thursday after closing comfortably above the 1.5770 neckline. The area around the 200-period simple moving average (SMA), which has seen many struggles in December, is currently in target. A descending trendline stretched from 1.6409 and the 38.2% Fibonacci retracement of the downfall from 1.6418 to 1.5592 are in the same neighborhood, making the region more challenging as the RSI and the Stochastics are still strengthening within [..]

Technical Analysis – USDCHF fails to exit neutral zone

Posted on January 28, 2021 at 10:16 am GMT

USDCHF has been developing within a consolidation area over the last three weeks, hovering around the Ichimoku cloud lately. The short-term oscillators justify the current upside move in the market, with the RSI pointing upwards in the bullish territory, and the MACD extending its positive momentum above its trigger and zero lines. To the upside, the important resistance region around the upper boundary of the trading range at 0.8925 could prove difficult to overrun. Conquering this, the 0.8946 barrier, taken from the high on December 2020, could halt the climb towards [..]

Technical Analysis – WTI futures at a standstill as bullish drive wanes

Posted on January 28, 2021 at 8:49 am GMT

WTI oil futures’ ascent appears to have hit a snag following the near three-month uptrend from the 34.02 trough, which stretched to the 53.92 high. The Ichimoku lines are reflecting the freeze in positive momentum, while the climbing simple moving averages (SMAs), are all endorsing improvements in the price of the commodity. The short-term oscillators are also demonstrating the latest price consolidation but directional hints seem to be fairly subdued. The RSI and the MACD – the latter a tad [..]

Technical Analysis – US 500 index charts its biggest daily loss in seven months

Posted on January 28, 2021 at 8:23 am GMT

The US 500 stock index (cash) erased January’s gains in one day and slumped to a three-week low of 3,711 after the 3,855 bar proved to be a tough resistance to overcome. That was the biggest daily loss since June 12. The touch with the 50-day simple moving average (SMA) brought the calm after the storm near the 23.6% Fibonacci retracement of the 3,233 – 3,869 upleg. However, given the negative slope in the RSI, which has dipped below its 50 neutral [..]

Technical Analysis – AUDUSD posts losses below 33-month peak

Posted on January 28, 2021 at 8:02 am GMT

AUDUSD has been creating losses since the day it declined from the 33-month high of 0.7820, unable to remain above the 20- and 40-day simple moving averages (SMAs). The momentum indicators, though, are currently encouraging an ongoing sell-off in the very short-term. The RSI is falling below the neutral threshold of 50, while the MACD is falling below the zero line in the positive region. However, a closing price above the 33-month top of 0.7820 could boost buying interest and confirm additional [..]

Technical Analysis – Apple stock suspends its gains; trend favours upside

Posted on January 27, 2021 at 12:16 pm GMT

Apple’s stock price appears to have frozen slightly beneath the freshly formed all-time high of 145.00 after gapping, in previous sessions, above the former 138.71 peak. The rising red Tenkan-sen line is promoting positive price action, while the climbing simple moving averages (SMAs) are defending the bullish picture. The short-term oscillators are transmitting mixed signals in directional momentum even though the improving tone remains. The MACD, in the positive zone, is strengthening far above its red trigger line, while above [..]

Technical Analysis – Apple stock suspends its gains; scale favours upside

Posted on January 27, 2021 at 11:57 am GMT

Technical Analysis – GBPJPY pulls back from new 5-month high

Posted on January 27, 2021 at 9:59 am GMT

GBPJPY slowed down whithin the ascending channel after posting a fresh five-month high of 142.64. Currently, the technical oscillators are keeping the bias skewed to the upside. The MACD, in the positive area, is rising above its trigger line, while the RSI is pointing marginally down above the 50 level. In trend indicators, the Ichimoku lines and the short-term simple moving averages (SMAs) are moving higher as well. If buying interest picks up, early tough resistance could occur at 142.70, taken from the [..]

Technical Analysis – NZDUSD consolidates but senses improvements

Posted on January 27, 2021 at 9:03 am GMT

NZDUSD is finding some support from the flattening Ichimoku lines while primarily creeping sideways, after the small pullback from the multi-year high of 0.7314. The Ichimoku lines are reflecting the pause in advances, while the soaring simple moving averages (SMAs) are protecting the bullish picture. The short-term oscillators are demonstrating minor stalling in positive momentum. The MACD, in the positive zone, is pushing back above its red trigger line, while the RSI is trying to sustain improvements in the bullish [..]

Technical Analysis – USDJPY struggles beneath long-term falling trend line

Posted on January 27, 2021 at 8:11 am GMT

USDJPY has found strong resistance at the falling trend line below the 104.00 psychological level, hovering around the 20- and 40-day simple moving averages (SMAs). According to the technical indicators, the RSI is edging sideways near the neutral threshold of 50, while the MACD is flattening near the trigger and zero lines. Both are lacking to show a clear direction on price. The short-run risk is looking neutral-to-bearish at the moment and another retest of the 102.60 support is [..]

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