Technical Analysis

Technical Analysis – AUDJPY retreats from one-year high; positive picture reloading

Posted on June 15, 2020 at 9:04 pm GMT

AUDJPY’s pullback from the fresh peak of 76.77 appears to have received some support from the 72.78 level, that being the 23.6% Fibonacci retracement of the up leg 59.85 – 76.77. The Ichimoku lines sponsor an improving picture as does the 50-day simple moving average (SMA) with its positive overlap of the 100-day SMA. However, looking at the short-term oscillators, they reflect a pause in positive directional momentum. The MACD and the RSI have weakened in their positive regions, with [..]

Technical Analysis – AUDJPY retreats from 1-year high; positive picture reloading

Posted on June 15, 2020 at 2:24 pm GMT

AUDJPY’s pullback from the fresh peak of 76.77 appears to have received some support from the 72.78 level that being the 23.6% Fibonacci retracement of the up leg 59.85 – 76.77. The Ichimoku lines sponsor an improving picture as does the 50-day simple moving average (SMA) with its positive overlap of the 100-day SMA. Looking at the short-term oscillators, they reflect a pause in positive directional momentum. The MACD and the RSI have weakened in their positive regions, with the [..]

Technical Analysis – CADJPY builds base below 20-SMA; lacks direction

Posted on June 15, 2020 at 1:04 pm GMT

CADJPY has been underperforming in the past few days, breaking back below the 20-period simple moving average (SMA). On the daily chart, prices rebounded off the 74.80 support level on May 7 but based on the RSI, momentum is too weak to provide a sustained move higher. However, the stochastic oscillator is creating a bullish cross within its %K and %D lines in the oversold zone, suggesting the end of the negative movement. If price action returns above the 20-day [..]

Technical Analysis – USDJPY unable to break confines of a sideways market

Posted on June 15, 2020 at 11:59 am GMT

USDJPYs’ efforts to gain ground were slashed around a two-month high of 109.84, and the price was returned beneath the Ichimoku cloud and to the proximity of the 200-period simple moving average (SMA) at 107.44. Additionally, despite the recent stall in the red Tenkan-sen line, the Ichimoku lines’ negative tone remains intact and could receive a boost from the completed bearish crossover between the 100-period SMA and the 50-period one. The short-term oscillators at this point reflect prices’ efforts to [..]

Technical Analysis – GBPAUD looks to end bearish cycle above channel

Posted on June 15, 2020 at 11:47 am GMT

GBPAUD is in fight again with the upper surface of the narrow descending channel that has been holding since the beginning of April with scope to end the bearish cycle after finding strong support near 1.8050. The persisting positive momentum in the RSI and the MACD, which is correcting towards the bullish area, is an encouraging signal that improvement may continue in the short-term. However, only a clear break above the channel could boost buying interest towards the nearby 1.8652 [..]

Technical Analysis – US 500 index rebounds on 100-SMA; remains under pressure

Posted on June 15, 2020 at 10:32 am GMT

The US 500 cash index remains under pressure as its price continues to drift lower from the 15-week high of 3,233. The short-term technical indicators in the daily chart are bearish and point to more weakness in the market. The flat 200-period simple moving average (SMA is currently capping positive movements as the 50-day SMA is ready to create a bullish cross with the 100-period SMA, which is acting as a critical support level. The MACD is slipping beneath its trigger line, while the RSI is sloping down in the [..]

Technical Analysis – Gold may not expect higher highs in the near-term

Posted on June 15, 2020 at 8:01 am GMT

Gold remained trapped within a two-month old sideways move after refusing to drop into the Ichimoku cloud last week. Yet, the fact that the yellow metal is unable to print higher highs above the 1,765 peak favors the bearish side of trading, something also endorsed by the RSI and the MACD which keep trending downwards. Should the price retreat below 1,718 and the 20-day simple moving average (SMA), the bears may push harder to exit the neutral zone below the [..]

Technical Analysis – EURUSD sharply corrects; maintains positive signals

Posted on June 15, 2020 at 7:51 am GMT

EURUSD has retreated sharply under the 1.1269 level – that being the 23.6% Fibonacci retracement of the up leg from 1.0774 to 1.1421 – and the key swing low of 1.1240. Sellers are attempting to extend the pullback, something also displayed in the short-term oscillators. Although deep in the positive region, the MACD has eased below its red signal line, while the RSI is falling in bullish territory. Moreover, the stochastic lines are negatively charged with the %K line reaching [..]

Technical Analysis – AUDUSD dives below 0.6800, posting 2-week low

Posted on June 15, 2020 at 7:49 am GMT

AUDUSD is slipping to a new two-week low around 0.6775, penetrating the 38.2% Fibonacci retracement level of the up leg from 0.6375 to 0.7065 at 0.6800 and the lower surface of the Ichimoku cloud. According to the momentum indicators, the RSI is moving sideways in the negative zone, while the stochastic dropped in the oversold zone, confirming the recent negative structure. Additionally, the 20- and 40-period simple moving averages (SMAs) completed a bearish crossover in the 4-hour chart. A stronger [..]

Technical Analysis – Tesla’s stock claims 1,000 first time ever; rally could soften in short-term

Posted on June 12, 2020 at 1:33 pm GMT

Tesla’s stock recorded its best day of the year on Thursday as it managed to close slightly above 1,000 for the first time ever, re-activating its long-term uptrend above February’s all time high that preceded the virus-led crash. Expectations are now for the stock to give up some ground as the rally looks to be overstretched according to the RSI which is slipping below its 70 overbought mark. Yet, buying confidence may not fade unless the price breaks below the [..]

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