Technical Analysis

Technical Analysis – EURUSD hovers near 4-month highs as EU summit extends

Posted on July 20, 2020 at 5:57 am GMT

EURUSD continued to trade near four-month highs as EU leaders extended their recovery fund talks for another day on Monday. Previously, the pair shot northwards after breaking a bullish flag pattern on the upside, signaling the continuation of the positive trend. But resistance around 1.1450 is currently looking like a hurdle. Technically, there is some room for improvement as the upward-sloping RSI and the fast-Stochastics have yet to confirm an overbought market. The MACD is also providing encouraging signals as the indicator keeps positive momentum above [..]

Technical Analysis – GBPUSD lacks clear direction trapped between the SMAs

Posted on July 17, 2020 at 1:10 pm GMT

GBPUSD is in the process of pushing under the 1.2515 level, that being the 61.8% Fibonacci retracement of the down leg from 1.3200-1.1410, after the hike from 1.2250 was kept at bay by recent congested highs (1.2650-1.2686). The short-term oscillators echo the pick-up in negative momentum. The MACD has dipped below its red signal line and the zero mark, while the RSI deteriorated in bearish territory. Moreover, the negative tone of the stochastic oscillator further reflects the weakening in the [..]

Technical Analysis – NZDUSD remains trapped in sideways market; positive risks upheld

Posted on July 17, 2020 at 11:55 am GMT

NZDUSD is fixed around the steadied Ichimoku lines and 50-period simple moving average (SMA) as it continues to drift in a one-month horizontal formation. The price is stuck above the progressing 100- and 200-period SMAs, nurturing their positive bearing. Further promoting advances is the bullish demeanour within the stochastic oscillators’ %K and %D lines. However, the MACD and the RSI reflect a state of evaporated directional momentum, as they both are floating around their neutral marks. Moreover, the levelled Ichimoku [..]

Technical Analysis – GBPJPY freezes at 50.0% Fibonacci; momentum ceases

Posted on July 17, 2020 at 7:24 am GMT

GBPJPY has come to a standstill at 134.47, that being the 50.0% Fibonacci retracement of the down leg from 144.94 to 124.00. The 200-day simple moving average (SMA) sponsors a broader neutral picture with its mostly horizontal tone while the recent bullish crossover of the 100-day SMA by the ascending 50-day one, may provide the necessary boost to return upside sentiment. Although directional momentum has disappeared, the short-term oscillators look skewed to the upside. The MACD is marginally above its [..]

Technical Analysis – USDCAD bulls wait for a close above 1.3633

Posted on July 17, 2020 at 6:04 am GMT

The 200-day simple moving average (SMA) limited downside corrections in USDCAD, holding the pair above its recent lows. Still, positive movements were constrained too, as the descending trendline with the help of the 23.6% Fibonacci retracement of the 1.4667-1.3314 downleg managed to keep the bulls under control. Currently, the momentum indicators are not very promising that the pair could record important green sessions in the short-term. The RSI continues to consolidate below its 50 neutral mark despite holding above its [..]

Technical Analysis – US 30 index regains strength above SMAs and Ichimoku cloud

Posted on July 17, 2020 at 5:26 am GMT

US 30 stock index (Cash) is preserving its recent positive sentiment despite a pullback from the 27,178 level. The climb in the index is aided by the upward sloping simple moving averages (SMAs). Furthermore, the intact positive charge of the Ichimoku lines and the distancing of the red Tenkan-sen above the blue Kinjun-sen line may keep upside risks alive in the very near-term. The short-term oscillators also suggest growing bullish momentum. The MACD, comfortably above zero, has slipped below its [..]

Technical Analysis – US 30 index improves above MA’s and Ichimoku cloud

Posted on July 16, 2020 at 3:40 pm GMT

US 30 stock index (Cash) is preserving its recent positive sentiment despite a pullback from the 27,178 level. The climb in the index is aided by the upward sloping simple moving averages (SMAs). Furthermore, the intact positive charge of the Ichimoku lines and the distancing of the red Tenkan-sen above its blue Kinjun-sen line boost positive momentum in the very near-term. The short-term oscillators also suggest growing bullish momentum. The MACD, deep in the positive section, has slipped below its [..]

Technical Analysis – EURUSD pulls back from 4-month high; bullish in medium term

Posted on July 16, 2020 at 2:41 pm GMT

EURUSD is declining somewhat following the pullback on the four-month high of 1.1421 on Wednesday. This short-term bearish movement is confirmed by the technical indicators, as the MACD is falling beneath its trigger line in the positive zone, while the stochastic oscillator is approaching the oversold territory. Immediate support is coming from the 20-period simple moving average (SMA), which hovers near the 1.1374 support. Below that, the 40-period SMA at 1.1342 and the upper surface of the Ichimoku cloud at [..]

Technical Analysis – USDCHF sustains a negative formation despite recent gains

Posted on July 16, 2020 at 1:05 pm GMT

USDCHF improved recently in an established negative structure and is tackling the 0.9457 level, that being the 61.8% Fibonacci retracement of the up leg from 0.9182 to 0.9900. Further backing the negative picture are the declining simple moving averages (SMAs). However, in spite of the prevailing negative charge within the Ichimoku lines, they reflect a stall in the descent, while the short-term oscillators signify strengthening positive sentiment. The MACD, in the negative region, has pushed above its red signal line, [..]

Technical Analysis – EURJPY rises above uptrend line in short term

Posted on July 16, 2020 at 12:46 pm GMT

EURJPY has been in an ascending move since June 19 in the short-term, surpassing the 23.6% Fibonacci retracement level of the up leg from 114.40 to 124.45 at 122.08. The short-term bias looks positive as the RSI keeps gaining ground above the 50 level, while the stochastic seems to be making its way up after the bounce off the 20 level. The 122.50 resistance could be a trigger point for steeper bullish action. Even higher, resistance could run towards the [..]

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