Technical Analysis

Technical Analysis – USDCHF stands in descending triangle near 0.9100

Posted on August 13, 2020 at 10:20 am GMT

USDCHF has been in a slightly descending movement since August 3 with strong support level at the 0.9050 barrier. Currently, the price is holding beneath the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud, however, the technical indicators are suggesting a rebound. The RSI is pointing marginally up in the negative zone, while the stochastic is creating a bullish crossover in the oversold territory. A climb above the 23.6% Fibonacci retracement level of the down leg from [..]

Technical Analysis – AUDJPY fights long-term resistance area; bearish divergence detected

Posted on August 13, 2020 at 7:32 am GMT

AUDJPY stepped on the supportive ascending trendline earlier this week and shifted north again to fight the heavy ceiling around 76.70, which has been active since June 2016. While the RSI and the Stochastics continue to consolidate within the bullish area, they have been printing lower highs over the past two months in contrast to the price which has been holding around the upper surface of its range. The pattern reminds a bearish divergence structure and could be a signal [..]

Technical Analysis – EURJPY rescued by Ichimoku cloud, positive course on track

Posted on August 13, 2020 at 7:15 am GMT

EURJPY is tackling the fresh near 16-month high of 126.20 after a recent bounce on the cloud’s upper surface repowered the positive incline. The Ichimoku lines currently reflect a pause in the ascent, while the rising simple moving averages (SMAs) command a clear bullish bearing. Glancing at the short-term oscillators, they too reflect some stalling in the positive momentum. The MACD, in the positive section, has marginally smoothed above its red trigger, while the stochastic lines flirt with the overbought [..]

Technical Analysis – WTI continues the smooth upside movement

Posted on August 13, 2020 at 6:56 am GMT

WTI crude oil futures are moving higher with weak momentum and reached a fresh five-month high of 43.52 in the preceding days. The MACD oscillator is showing a negative divergence, suggesting slowing upside movement that is indicating a bearish reversal on price. However, the RSI is still pointing upwards in the positive territory. A clear upside rally above the 43.52 resistance could open the way for a revisit of the 48.80 barrier, registered on March 3. Breaching this level, the [..]

Technical Analysis – JP 225 index gains some traction above SMAs

Posted on August 12, 2020 at 3:08 pm GMT

Japan 225 stock index (Cash) is currently trailing the upper Bollinger band and has broken above the 23,172 high. The latest climb from 22,665 is acquiring positive ground after passing recent highs, something also suggested by the short-term oscillators. The MACD, some distance in the positive region, is strengthening above its red trigger line, while the upward sloping RSI ascends back above the 70 mark. Additionally, should the 50-period simple moving average (SMA) complete a bullish crossover of the horizontally [..]

Technical Analysis – CADJPY jumps to 2-month high but needs steeper moves for bullish bias

Posted on August 12, 2020 at 1:24 pm GMT

CADJPY looks to be mostly neutral despite the latest ascent move from the 77.65 low. Currently, the pair is testing a new two-month high and if there is a bounce off at the 81.90 resistance it could endorse the horizontal trajectory. The short-term oscillators reflect a positive momentum. The RSI, in the positive area, has moved above its 50 level and is approaching the overbought region. Additionally, backing this view are the stochastics, which are currently flirting with the 80 [..]

Technical Analysis – EURGBP creeps sideways below limiting 200-MA

Posted on August 12, 2020 at 1:18 pm GMT

EURGBP is currently attempting to jump above the heavy 200-period simple moving average (SMA), which has kept the deterioration of the pair alive. The SMAs are somewhat all flat for now, reflecting the neutral tone of the pair, but an approaching bearish cross of the 200-period SMA by the 100-period one may revive negative tendencies. The short-term oscillators suggest that positive directional momentum is strengthening. The MACD, in the negative region, has pushed above its red signal line and has [..]

Technical Analysis – GBPJPY hits 5½-month high; positive bias intact

Posted on August 12, 2020 at 10:11 am GMT

GBPJPY reached a five-and-a-half-month high of 139.50 earlier today, continuing the buying interest that started on June 29. Also, the price remains above the 20- and 40-period simple moving averages (SMAs) and the MACD oscillator is strengthening its positive momentum above its trigger line. However, the RSI indicator is flattening slightly below the overbought zone. The mixed signals in the technical indicators are suggesting a possible pullback. In case that the price overcomes the five-and-a-half-month high of 139.50 could it [..]

Technical Analysis – Gold sells off, correction extends to 200-MA

Posted on August 12, 2020 at 8:19 am GMT

Over the past few days, gold has aggressively corrected from its all-time high of 2,074.89 after failing to close above the 2,072 level, that being the 423.6% Fibonacci extension of the pullback from 1,765 to 1,670. The yellow metal plummeted below the Ichimoku cloud, taking out the 50- and 100-period simple moving averages (SMAs) in the process. However, the adjustment came to a halt at the 200-period SMA at 1,873, which happens to also be the 50.0% Fibonacci retracement of [..]

Technical Analysis – NZDUSD dips beneath 5-month uptrend line

Posted on August 12, 2020 at 7:47 am GMT

NZDUSD has declined beneath the five-month ascending trend line and the 40-day simple moving average (SMA), indicating a downside pullback. The momentum indicators are losing ground as the RSI is edging below the 50 level and the MACD is slipping below the trigger line in the positive zone. The Ichimoku red Tenkan-sen line is pointing down, approaching the blue Kijun-sen line. More downside pressure could send the market towards the 23.6% Fibonacci retracement level of the up leg from 0.5467 [..]

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