Technical Analysis / Page 342

Technical Analysis – WTI oil futures take a breather after one-month high

Posted on September 3, 2021 at 9:49 am GMT

WTI oil futures (October delivery) flipped a three-day decline on Thursday to bounce back above their simple moving averages (SMAs) on the four-hour chart and hit a one-month high of 70.59. The upturn in the price stalled immediately after the RSI touched its 70 overbought level, which has been a strict barrier since June, but the indicator continues to fluctuate comfortably above its 50 neutral level, suggesting the bulls have not abandoned the game yet. The MACD, having slowed its [..]

Technical Analysis – USDCAD at risk of more declines; uptrend still valid

Posted on September 3, 2021 at 7:18 am GMT

USDCAD bears snapped the ascending trendline after a three-day battle on Thursday, forcefully pushing the price towards the 50- and 200-day simple moving averages (SMAs) and to a two-week low of 1.2539 ahead of the all-important US nonfarm payrolls . With the RSI dipping below its 50 neutral mark to seek fresh lows, and the MACD decelerating below its red signal line, expectations are for the negative momentum to dominate in the short term. That said, the upward trajectory from the June [..]

Technical Analysis – EURGBP backs off near six-week high

Posted on September 2, 2021 at 10:15 am GMT

EURGBP faltered after barely surpassing the 0.8600 level on Wednesday in the four-hour chart. The 61.8% Fibonacci retracement of the 0.8668 – 0.8449 down leg is also in the neighborhood, cementing that ceiling and making any violation at this point important to watch. The soft slowdown in the RSI and the MACD is reflecting a weakening bullish bias. Yet, as long as the former maintains its higher lows above the short-term ascending trendline and the latter remains around its red signal line [..]

Technical Analysis – NZDUSD enters restricted zone; short-term bias bullish

Posted on September 2, 2021 at 7:50 am GMT

NZDUSD has been one of the best performers among major FX pairs this week, extending its bullish run to an almost one-month high of 0.7075 after finding support near the 50-day simple moving average (SMA). The market action is currently taking place around the crucial resistance of 0.7072, while within breathing distance, the 200-day SMA at 0.7120 and a tentative descending trendline at 0.7145 is another key wall, which the bulls need to knock down in order to speed up towards the 0.7200 number. Beyond the [..]

Technical Analysis – EURJPY expands bullish run to one-month high

Posted on September 1, 2021 at 9:37 am GMT

EURJPY started the new month on positive note, propelling its three-day bullish run above the restrictive 50-day simple moving average (SMA) and to one-month high of 130.34. The steep upside move in the RSI, which is fluctuating comfortably above the 50 neutral mark, is promoting more progress in the near term. However, the recent bullish pressures in the price were not firm enough to push the red Tenkan-sen line above the blue Kijun-sen, while the Stochastics is also signaling some caution as [..]

Technical Analysis – USDJPY looks for a bullish triangle breakout

Posted on September 1, 2021 at 7:24 am GMT

USDJPY has been gradually recovering within a symmetrical triangle over the past two weeks, but it was unable to close decisively above the 110.00 level. Having stepped on the 20-day simple moving average (SMA) and jumped into the upper bullish Bollinger band area, the price is currently looking for the opportunity to break the surface of the triangle formation, which could consequently bolster buying forces above the 110.00 number and towards the 110.70 – 111.00 resistance area. Note that the levels coincide with [..]

Technical Analysis – AUDUSD aims to hold above 20-SMA; short-term bias bullish

Posted on August 31, 2021 at 9:10 am GMT

AUDUSD looks determined to stay above its 20-day simple moving average (SMA) and the 23.6% Fibonacci level of the 0.7890 – 0.7105 downleg at 0.7290 after barely closing above that line in the past two sessions, with the price gearing up to a two-week high of 0.7340 early on Tuesday. While the Stochastics are already hovering within the overbought territory, they have yet to show any weakness, keeping the bias skewed to the upside. Also, the RSI managed to extend [..]

Technical Analysis – GBPUSD picks up bullish steam; crucial resistance nearby

Posted on August 31, 2021 at 7:23 am GMT

GBPUSD opened the day with strong positive momentum with scope to breach its simple moving averages (SMAs) currently within the 1.3780 – 1.3810 area. The bullish action is invoking a sense of déjà vu from late July, when attempts to pierce the 50-day SMA evaporated around the dashed descending trendline. From a technical perspective, downside corrections cannot be ruled out as the Stochastics are entering the overbought area, suggesting the bulls could soon run out of fuel. Nevertheless, the indicator [..]

Technical Analysis – Gold advances above 1,800; market structure still neutral

Posted on August 30, 2021 at 10:21 am GMT

Gold set a nice foothold around the 20-day simple moving average (SMA) and sped up to close above a short-term resistance trendline and the 200-day SMA on Friday. The neutral market structure, however, is still intact and only a rally above the 1,835 ceiling would raise confidence in the ongoing upward move. Encouragingly, the RSI continues to trend upwards above its 50 neutral level and the MACD has finally entered the positive territory, boosting optimism the recent bullish appetite in [..]

Technical Analysis – EURUSD moves to the next obstacle after trendline breakout

Posted on August 30, 2021 at 7:30 am GMT

EURUSD closed decisively above the two-month-old resistance trendline and the 20-day simple moving average (SMA) on Friday following some dovish remarks from Fed Chair Jerome Powell at the Jackson Hole symposium. The trendline breakout, which sent the price as high as 1.1809 on Monday, raised optimism that the latest rebound could see further continuation. Yet, another challenge needs to be addressed to confirm additional upside corrections. Specifically, the price needs to overcome the 23.6% Fibonacci retracement of the 1.2265 – 1.1663 [..]

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