Fibonacci

Technical Analysis – US oil futures hold above cloud; outlook neutral

Posted on November 3, 2015 at 2:11 pm GMT

US oil futures held within its four-day trading range after moving above the Ichimoku cloud following the strong rally seen on October 28. RSI remains neutral just above 50 but the stochastics are in overbought territory, indicating the current momentum is unlikely to hold in the near term. Prices have found support from the 50-day moving average, while the kijun-sen line is providing resistance at 46.74. In the broader picture, prices would need to challenge the 50% of the Fibonacci [..]

Technical Analysis – US benchmark index finds resistance at 7½-week high

Posted on October 12, 2015 at 11:01 am GMT

The US benchmark index touched a 7½-week high of 2013.30 on Friday but it met resistance at the 61.8% of the Fibonacci retracement level. The index has now retraced 61.8% of the July-August downleg and is the second time it has found resistance around 2013. With RSI looking steady above 50, the momentum is strong. But the stochastics are in overbought territory, signalling a possible reversal in the coming days. The medium-term picture is neutral though as prices have some [..]

Technical Analysis – GBPJPY dips back below 200-Day MA; outlook bearish

Posted on September 28, 2015 at 8:50 am GMT

GBPJPY has turned negative again after reversing the rally that took it above the 200-day moving average. The September 17 high of 188.29 remains on the upper end of the current trading range it has established since the end of August. Prices have been trading around the 61.8% of the Fibonacci retracement level of the April-June upleg at 182.89 in the past three days. The nearest resistance is the 50% Fibonacci retracement level at 185.35, just above the 200-day moving [..]

Technical Analysis – US oil futures in consolidation mode; outlook neutral

Posted on September 22, 2015 at 2:03 pm GMT

US oil futures have been consolidating since the late August rally that saw prices peaking at 49.29 came to a halt. Prices have been moving in a range of between 49.29 and 43.20 for much of the past month and subsequently moving into the downward sloping Ichimoku cloud. The current neutral bias is likely to continue in the near and medium term as RSI fluctuates around 50 and the cloud begins to move sideways. Immediate resistance is provided by the [..]

Technical Analysis – EURJPY still consolidating but bias turns bearish

Posted on September 3, 2015 at 9:26 am GMT

EURJPY is still in consolidation mode but the near term bias is bearish as prices have dipped below the Ichimoku cloud. RSI below 50 points to further weakness but the stochastics may be about to turn positive after being stuck in oversold territory since late August. Prices need to reclaim the 136 handle, which coincides with the 200-day moving average and the bottom of the cloud. This would sustain the current sideways trend in the medium term. The 50% Fibonacci [..]

Technical Analysis – GBPJPY turns bearish below 200-day moving average

Posted on September 1, 2015 at 1:08 pm GMT

GBPJPY has been stuck in bearish territory since its dip below the Ichimoku cloud on August 24. Today’s fall has taken it back below the 200-day moving average, increasing the bearish outlook for the medium term. The nearest support comes from the 61.8% of the Fibonacci retracement level of the April-June upleg at 182.89. With RSI and the stochastics looking bearish below 50, there could be enough downside momentum in the near term to pull prices below this support level. [..]

Technical Analysis – EURGBP looking bearish on downside pressure

Posted on June 24, 2015 at 2:25 pm GMT

EURGBP made a small recovery today after it came close yesterday to retracing 100% of the May-June upleg from 0.7054 to 0.7388. The pair has been trading in a range since bottoming from its November 2014 – March 2015 downtrend at 0.7013 on March 11. If prices drop below the support level provided by the 100% Fibonacci retracement level at 0.7054, this will bring it closer to breaking below the range bottom and to new multi-year lows. The recent double [..]

Technical Analysis – USDCAD attempts recovery but outlook is neutral

Posted on June 19, 2015 at 2:39 pm GMT

USDCAD reversed three days of losses to head higher today. Having jumped back above the 50-day moving average, the intra-day bias is slightly bullish with RSI moving upwards towards 50. The nearest resistance is at 1.2409, which represents 23.6% of the Fibonacci retracement level of the upleg from the May 14 low of 1.1919 to the June 1 high of 1.2562. But if prices are to break out of their recent range, they would need to surpass their May 14 [..]

Technical Analysis – USDCAD keeps bullish bias but outlook is neutral

Posted on June 4, 2015 at 2:10 pm GMT

USDCAD appears to be consolidating around 1.2483 having just managed to break above the Ichimoku cloud. This level is also the 61.8% of the Fibonacci retracement level of the downleg from the March 18 high of 1.2834 to the May 14 low of 1.1919. With RSI above 50 and trending upwards, the near term bias is bullish. The medium-term outlook is looking neutral though as the tenkan-sen line crossing the kijun-sen line below the Ichimoku cloud weakens the bullish signals and [..]

Technical Analysis – EURJPY rallies to 4.5-month high; outlook still bullish

Posted on June 2, 2015 at 2:19 pm GMT

EURJPY rose to four- and half-month highs, reaching a peak of 138.86 before pulling back closer to around 138.00. Prices have been above the Ichimoku cloud since April 30 and while they’ve since remained in a range, today’s break above the 50% Fibonacci retracement level at 137.91, of the downleg from December’s 149.76 to April’s 126.08, signifies a shift in momentum. The RSI has hit 70 and the tenkan-sen and kijun-sen lines remain positively aligned indicating a strong bullish bias [..]

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