Technical Analysis / Page 358

Technical Analysis – NZDUSD lies above 0.70 in horizontal trajectory

Posted on July 7, 2021 at 8:18 am GMT

NZDUSD is flirting with the 0.7000 psychological number, after it successfully surpassed the 200-day simple moving average (SMA) yesterday. The Relative Strength Index (RSI) is pointing upwards near the 50 level, while the MACD is jumping above its trigger line in the negative region. The 40-day SMA could challenge any bullish attempts before touching the 0.7313 resistance, which is the upper surface of a four-month trading range. Hence, any breakout at this point may gather extra interest, with the price [..]

Technical Analysis – USDJPY in clear bullish uptrend but caution required

Posted on July 7, 2021 at 7:36 am GMT

USDJPY has further nourished its well-established zig zag course along the key ascending trendline, with the price finally surpassing the tough 110.95 peak to unlock an almost 1½-year high of 111.65 before sliding lower again. Another upside reversal could develop in the near term as the blue Kijun-sen line and the 20-day simple moving average (SMA) are currently cementing the floor around the trendline and the 110.40 level. Still, with the MACD decelerating below its red signal line and the [..]

Technical Analysis – USDCAD rockets towards 1.2500 price vicinity

Posted on July 6, 2021 at 4:11 pm GMT

USDCAD has peeped into the resistance zone of 1.2480-1.2510, after aggressively extending its recent traction off the 1.2300 handle, on the back of softer US ISM PMI data. The simple moving averages (SMAs) are underpinning the pair and are providing bullish defences. The Ichimoku lines and the short-term oscillators are reflecting the eruption of positive impetus. The MACD has pushed slightly above its red trigger and zero lines, while the rising RSI is heading for the 70 overbought level. The [..]

Technical Analysis – WTI futures ease after surging to 6½-year peak near 77.0

Posted on July 6, 2021 at 1:01 pm GMT

WTI crude oil futures surged to its highest level since November 2014 around 77.00 before returning all of today’s gains. The steep rising trend line is holding well as the price has been continuing the aggressive buying interest since May 21 in the medium-term. Looking at the technical indicators, the MACD is losing some momentum, crossing below its trigger line in the positive area, while the RSI is edging lower from the overbought territory. Should selling forces strengthen, the 74.43 support, which overlaps with the [..]

Technical Analysis – EURAUD exposed to additional losses after pullback near 200-SMA

Posted on July 6, 2021 at 10:03 am GMT

EURAUD surrendered to the bears after its bullish efforts proved fruitless to breach the 200-day simple moving average (SMA), which has been a key obstacle to upside corrections for more than a year now. The 38.2% Fibonacci of the October 2020 – February 2021 downleg cemented that resistance at 1.5853, with the price diving back below its SMAs. All attention is now on the 23.6% Fibonacci of 1.5623 to pause the sell-off. But the negative slope in the RSI, which has [..]

Technical Analysis – EURCHF obeys channel borders; 200-MA caps headways

Posted on July 6, 2021 at 8:35 am GMT

EURCHF advances are currently being muted by the 100- and 200-period simple moving averages (SMAs). The pair’s recent deflection off the upper band of the bearish channel and subsequent plunge below the SMAs and the Ichimoku cloud has reinforced a weakening demeanour. The SMAs are largely directing sideways; however, the minor dip in the 50-period SMA, is suggesting a prevailing preference to the downside. The Ichimoku lines are reflecting a pause in negative forces, while the short-term oscillators are indicating [..]

Technical Analysis – GBPUSD breaks nearby resistance, but a stronger rally needed

Posted on July 6, 2021 at 7:24 am GMT

GBPUSD is gaining momentum within the 1.3800 area and above the red Tenkan-sen line, which kept the bulls under control over the past few weeks, marking its third consecutive green day. The technical indicators endorse the ramping positive traction in the price. The RSI has bottomed in the oversold area and is set to print a new higher high, while the Stochastics is also making its way above its 20 oversold level. Adding to the encouraging signals is the MACD, [..]

Technical Analysis – EURJPY rebounds on uptrend line; remains bullish

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

EURJPY has found significant support near the ascending trend line over the last sessions, failing to confirm the negative structure. However, the pair is still developing underneath the bearish cross within the 20- and 40-day simple moving averages (SMAs) and the 132.65 resistance. The RSI indicator is heading marginally up below the 50 level, while the MACD is sliding beneath its trigger and zero lines. If the price stays above the rising line and breaks through the 132.65 support level, immediate resistance could come from the [..]

Technical Analysis – Copper futures eye 200-MA and restrictive trend line

Posted on July 5, 2021 at 3:33 pm GMT

Copper futures have slowly crept above the 50- and 100-period simple moving averages (SMAs) and are tackling the 4.343 high from June 17. Although the commodity has been following a downward trajectory for nearly two-months, the price looks set to test the 200-period SMA and a restrictive trend line, pulled from the 4.883 peak. The 50-period SMA is preparing for a bullish crossover of the falling 100-period SMA around 4.297, which could nourish buyers’ recent efforts to boost the price. [..]

Technical Analysis – US 500 index at fresh top of 4,355; upside risks look sturdy

Posted on July 5, 2021 at 1:06 pm GMT

The US 500 stock index (Cash) is consolidating in the vicinity of the 4,350 level, after spiking to a new all-time high of 4,355 on Friday, the former being the 150.0% Fibonacci extension of the down leg from 4,244 until 4,034. The rising simple moving averages (SMAs) are endorsing the bullish picture, while the Ichimoku lines are mirroring a pause in positive momentum. The short-term oscillators are currently mixed as the price persists around its highs. The MACD is far [..]

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