Technical Analysis

Technical Analysis – EURCHF stalls above 200-day SMA as negative tensions grow

Posted on August 4, 2020 at 1:20 pm GMT

EURCHF remains confined between 1.0837 and 1.0733 as it consolidates above the 200-day simple moving average (SMA), something also reflected in the flattened Ichimoku lines and cloud. The pair’s recent weakening in this section is further mirrored in the short-term oscillators. The MACD, some distance in the positive region, has dipped below its red signal line, while the RSI is decreasing towards the 50 threshold. Moreover, the stochastic oscillator has turned negative with weak momentum. Nevertheless, the positive bearing of [..]

Technical Analysis – GBPUSD gains take a blow; positive signals relatively intact

Posted on August 4, 2020 at 7:31 am GMT

GBPUSD hit a snag after its recent appreciation reached a near five-month high of 1.3169, slightly below a significant resistance at the 1.3200 level. The minor retreat in price is mirrored in the reduced bullish slopes of the Ichimoku lines and the bearish orientation of the stochastic oscillator around the 80 level. That said, the MACD and RSI maintain a paused positive demeanour, while the rising 50- and 100-day simple moving averages (SMAs) uphold a positive charge. The MACD, deep [..]

Technical Analysis – EURJPY bulls battling against 200-weekly SMA

Posted on August 4, 2020 at 7:29 am GMT

EURJPY had another constructive week thanks to the ascending trendline that provided strong protection against downside pressures, helping the price to rally towards a 15-month high of 125.19 on Friday. Despite that, the pair could not successfully claim the 125.00 mark as the 200-period simple moving average (SMA) in the weekly chart is blocking the way higher at the same location. Hence, there are some doubts about whether the pair can overcome that line and speed up towards the familiar [..]

Technical Analysis – AUDUSD uncovers footing at lower surface of Ichimoku cloud

Posted on August 3, 2020 at 3:27 pm GMT

AUDUSD seems to have found a foothold around the fortified 0.7063 trough. Reinforcing this area is the lower surface of the Ichimoku cloud and the 100-period simple moving average (SMA). Currently, the falling Ichimoku lines are reflecting weakness in positive momentum as are the short-term oscillators. That said, the red Tenkan-sen line has yet to complete a negative overlap of its blue Kijun-sen line. Moreover, the RSI is pointing upwards in the bearish zone, while the MACD is holding slightly [..]

Technical Analysis – US 500 index struggles to maintain positive picture around 5-month high

Posted on August 3, 2020 at 12:51 pm GMT

US 500 index (Cash) is encountering strong resistance around the recent five-month high of 3,292.24. The price appears to have somewhat stalled for now, something also suggested by the flattened Ichimoku lines. The short-term oscillators further reflect the pause in positive momentum. The MACD, in the positive region, continues to float just below its horizontal red trigger line while the RSI is holding in bullish territory. Additionally, the stochastic lines are rising in overbought territory, the RSI is pointing slightly [..]

Technical Analysis – US 500 index’s positive picture struggles around 5-month high

Posted on August 3, 2020 at 12:23 pm GMT

Technical Analysis – USDJPY gives up gains after quick rebound

Posted on August 3, 2020 at 9:43 am GMT

USDJPY hit a bottom at 104.18 and bounced aggressively towards the 106.00 area in an attempt to return to its previous range. The price, however, could not sustain gains above that level, retracing back to the 105.00 territory instead. The 38.2% Fibonacci of the 108.15-104.18 downleg at 105.70 could not successfully block the way to the downside either despite restricting it earlier in the day, and the pair is currently looking exposed to the 23.6% Fibonacci of 105.12 and the [..]

Technical Analysis – EURUSD pivots from 26½-month high; bullish signals intact

Posted on August 3, 2020 at 7:43 am GMT

EURUSD retreated abruptly from the recent multi-year high of 1.1908 with sellers attempting to cement further negative moves. This can be viewed in the pause of the blue Kijun-sen line and the latest weakening of the short-term oscillators. Despite the stochastic oscillator having turned bearish and the current stalling in the MACD and the RSI, positive signals are still present, as the MACD, in the positive region, remains above its red trigger line and the RSI holds above 70. Moreover, [..]

Technical Analysis – Gold claims fresh highs; bearish divergence warns of retracement

Posted on August 3, 2020 at 7:32 am GMT

Gold inched to a fresh record high of 1,989 on Monday before pulling slightly back as rising infection cases and a turbulent budget debate in the US shifted more funds towards safe havens. The yellow metal has been in the green over the past eight weeks, building its two-year-old uptrend above its simple moving averages (SMAs). While the positive trajectory keeps the bias positive, some caution should be warranted as a bearish divergence seems to be forming between the price [..]

Technical Analysis – GBPAUD makes a U-turn after 1-year low

Posted on July 31, 2020 at 1:17 pm GMT

GBPAUD made U-turn after printing a bullish hammer candle near a one-year low of 1.7693 last week. Since then, the price managed to take the 20- and 50-day simple moving averages (SMAs) out of its way, switching the short-term bias to a positive one. The positive momentum in the RSI, which is accelerating above its 50 neutral mark, and the strengthening MACD are also reflecting a growing buying appetite. A close above 1.8377, which is the 23.6% Fibonacci of the [..]

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