Technical Analysis / Page 318

Technical Analysis – CHFJPY falters near 6-year high as positive momentum fades

Posted on November 17, 2021 at 11:38 am GMT

CHFJPY has been trending upwards since the beginning of 2021 but recently it seems to be lacking the necessary momentum to propel even higher. After peaking at the 6-year high of 125.49, the price has started to decline as the immediate bias suggests that the buying interest is subsiding. The short-term negative structure is further reinforced by the stochastic oscillators. The MACD histogram has dropped below the red signal line in the positive area, while the RSI has eased slightly [..]

Technical Analysis – GBPCAD takes a breather, but downtrend still in play

Posted on November 17, 2021 at 11:15 am GMT

GBPCAD has rebounded in recent sessions, finding fresh buy orders after hitting 1.6710, a low last reached in March 2020. Despite this bounce, the structure of lower lows and lower highs remains intact. The pair is also trading below both its 50- and 200-day moving averages (MAs), which have posted a ‘death cross’ lately. Therefore, the outlook remains negative. The short-term momentum oscillators reflect the latest bounce in the price. The RSI is trying to exit the bearish territory while [..]

Technical Analysis – USDCHF came back swinging as bullish forces resurface

Posted on November 17, 2021 at 9:21 am GMT

USDCHF came back swinging after its October retreat, crossing above its 50- and 200-day simple moving average (SMA) in the past couple of sessions. However, this positive momentum might be short lived as the pair is currently trading above the upper bound of its Bollinger Bands, signalling an overbought market. Despite the mixed signals, the short-term oscillators are transmitting a positive bias, reflecting the recent price appreciation of the pair. The RSI is increasing above its 50 neutral mark, while [..]

Technical Analysis – EURGBP plummets to 20-month low

Posted on November 17, 2021 at 9:21 am GMT

EURGBP has been trending downwards since August 2020. Although the pair has adopted a more sideways pattern in the last eight months, the short-term picture has started to deteriorate again as the price is fluctuating close to record lows. While EURGBP is pivoting near the 20-month low of 0.8402, momentum indicators suggest an imminent bearish bias. The MACD histogram is below zero and its red signal line, and the RSI is flatlining near the 30-oversold area. Moreover, the price is currently trading below the [..]

Technical Analysis – USDJPY visits the region around 115.00; more than 4½-year high

Posted on November 17, 2021 at 8:49 am GMT

USDJPY is recording new highs slightly below the 115.00 psychological level, extending the bullish structure that started from the 112.70 support level. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are turning higher, following the market price. The MACD oscillator is surpassing its trigger line in the positive region and the RSI is approaching the overbought territory with strong momentum. More bullish movements could send the market until the 115.50 barrier, registered in March 2017, before taking [..]

Technical Analysis – NZDUSD looks bearish but gets support from Ichimoku cloud

Posted on November 17, 2021 at 8:36 am GMT

NZDUSD has established a strong foothold in the vicinity of a support zone that has formed between the 0.6987 and 0.6969 levels, the former being the 50.0% Fibonacci retracement of the up leg from 0.6510 until the near 43-month peak of 0.7464. The longer-term 100- and 200-day simple moving averages (SMAs) are reflecting a trendless trajectory in the pair, while the recent dip in the 50-day SMA is suggesting that sellers have a slight lead. The Ichimoku lines are not [..]

Technical Analysis – US 100 index flirting with record highs again

Posted on November 17, 2021 at 8:23 am GMT

The US 100 cash index came back swinging after the retreat in September, powering higher to reach a new record of 16,457 last week. The picture remains bright overall, with the market trading above all its moving averages (MAs) and an uptrend line drawn from the lows of September 2020. Short-term oscillators are transmitting mixed messages. The MACD looks ready to cross above its red trigger line, which would be an encouraging signal. However, the RSI is testing its overbought [..]

Technical Analysis – WTI futures’ advances curbed by Ichimoku cloud and 50-MA

Posted on November 16, 2021 at 3:04 pm GMT

WTI oil futures are dipping back beneath the 200-period simple moving average (SMA) at 81.05 after the bounce off the 79.29 level failed to extend above the Ichimoku cloud. The converging SMAs are supporting a more horizontal trajectory in the price, promoting an extension of the two-week trading range. The Ichimoku lines are not endorsing a clear price course, while the short-term oscillators are signalling that negative forces are strengthening. The MACD is above its red trigger line in the [..]

Technical Analysis – GBPCHF rallies after crossing above 50-SMA

Posted on November 16, 2021 at 10:46 am GMT

GBPCHF has been surging in the short term as its positive momentum strengthened after the price surpassed the 50-day simple moving average (SMA). However, this recent rally has not been sufficient to reverse its medium-term downtrend. The pair is likely to continue its ongoing ascent, with the immediate bias looking bullish. The short-term oscillators further reinforce this view, as the MACD histogram is above both zero and its red signal line, while the RSI is sloping upwards in the overbought zone. Should [..]

Technical Analysis – EURCHF ticks lower amid an overall bearish outlook

Posted on November 16, 2021 at 10:40 am GMT

EURCHF is struggling to gain positive traction, as its 50-day simple moving average (SMA) has crossed below the 200-day SMA completing a ‘death cross’, increasing fears of a sustained bearish outlook. The bearish outlook and the recent price depreciation are mostly supported by the short-term momentum indicators, as the RSI is hovering above its oversold region. However, the MACD is found below zero but above its red signal line, which indicates that the negative momentum might be fading. Should the [..]

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