Technical Analysis / Page 329

Technical Analysis – GBPJPY fails to improve above 5-year high

Posted on October 20, 2021 at 8:26 am GMT

GBPJPY penetrated the symmetrical triangle to the upside at the beginning of the month, extending the bullish bias. However, today, the pair is easing below the more-than-five-year-high of 153.20, with the technical indicators confirming the recent downside movement. The RSI is dropping from the overbought region, while the MACD is losing momentum below its trigger line in the positive area. In trend indicators, the 20- and 40-period simple moving averages (SMAs) are keeping moving higher. Should the price retreat further, the 157.40 level which the [..]

Technical Analysis – NZDUSD snaps descending channel; bias cautiously bullish

Posted on October 20, 2021 at 7:19 am GMT

NZDUSD inched to a four-month high of 0.7178 on Thursday following the advance above the eighth-month-old descending channel and the 200-day simple moving average (SMA) on Wednesday. Although the bullish breakout still requires confirmation and a downside correction cannot be excluded, as the RSI and the Stochastics move in overbought waters, the growing momentum in the MACD suggests buying forces could dominate in the short term. Should the bulls successfully clear September’s peak of 0.7169, the rally could initially stabilize around the 0.7245 barrier [..]

Technical Analysis – Gold rises somewhat in the short-term; still below 1,800

Posted on October 20, 2021 at 7:11 am GMT

Gold prices rebounded off the valid ascending trend line around 1,765, surpassing the bearish cross within the 20- and 40-day simple moving averages (SMAs) and the 200-day SMA. The yellow metal is trying to jump above the Ichimoku cloud to regain more ground, while the technical indicators are endorsing the bullish bias. The RSI is pointing slightly upwards, entering the positive territory, while the MACD is moving horizontally above the zero level. Any attempts higher could open the door for [..]

Technical Analysis – US 500 index returns to gains; more bullish outlook is expected

Posted on October 19, 2021 at 12:56 pm GMT

The US 500 (Cash) index has strongly rebounded off the 4,270 barrier and the momentum indicators now suggest that the market sentiment is back to bullish as the MACD is entering the positive region, holding above its trigger line. Also, the RSI is pointing northwards above the 50 level and the price has surpassed the upper boundary of the Ichimoku cloud, indicating more positive movements. Should bullish dynamics dominate, the market might revisit the all-time high of 4,549.39 before getting into uncharted levels. The next targets [..]

Technical Analysis – USDCAD hits 3-month low; remains bearish in medium term

Posted on October 19, 2021 at 9:30 am GMT

USDCAD is extending its losses and is currently trading below the falling trend line and the short-term simple moving averages (SMAs), completing a three-month low of 1.2319. The RSI turned lower after entering the negative territory below 50. At the moment, it continues to head lower in support of a bearish short-term picture. The bias in the very-short-term also looks bearish as indicated by the stochastics: the %K and %D lines are negatively aligned and are both moving further down. [..]

Technical Analysis – GBPUSD nears 1.38 mark; bullish bearing intact

Posted on October 19, 2021 at 8:33 am GMT

GBPUSD is pushing up against the upper Bollinger band, which is converging with the 100-day simple moving average (SMA) at 1.3801, trying to extend further the hike from the 9-month low of 1.3411. The 200-day SMA is endorsing a neutral tone, while the bearish demeanour in the 50- and 100-day SMAs seems to be easing. The short-term oscillators are reflecting an increase in positive momentum in the pair. The MACD has advanced above its red trigger line and is currently [..]

Technical Analysis – EURJPY nonstop rally hits 4-month high; rally overstretched

Posted on October 19, 2021 at 7:48 am GMT

EURJPY bulls are leading for the eighth consecutive trading day, stretching their spectacular rally to a four-month high of 133.00 on Tuesday. While the bullish run is not showing any signs of exhaustion in the daily chart, the RSI and the Stochastics are raising some caution as the indicators are comfortably located in the overbought territory, suggesting limited room for improvement. Note the MACD is also hovering near a familiar resistance zone. The 133.00 psychological level could be an ideal pivot point, but if [..]

Technical Analysis – WTI futures hold their gains above SMAs and near 83

Posted on October 19, 2021 at 7:18 am GMT

WTI crude oil futures are edging higher, finding support at the 20-period simple moving average (SMA) in the previous session, with the next target coming from the seven-year high of 83.86. According to the technical indicators, the RSI indicator is moving upwards in the positive region, while the %K and %D lines posted a bullish crossover above the 20 level. Both are suggesting more bullish action in the market. Moreover, the price is currently testing the red Tenkan-sen line and [..]

Technical Analysis – AUDUSD improves off 23.6% Fibonacci level

Posted on October 18, 2021 at 3:42 pm GMT

AUDUSD’s bullish demeanour seems to be intact as the price has managed to rebound from the recent pullback around the 0.7375 level, that being the 23.6% Fibonacci retracement of the up leg from 0.7170 until 0.7439. The simple moving averages (SMAs) are exhibiting a bullish demeanour supporting the climb in the price. The short-term oscillators are reflecting growing positive momentum in the pair. The MACD’s plunge below its red trigger line is slowing, while the RSI is progressing in the bullish [..]

Technical Analysis – EURUSD bearish course endures as upside forces fade

Posted on October 18, 2021 at 9:18 am GMT

EURUSD’s recent positive impetus off a 14-month low of 1.1523 is faltering in the vicinity of the 1.1600 handle. The diving simple moving averages (SMAs) are defending the short-term bearish trend in the pair. The Ichimoku lines are indicating that negative momentum is picking up again. Furthermore, the pair is struggling to make strong headways past the 1.1600 barrier, something also being reflected in the short-term oscillators. The MACD, some distance below zero, has pushed over its red trigger line, [..]

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