Technical Analysis / Page 333

Technical Analysis – NZDJPY steadies above MAs; directional forces wane

Posted on October 5, 2021 at 2:08 pm GMT

NZDJPY is resting above the converging simple moving averages (SMAs) around 77.45, while the upper Bollinger band is denying additional upside price moves. The trendless SMAs are not indicating any firm directional preference in the pair and are endorsing the more apparent horizontal trajectory. The short-term oscillators are overall reflecting weak positive momentum. The MACD, beyond its red trigger line, is strengthening above the zero mark, while the positively charged stochastic oscillator is promoting upside price action. That said, the [..]

Technical Analysis – Japan 225 index recoups some of strong losses; oversold market

Posted on October 5, 2021 at 1:08 pm GMT

The Japan 225 index extended Monday’s losses towards a fresh six-week low of 27,450 earlier today, but now is currently trading not far above this level. The index recorded three straight negative days, drifting beneath the 200-day simple moving average (SMA), while the MACD is stretching its bearish momentum below its zero line. However, the RSI is mirroring an oversold market as it is turning higher near the 30 level. Further declines may meet support around 27,450, and not far below, support could occur around the 27,070 [..]

Technical Analysis – EURJPY neutral, but finds its feet at the 61.8% Fibonacci

Posted on October 5, 2021 at 8:49 am GMT

EURJPY has bounced at the 129.61 level, that being the 50.0% Fibonacci retracement of the up leg from 125.08 until the near 40-Month peak of 134.12, after retreating beneath the 50- and 200-day simple moving averages (SMAs). Price action over the last one-and-a-half-months has been consolidating between 127.92 and the 38.2% Fibo of 130.66. The trendless 50- and 100-day SMAs are reflecting a lack of positive impetus, favouring the downside slightly. The short-term oscillators are indicating that buyers are struggling [..]

Technical Analysis – GBPUSD finds resistance at 23.6% Fibonacci in descending channel

Posted on October 5, 2021 at 6:54 am GMT

GBPUSD has been developing in a downward sloping channel since the beginning of June, with the price recently posting another rebound at the bottom of this structure at 1.3410. The cable is currently testing the 23.6% Fibonacci retracement level of the down leg from 1.4248 to 1.3410 at 1.3608. In technical indicators, the MACD oscillator is trying to overcome its trigger line in the negative territory. However, the RSI indicator is pointing down below its neutral threshold of 50, while the short-term simple moving averages (SMAs) [..]

Technical Analysis – USDJPY reverses back to the upside; bullish bias

Posted on October 4, 2021 at 9:38 am GMT

USDJPY has reversed back up again after finding support at the 110.87 barrier achieved last week. This top is just below the 38.2% Fibonacci retracement level of the up leg from 109.10 to 112.07 at 110.93. Momentum indicators are pointing upwards in the short term with the RSI just below 50 and the stochastic oscillator is heading north after the bullish crossover within the %K and %D lines in the oversold territory. In the event of further upside movement, [..]

Technical Analysis – Gold’s bearish tone endures as price hike falters

Posted on October 4, 2021 at 8:53 am GMT

Gold’s recent bullish pressures have been muted around the mid-Bollinger band at 1,767 and downward forces are keeping the bearish outlook in play. The trendless simple moving averages (SMAs) are not clearly endorsing a definitive direction, but their marginal dipping indicates a slight preference in the price to adopt a downward trajectory. The short-term oscillators are conveying mixed signals in directional impetus. The MACD, in the negative region, has nudged a tad above its red trigger line, while the faltering [..]

Technical Analysis – EURUSD points slightly up after meeting 14-month low

Posted on October 4, 2021 at 7:25 am GMT

EURUSD found strong support at the 14-month low of 1.1562 last week, turning up from the lower boundary of the descending channel. Technically, the RSI indicator is mirroring the latest bullish move and is moving above the oversold territory; however, the MACD oscillator is still extending its negative movement beneath its trigger and zero lines. In trend indicators, the 20- and 40-day simple moving averages (SMAs) completed a bearish crossover. Any advances beyond the 1.1610 resistance could open the way [..]

Technical analysis – GBPUSD falls without a parachute

Posted on October 1, 2021 at 6:16 am GMT

GBPUSD sliced through some crucial support levels this week, erasing all its gains for the year. The pair rebounded off the 1.3410 support region, but there’s a series of lower highs and lower lows forming since early June. Indeed, the 50-day moving average (MA) has also crossed below the 200-day one, forming a ‘death cross’. All this points to a downtrend. The short-term oscillators are mixed, with the RSI reflecting the latest rebound in the price action but the MACD [..]

Technical Analysis – EURUSD steps on 200-weekly SMA after a year

Posted on September 30, 2021 at 12:36 pm GMT

EURUSD is set to post its largest weekly loss since early June, plunging from an opening price of 1.1724 on Monday to a 14-month low of 1.1567 on Thursday. Hopefully, the 200-weekly simple moving average (SMA) has come on the radar for the first time in a year at 1.1574, increasing the likelihood for some recovery in the coming sessions. The RSI and the MACD are not fully in line with this narrative as they keep pointing downwards in the bearish territory, though both [..]

Technical Analysis – WTI oil futures pause bullish party near 2018 top

Posted on September 30, 2021 at 9:47 am GMT

WTI oil futures (November delivery) are flirting again with the 2018 high of 76.87 thanks to the 20-day simple moving average (SMA), which has been assisting the commodity on the way up since the quick bounce near the 61.77 support area on August 23. After a non-stop four-week-old rally, a downside correction might be on the cards, especially as the 50% Fibonacci retracement of the 2008 – 2020 downtrend at 76.80 is cementing the 2018 ceiling. That said, the momentum indicators [..]

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