Technical Analysis / Page 295

Technical Analysis – Platinum futures revive bullish momentum; crucial obstacle overhead

Posted on January 20, 2022 at 10:30 am GMT

Platinum futures (April delivery) staged a rapid upturn on Wednesday to exit the recent consolidation area and return to November’s levels. The bull run stretched to a new high of 1,042 on Thursday, where the 61.8% Fibonacci retracement level of the latest downfall is also placed. With the RSI extending its series of higher highs and higher lows towards its 70 overbought number and the MACD finally exhibiting a notable strength within the positive area and above its red signal [..]

Technical Analysis – GBPJPY moves sideways after its December rally

Posted on January 20, 2022 at 9:18 am GMT

GBPJPY has been in a trading range since early January without being able to indicate a clear direction. Moreover, the pair has recently crossed below its 50-period simple moving average (SMA), indicating that negative forces might be gaining ground. Short-term momentum indicators are reflecting a mixed picture as the RSI is located slightly below its 50 neutral mark. However, the MACD is found above its red signal line despite being in negative territory, which indicates that the negative momentum might [..]

Technical Analysis – EURGBP buyers offset fresh dip, but downside risks remain

Posted on January 20, 2022 at 9:01 am GMT

EURGBP has adopted a softer negative trajectory since January 5, something also being reflected in the gentle slope of the 50-period simple moving average (SMA). Nonetheless, the longer-term SMAs continue to defend the bearish trend in the pair. The short-term oscillators are indicating a minor increase in positive momentum, which could prolong the consolidation in the pair from the beginning of the year. The MACD, not too far beneath the zero threshold, has overstepped the red trigger line, while the [..]

Technical Analysis – WTI oil futures overbought but 90 level still in focus

Posted on January 20, 2022 at 8:40 am GMT

WTI oil futures (March delivery) are marking their fifth consecutive bullish week. Having fully recovered from November’s sell-off, the price managed to print a new seven-year high at 86.77 on Wednesday but a close above the previous peak of 85.39 seems to be a tough job for now. The RSI and the Stochastics are warning that the prolonged rally is overstretched and a downside reversal should not be a big surprise in the short term. Yet, the indicators are still [..]

Technical Analysis – AUDUSD rises in ascending channel; bullish bias

Posted on January 20, 2022 at 8:09 am GMT

AUDUSD is moving within the Ichimoku cloud and the short-term simple moving averages (SMAs), while in the bigger picture the price has been in an ascending channel since December 2021. The MACD oscillator is flattening around its trigger and zero lines, unable to improve the bullish bias. However, the RSI indicator is sloping upwards in the positive region. If the price gains more ground, immediate resistance could come from the 0.7310 barrier and the 0.7367 resistance. Above these obstacles, the [..]

Technical Analysis – Gold shackled in a neutral trajectory as driving forces fade

Posted on January 19, 2022 at 9:37 am GMT

Gold has fairly flatlined around the Ichimoku clouds’ upper band, where the 50- and 100-period simple moving averages (SMAs) are also residing. Directional momentum seems to have dried up even though the SMAs are endorsing a modest upside bearing. The Ichimoku lines are indicating the absence of directing impetus, while the short-term oscillators are not suggesting any clear price preference in the precious metal. Momentum is lacking, something also being demonstrated by the MACD and red trigger line, which are [..]

Technical Analysis – EURCHF downtrend continues, marking yet more lower highs

Posted on January 19, 2022 at 9:03 am GMT

EURCHF has continued its downward trend, marking yet more lower highs and lower lows as negative forces linger. Moreover, the pair is currently trading below its 50- and 200-day simple moving average, reflecting an overall bearish outlook. Short-term momentum indicators are supporting a negative bias for the pair as the RSI is found below its 50 neutral mark. Also, the MACD is located below zero and its red signal line, which might indicate that the negative momentum is gaining further ground. [..]

Technical Analysis – NZDUSD preserves buying interest with technical support

Posted on January 19, 2022 at 8:33 am GMT

NZDUSD has been quite unstable, oscillating between gains and losses within the 0.6700 – 0.6900 territory since the drop to a one-year low of 0.6699 in December. Yet, despite the fluctuations, the pair managed to build a soft upward trajectory in the short-term picture with the help of a strong supportive trendline. The 20-day simple moving average (SMA), which represents the middle Bollinger band, is currently blocking bullish actions around the 0.6800 round level as the momentum indicators provide little direction about [..]

Technical Analysis – USDJPY struggles within SMAs after bullish doji

Posted on January 19, 2022 at 8:19 am GMT

USDJPY is hovering within the 20- and 40-day simple moving averages (SMAs) after the bounce off the 113.45 support level that posted on Friday, creating an impressive spike. If the price jumps above the 20-day SMA, it could confirm a bullish doji pattern which is behaving as a reversal formation. Regarding the technical indicators, the MACD is weakening in the positive area, below its trigger line, while the RSI is sloping marginally down in the negative region, both suggesting the [..]

Technical Analysis – US 100 extends decline as negative momentum intensifies

Posted on January 18, 2022 at 3:37 pm GMT

The US 100 stock index (cash) has been trending downwards in the short term since its long-term upside trajectory peaked at the all-time high of 16,767 in late November. Moreover, the price has crossed beneath the Ichimoku cloud, while its 50-day simple moving average (SMA) is ticking downwards, further reinforcing the index’s near-term bearish picture. The resumption of the short-term retreat is the most likely scenario as the momentum indicators depict that selling forces have taken control. The MACD histogram is found below both zero and its red signal line, while [..]

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