Ichimoku cloud

Technical Analysis – Gold surges past 1150; outlook mixed

Posted on October 9, 2015 at 1:43 pm GMT

Gold prices rallied on Friday to rise above 1150 to a two-week high as bullion took advantage of a weakened outlook for the dollar. Prices have risen above the Ichimoku cloud but remain well below the 200-day moving average and within the narrowing trading range that’s been forming since July, giving a somewhat mixed outlook for the medium term. The 61.8% of the Fibonacci retracement level of the May-July downleg is the key resistance level at 1170.50 that gold needs [..]

Technical Analysis – EURUSD consolidating around 1.12; bias is neutral

Posted on October 6, 2015 at 1:26 pm GMT

EURUSD continued trading in a range today, fluctuating around the key 1.12 level. The intra-day upside bias is strong but this is not likely to be sustainable in the near term. RSI is only slightly above 50 and the stochastics are falling. Looking at the broader view, prices remain within the upward trending channel that’s been forming since mid-March. The positive trend is supported by the bullish crossover of the 50-day moving average with the 200-day moving average. But the [..]

Technical Analysis – USDJPY still consolidating around 120

Posted on October 5, 2015 at 1:23 pm GMT

USDJPY continues to move in a narrowing range around 120, forming a pennant since the August 24 slump. This may signal a breakout is nearing for USDJPY to resume its downtrend, however prospects of further quantitative easing by the Bank of Japan would contradict this. With RSI and the stochastics both rising, the near term bias is positive, though the upward momentum is a weak one as RSI has yet to climb above 50. Prices are likely to find resistance [..]

Technical Analysis – Gold rallies above 1140 but outlook neutral

Posted on September 24, 2015 at 1:41 pm GMT

Gold continued to gain momentum on Thursday, climbing above 1140 and adding to Wednesday’s 0.5% gain. The top of the Ichimoku cloud has been providing resistance around 1138.40 as prices struggled to rise much past this level in recent days. But today’s clear break above it puts it within closer scope of the August 24 high of 1169.97. A sustained rise above the cloud is needed to strengthen the upside momentum and the medium-term outlook is likely to stay neutral [..]

Technical Analysis – AUDJPY back below 85 as bias turns bearish

Posted on September 23, 2015 at 12:58 pm GMT

AUDJPY extended its losing streak for a third day on increased downward momentum, dipping below the 85 handle. The near term bias has turned bearish again with both RSI and the stochastics trending down and in negative territory. The nearest resistance is at 87.50, the September 17 high, which is not too far off from the previous resistance level set by the Kijun-sen line around 87.30. The pair has been trading in a range since August 24, with the bottom [..]

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 – EURGBP dips below 200-day MA but bullish outlook holds

Posted on September 21, 2015 at 1:35 pm GMT

EURGBP fell sharply for a second day taking it closer to the immediate support level provided by the Kijun-sen line at 0.7224. The intra-day bias is looking increasingly bearish with RSI and the stochastics dipping into oversold territory in the hourly chart. The pair had been consolidating between 0.7395 and 0.7240 since the end of August and today’s slide takes prices just below this range. The recent bullish momentum has weakened as prices have slipped sharply below the 200-day moving [..]

Technical Analysis – AUDJPY gains upside momentum but outlook remains bearish

Posted on September 11, 2015 at 1:48 pm GMT

AUDJP extended its rally for a fifth day on Friday and intra-day momentum remains strong. But in the daily chart, RSI has yet to climb above 50, suggesting a weak bullish bias in the near term. While in the stochastics chart, %K is approaching overbought territory, giving it limited scope for further gains in momentum. Prices have been below the Ichimoku cloud since July and the bearish outlook in the medium-term has deepened after the August 24 plunge to a [..]

Technical Analysis – US benchmark index gains momentum but outlook bearish

Posted on September 9, 2015 at 1:16 pm GMT

The US benchmark index rallied for a third day on Wednesday but it found resistance around 1992, which was a previous resistance on August 28. Upside momentum in the near term remains strong with the stochastics positively aligned just below the overbought level. RSI is also trending up but has yet to rise above 50. With prices below the Ichimoku cloud and the 200-day moving average, the medium-term outlook remains bearish. A stronger rally to above the 200-day moving average [..]

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 [..]

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