Technical Analysis

Technical Analysis – USDCAD gains capped by 200 moving average

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

USDCAD is presently tackling the restricting 200-period simple moving average (SMA) residing at the 1.3680 level, that being the 50.0% Fibonacci retracement of the down leg from 1.4047 to 1.3314. The existing bullish tone in the 50- and 100-period SMAs and the positive bearing of the Ichimoku lines further back additional price advances. The technical indicators also back an improving picture in the short-term timeframe. The MACD, in spite of having dipped below its red signal line in the positive [..]

Technical Analysis – EURGBP jumps above 0.9100, continues upward trend

Posted on June 30, 2020 at 8:10 am GMT

EURGBP levitated higher this week, continuing the pattern of higher highs and higher lows on the daily chart above an uptrend line drawn from the lows of February. The pair is also trading above all its simple moving averages (SMAs), all of which suggests that the outlook is bullish. Short-term oscillators mostly concur with that assessment, as the RSI is already positive and is hovering just below its 70 line, while the MACD is above both its zero and red [..]

Technical Analysis – EURJPY rests near 121.00; is in negative correction

Posted on June 30, 2020 at 6:22 am GMT

EURJPY created a spike above the 20-day simple moving average (SMA), but the bias remains bearish in the short-term, as the price is trading well below the 13-month peak of 124.42. Further backing this short-term view are the Ichimoku lines and the 20-day SMA, which is reversing down. However, for now the technical oscillators reflect contradicting signals. The MACD, in the positive area, remains below its trigger line but it seems to strengthen its momentum, while the RSI hovers in [..]

Technical Analysis – GBPUSD bears may retain charge after one-month low

Posted on June 30, 2020 at 6:07 am GMT

GBPUSD refused to close within the Ichimoku cloud for a second time this month on Monday despite piercing it slightly to the downside. With the price having reached a new one-month low of 1.2250 in a familiar support area, upside corrections or some stabilization cannot be ruled out in the short-term. Yet, any improvement could be short-lived as the bears remain in charge according to the RSI and the MACD which continue to lose strength below their neutral marks. Should [..]

Technical Analysis – US 500 index’s sideways shift fades below 200-MA

Posted on June 29, 2020 at 1:40 pm GMT

US 500 stock index (Cash) is attempting to reclaim the 200-period simple moving average (SMA) after dipping below it in the previous session. The recent horizontal glide in the price after the pullback from the three-and-a-half-month top of 3,233, has been dwindling as negative tensions build. The neutral-to-bearish tone in the 50- and 100-period SMAs and the negative bearing in the Ichimoku lines further back the deteriorating view. Additionally, the price remains below the cloud and the vital 200-period SMA. [..]

Technical Analysis – Brent futures pull back from more than 3-month peak

Posted on June 29, 2020 at 1:23 pm GMT

Brent crude oil futures stretched their two-month rally to a more than three-month high of 44.00 last Tuesday before pulling slightly lower. The RSI seems to be gaining momentum above the 50 level, while the stochastic oscillator is ready to post a bullish crossover within its %K and %D lines above the oversold territory. The market trend is likely to hold on the upside as long as the price holds far above the moving averages in the short term. If [..]

Technical Analysis – USDJPY edges sideways as progress remains capped

Posted on June 29, 2020 at 10:06 am GMT

USDJPY appears to be maintaining a horizontal trajectory trapped between the 200-period simple moving average (SMA) and the 50-period SMA. A paused state of directional momentum is reflected in the Ichimoku lines, while the price rests around the upper surface of the Ichimoku cloud. The mixed signals in the short-term oscillators further reflect the stall in the price. The MACD has barely inched above its red trigger line in the positive region, while the RSI improves from its neutral mark. [..]

Technical Analysis – AUDUSD moves sideways below 0.6900; positive momentum in medium term

Posted on June 29, 2020 at 9:57 am GMT

AUDUSD has been on the sidelines over the last two weeks as the 0.6975 resistance and the 0.6800 handle seem to be a real struggle for traders. Technically, the price could lose some ground in the short-term as the RSI is flattening below 50, while the MACD is flirting with its trigger and zero lines. A pullback on bearish cross within the 20- and 40-period simple moving averages (SMAs) and the lower surface of the Ichimoku cloud could keep the pair [..]

Technical Analysis – EURUSD’s downside correction may be temporary

Posted on June 29, 2020 at 7:24 am GMT

EURUSD seems to be trading within a downward-sloping channel on the daily chart which seems to be part of a bullish flag formation created after the steep rally to 1.1421. The pattern is a positive signal that the downside correction in the price is temporary and the market could soon resume its upward direction once the bulls smash the upper surface of the channel. The fact that the 50- and 200-day simple moving averages have (SMAs) have positively crossed each other after three [..]

Technical Analysis – Gold trades near almost 8-year peak; still bullish

Posted on June 29, 2020 at 7:20 am GMT

Gold prices are continuing the upside movement, creating new highs and touching an almost eight-year peak at 1,779. The short-term technical indicators are neutral-to-bullish and point to a somewhat stromger market. The MACD is holding well above its zero and trigger lines, while the RSI is hovering in positive territory. The Ichimoku lines are also suggesting a bullish bias as the red Tenkan-sen line is standing above the blue Kijun-sen line and the cloud is looking for more upside movements. [..]

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