Technical Analysis

Technical Analysis – USDJPY lifeless, controlled by horizontal structure

Posted on September 7, 2020 at 3:33 pm GMT

USDJPY remains ruled by a sideways market confining the price between the boundaries of 105.09 and 107.04. The Ichimoku cloud and lines still reflect weak directional momentum, while the gliding and converged simple moving averages (SMAs) appear powerless in assisting the price out of this range. The short-term oscillators further display the non-existent directional momentum. The MACD, slightly above zero, is floating just below its red trigger line, while the RSI is pointing upwards near its 50 threshold. The stochastic [..]

Technical Analysis – US 500 index corrects sharply from fresh all-time high

Posted on September 7, 2020 at 1:19 pm GMT

US 500 index (Cash) recently plummeted from its new all-time top of 3,588, spiking below the 200-period simple moving average (SMA) until the 3,348 trough from August 20. It appears that negative pressures are abating, mirrored in the flattening of the Ichimoku lines and as price stalls. Furthermore, the short-term oscillators also suggest some subsiding in the negative picture. The stochastic oscillator appears to be strengthening. The MACD’s decline, in the negative region, seems to have started to ease, while [..]

Technical Analysis – EURAUD flirts with SMA bullish cross

Posted on September 7, 2020 at 1:04 pm GMT

EURAUD is finding significant support at the 23.6% Fibonacci retracement level of the down leg from 1.6550 to 1.6126 at 1.6225, remaining above the bullish cross created within the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. The latest drop off the 1.6325 resistance drove the stochastics lower, though the indicator has already posted a bullish cross within the %K and %D lines below the 20 oversold mark. Moreover, the MACD oscillator is moving horizontally below the trigger line and near [..]

Technical Analysis – Gold sustains bullish tone despite crawling sideways

Posted on September 7, 2020 at 8:15 am GMT

Gold is currently extending a sideways pattern above the simple moving averages (SMAs) and the 1,900 psychological number. Directional momentum has dried up as displayed by the steadied Ichimoku lines. Nonetheless, the rising SMAs continue to dictate a predominant bullish bias. The short-term oscillators reflect a relatively paused picture under a restrictive diagonal line drawn from the all-time high. The MACD has remained somewhat in the positive region but beneath its red signal line, while the RSI hovers marginally underneath [..]

Technical Analysis – EURUSD loses steam after spike to 29-month peak above 1.20

Posted on September 7, 2020 at 8:14 am GMT

EURUSD is edging lower after the spike towards the 29-month high of 1.2009 on September 1. The four consecutive red days drove the market below the 20-period simple moving average (SMA) and the technical indicators are confirming a bearish retracement. The MACD continues to hold below the trigger line in the positive zone, while the RSI is ready to touch the neutral threshold of 50. The next target to the downside is the 1.1755 support level, which overlaps with the [..]

Technical Analysis – NZDUSD’s foothold near 50-MA rescues positive bias

Posted on September 4, 2020 at 11:03 am GMT

NZDUSD’s drawback from the 13½-month high of 0.6789 appears to be restoring positive sentiment, after finding some traction around the 50-period period simple moving average (SMA) at 0.6687. The advancing SMAs and the approaching bullish crossover of the 200-period SMA by the 100-period one may re-establish confidence in the climb. The Ichimoku lines seem to have paused their negative bearing, while the short-term oscillators display a pick-up in positive momentum. The MACD looks set on improving from the zero area, [..]

Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

Technical Analysis – GBPUSD hold below 40-period SMA; bullish in medium term

Posted on September 4, 2020 at 9:46 am GMT

GBPUSD held in losses this week, dropping to the 1.3240 support level and near to the Ichimoku cloud. The RSI in the four-hour chart continues to miss direction in bearish area, while the MACD is holding below the zero line. The red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. However, should the price close comfortably above the 40-period moving average (SMA) (1.3308), which has been unbreakable over the past sessions, traders could add more value [..]

Technical Analysis – USDCAD aims for a bullish breakout but bears still in play

Posted on September 4, 2020 at 7:43 am GMT

USDCAD is pushing for a close above the long-term ascending trendline drawn from September 2017, which could also drive the price out of the 5 ½-month old downward-sloping channel, following the bounce within the 1.3040-1.2985 area. Should the pair break significantly above the channel and the 20-day simple moving average (SMA), the bullish action could stretch towards the 50-day SMA currently at 1.3350, where the 61.8% Fibonacci of the 1.2556-1.4667 upleg (2018-2020) happens to be. Higher, resistance could next emerge [..]

Technical Analysis – US 30 index withdraws from fresh high; bullish bias intact

Posted on September 4, 2020 at 7:24 am GMT

US 30 stock index (Cash) retreated from the vicinity of 29,168, that being the 150.0% Fibonacci extension of the down wave from 27,632 to 24,560. The positive picture seems safeguarded by the advancing 50- and 100-day simple moving averages (SMAs), and may receive a boost from the approaching bullish crossover of the 200-day SMA by the 100-day one. Additionally, the progressing Ichimoku lines further service the ascent in the index. At the moment the short-term oscillators suggest the recoil from [..]

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