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Technical Analysis

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Technical Analysis – GBPJPY rally stops at 200-day moving average

Posted on December 1, 2016 at 8:55 am GMT

GBPJPY staged a strong rally from below the key 130.00 level and steadily rose above several resistance levels to finally reach the 200-day moving average which is now acting as a strong barrier to further upside moves. Prices reached a high of 143.69 where they found resistance at the 200-day moving average and this halted the rally. Meanwhile, RSI is in overbought territory above 70 which suggests that consolidation or a pull-back is due in the near term. The short-term [..]

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Technical Analysis – NZDUSD bullish run finds resistance at 50-day moving average

Posted on November 30, 2016 at 8:50 am GMT

NZDUSD has staged a strong rally since rebounding from below the key 0.7000 level to steadily rise this week to reach a high of 0.7158 early on Wednesday. RSI is rising and is in the process of breaking above the 50 line into bullish territory which suggests that upside momentum in NZDUSD has more room to go. But there is resistance at the 50-day moving average currently at 0.7165. A successful daily close above this would open the path towards [..]

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Technical Analysis – USDJPY pauses uptrend after reaching overbought levels; bullish bias remains

Posted on November 29, 2016 at 8:31 am GMT

USDJPY has paused the bullish phase that took the pair to an 8-month high of 113.89 last week.  The strong rally that lasted over 2 weeks stopped as the market reached overbought levels – RSI rose to 85. As a consequence of reaching extreme overbought levels, prices fell and found support at the 50% Fibonacci retracement level of the downleg from 123.66 to 98.96 (November 2015 to June 2016 decline).  This support lies at 111.34. Solid support comes below this [..]

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Technical Analysis – EURJPY bullish above 116.00

Posted on November 28, 2016 at 8:53 am GMT

EURJPY staged a strong rally after breaking above a key level at 116.00 in mid-November. This level was acting as strong resistance and was the top of a 3-month range the pair was trading in from early August to mid-November. The market maintains a bullish structure in the short-term, as shown by the technical indicators. A break above the 200-day moving average last week was a bullish signal. Looking at other technical indicators, RSI and MACD are both in bullish [..]

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Technical Analysis – US 500 stock index could extend all-time highs before correction

Posted on November 25, 2016 at 9:03 am GMT

The US 500 stock index has recently made fresh all-time highs above the August highs of 2193.  Of course the new high of 2208 was less than one percent above the previous high, so it has not exactly been a very impressive or violent breakout. As a result of this, the Relative Strength Index is at 67 – close but not yet above the 70 mark that would result in an overbought reading.  The Ichimoku analysis is positive as the [..]

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Technical Analysis – AUDUSD looking bearish below 200-DMA

Posted on November 24, 2016 at 9:28 am GMT

AUDUSD has fallen over 5% in the two weeks after the US elections, crossing below the 50- and 200-day moving averages in the process. The pair retraced 74% of its May to November upleg from 0.7144 to 0.7777 before rebounding slightly to around the 61.8% Fibonacci retracement level. Prices are currently finding resistance at the 61.8% Fibonacci level around 0.7385 as the near-term bias remains strongly bearish as indicated by the deepening decline of the MACD in negative ground. However, [..]

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