Technical Analysis

Technical Analysis – USDCAD fails to surpass flat SMAs; negative in medium term

Posted on June 23, 2020 at 12:48 pm GMT

USDCAD looks to be flat over the last two weeks but is now penetrating the 23.6% Fibonacci retracement level of the down leg from 1.4170 to 1.3315 at 1.3518, inside the Ichimoku cloud. Also, the price holds beneath the 20- and 40-period simple moving averages (SMAs), confirming the neutral bias and the RSI is keeping some distance from the 50 level, pointing down. However, the stochastic oscillator is completing a bullish crossover within its %K and %D lines in the [..]

Technical Analysis – AUDJPY pulls back, but uptrend still in play

Posted on June 23, 2020 at 12:47 pm GMT

AUDJPY retreated recently after touching a one-year high near 76.80, but the pair found fresh buy orders at 72.70 and rebounded again. The structure of higher highs and higher lows on the daily chart remains intact, and the price is still trading above a three-month upside support line. If the 50-day simple moving average (SMA) crosses above the 200-day one soon, completing a so-called ‘golden cross’, that would be another bullish signal. Short-term oscillators like the RSI and the MACD [..]

Technical Analysis – WTI futures advance to 15-week high as bulls are back in play

Posted on June 23, 2020 at 9:34 am GMT

WTI crude oil futures came close to breaking the 15-week high of 41.21 and the upper Bollinger band in the 4-hour chart. According to the RSI, the market could maintain positive momentum as the indicator is positively sloped above its neutral threshold of 50, though the MACD oscillator is still continuing with somewhat weak momentum above the zero lines. On the upside, the price could attempt to overcome the 41.21 high and retest the 43.60 resistance, which if successfully broken the door could open for the 200-simple [..]

Technical Analysis – EURJPY’s ascent salvaged by bounce on 200-day SMA

Posted on June 23, 2020 at 8:45 am GMT

EURJPY is currently tackling the mid-Bollinger band at 120.90 after a rebound off the 200-day simple moving average (SMA). The deep retracement from the 13-month peak of 124.42 reached the 200-day SMA at the 119.43 level, which happens to be the 50.0% Fibonacci retracement of the up leg from 114.42 to 124.42. Looking at the short-term oscillators, they appear to back an improving picture in the near-term. The MACD, in the positive region, has flattened below its red signal line, [..]

Technical Analysis – GBPUSD develops in ascending channel in short term

Posted on June 23, 2020 at 7:42 am GMT

GBPUSD has been developing within an ascending channel over the last three months, hovering around the moving averages in the daily timeframe. The price started an upward move following the rebound on the 35-year low of 1.1409, remaining above the Ichimoku cloud, while the RSI is moving sideways near the 50 area. However, the MACD oscillator is heading south below its trigger line, confirming the recent downside movement. Should the market extend losses below the 50.0% Fibonacci retracement level of [..]

Technical Analysis – GER 30 index’s retracement forced sideways; positive picture under strain

Posted on June 22, 2020 at 2:44 pm GMT

Germany 30 Index’s (Cash) bounce on the 11,588 level, that being the 61.8% Fibonacci retracement of the down leg from 13,826.27 to 7,961, appears to have hit a ceiling at the 76.4% Fibo of 12,444. The current sideways move is further backed by the recent bearish overlap of the improving 100-period SMA by the falling 50-period one, around 12,258. Additionally, momentum indicators are highlighting the paused demeanour in the price as the MACD and the RSI remain stuck around their [..]

Technical Analysis – US 500 index holds marginally below 100-SMA; bullish in long term

Posted on June 22, 2020 at 1:08 pm GMT

The US 500 cash index found strong resistance around the 100-period simple moving average (SMA) over the last session, sending the indicators lower as well. The MACD is heading south below zero and its trigger line, while the RSI is pointing down below the neutral level of 50. Also, the red Tenkan-sen line declined beneath the blue Kijun-sen line suggesting more losses in the 4-hour chart. Should prices head lower, immediate support could come from the 38.2% Fibonacci retracement level of the upward [..]

Technical Analysis – AUDUSD’s bigger positive bias struggles, as current neutral phase extends

Posted on June 22, 2020 at 12:47 pm GMT

AUDUSD in the near-term is looking mostly directionless as it drifts sideways restricted by the Ichimoku cloud. While the 100- and 200-period simple moving averages (SMAs) back the bigger positive picture, the downward sloping 50-period SMA – which is about to complete a bearish crossover of the 100-period one – promotes upcoming losses. Furthermore, conflicting signals in directional momentum can be observed by glancing at the short-term oscillators. The MACD, in the negative region, is improving above its red trigger [..]

Technical Analysis – USDJPY maintains weak bias in near term; broader trend is negative

Posted on June 22, 2020 at 9:15 am GMT

USDJPY has been underperforming in the past few days, flirting with the mid-level of the Bollinger band, hovering around the 107.00 psychological mark. When looking at the last two weeks, the pair lacks a clear trend and has been consolidating after its bearish run from 109.85 stalled at 106.57. On the 4-hour chart, the RSI indicator is moving north in the negative territory, while the %K line of the stochastic oscillator created a bullish crossover with the %D line. The [..]

Technical Analysis – Gold’s sideways picture remains skewed to the upside

Posted on June 22, 2020 at 7:33 am GMT

Gold is currently pushing efforts to overrun the upper Bollinger band residing at the 1,754 resistance. The mid-Bollinger band and the 50-day simple moving average (SMA) have managed to maintain optimism in a sideways market that has taken over since the 91-month peak of 1,765.03. The short-term oscillators reflect the latest boost in the price of the commodity. The MACD, in the positive region, has pushed above its red signal line, while the RSI, following a bounce at the 50 [..]

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