Technical Analysis

Technical Analysis – GER 30 index bullish above trendline and near 12,960 resistance

Posted on July 22, 2020 at 12:22 pm GMT

The German 30 stock index (cash) has been stubbornly testing the 12,960 key resistance level over the past four days as the strong ascending trendline has been nicely supporting the market. In momentum indicators, the RSI managed to gain additional ground in the bullish area, while the MACD has slowly risen above its red signal line, both hinting that the short-term risk is still tilted to the upside. Whether the index can find new buyers now, may depend on the [..]

Technical Analysis – EURJPY ticks up near 6-week high below 123.00

Posted on July 22, 2020 at 12:20 pm GMT

EURJPY is extending its upward six-week rally near the 123.00 handle. The price is standing above the 23.6% Fibonacci retracement level of the up leg from 114.40 to 124.42 at 122.06, remaining above the 20- and 40-day simple moving averages (SMA). Technically, the MACD oscillator is strengthening its momentum above its trigger and zero lines, while the RSI is approaching the overbought territory, suggesting more gains. If the pair continues to tick higher, the 13-month high of 124.42 could be [..]

Technical Analysis – GBPUSD gets bullish vibes within range

Posted on July 22, 2020 at 12:20 pm GMT

GBPUSD has been consolidating between the 20- and 200-day simple moving averages (SMAs) for more than a week, but the pair is now looking ready for a bullish breakout above the latter. Although somewhat flattish, the market structure remains positive, with the price printing higher highs and higher lows following the rebound from the 35-year low of 1.1409. The momentum indicators are also in favor of the bulls as the RSI is rising comfortably above its 50 neutral mark and [..]

Technical Analysis – US 500 reaches five-month high; looks strongly bullish

Posted on July 22, 2020 at 12:19 pm GMT

The US 500 cash index reached another five-month high of 3,280.72 earlier today as the index extended its four-month bull run. Prices broke above the 3,230 level and are trading above their moving averages. The bullish picture in the medium-term is further supported by the MACD, which is rising above its trigger line, while the RSI is edging towards the overbought level. Should prices reverse lower, immediate support could come at 3,230 and the 3,110 barrier. Below that, the 23.6% [..]

Technical Analysis – WTI futures rises near 19-week high

Posted on July 22, 2020 at 12:18 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

Technical Analysis – NZDUSD touches new 6-month high; bullish picture

Posted on July 22, 2020 at 12:18 pm GMT

NZDUSD is recording a stunning rally over the last couple of days towards the fresh six-month high of 0.6665, holding above the four-month ascending trend line. The RSI is currently increasing positive momentum towards its overbought threshold, while the MACD is slowing down in the positive territory, hinting that the next move in prices could be on the downside rather than on the upside. However, the 20- and 40-day simple moving averages (SMAs) and the Ichimoku lines are pointing upwards [..]

Technical Analysis – USDJPY lower in range, still lacking bullish potential

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

USDJPY held within the 106.69-108.00 narrow range thanks to the 50% Fibonacci of the downleg from 112.21 to 101.17 which managed to calm bearish forces once again on Tuesday. While the pair is currently trying to regain some lost ground, the RSI and the MACD continue to paint a discouraging picture for the short-term as the former keeps hovering below its 50 neutral mark and the latter seems to be gaining negative momentum beneath its red signal line. A close [..]

Technical Analysis – Tesla stock erases some gains after sharp buying interest

Posted on July 22, 2020 at 12:13 pm GMT

Tesla’s stock price has been in a slightly recovery mode after the skyrocketing to a record high of 1785.43 on July 13. The price remains above the 23.6% Fibonacci retracement level of up leg from 350 to 1785.43 at 1446, however, the RSI looks overbought as it turns lower above the 70 level. Also, the MACD oscillator is weakening its momentum, though it holds above its trigger and zero lines. In case of steeper declines immediate support is coming from [..]

Technical Analysis – AUDUSD finds strong ceiling at 0.7000; holds in upward channel

Posted on July 22, 2020 at 11:59 am GMT

AUDUSD found strong ceiling near the 0.7000 psychological level in the ascending channel that has been holding since June 15. Technically, the MACD oscillator is still flattening above the zero level with weak momentum, while the RSI is sloping down near the 50 level. The 20- and 40-period simple moving averages are moving horizontally confirming the recent neutral move. If the pair successfully surpasses the 0.7000 handle, it could gain some ground towards the 0.7040 barrier ahead of the 14-month [..]

Technical Analysis – Gold moves horizontally slightly below 9-year high

Posted on July 20, 2020 at 7:23 am GMT

Gold prices are in a horizontal move after they reached a nine-year peak near 1,817 and remaining above the 20- and 40-day simple moving averages (SMAs). The MACD oscillator is moving sideways above the zero line but it fell beneath the trigger line, while the RSI indicator is flattening slightly below the overbought zone. If the yellow metal extends its four-month bullish structure above the multi-year high of 1,817, it could touch the 161.8% Fibonacci extension level of the down [..]

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