Technical Analysis / Page 352

Technical Analysis – EURUSD reflects weakening bearish bias; eyes on 20-SMA

Posted on July 26, 2021 at 7:28 am GMT

EURUSD kicked off the week with soft performance and barely above last week’s low of 1.1751, maintaining a downward direction below the 20-day simple moving average (SMA). While the gentle upward trajectory in the RSI and the MACD, which coincides with a weakening price action, reminds of a bullish divergence, and hence raises some optimism that an upside reversal could soon take place, some caution is still required as the former continues to trade below its 50 neutral mark and the [..]

Technical Analysis – Gold still flirts with 1,800; neutral outlook

Posted on July 26, 2021 at 7:11 am GMT

Gold prices are flirting with the 1,800 psychological level and the 20-day simple moving average (SMA), which are acting as strong support zones. The stochastic oscillator is ticking higher above the oversold area, creating a bullish cross within the %K and %D lines. Moreover, the RSI indicator is edging marginally up near the neutral threshold of 50. If the price remains above the 1,800 round number, it could open the door for the immediate resistance lines such as the 40- [..]

Technical Analysis – NZDUSD gains curbed by MAs and Ichimoku cloud

Posted on July 23, 2021 at 1:25 pm GMT

NZDUSD recently found some positive traction around the 0.6900 level, rising to challenge the 50- and 100-period simple moving averages (SMAs) and the Ichimoku cloud. The short-term picture is leaning bearish below an indicative restrictive trend line, pulled from the 0.7310 high, and directional price action has now become suppressed between the 0.6963-0.6988 zone. The SMAs are holding an overall bearish charge but the 50- and 100-period SMAs are currently weighing on price advances as is the cloud. The short-term [..]

Technical Analysis – USDCAD recoils beneath 200-SMA but upside still active

Posted on July 23, 2021 at 9:43 am GMT

USDCAD’s seven-week uptrend from the 6-year lows remains structurally intact with shaped higher lows and highs, in spite of the fresh pullback from the peak of 1.2807. Upside sentiment appears to be growing, something also being indicated by the softened negative slopes of the 100- and 50-day simple moving averages (SMAs). Furthermore, the rising 50-day SMA is steering for a possible bullish crossover of the flattening 100-day SMA, which ultimately could confirm upside improvements should positive price action intensify. The [..]

Technical Analysis – GBPUSD falls after rebound off 4½-month low

Posted on July 23, 2021 at 8:10 am GMT

GBPUSD is retreating after a significant positive correction from the four-and-a-half-month low of 1.3570. The MACD is widening its structure above its zero line, while the 20- and 40-period simple moving averages (SMAs) are continuously going higher. However, the RSI is flattening over 50, indicating a possible pullback. If the price continues to fall, immediate support could come from the 40-period SMA, which is presently at 1.3737, before falling to the 20-period SMA, which is at 1.3690. If the market price falls below [..]

Technical Analysis – GBPJPY proceeds higher after bullish doji

Posted on July 23, 2021 at 8:10 am GMT

GBPJPY is pushing for another green day, justifying the bullish dragonfly doji candlestick formed on Tuesday following the bounce on the 4 ½-month low of 148.45 and the 23.6% Fibonacci retracement of the March 2020 – May 2021 upleg. While the bearish cross between the 20- and 50-day simple moving averages (SMAs) is dashing hopes for a trend improvement in the short-term picture, the soft recovery in the MACD and the upturn in the RSI raise expectations that positive momentum could [..]

Technical Analysis – USDCHF ranges between 23.6% and 76.4% Fibonacci levels

Posted on July 22, 2021 at 2:49 pm GMT

USDCHF is struggling to dip beneath the 100-day simple moving average (SMA) at 0.9155 following the recent evaporation of upside momentum. That said, the pair is somewhat presently stuck between the stabilized upper and lower frontiers of the Bollinger bands at 0.9259 and 0.9114 respectively. The SMAs at this point in time are not really signalling a definitive price direction. The short-term oscillators are suggesting a slight increase in negative momentum. The MACD, in the positive area, is holding below [..]

Technical Analysis – EURJPY flirts with 130.00 mark; falling trend line holds

Posted on July 22, 2021 at 12:06 pm GMT

EURJPY has been trading higher over the last couple of days, keeping its footing around the 130.00 level and above the short-term simple moving averages (SMAs). As regards the market momentum, some optimism seems to be building over an upside correction as the RSI has been pointing up above the 50 level and the MACD has entered the positive region. In the event the bulls hold control, the 130.18 resistance will come first into view. A violation at this point [..]

Technical Analysis – Tesla stock attempts to jump above descending triangle

Posted on July 22, 2021 at 10:21 am GMT

Tesla stock price has been trading within a descending triangle since January 25 and is currently meeting the downtrend line near the 20-day simple moving average (SMA) at 661. The RSI indicator is slipping marginally down in the positive region, while the MACD is losing momentum below its trigger line in the bullish area. The Ichimoku cloud is moving sideways, mirroring the price actions over the last month. In the case of an upside penetration of the triangle, immediate resistance [..]

Technical Analysis – AUDUSD uptick from near 8-month low may be short lived

Posted on July 22, 2021 at 9:17 am GMT

AUDUSD is striving to extend above the curbing boundary of 0.7372-0.7422 after buyers re-emerged around a near 8-month low of 0.7289. The short-term picture suggests that sellers have gained the upper hand, which could be further confirmed by the completion of forthcoming bearish crossovers of the 200-day simple moving average (SMA) by the diving 50- and 100-day SMAs. The Ichimoku lines are indicating a pause in negative pressures, while the short-term oscillators are transmitting mixed signals in directional momentum. The [..]

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