Technical Analysis

Technical Analysis – USDCAD unlocks fresh 7-month low below 1.3100

Posted on August 28, 2020 at 7:10 am GMT

USDCAD has been posting more losses as it completed a fresh seven-month low of 1.3085 earlier today, remaining in a descending channel over the last five months. The momentum indicators are currently encouraging the sell-off as the MACD oscillator is developing beneath its trigger and zero lines, while the RSI is trying to meet the oversold territory. Both the Ichimocku indicators, the red Tenkan-sen and the blue Kijun-sen lines, and the 20- and 40-day simple moving averages (SMAs) are heading south [..]

Technical Analysis – Copper futures’ uptrend intact; positive backing present

Posted on August 27, 2020 at 2:47 pm GMT

Copper futures maintain a steady bullish bearing after a bounce on the 50-day simple moving average (SMA), which sent the commodity to a 25-Month peak of 3.040. The rising red Tenkan-sen line is promoting additional advances, while the bullish crossover of the 200-day SMA by the 100-day one may further boost the predominant positive picture. The short-term oscillators also endorse an improving outcome. The MACD and the stochastic oscillator suggest positive momentum is increasing despite the pause displayed in the [..]

Technical Analysis – EURJPY edges sideways as progress remains capped

Posted on August 27, 2020 at 1:02 pm GMT

EURJPY appears to be maintaining a horizontal-to-downside trajectory trapped near the 20- and 40-period simple moving average (SMA) as well as the 100-period SMA. A paused state of directional momentum is reflected in the Ichimoku lines, while the price rests around the lower surface of the Ichimoku cloud. The negative signals in the short-term oscillators further reflect the stall in the price. The RSI has barely inched below the 50 leve and the stochastic %K line is ticking down after it [..]

Technical Analysis – USDCHF fades further; negative formation prevails

Posted on August 27, 2020 at 12:39 pm GMT

USDCHF is currently restricted by a very short-term diagonal line, which is maintaining the price’s bearish tone within a confirmed broader negative pattern. Further aiding the moulded negative picture is the bearish bearing of the Ichimoku lines and the simple moving averages (SMAs). That said, the short-term oscillators are emitting conflicting signals in directional momentum. The MACD, in the negative region, is strengthening above its red signal line, while the RSI is improving in bearish territory. Nonetheless, the negative demeanour [..]

Technical Analysis – WTI futures struggle after conquering 200-day SMA

Posted on August 27, 2020 at 9:00 am GMT

WTI oil futures are striving to overcome a critical resistance at 43.69, after having nudged over the 200-day simple moving average (SMA). Positive momentum has been gradually shrinking for approximately two-months, mirrored in the flattening out of the Ichimoku lines. Yet, the price continues to steadily crawl higher, maintaining a positive tone above the SMAs and the Ichimoku cloud. The short-term oscillators further reflect the anaemic positive momentum. The MACD, slightly in the positive region, continues to drag below its [..]

Technical Analysis – EURUSD is capped by SMAs and fails to improve positive picture

Posted on August 27, 2020 at 8:31 am GMT

EURUSD attempted to break the upper border of the neutral zone it has been ranging within the last week, but its efforts proved unsuccessful as the 40-period simple moving average (SMA) defended the bears once again around 1.1850. The short-term oscillators are suggesting mixed signals as the RSI is hitting the 50 level, though, the MACD is gaining ground and is approaching the zero level. Hence, the short-run risk is looking neutral-to-positive now and another retest of the 1.1850 – [..]

Technical Analysis – AUDUSD hovers around 8-month high

Posted on August 27, 2020 at 6:48 am GMT

AUDUSD has been advancing since March 19 but over the last month, it has been moving sideways below the eight-month peak of 0.7275 achieved on August 19. Currently, the pair is developing slightly above the short-term simple moving averages (SMAs) and the stochastic is approaching the overbought territory, however, the MACD is confirming the recent neutral mode and is losing momentum in the positive zone. If there is an attempt above the eight-month peak, immediate resistance would come from the [..]

Technical Analysis – EURGBP tumbles below SMAs; indicators are negative

Posted on August 26, 2020 at 1:17 pm GMT

EURGBP has been in a declining movement over the last sessions, remaining well below the Ichimoku cloud and the short-term simple moving averages (SMAs). Furthermore, the RSI is heading south in the bearish territory, while the stochastic is moving lower in the oversold zone. If prices continue to head lower, support should come from the 0.8943 support, taken from the latest lows, before touching the 0.8865 barrier, registered on June 5. However, should an upside reversal take form, immediate resistance [..]

Technical Analysis – GBPJPY remains consolidated; positive momentum feeble

Posted on August 26, 2020 at 11:40 am GMT

GBPJPY seems to be range bound, something also reflected in the flattening out of the slopes of the 50- and 100-period simple moving averages (SMAs). The directionless Ichimoku lines and the steadied cloud further reflect this view. That said, the short-term oscillators, although somewhat stalled, still lean towards a positive picture. The MACD, in the positive region, is holding above its red signal line, while the RSI hovers in bullish territory. Noteworthy is the intact bullish bearing of the SMAs. [..]

Technical Analysis – Gold lacks clear direction after meeting all-time high

Posted on August 26, 2020 at 8:33 am GMT

Gold prices have been in a declining direction after strong rally towards the all-time peak of 2,074.89, but they found strong support at the 1,911 barrier over the last two weeks. The price is trading below the simple moving averages (SMAs) and the Ichimoku in the 4-hour chart. Furthermore, the RSI is heading south in the bearish territory, however, the MACD is moving horizontally below the zero line. A strong push below the 1,911 support would drive the bears towards [..]

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