Technical Analysis

Technical Analysis – WTI futures pause ascent ahead of key resistance

Posted on June 25, 2020 at 9:03 am GMT

WTI oil futures faded prior to reaching a critical resistance level at 43.69 and appear to be reloading for a push higher to revisit this mark. The recent weakening in the price is mirrored in the flattening of the Ichimoku lines and within the short-term oscillators. However, the near completion of a bullish crossover of the 100-day simple moving average (SMA) by the soaring 50-day one could boost positive sentiment and refuel the unbroken positive tone in the Ichimoku lines. [..]

Technical Analysis – EURUSD poised for more downside if the trendline gives way

Posted on June 25, 2020 at 8:49 am GMT

EURUSD has been charting lower lows and lower highs after peaking at 1.1421 and near a long-term ascending trendline stretched from the 2019 bottom, signaling that the recent bearish wave in the four-hour chart may continue. The weakening RSI, which has crossed below its 50 neutral mark, and the fact that the price has slipped below the middle Bollinger band (20-period simple moving average), is also endorsing the negative view. Yet, whether the bears can dominate may depend on the [..]

Technical Analysis – WTI futures’ ascent reloads ahead of key resistance

Posted on June 25, 2020 at 8:24 am GMT

Technical Analysis – AUDUSD retests 20-day SMA, holding in upward sloping channel

Posted on June 25, 2020 at 7:45 am GMT

AUDUSD has been advancing over the last three months, peaking near the almost one-year high of 0.7067. The bullish rally extended its move above the simple moving averages (SMAs). However, the RSI in the positive region is flattening and the MACD is losing momentum below its trigger line but it remains in the bullish zone. Moreover, the red Tenkan-sen line stands above the blue Kijun-sen line suggesting a continuation of the upside move. Note, that the indicators are in a contradiction [..]

Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress

Posted on June 24, 2020 at 2:01 pm GMT

GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. The MACD oscillator is rising above the trigger line near the zero level, while the RSI is pointing south near the [..]

Technical Analysis – EURGBP crawls towards trend line, clinging to a hike

Posted on June 24, 2020 at 1:27 pm GMT

EURGBP has reversed from the upper surface of the Ichimoku cloud to the 0.9031 level, that being the 38.2% Fibonacci retracement of the up leg from 0.8281 to the 11-year high of 0.9498. Positive sentiment appears revived after the bounce on the supportive trend line pulled from the February 18 low of 0.8281. Further backing this short-term view are the Ichimoku lines and the upward slopes of the 50- and 100-day simple moving averages (SMAs). However, for now the technical [..]

Technical Analysis – NZDUSD’s positive picture lags, crawls sideways

Posted on June 24, 2020 at 8:00 am GMT

NZDUSD is dragging sideways as it lingers in a paused mode that has seized control of the ascent, something also reflected in the red Tenkan-sen line. Positive signals are still unbroken, sponsored by the Ichimoku lines and the rising 50-day simple moving average (SMA), in spite of the mostly flattened longer term averages (100- and 200-day SMAs). The momentum indicators further emphasize the stall in the climb but lean more towards an improving picture. The MACD, although stuck below its [..]

Technical Analysis – USDJPY in a slippery mode in trading range

Posted on June 24, 2020 at 7:38 am GMT

USDJPY has been in a consolidation mode over the last three months with an upper boundary at the 109.83 resistance level and lower boundary at the 106.57 support. The price has not improved its bullish move that started after the bounce off the 41-month low at 101.15 and it currently stands beneath the short-term moving averages (SMAs). Looking at the technical indicators, the RSI is losing momentum below the neutral threshold of 50, while the MACD dropped under the trigger and zero lines, [..]

Technical Analysis – US 100 index flies to new records

Posted on June 23, 2020 at 2:43 pm GMT

The US 100 cash index (Nasdaq) entered uncharted waters today once again, breaking above its previous all-time high of 10,155. The picture is overwhelmingly positive, with the price printing higher highs and higher lows above all its simple moving averages (SMA). Short-term oscillators detect strengthening upside momentum, endorsing the bullish picture. The RSI, already in positive territory, looks to be headed for a test of its 70 line soon, while the MACD just crossed above its red trigger line, which [..]

Technical Analysis – EURCHF exhibits signs for continued consolidation

Posted on June 23, 2020 at 1:07 pm GMT

EURCHF has found a foothold at the 1.0635 level, that being the 23.6% Fibonacci retracement of the down leg from 1.1058 to 1.0504. The pair was unable to sustain the correction that extended above the 200-day simple moving average (SMA) and as such is currently demonstrating weak directional signals, something also reflected within the Ichimoku lines. Although the technical oscillators were unclear of direction lately, they now promote the recent improvement off the 1.0635 mark. The MACD, in the positive [..]

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