Technical Analysis / Page 356

Technical Analysis – EURJPY price bounce struggles; downward correction still in command

Posted on July 13, 2021 at 8:32 am GMT

EURJPY is trading in the vicinity of the 131.00 handle and the 100-day simple moving average (SMA) but buyers’ traction off the 129.56 level seems to have run out of steam. The advancing 100- and 200-day SMAs are endorsing the broader positive structure, while the slight dwindling in the 50-day SMA’s incline is signalling that the retraction from the near 40-month high of 134.12 may be securing an edge. The Ichimoku lines are hinting that negative momentum may soon pick [..]

Technical Analysis – GBPUSD hovers above 20-day SMA; broader outlook is neutral

Posted on July 13, 2021 at 7:06 am GMT

GBPUSD is attempting to break through the 20-day simple moving average (SMA), while maintaining above the 1.3670 support level, which is also the 200-day SMA. The MACD oscillator has moved above the trigger line and is now trading below zero; nevertheless, the RSI is hovering near the neutral threshold of 50. The psychological figure of 1.4000 could provide immediate resistance to upward moves before testing the 35-month high of 1.4238. Beyond this stumbling block, the 1.4345 resistance level from January [..]

Technical Analysis – US 500 index stays buoyant as negative pressures evaporate

Posted on July 12, 2021 at 3:35 pm GMT

The US 500 stock index (Cash) appears to remain upbeat, having stretched to a fresh all-time high of 4,381, after a recent but only minor pullback to a low of 4,287, residing amid the bullish Ichimoku lines presently at 4,332 and 4,265. The simple moving averages (SMAs) are maintaining firm northbound bearings, providing defences to the positive structure. The short-term oscillators are also indicating price’s preference to steer higher, reflecting the pickup in positive sentiment. The MACD, north of the [..]

Technical Analysis – AUDUSD buyers kept at bay; downside risks persist

Posted on July 12, 2021 at 2:02 pm GMT

AUDUSD’s simple moving averages (SMAs) and lately the 50-period SMA, along with the Ichimoku cloud’s lower surface have managed to curb amplified buying interest off the 0.7400 level. The Ichimoku cloud and the shielding SMAs are silencing attempts by buyers to recoup previously lost ground. Currently, the short-term oscillators are skewed to the downside, with negative momentum fixed to become the clear frontrunner. The MACD is dipping back down ahead of the zero level, looking set to dive back below [..]

Technical Analysis – USDJPY surpasses 110.00 and 200-period SMA in near term

Posted on July 12, 2021 at 1:27 pm GMT

USDJPY is jumping above the 110.00 handle, which is the 23.6% Fibonacci retracement level of the down leg from 111.65 to 109.52. The 200-period simple moving average (SMA) resides with the 20-period SMA, both acting as crucial resistance barriers for the bulls. The RSI is sloping marginally up in the negative territory, while the stochastic is advancing after a dive from the overbought zone. If the market manages to pick up speed, the 38.2% Fibonacci level at 110.33 could offer [..]

Technical Analysis – Gold consolidates above 1,800 as positive impetus dies down

Posted on July 12, 2021 at 9:38 am GMT

Gold’s latest rally that began from the 1,750 level seems to have slowed down just above the 1,800 mark. Directional forces seem to have toned-down, something also being reflected in the overall weakened bearings of the simple moving averages (SMAs), and the horizontal Ichimoku lines. The short-term oscillators are also transmitting conflicting signals in directional momentum. The MACD, in the bearish region, is improving above its red trigger line, while the RSI appears to be lacking positive drive to push [..]

Technical Analysis – EURUSD ticks marginally down before meeting 20-day SMA

Posted on July 12, 2021 at 6:38 am GMT

EURUSD rebounded off the 1.1780 support level, trying to meet the short-term 20-day simple moving average (SMA). However, today, the pair is losing some steam, driving the RSI lower in the negative territory. Despite the latest move, the MACD is surpassing the trigger line in the bearish region, while the stochastic is still moving north. Immediate support for steeper declines could come from the 1.1780 barrier ahead of the 1.1700 psychological number. Overcoming these obstacles, the 1.1610 barrier, taken from the [..]

Technical Analysis – GBPJPY dips below 151 but 23.6% Fibo keeps things positive

Posted on July 9, 2021 at 11:49 am GMT

GBPJPY is not out of the woods just yet, in spite of finding some footing around the 150.96 level, that being the 23.6% Fibonacci retracement of the up leg from 134.39 until 156.06. Although downside forces have abated at 150.65, the Ichimoku lines have thus far kept their diving demeanour. The simple moving averages (SMAs) are sustaining a bullish bearing but the 50-day SMA’s incline has softened a tad with the fading in the pair. However, it has yet to [..]

Technical Analysis – NZDUSD buyers resurface at 7-month support level

Posted on July 9, 2021 at 9:34 am GMT

NZDUSD is forming some positive traction off a bounce at the 7-month low of 0.6922, that being the most significant trough since the pair adopted a downwards trajectory from the 3-month high of 0.7315. The bearish simple moving averages (SMAs) are endorsing negative tendencies, while the Ichimoku lines are reflecting that sellers still have a slight upper hand. The short-term oscillators are indicating a recent uptick in bullish sentiment and are signalling that buyers may try to counter the negative [..]

Technical Analysis – USDCAD fortifies short-term bullish structure

Posted on July 9, 2021 at 8:05 am GMT

USDCAD charted a new higher high at 1.2589 on Thursday, signaling that the trendline cracked in June could be something more than temporary. The bullish cross between the 20- and 50-day simple moving averages (SMAs) is endorsing the above narrative but technically, a sustainable move above the previous high of 1.2652 is needed to invalidate the long-term downtrend and hence bring new buyers into the market. The 200-day SMA and the 23.6% Fibonacci retracement of the March 2020 – May 2021 [..]

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