Technical Analysis / Page 350

Technical Analysis – USDCAD looks for buyers near 1.2440; bears could dominate

Posted on July 30, 2021 at 7:42 am GMT

USDCAD retreated below the short-term supportive trendline and to a two-week low of 1.2431 on Thursday following the multiple rejections from the 200-day simple moving average (SMA). The current consolidation area around 1.2440 overlaps with July 9-13’s support region and the 200-period SMA on the four-hour chart. Hence, it could be an ideal pivot point as the Stochastics sink in the oversold territory. Yet, with the price trading some distance away from the lower Bollinger band, the RSI set to explore the bearish zone, [..]

Technical Analysis – GBPJPY attempts to overcome 40-day SMA

Posted on July 30, 2021 at 6:33 am GMT

GBPJPY is challenging the 40-day simple moving average (SMA) and the 153.40 resistance, following the bounce off the 148.45 support level. A successful jump above 153.40 could take the market towards the 40-month peak of 156.06 before meeting the 156.50 barrier, reached in January 2018. Moving higher, the 162.80 line, taken from the inside swing high in April 2016 may halt the bullish actions. According to the technical indicators, the MACD oscillator is gaining ground in the negative territory, jumping [..]

Technical Analysis – GBPAUD fiercely exits range area after a year

Posted on July 29, 2021 at 1:19 pm GMT

GBPAUD knocked the wall around 1.8525 to fiercely exit the one-year-old range area and peak at a 14-month high of 1.8924 on Wednesday. Having snapped the 38.2% Fibonacci retracement of the 2020 massive sell-off (2.0845 – 1.7413), the pair could head for the 50% Fibonacci of 1.9125. Yet, some choppy trading would not be surprising in the near term as the RSI and the Stochastics are currently fluctuating in the overbought territory, making any price declines possible. Beyond the 1.9125 barrier, the rally could [..]

Technical Analysis – Amazon stock holds well above ascending trend line

Posted on July 29, 2021 at 11:10 am GMT

Amazon stock price has been falling erasing the upward move followed the company’s stock ascending move in the previous week, remaining above the 20- and 40-day simple moving average (SMAs). From a technical perspective, the short-term bias is viewed as negative, reflected by the downside move in the RSI and the stochastic which posted a bearish crossover within the %K and %D lines. Yet only a decisive close below the nearby support of the 20-day SMA at 3614, can boost selling [..]

Technical Analysis – EURUSD floats to 200-MA as dollar takes a whack

Posted on July 29, 2021 at 10:23 am GMT

EURUSD, although having marginally peeked above its 200-period simple moving average (SMA) at 1.1870, is being curbed by the neighbouring defence of 1.1880-1.1900. The recent upwards traction in the pair may be related to the patient comments about normalizing from Chairman Powell of the Federal Reserve in yesterday’s FOMC meeting. Lately, the 50- and 100-period SMAs have been revealing that negative forces in the pair to some extent were subsiding, but their persistent neutral bearings are suggesting they have yet [..]

Technical Analysis – AUDUSD snaps key barrier, but stronger efforts needed

Posted on July 29, 2021 at 6:47 am GMT

AUDUSD opened above the red Tenkan-sen line on Thursday, with scope to finally snap the Ichimoku line, which held the bulls under control since mid-June, and re-challenge the nearby 0.7400 resistance territory. The positive momentum in the RSI is currently endorsing the bullish action above the eight-month low of 0.7288, though some caution is still required as the indicator has yet to create a new higher high, maintaining a sideways trajectory below its 50 neutral level. The upside reversal in [..]

Technical Analysis – WTI futures battle with SMAs; still positive

Posted on July 29, 2021 at 6:05 am GMT

WTI crude oil futures had a strong battle with the 20- and 40-day simple moving averages (SMAs) near 72.30. A noteworthy jump above these lines would take the market towards the almost three-year high of 76.20 before meeting immediate resistance at 76.87. A bullish rollercoaster above this level could drive oil prices at the inside swing low of 86.39, registered in April 2013. Looking at the technical indicators, the MACD is gaining some ground in the negative territory, trying to [..]

Technical Analysis – EURGBP tests 0.85 lower border of trading range

Posted on July 28, 2021 at 3:10 pm GMT

EURGBP is in the vicinity of the base of the 3½-month sideways market after having surrendered its recent gains up to 0.8670. The 100- and the 200-day simple moving averages (SMAs) are weighing on the pair, keeping downside pressures alive, while the 50-day SMA is promoting a more neutral bias. The Ichimoku lines are indicating that sturdy directional momentum is largely absent, while the short-term oscillators are exhibiting a slight tilt to the downside. The MACD is showing that momentum [..]

Technical Analysis – Gold price eases in descending channel below 1,800

Posted on July 28, 2021 at 12:22 pm GMT

Gold’s price has been developing in a downward sloping channel since July 15, with the 100-period simple moving average (SMA), acting as a strong resistance for the bulls. Immediate support to additional losses could come from the 23.6% Fibonacci retracement level of the down leg from 1,916 to 1,750 at 1,790. Steeper decreases would open the door for the two-and-a-half-month low of 1,750. As regards the technical indicators, the stochastic oscillator has created a bearish crossover within the %K and %D lines in the middle of the 20 [..]

Technical Analysis – GBPJPY looks heavy as climb struggles near 200-MA

Posted on July 28, 2021 at 9:42 am GMT

GBPJPY gains appear to be capped by the resistance belt of 152.55-152.79, after a one-week ascent, which began after the pair produced a four-and-a-half-month low at 148.45. The gliding 200-period simple moving average (SMA) at 152.90 is shielding the bigger bearish formation. That said, the softened decline in the slopes of the 100- and 50-period SMAs, is suggesting the bulls are not ready to relinquish their progress just yet. The Ichimoku lines are also indicating that sellers have yet to [..]

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