Technical Analysis / Page 319

Technical Analysis – NZDUSD trades below its 200-period SMA as bearish forces linger

Posted on November 16, 2021 at 9:59 am GMT

NZDUSD continues to be dominated by negative momentum as the pair is currently trading below its 200-period simple moving average (SMA). Moreover, the red Tenkan-sen is found below the blue Kijun-sen line and the Ichimoku cloud is red, reinforcing the bearish outlook. The negative bias is mostly supported by the short-term momentum indicators, as the RSI is hovering below its 50 neutral mark. However, the MACD is found below zero but above its red signal line, which indicates that the [..]

Technical Analysis – USDCAD ticks down as bullish tone fades

Posted on November 16, 2021 at 9:28 am GMT

USDCAD has been trending upwards since its medium-term downtrend reversed at the October low of 1.2287. However, in the last week, its progress has stalled as positive momentum evaporated and sellers took the upper hand again. Although the pair’s rebound is in question, the near-term neutral bias suggests that there is still hope for the bulls. The MACD histogram is below its red signal line but still in the positive area, while the RSI has flatlined at the 50-neutral mark. [..]

Technical Analysis – EURJPY scale tilts bearish despite foothold at 50.0% Fibo

Posted on November 16, 2021 at 9:26 am GMT

EURJPY has traced the lower Bollinger band, extending the retreat in the pair from the 133.47 peak, which has pushed the price below the simple moving averages (SMAs) and towards the 129.61 level that is the 50.0% Fibonacci retracement of the up leg from 125.08 until the near 40-month peak of 134.12. The converged SMAs are not endorsing any definitive direction in the pair. The short-term oscillators are also transmitting mixed signals in directional impetus. The MACD has distanced itself [..]

Technical Analysis – GBPUSD pulls back off 11-month low; remains in descending channel

Posted on November 16, 2021 at 7:53 am GMT

GBPUSD bounced off the 11-month low of 1.3350, holding in a long-term descending channel. Technically, the RSI is rising in the negative region, while the %K line and the %D line of the stochastic oscillator posted a bullish crossover in the bearish area. However, the 20- and 40-day simple moving averages (SMAs) created negative cross in the short-term. If the pair extends its recent structure to the upside, immediate resistance could come from the 23.6% Fibonacci retracement level of the [..]

Technical Analysis – AUDUSD gains capped by 50-MA, bearish bias prevails

Posted on November 15, 2021 at 3:30 pm GMT

AUDUSD’s recent positive impetus from the 0.7276 low appears to have run out of steam at the 50-period simple moving average (SMA). The falling 50- and 100-period SMAs are defending the two-week bearish structure of lower highs and lows, and the price deflection off the 50-period SMA has reinforced this outlook. The short-term oscillators are exhibiting mixed signals in directional momentum. The MACD, in the negative region, is strengthening above its red trigger line and is nearing the zero mark. [..]

Technical Analysis – Gold looks vulnerable as ascent struggles around 1,870

Posted on November 15, 2021 at 9:44 am GMT

Gold is battling to extend its commanding rally, from the 1,759 low, past the obstacle at 1,870, which has managed to limit the upside trajectory. The converged simple moving averages (SMAs) are sponsoring a trendless market. The Ichimoku lines are signalling that upside forces are taking a breather, while the short-term oscillators are leaning to the upside. The MACD, in the positive zone, is strengthening above its red trigger line, while the RSI is flirting with the 70 level. The [..]

Technical Analysis – EURUSD ticks slightly up from 16-month low

Posted on November 15, 2021 at 8:01 am GMT

EURUSD is recouping some of the losses of the preceding days, finding support at the 16-month low of 1.1432. The pair dived beneath the falling channel and is holding well below the steep long-term downtrend line. Looking at the technical indicators, the RSI is turning up from the negative region, while the MACD is losing the negative momentum but is still standing below its trigger and zero lines. Both are suggesting a bullish correction movement before the market dips further. [..]

Technical Analysis – USDCAD upsurge capped at 1.26 level

Posted on November 12, 2021 at 9:55 am GMT

USDCAD is exhibiting a more optimistic outlook, however; this is being tested by the 1.2600 handle, which has managed to curb additional gains from unfolding. Overall, the simple moving averages (SMAs) have converged and are relatively flat, suggesting the pair may adhere to a neutral trend. The Ichimoku lines are not demonstrating strong directional momentum even though the red Tenkan-sen line has overstepped the blue Kijun-sen line, while the short-term oscillators are leaning more to the upside. The MACD, which [..]

Technical Analysis – GBPUSD pulls back off 11-month low around 1.34

Posted on November 12, 2021 at 9:51 am GMT

GBPUSD rebounded off the 11-month low of 1.3352 today, remaining well below the 20- and 40-period simple moving averages (SMAs) as well as the long-term descending trend line. The RSI is sloping up in bearish territory while the MACD is still developing below its trigger and zero lines. If the pullback of the last few sessions continues, the door could open for the 1.3430 resistance before visiting the 20- and 40-period SMAs at 1.3466 and 1.3500, respectively. Surpassing these lines, the [..]

Technical Analysis – Platinum futures flirt with 200-SMA; short-term bias bullish

Posted on November 12, 2021 at 9:50 am GMT

Platinum futures (January 2022 delivery) have been plummeting in the long term, but in mid-September the 10-month low of 891.67 rejected a further decline. Since then, the precious metal has bounced back, gaining part of its lost ground. Although there is a long way to go for a trend reversal to be achieved, the short-term picture looks positive. The price is likely to sustain its bullish tone and propel even higher as the near-term bias seems bullish as well. The [..]

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