Technical Analysis

Technical Analysis – WTI futures flash dwindling signs in the climb

Posted on July 16, 2020 at 8:35 am GMT

WTI oil futures are clearly demonstrating signals of waning positive sentiment despite an intact positive bearing. The slight flattening in the positively charged Ichimoku lines further backs this view. Noteworthy are the conflicting trajectories in the simple moving averages (SMAs), which may aid and extend consolidation in the commodity in the near-term. Taking a look at the short-term oscillators, positive momentum appears to have disappeared. The MACD trails below its red trigger line in the positive zone, while the RSI [..]

Technical Analysis – AUDUSD tries to revisit 1-year high

Posted on July 16, 2020 at 7:24 am GMT

AUDUSD has been slowly ascending after the rebound on the 0.6800 support, jumping above the short-term 20-day simple moving average (SMA). The price is approaching again the almost one-year peak of 0.7067, searching for new upside adventures. Also, the stochastic oscillator is confirming this view as it is reversing north and has yet to reach overbought levels. In the positive scenario, a jump above the 0.7030 level could find immediate resistance at the 0.7067 barrier before moving towards the 0.7205 – 0.7295 zone. Alternatively, a decline beneath the 20- and [..]

Technical Analysis – GBPJPY gradually deteriorates, challenging the 200-MA

Posted on July 15, 2020 at 4:22 pm GMT

GBPJPY appears to have lost steam since peaking at 135.91, despite the bullish tone still present in the simple moving averages (SMAs). Dominating sellers are currently attempting to build negative momentum to decisively close below the 200-period SMA at 134.67. These efforts are also mirrored in the short-term oscillators as the MACD dips below its red trigger line and neutral mark, while the RSI falls below 50. A clear push below the 200-period SMA at 134.67 may encounter initial support [..]

Technical Analysis – AUDJPY holds onto bullish bias but risks further consolidation

Posted on July 15, 2020 at 2:55 pm GMT

AUDJPY hit a one-month high of 75.26 on Tuesday as it continued to increase positive momentum following last week’s bounce off the 20-day moving average (MA). The RSI is currently trending higher above 50 and hasn’t yet reached overbought levels, indicating there is scope for additional gains in the coming days. However, the MACD remains flat despite the recent gains, suggesting it’s too soon to predict an end to the neutral picture in the short to medium term. If the [..]

Technical Analysis – Gold moves sideways after extreme rally to 9-year top

Posted on July 15, 2020 at 1:13 pm GMT

Gold prices continued the extreme bullish rally that started on March 20, posting a new nine-year peak of 1,817.89. But the commodity may see an overbought market as the RSI is turning lower, while the MACD is developing near the trigger line at the moment, signalling that the price is heading sideways in the very short-term. The 20- and 40-period simple moving averages (SMAs) and the Ichimoku lines are endorsing a horizontal move. More increases could find resistance at the [..]

Technical Analysis – EURGBP reclaims ascent, salvaged by 50-day SMA

Posted on July 15, 2020 at 10:16 am GMT

EURGBP recovered its positive bearing as it recently found a foothold on the rising 50-day simple moving average (SMA). The rescued hike appears to be aided by the upward slopes in the 50- and 100-day SMAs. Glancing at the short-term oscillators, it seems positive sentiment has paused. The MACD, slightly in the positive area, looks to nudge back above its red trigger line, while the RSI’s improvement in the bullish territory stalls. Moreover, the stochastic oscillator holds a bullish tone [..]

Technical Analysis – NZDUSD struggles to advance, drifts sideways

Posted on July 15, 2020 at 8:30 am GMT

NZDUSD’s current course seems set to sail east as the pair’s appreciation appears to have become paralyzed. Nevertheless, enhancing positive signals are present from the gradual incline in the 100- and 200-day simple moving averages (SMAs), in addition to a recent bullish crossover of the 200-day SMA by the rocketing 50-day one. That said, the delayed positive picture is also highlighted in the short-term oscillators. The MACD, some distance in the positive region, has marginally dipped below its red signal [..]

Technical Analysis – USDJPY consolidates, confirmed by flat SMAs and indicators

Posted on July 15, 2020 at 7:03 am GMT

USDJPY posted a double bottom around the 106.00 psychological mark, retaining the neutral outlook that has been holding since March 26. The sideways behavior is endorsed by the short-term momentum indicators. The RSI is hovering around its neutral threshold of 50 with weak movement, while the MACD is flattening near the zero level. Meanwhile, the simple moving averages (SMAs) keep moving horizontally slightly above the current market price, backing the neutral outlook as well. In case the bulls successfully overcome the 20- and 40-day SMAs, immediate resistance could occur near the 38.2% Fibonacci retracement level [..]

Technical Analysis – WTI futures’ positive picture slows; edges sideways

Posted on July 15, 2020 at 5:49 am GMT

WTI oil futures slid into a range structure from 37.07 – 41.60, following a one-and-a-half-month ascent from 6.62. The commodity is holding above the 200-period simple moving average (SMA) but was unable to close above the 41.28 key upper level of a gap in March. The gradual levelling in the 50- and 100-period SMAs as well as the steadying of the Ichimoku lines and cloud, further aids the consolidation in the price. The technical oscillators reflect a pause in positive [..]

Technical Analysis – USDCAD improves somewhat within trading range

Posted on July 14, 2020 at 1:34 pm GMT

USDCAD recently climbed above all converged simple moving averages (SMAs) and the 1.3594 level, that being the 38.2% Fibonacci retracement of the down leg from 1.4047 to 1.3314. The price is currently resting on the upper surface of the mostly horizontal Ichimoku cloud but appears to have lost the fuel to push for the ceiling of the one-month consolidation. Looking at the short-term oscillators, positive momentum has weakened. The MACD is trading slightly above zero and its red signal line, [..]

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