Technical Analysis / Page 348

Technical Analysis – Gold takes the downhill within July’s range area

Posted on August 6, 2021 at 10:04 am GMT

Gold extended Thursday’s bearish run towards the 200-period simple moving average (SMA) on the four-hour chart and to a one-week low of 1,797 early on Friday. Previously, the rejection near the 50.0% Fibonacci retracement of the 1,916 – 1,751 down leg at 1,833 foresaw another tumble towards the base of July’s range area near the 23.6% Fibonacci of 1,790. Perhaps, the bears could reach that bottom in the near term as the RSI is sloping downwards to meet its 30 [..]

Technical Analysis – GBPJPY edges sideways as advances curbed by 50-MA

Posted on August 6, 2021 at 9:30 am GMT

GBPJPY is presently stuck between the 50- and 100-day simple moving averages (SMAs) and directional momentum appears to have become feeble. The 200-day SMA is backing the positive structure, while the 50- and 100-day SMAs are endorsing a more neutral trajectory in the pair. The short-term oscillators are indicating a pickup in buying interest but the power behind the bullish impetus appears to be somewhat lacking. The MACD is above the red trigger line and is rising towards the zero [..]

Technical Analysis – USDCAD eases below 1.2500; positive bias in near-term

Posted on August 6, 2021 at 6:06 am GMT

USDCAD is retreating beneath the 20- and the 200-day simple moving averages (SMAs), slipping below the 1.2500 round number. In trend indicators, the red Tenkan-sen line declined below the blue Kijun-sen line, while the short-term SMAs are turning lower. The MACD oscillator is travelling beneath its trigger line but is still developing above the zero level. Furthermore, the RSI is sloping down, touching the neutral threshold of 50. More decreases could open the way for the 40-day SMA, which is [..]

Technical Analysis – USDCHF relatively neutral; buyers try to overstep 200-MA

Posted on August 5, 2021 at 5:20 pm GMT

USDCHF seems to have adopted a strong sideways trajectory in the short- and medium-term picture. Furthermore, the simple moving averages (SMAs) are indicating that the pair has yet to form a more distinct price direction. The diving Ichimoku lines are endorsing negative price action, while the short-term oscillators are suggesting buyers are fighting to prod the price back above the stabilized 200-day SMA. The MACD is below zero and is flattening beneath its red trigger line, while the RSI is [..]

Technical Analysis – GBPJPY falters near 200-SMA ahead of BoE policy announcement

Posted on August 5, 2021 at 10:06 am GMT

GBPJPY is fighting for a close above the 200-period simple moving average (SMA) on the four-hour chart ahead of the Bank of England’s policy announcement due at 11:00 GMT today. While the recent pickup in the RSI and the Stochastics is favoring additional bullish corrections, traders would like to see the rally stretching sustainably above the tough descending trendline currently seen around the previous high of 153.42 and near the 61.8% Fibonacci retracement of the 156.06 – 148.45 downtrend at 153.66. [..]

Technical Analysis – WTI futures plunge but broader upside risks still in force

Posted on August 5, 2021 at 9:06 am GMT

WTI oil futures are trying to create a foothold at the Ichimoku cloud’s lower surface around 67.52. The aggressive loss of ground from the 74.00 mark’s vicinity over the past three days, may be somewhat attributed to rising concerns that demand for the black liquid could become sluggish as spreading of the delta variant endures. The advancing simple moving averages (SMAs) are defending the bullish structure as they keep negative powers at bay. Currently the Ichimoku lines are not indicating [..]

Technical Analysis – AUDUSD tries to overcome 0.7400; holds in horizontal trajectory

Posted on August 5, 2021 at 7:39 am GMT

AUDUSD is in the process to surpass the 20-day simple moving average (SMA) and the 0.7405 resistance. However, the pair has been developing within a horizontal trajectory over the last two weeks, with upper boundary the 0.7405 resistance and lower boundary the eight-month low of 0.7288. According to the technical indicators, the MACD is surpassing its trigger line but is still holding below the zero line. Moreover, the RSI is flattening below the 50 level, mirroring the market price action [..]

Technical Analysis – NZDJPY tests July’s resistance after quick bounce

Posted on August 4, 2021 at 11:45 am GMT

NZDJPY crawled swiftly to challenge July’s resistance area of 77.27 on Wednesday, inching slightly above the 200-period simple moving average (SMA) too on the four-hour chart. The short-term bias is looking cautiously positive as the RSI and the Stochastics are currently flirting with overbought levels but continue to point upwards with no sign of abating. Should the 77.27 wall collapse, a tentative descending trendline drawn from May’s top of 80.17 may constrain the rally at 77.63 from reaching the next barrier at [..]

Technical Analysis – NZDUSD’s bearish tilt offset by upbeat job results

Posted on August 4, 2021 at 10:14 am GMT

NZDUSD recently acquired a surge of positive momentum, resulting from stronger New Zealand job numbers for Q2, which has managed to somewhat neutralise the neutral-to-bearish bias in the pair. The falling 50- and 100-day simple moving averages (SMAs) and their recently completed bearish crossovers of the 200-day SMA are endorsing downward price action, in spite of the latest neutralising developments in the pair. The Ichimoku lines are indicating a drop in negative forces, while the short-term oscillators are reflecting the [..]

Technical Analysis – USDJPY dives at 10-week low; bearish bias

Posted on August 4, 2021 at 6:38 am GMT

USDJPY is holding beneath the ascending channel in the medium-term, sending the market below the 109.00 handle. The price posted a ten-week low at 108.87 and the technical indicators are confirming this view. The RSI is falling below the neutral threshold of 50, while the MACD is extending its bearish move below its trigger line. More selling interest could meet the 108.40 support level and the 38.2% Fibonacci retracement level of the up leg from 102.60 to 111.65 at 108.20. [..]

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