Technical Analysis

Technical Analysis – EURUSD capped by 20-day SMA; lacks clear direction in medium term

Posted on June 22, 2020 at 7:31 am GMT

EURUSD has been in a declining move over the last two weeks after the pullback off the 1.1420 resistance level. Currently, the pair is lacking direction in the medium-term, however, the 40-day simple moving average (SMA) posted a bullish cross with the 200-day SMA. The RSI is marginally sloping up near the neutral threshold of 50, while the MACD is still losing ground below its trigger line. The price is capped by the 20-day SMA and looks ready to find [..]

Technical Analysis – Silver remains positive, bounces on 200-day SMA

Posted on June 19, 2020 at 11:36 am GMT

Silver is attempting to push back above the 17.58 key mark, after a retracement from the 18.36 peak bounced off the 200-day simple moving average (SMA). The recent bullish crossover of the 100-day SMA by the rising 50-day one may provide additional fuel to nudge the commodity back up and resume the climb. Although the red Tenkan-sen line has stalled, the Ichimoku lines still hold a positive bearing far above the Ichimoku cloud. Presently directional momentum is frail, yet the [..]

Technical Analysis – UK 100 index attempts to climb above 23.6% Fibo

Posted on June 19, 2020 at 11:19 am GMT

The UK 100 cash index is pushing efforts to extend buying pressure above the 23.6% Fibonacci retracement level of the up leg from 5,639 to 6,510 at 6310, having climbed above the bullish crossover within the 20- and 40-period simple moving averages (SMAs). The MACD is ready to stretch to the upside, while the stochastic oscillator is heading up towards the overbought region. A successful break above the 23.6% Fibo could open the way towards the three-month peak of 6,510 before the 6,760 barrier, taken from the high on January 2019, comes into view. Higher, [..]

Technical Analysis – US 30 stock index keeps uptrend safe, but doubts rise

Posted on June 19, 2020 at 10:38 am GMT

The upward pattern in US 30 stock index (cash) lost some shine after the print of a lower high at 26,791 in the four chart, but the positive trend remains valid as long as the market action develops above 24,850. Looking at the short-term window, the index is trapped between a descending trendline and the 25,770 support area and unless one of these borders collapses, the neutral mode is likely to stay intact. Technically, the bias is viewed as cautiously positive given the latest rebound [..]

Technical Analysis – USDCAD consolidates but downside tensions remain

Posted on June 19, 2020 at 8:07 am GMT

USDCAD currently seems to be prolonging its sideways course, pursuing the 200-day simple moving average (SMA). The horizontal posture within the Ichimoku lines and the 200-day SMA further sponsor this view. The short-term oscillators further emphasize the pause in the market but lean towards a negative bias. The MACD in the negative region has flattened above its red signal line, while the RSI hovers marginally below the 50 mark. That said, the stochastic lines promote a downside direction, as does [..]

Technical Analysis – GBPUSD returns above 3-week low of 1.2400; still negative

Posted on June 19, 2020 at 7:45 am GMT

GBPUSD has declined considerably after touching a three-month high of 1.2815 on June 10, while during yesterday’s session it posted a fresh three-week low around the 1.2400 handle and is currently not far above that nadir. The flat Tenkan- and Kijun-sen lines serve as a testament to the possible upside retracement. The RSI indicator is suggesting a pullback in the very short-term as it is gaining some ground above the 30 level. On the other hand, the MACD is still [..]

Technical Analysis – GBPJPY exposed to bearish risk, but will the trendline give way?

Posted on June 19, 2020 at 7:18 am GMT

GBPJPY bears dominated on Thursday, extending the two-week old downward correction to the 132.00 territory. Simultaneously, the RSI tumbled below its 50 neutral mark, while the MACD lost further ground below its trigger line, both flagging that there is more bearish fuel in store. Yet, it remains to be seen if the tentative ascending trendline drawn from the 3 ½ -year low of 124.00 can approve additional downside corrections that may reach the 130.63 support area. Lower, the 128.00-129.28 restrictive [..]

Technical Analysis – NZDUSD positive picture at risk as lower bound of Ichimoku cloud tested

Posted on June 18, 2020 at 2:51 pm GMT

NZDUSD’s short-term bullish picture is under scrutiny as the pair is presently resting on the lower band of the Ichimoku cloud. The latest sideways move may gain a negative boost should it dip under the cloud and the 50-period simple moving average (SMA) continue its gradual downturn. At this time signals for directional momentum reflected in the Ichimoku lines and the MACD oscillator are unclear. However, the RSI is starting to head lower from its neutral mark while the stochastics [..]

Technical Analysis – EURUSD negative signals increase downside risks

Posted on June 18, 2020 at 1:24 pm GMT

EURUSD has come under intensifying negative stress, which may see selling threats materialize. Even though the price had found a foothold on the 100-period simple moving average (SMA), the lower bound of the Ichimoku cloud at 1.1268 has capped upside moves – the level also being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The convergence in the rising 100-period SMA and the slipping 40-period SMA, plus the stall in the negatively charged Ichimoku lines could [..]

Technical Analysis – EURUSD negative signals increase downside dangers

Posted on June 18, 2020 at 12:46 pm GMT

EURUSD has come under intensifying negative stresses, which may see selling threats materialize. Even though the price had found a foothold on the 100-period simple moving average (SMA), the lower bound of the Ichimoku cloud at 1.1268 has capped upside moves – the level being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The convergence in the rising 100-period SMA and the slipping 50-period SMA, plus the stall in the negatively charged Ichimoku lines could force [..]

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