Technical Analysis / Page 331

Technical Analysis – WTI futures pause aggressive buying pressure, hover around 81.00

Posted on October 14, 2021 at 6:42 am GMT

WTI crude oil futures are continuing the upside structure, standing around the seven-year high of 82.16. The price has been in a strong bullish pattern since November 2020, trading well above the rising trend line and the simple moving averages (SMAs). Regarding the technical indicators, the MACD oscillator is moving above its trigger and zero lines, gaining momentum, while the RSI is hovering in the overbought region, suggesting the end of the bullish movement and the start of a bearish correction in the [..]

Technical Analysis – GBPJPY sellers struggle to mute potent rally

Posted on October 13, 2021 at 1:59 pm GMT

GBPJPY has managed to keep its positive bearing intact despite recent attempts from sellers to take control of the pair. In spite of the minor pullbacks in the price, buyers are re-emerging and a bullish crossover of the 200-period simple moving average (SMA) by the 100-period one could reinforce upwards impetus. The Ichimoku lines are signalling a temporary pause in the thrust upwards, while the short-term oscillators are conveying mixed messages in directional momentum. The MACD, deep in the positive [..]

Technical Analysis – USDCAD aims lower as bearish intentions persist

Posted on October 13, 2021 at 9:54 am GMT

USDCAD’s two-week decline from 1.2774 is currently testing the support base of 1.2422-1.2433 that has withstood downside pressures from early July. The simple moving averages (SMAs) are validating the pair’s plunging trajectory and the recent bearish crossover of the 200-period SMA by the 100-period one could further boost the descent. The Ichimoku lines are indicating a pause in downward forces, while the short-term oscillators are demonstrating that bearish momentum is escalating again. The MACD some distance below zero is looking [..]

Technical Analysis – NZDUSD starts sideways move in descending channel

Posted on October 13, 2021 at 8:21 am GMT

NZDUSD has embarked itself on a new bearish-to-neutral phase after the bulls got defeated once again near the tough resistance of 0.6980 and the short-term simple moving averages (SMAs). The momentum indicators are currently flagging that the sell-off may came to an end for the near-term timeframe. With the MACD accelerating above its trigger line and above its zero line, and the RSI sailing northwards below its 50 neutral mark, upside corrections are more likely than downside ones. In the event of an upside reversal, the [..]

Technical Analysis – USDJPY halts explosive rally near 2018 resistance

Posted on October 13, 2021 at 7:43 am GMT

USDJPY started Wednesday’s session with some fatigue after its explosive bullish run hit a wall near the crucial resistance of 113.78 from November 2018. Following a four-day winning streak, some profit-taking would be normal, with the RSI and the Stochastics endorsing the potential for a downside reversal as the indicators look set to shift south within the overbought area. The price, however, has comfortably distanced itself above its previous highs of 112.07 and 111.65, building enough space for the bulls to resurface [..]

Technical Analysis – WTI futures find their feet around 80-mark, ascent intact

Posted on October 12, 2021 at 9:28 am GMT

WTI oil futures are looking upbeat as buyers have re-emerged around the 80-handle, following the pullback from a near 7-year peak. The soaring simple moving averages (SMAs) are endorsing the bullish picture within the commodity. The Ichimoku lines are indicating a rise in positive momentum, while the short-term oscillators are suggesting a slight revival in upside forces. The MACD has slid a tad beneath its red trigger line but remains far above the zero level. The RSI is improving in [..]

Technical Analysis – GBPUSD stays on the sidelines as negative risks still linger

Posted on October 12, 2021 at 8:23 am GMT

GBPUSD continued its short consolidation phase marginally below the 20-day simple moving average (SMA), as it was unable to close decisively above the 1.3600 level over the past week. The 23.6% Fibonacci retracement of the 1.4248 – 1.3411 downtrend is currently keeping the bulls under control around 1.3608 as the technical picture is providing little hope for a change in the downbeat market sentiment. Despite the quick rebound off the 30 oversold level, the RSI remains stuck below its 50 neutral mark, while the Stochastics have clearly [..]

Technical Analysis – EURJPY posts 3-month high, recording double bottom pattern

Posted on October 12, 2021 at 6:53 am GMT

EURJPY has been posting an aggressive bullish rally over the past couple of days, reaching a fresh three-month high around the 131.20 resistance level and is in the process of completing a double bottom formation. Technically, the RSI indicator is moving hovering in the positive region, while the MACD oscillator is ticking higher, surpassing its trigger and zero lines. Moreover, the 20- and 40-day simple moving averages (SMAs) are ready for a bullish crossover in the short-term, while the price has overcome the upper Bollinger band. [..]

Technical Analysis – USDJPY pokes at 113.00 but major resistance still ahead

Posted on October 11, 2021 at 11:37 am GMT

USDJPY is in an ecstatic bullish market for the second consecutive day, stretching its steep ascent towards the 113.00 psychological mark, last seen at the end of 2018. The pair is well positioned in the overbought territory in the four-hour chart according to the RSI and the Stochastics, which are fluctuating comfortably above 70 and 80 respectively, strengthening the case for a downside reversal. Still, the bulls may have greater ambitions. With the key major resistance area of 113.79 laying some way ahead [..]

Technical Analysis – EURUSD sets the stage for an upside reversal

Posted on October 11, 2021 at 7:34 am GMT

EURUSD has barely distanced itself above Wednesday’s 14-month low of 1.1528, but the recent faint bullish attempt could still see further continuation according to the technical picture. First the pair seems to have created a bullish inverted hammer candlestick near its recent lows before rotating higher – a sign that buyers could gain confidence in the near term. Then, the RSI and the fast-Stochastics have both registered a higher low after bottoming out in the oversold area, while the MACD [..]

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