Technical Analysis

Technical Analysis – NZDUSD retraces under 50-day SMA; positive signals intact

Posted on August 26, 2020 at 8:25 am GMT

NZDUSD has faded below the 50-day simple moving average (SMA) from a fresh seven-month high of 0.6714, somewhat stalling the bullish picture. However, the strengthening 50- and 100-day SMAs coupled with a forthcoming bullish crossover of the 200-day SMA by the 100-day one, may rapidly guide the pair higher again. The short-term oscillators are transmitting mixed signals of momentum at the moment. The MACD and its red signal line are currently flirting with the neutral mark. On the other hand, [..]

Technical Analysis – USDJPY ticks up but still in descending move

Posted on August 26, 2020 at 7:00 am GMT

USDJPY has been ticking higher over the last couple of days, though in the five-month picture it is still in a descending movement. Currently, the price is flirting with the 40-day simple moving average (SMA), while the RSI is hovering around its 50 level. Also, the MACD is moving higher in the negative territory, indicating an upside retracement in the short-term. If the price jumps above the 40-day SMA, immediate resistance could come from the 38.2% Fibonacci of the down leg from 111.70 to 104.15 at 107.07. Clearing [..]

Technical Analysis – CADJPY remains above 200-day SMA; positive signals strengthen

Posted on August 25, 2020 at 3:14 pm GMT

CADJPY recently found some footing on the 200-day simple moving average (SMA), shifting the momentum to the upside. Aiding an appreciation in the pair are the bullish 50- and 100-day SMAs and the short-term oscillators. The MACD, in the positive region, has poked above the red trigger line while the RSI is increasing in the bullish section. Additionally, the stochastic oscillator is strengthening its positive tone endorsing further advances. To the upside, clearing the 80.55 level, which is the 61.8% [..]

Technical Analysis – EURCHF underperforms below 200-SMA; neutral bias

Posted on August 25, 2020 at 1:00 pm GMT

EURCHF has been underperforming, breaking back below the key 200-period simple moving average (SMA) in the 4-hour chart. When looking at the bigger picture the pair lacks a clear trend and has been consolidating since July 14. Prices pulled back from the 1.0775 resistance level, which overlaps with the 40-period simple moving average (SMA) but based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI is below 50 and the MACD is trying to [..]

Technical Analysis – WTI futures range bound; buyers pierce above cloud

Posted on August 25, 2020 at 12:34 pm GMT

WTI oil futures penetrated above the 50-period simple moving average (SMA) currently at the cloud’s upper surface around 42.66, following a recent bounce on the 200-period SMA. A consolidated tone has grasped the commodity for the last couple of weeks but a relatively bullish bearing continues to dominate the SMAs. The short-term oscillators reflect a slight increase in positive momentum. The MACD is marginally below zero but holds above its red trigger line, while the RSI is improving from its [..]

Technical Analysis – USDCAD slows momentum in sideways channel

Posted on August 25, 2020 at 9:01 am GMT

USDCAD has been in a consolidation area over the last week with upper boundary the 1.3245 resistance and lower boundary the seven-month low of 1.3132, reached on August 19. The stochastic oscillator is flattening in the overbought zone and the RSI is ticking down in the positive region, suggesting more losses. The 40- and the 20-period simple moving averages (SMAs) in the 4-hour chart, are acting as strong support levels for the bears at 1.3197 and 1.3186 respectively, near the [..]

Technical Analysis – EURJPY stays bullish despite retreat from 16-month high

Posted on August 25, 2020 at 8:47 am GMT

EURJPY managed to preserve its strongly bullish bearing after finding a foothold at the rising blue Kijun-sen line around 124.42. The pullback from the 126.80 peak seems to be neutralized from the recent positive traction above the red Tenkan-sen line, boosted by a bullish crossover in the simple moving averages (SMAs). The MACD, in the positive area, is below its red trigger line but seems is looking to reclaim it. The RSI has remained above the 50 mark for some [..]

Technical Analysis – EURJPY holds bullish, despite retreat from 16-month high

Posted on August 25, 2020 at 8:32 am GMT

EURJPY managed to preserve its strongly bullish bearing after finding a foothold at the rising blue Kijun-sen line around 124.42. The pullback from the 126.80 peak seems to be neutralised from the recent positive traction above the red Tenkan-sen line, boosted by a bullish crossover in the simple moving averages (SMAs). The MACD, in the positive area, is below its red trigger line but seems is looking to reclaim it. The RSI has remained above the 50 mark for some [..]

Technical Analysis – GBPUSD forms strong bullish tendency but stands below 8-month peak

Posted on August 25, 2020 at 7:05 am GMT

GBPUSD is holding beneath the eight-month high of 1.3270 that it reached on August 19, but the outlook remains strongly bullish above the ascending trend line from March 20. The price is currently capped by the 20-day simple moving average (SMA), finding some difficulty to surpass this line, and the RSI indicator is turning slightly higher in the positive area. However, the MACD oscillator is still heading down below its trigger line in the short-term. The Ichimoku lines are pointing [..]

Technical Analysis – USDJPY range bound; momentum dwindles

Posted on August 24, 2020 at 3:14 pm GMT

USDJPY extends its horizontal bearing between the confines of 105.09 and 107.00. The zigzagging of the 50- and 100-period simple moving averages (SMAs) are assisting the sideways action in price, while the Ichimoku lines and cloud mirror a situation of evaporated momentum. The short-term oscillators suggest that directional momentum is weak, but the picture is tilting slightly negative. This is backed by the slipping of the 200-period SMA and the negative charge of the stochastic oscillator. However, the RSI is [..]

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