Technical Analysis

Technical Analysis – NZDUSD consolidates recent gains; negative risks present

Posted on June 26, 2020 at 1:34 pm GMT

NZDUSD’s positive picture appears to withstand negative pressures, glued just under the 50- and 100-period simple moving averages (SMAs) and holding just inside the Ichimoku cloud. The pair has adopted a horizontal tone over the last weeks, something also mirrored in the unclear Ichimoku lines and the mostly horizontal state of the Ichimoku cloud. Presently above the 0.6380 level, the predominant bearing is positive, something also reflected within the 100- and 200-period SMAs in spite of the failing and lagging [..]

Technical Analysis – NZDUSD’s positive picture consolidates; negative risks present

Posted on June 26, 2020 at 12:57 pm GMT

NZDUSD’s positive picture appears to withstand negative pressures, glued just under the 50- and 100-period simple moving averages (SMAs) and in the Ichimoku cloud. The pair has adopted a horizontal tone over the last weeks, something also mirrored in the unclear Ichimoku lines and the mostly horizontal state of the Ichimoku cloud. Presently above the 0.6380 level, the predominant bearing is positive, something also reflected within the 100- and 200-period SMAs in spite of the failing and lagging 50-day SMA. [..]

Technical Analysis – US 30 index pauses its upside rally below 200-day SMA

Posted on June 26, 2020 at 11:27 am GMT

The US 30 cash index has lost its strong positive momentum after the pullback from the three-and-half month high of 27,369 on June 9. The price found strong resistance at the 200-period simple moving average (SMA) over the last few days and is still consolidating above the 23.6% Fibonacci retracement level of the up leg from 18,145 to 27,639 at 25,340. According to the technical indicators, the MACD is losing ground below the trigger line, while the RSI is moving [..]

Technical Analysis – GBPJPY retreats under SMAs; neutral mode returns

Posted on June 26, 2020 at 8:32 am GMT

GBPJPY has calmed just under the 50-day simple moving average (SMA) after the price reversed from the 139.72 mark back below the SMAs, thus reverting the pair to the previous neutral structure. Although the negative tone in the 50- and 100-day SMAs is intact, the sideways lingering in the former and the flattened state of the 200-day SMA, reflect the stalled mode present in the pair. Glancing at the short-term oscillators, they presently suggest weak directional momentum but lean towards [..]

Technical Analysis – GBPUSD may show some volatility; bears in favor

Posted on June 26, 2020 at 8:20 am GMT

GBPUSD has been making tiny steps within the 1.2400 area in the four-hour chart over the past two days, sending an early warning that some volatility, or a more noticeable move, may soon emerge in the market. Technically, there are several reasons to believe that a downside correction is more likely to occur. First, the price hit a strong wall in the crossroads of a support-turned-resistance trendline and a downward-sloping trendline on Wednesday and instead drifted lower, keeping the downtrend [..]

Technical Analysis – USDCAD stuck below 23.6% Fibo; medium-term outlook still negative

Posted on June 26, 2020 at 7:15 am GMT

USDCAD came close to break the 23.6% Fibonacci retracement level of the down leg from 1.4668 to 1.3310, around 1.3635, several times in the preceding week without success. Still, it managed to hold above the 200- and 20-day simple moving averages (SMAs). The market could retain the range-bound trading in the short-term as the RSI is standing near its 50 neutral mark and the MACD is moving along its trigger line and towards zero. However, the %K line of the stochastic oscillator is approaching the overbought zone, suggesting [..]

Technical Analysis – Palladium futures test floor of sideways market

Posted on June 26, 2020 at 5:10 am GMT

Palladium futures have consolidated below the 1,853 level, that being the 50.0% Fibonacci retracement of the up leg from 1,353 to 2,354, after yesterday challenging the bottom of a one-month trading range. The latest negative push within the range has some backing from the bearish overlaps of the mostly horizontal 200-period simple moving average (SMA) by the downward sloping 50- and 100-period ones. Nevertheless, the negative bearing within the short-term oscillators has paused and thus a bounce from the foundation [..]

Technical Analysis – UK 100 index rebounds on 50-day SMA; bullish mode intact

Posted on June 25, 2020 at 1:50 pm GMT

The UK 100 index (Cash) is pausing its downside movement around the 50-day simple moving average (SMA) shifting the very short-term picture to the downside. According to the momentum indicators, the MACD is moving beneath its trigger line, marginally above the zero level, while the RSI dropped into the negative zone and is pointing south. A clear move below the 50-day SMA could send prices towards the 38.2% Fibonacci retracement level of the downward wave from 7,690 to 4,860 at 5,931. Further weakening could drive the market to 5,655, losing some [..]

Technical Analysis – USDCHF pushes higher, though downside risks remain

Posted on June 25, 2020 at 1:30 pm GMT

USDCHF climbed above the 50-period simple moving average (SMA) in attempts to boost positive momentum in an already prevailing negative structure. The falling 100- and 200-period SMAs support the negative picture while the 50-period SMA suggests the pair may drag on to challenge the short-term descending line drawn from May 27. The short-term oscillators reflect conflicting signals of directional momentum. The MACD has moved above its red signal line in the negative region and up to the zero mark, while [..]

Technical Analysis – EURJPY pauses its buying interest above descending line

Posted on June 25, 2020 at 10:43 am GMT

EURJPY is holding above the descending trend line that started from June 5 and is approaching the Ichimoku cloud, remaining in a sideways move. The RSI holds in line with the 50 neutral mark but is currently trying to slip in the negative region, while the stochastic oscillator posted a bearish crossover within its %K and %D lines. Currently, the pair is trading near the lower surface of the Ichimoku cloud and within the 20- and 40-period simple moving averages (SMAs). So, any gains would [..]

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