Technical Analysis

Technical Analysis – USDCAD relays gloomy forecast, despite foothold

Posted on August 18, 2020 at 2:23 pm GMT

USDCAD is conveying a negative trajectory despite its recent footing around the near seven-month low of 1.3153. The prevailing negative bearing of the simple moving averages (SMAs) further supports this view. The short-term oscillators are currently reflecting conflicting signals of directional momentum although on a broader scale, the picture is still tilting negative. The MACD, in the negative region, is falling below its red trigger line, while the RSI has climbed back above the 30 mark. The stochastic oscillator appears [..]

Technical Analysis – WTI crude oil find immediate obstacle at 42.90

Posted on August 18, 2020 at 12:46 pm GMT

WTI crude oil futures have found significant resistance at the 42.90 barrier over the last couple of weeks. The technical indicators are showing mixed signals as the RSI is pointing slightly down, while the MACD completed a bullish crossover with its trigger line above the zero line. The Ichimoku lines and the moving averages are still signaling a somewhat upside tendency in the 4-hour chart. In the wake of positive pressures, the market could meet resistance at the five-month high [..]

Technical Analysis – GBPUSD appreciates, targeting durable resistance border

Posted on August 18, 2020 at 8:13 am GMT

GBPUSD is in the process of re-examining the toughened resistance zone from 1.3185 – 1.3211, which has been keeping advances at bay. The strengthening 50- and 100-day simple moving averages (SMAs) and the recent bullish crossover of the 200-day SMA by the 50-day one, suggest further gains may unfold. Glancing at the short-term oscillators, they reflect a pickup in positive momentum. The MACD, some distance in the positive region, is holding below its red trigger line and appears it could [..]

Technical Analysis – EURJPY decreases but the outlook is strongly bullish

Posted on August 18, 2020 at 7:11 am GMT

EURJPY completed two consecutive negative days after it challenged a fresh 16-month high of 126.74 in the previous week. The steep upside movement is still in place and it has been holding since May 6, when it pulled back from the 114.40 support level. From the technical viewpoint, the price is remaining above the simple moving averages (SMAs) in the daily timeframe, however, the momentum indicators are reflecting the recent downside move. The MACD is losing ground beneath its trigger [..]

Technical Analysis – AUDUSD exhibits slowing ascent; positive risks persist

Posted on August 17, 2020 at 1:22 pm GMT

AUDUSD appears to have secured its positive bearing for now, as the price nudged back above the simple moving averages (SMAs) and the Ichimoku cloud. Once again, the price resisted negative pressures and now stands on top of the 50-period SMA at the cloud’s upper surface at 0.7177. Yet, the recently directionless Ichimoku lines sponsor a restrained mode within the pair. Nonetheless, the short-term oscillators reflect some improvement in positive momentum. The MACD has advanced above its red trigger line [..]

Technical Analysis – AUDUSD exhibits slowing in ascent, positive risks persist

Posted on August 17, 2020 at 12:51 pm GMT

AUDUSD appears to have secured its positive bearing for now, as the price nudged back above the simple moving averages (SMAs) and the Ichimoku cloud. Once again, the price resisted negative pressures and now stands on top of the 50-period SMA at the cloud’s upper surface at 0.7177. Yet, the recently unclear Ichimoku lines sponsor a restrained mode within the pair. Nonetheless, the short-term oscillators reflect some improvement in positive momentum. The MACD has advanced above its red trigger line [..]

Technical Analysis – USDJPY edges lower; indicators turn lower

Posted on August 17, 2020 at 12:22 pm GMT

USDJPY is edging lower over the last couple of sessions, finding strong resistance at the 106.65 barrier and the mid-level of the Bollinger band. The price is flirting with the lower Bollinger band and the 40-period simple moving average (SMA) in the 4-hour chart, while the technical indicators are returning down. The RSI is heading to the downside below the 50 level and the stochastic is posting a bearish crossover within its %K and %D lines in the short-term. Should [..]

Technical Analysis – EURUSD gaining ground, bullish backing improves

Posted on August 17, 2020 at 8:16 am GMT

EURUSD has regained positive momentum, bouncing near the 1.1695 low where the price solidified the start of the recent progress that is heading towards the 26½-month high of 1.1915. Further aiding this move is the slight advancement of the already bullish Ichimoku lines and the recovery in the short-term oscillators. The MACD, although below its red trigger line deep in the positive region, looks to reclaim it, while the RSI is attempting to penetrate above the 70 mark. Moreover, the [..]

Technical Analysis – EURUSD resumes ascent, bullish backing improves

Posted on August 17, 2020 at 7:58 am GMT

EURUSD has regained positive momentum bouncing near the 1.1695 low, where the price solidified the start of the recent progress that is heading towards the 26½-month high of 1.1915. Further aiding this move is the slight advancement of the already bullish Ichimoku lines and the recovery in the short-term oscillators. The MACD, although below its red trigger line deep in the positive region, looks to reclaim it, while the RSI is attempting to penetrate above the 70 mark. Moreover, the [..]

Technical Analysis – Gold recoups some losses after rebound on 1,860

Posted on August 17, 2020 at 7:42 am GMT

Gold prices are returning slightly higher after the aggressive selling interest from the all-time high of 2,074.89 achieved on August 7. The price found immediate resistance at the 20-day simple moving average (SMA), while the technical indicators seem to be mixed. The MACD oscillator is falling well below the trigger line, though the RSI is pointing marginally up near the neutral threshold of 50. If the price recoups some of the losses and jumps above the flat red Tenkan-sen line, [..]

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