Technical Analysis / Page 357

Technical Analysis – GBPUSD downside risks remain but negative pace has calmed

Posted on July 8, 2021 at 3:53 pm GMT

GBPUSD negative forces have somewhat softened ahead of the two-and-a-half month low of 1.3730 and weak buying interest is not really aiding any headways in the price. The falling simple moving averages (SMAs) are shielding improvements in price, while the Ichimoku lines are reflecting that negative momentum is sustaining a minor lead. The short-term oscillators are suggesting price may test the 1.3715-1.3730 support zone. The MACD is below its red trigger line in the negative zone, while the RSI is [..]

Technical Analysis – EURUSD remains heavy as rebound curbed by 50-MA

Posted on July 8, 2021 at 2:17 pm GMT

EURUSD has been logging green candles after finding its footing around a three-month low of 1.1780 and is pushing up against the 50-period simple moving average (SMA) at 1.1856, which has dismissed previous bounces ever since it adopted a downwards trajectory around June 11. Currently, the bearish SMAs are attempting to subdue growing buying interest. The short-term oscillators are signalling growing positive momentum, while the Ichimoku lines are not indicating a convincing pickup in bullish impetus. The MACD has improved [..]

Technical Analysis – JP 225 index plummets to test 200-day SMA

Posted on July 8, 2021 at 10:48 am GMT

Japan’s 225 stock index (cash) slumped by more than 2.0% to the lowest since May 13 in the wake of the news that Japan will resume the state of emergency in Tokyo ahead of the Olympic games. The 200-day simple moving average (SMA) is currently under examination around 27,740 and near a key support region for the first time in a year as the RSI and the Stochastics dip in the oversold area. The rampant negative momentum in the MACD [..]

Technical Analysis – EURJPY slips to new low below 130.00

Posted on July 8, 2021 at 10:25 am GMT

EURJPY found enough sellers to overcome the 130.00 psychological level, reaching a fresh more-than-two-month low near 129.60. The 20- and 40-period simple moving averages (SMAs) posted a bearish crossover suggesting more downside pressures. The RSI has dived into the oversold territory, while the MACD is falling beneath its trigger line in the negative region. The intra-day low may be penetrated again for a slide towards the 129.58 support, taken from the low on April 19. The 128.80 barrier could next come on the radar, though [..]

Technical Analysis – USDCHF dives below 100-MA as selling orders amplify

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

USDCHF has been struggling to decisively extend past the 61.8% Fibonacci retracement of the down leg from 0.9472 until 0.8925, only ticking to a near 3-month peak of 0.9274. In spite of the climbing simple moving averages (SMAs) defending the recent price improvements, negative pressures have managed to steer the price beneath the support section between the Ichimoku cloud’s floor and the 100-period SMA at 0.9192. The Ichimoku lines are tilting lower, while the short-term oscillators are reflecting the surge [..]

Technical Analysis – AUDUSD stuck on the bearish side; trend signals unfavorable

Posted on July 8, 2021 at 7:08 am GMT

AUDUSD is pointing to the downside again after its bullish attempts to close above the red Tenkan-sen line at 0.7531 and run beyond the 0.7600 resistance vanished on Tuesday. The RSI has reversed course as well, unable to create a higher high in the bearish territory, while the MACD has resumed its negative momentum below its red signal line, both painting a blurry picture for short-term trading. Of note, the 20- and 200-day simple moving averages (SMAs) have completed a bearish cross for [..]

Technical Analysis – WTI futures form red days after the jump to 6½-year high

Posted on July 8, 2021 at 6:43 am GMT

WTI crude oil futures have plummeted below the six-and-a-half-year high of 76.96 over the last couple of sessions, taking the market beneath the short-term 20-day simple moving average (SMA). However, the commodity remains above the long-term rising trend line, indicating that the broader picture is still positive. Looking at the technical indicators, the MACD oscillator has dived beneath its trigger line in the positive region, while the RSI is approaching the 50 level with strong momentum. The Ichimoku lines are [..]

Technical Analysis – Gold consolidates around 1,800 level; upside risks remain

Posted on July 7, 2021 at 3:41 pm GMT

Gold is sustaining its one-week progressive trajectory, which began from the 1,750 low, in spite of its recent pullback from the 1,815 mark. The upturn in the 50-period simple moving average (SMA) is promoting a forthcoming bullish crossover with the 100-period SMA, currently around 1,790, which would boost the very near-term uptrend that commenced at 1,750. That said, the bullish Ichimoku lines are reflecting a pause in the upside drive. Currently, the short-term oscillators are transmitting mixed signals in directional [..]

Technical Analysis – EURGBP ticks lower in declining channel

Posted on July 7, 2021 at 12:06 pm GMT

EURGBP is constructing a negative rally, following the bounce from the Ichimoku cloud. Since April 26, the market has been moving in a declining channel, and any further dips could pierce this pattern to the negative in the coming sessions. The RSI is falling below the neutral 50 level, while the stochastic is lingering in the oversold territory. If the 0.8530 support fails to hold, the attention will shift to the downside, with the price aiming for the 13-month low of 0.8470. EURGBP would then be on a path to the 0.8280 support, which was taken from the February 16 low. If the price rises above 0.8615, the 0.8670 resistance could be tested. Additional advances towards 0.8730 and the 0.8790 barrier could be seen if this critical level is broken. Because it intersects with the 200-day simple moving average (SMA), the latter is regarded a strong resistance (SMA). As the market rises, it may pave the way for a [..]

Technical Analysis – GBPJPY struggles to amplify buoyancy above 50.0% Fibonacci

Posted on July 7, 2021 at 9:01 am GMT

GBPJPY in recent sessions found some footing a tad below the 50.0% Fibonacci retracement of the up leg from 149.04 until 156.06 but the positive traction off the 152.32 level has yet to gain speed. The dipping simple moving averages (SMAs) are contesting positive developments in the pair. That said, the converged Ichimoku lines and the short-term oscillators are endorsing upside momentum. The Ichimoku lines are currently flat, reflecting weak negative pressures, while the technical indicators are conveying an increase [..]

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