Technical Analysis / Page 359

Technical Analysis – AUDUSD tries to create a new bullish wave above 0.7530

Posted on July 5, 2021 at 11:22 am GMT

AUDUSD is trying to overcome the 0.7530 resistance region and the upper Bollinger band, which overlaps with the 40-period simple moving average (SMA). Encouragingly, the RSI and the MACD continue to hold above their recent lows, while the first has also managed to crawl back above its neutral threshold of 50, providing some optimism that the bulls may not give up the battle yet. Any successful attempts above 0.7530 could drive the market towards the 0.7617 resistance, taken from the [..]

Technical Analysis – USDJPY retreats below 50-MA; upside risks under strain

Posted on July 5, 2021 at 9:33 am GMT

USDJPY has lost its recent footing off the 50-period simple moving average (SMA), as buyers’ latest efforts have become curbed by the mid-Bollinger band at 111.18. Nonetheless, the advancing SMAs are defending the near-term uptrend that evolved from the April 23 trough of 107.47. The short-term oscillators are transmitting conflicting signals in directional momentum and convincing negative pressures have yet to gain an advantage, despite the pullback from the near 15-month peak of 111.65. The MACD continues to dive beneath [..]

Technical Analysis – EURUSD bears take a breather after 3-month low

Posted on July 5, 2021 at 8:02 am GMT

EURUSD opened the week on a neutral note, keeping its footing around the 1.1845 level and near June’s lows despite inching to a three-month low of 1.1806 on Friday. Trend signals remain daunting as the price continues to trade comfortably below its simple moving averages (SMAs) and under the Ichimoku cloud, which proved to be a tough resistance area to overcome last week. The negative cross between the 20- and 50-day SMAs is further dashing any hopes for trend improvement. [..]

Technical Analysis – Gold creates bullish correction still below 1,800

Posted on July 5, 2021 at 7:58 am GMT

Gold prices are moving higher after the bounce off the 1,750 support level, crawling above the 23.6% Fibonacci retracement level of the down leg from 2,074.89 to 1,676 at 1,770. The stochastic oscillator is approaching the overbought territory, while the RSI is pointing upwards in the negative region. However, the 20- and 40-day simple moving averages (SMAs) have crossed below the 200-day SMA, sending unfavourable signals for the market trend. Immediate resistance could occur between the 1,800 psychological level and the 20-day SMA currently at 1,810. More [..]

Technical Analysis – NZDUSD recovers a tad but bearish pressures weigh on the pair

Posted on July 2, 2021 at 1:34 pm GMT

NZDUSD is improving above the red Tenkan-sen line at 0.6979 after a mixed US NFP payroll report was released. The simple moving averages (SMAs) and the Ichimoku lines continue to sponsor bearish demeanours; however, the negative slope of the 50-period SMA has somewhat turned horizontal, signalling that buyers are fighting back. The short-term oscillators are indicating an aggressive pick up in positive momentum. The MACD, in the negative region, is climbing above its red trigger line, while the RSI is [..]

Technical Analysis – US 30 stock index challenges short-term bearish trajectory as bulls keep pressing

Posted on July 2, 2021 at 10:34 am GMT

The US 30 index (cash) has successfully returned above the dashed long-term restrictive line, but the upper boundary of a short-term bearish channel is currently threatening to keep the index in a downward trajectory at 34,682. A pullback, however, may not raise serious concerns if the 20-day simple moving average (SMA) and the dashed restrictive line, which both converge to 34,240, manage to place a strong footing under the price. Should the bears breach that floor, the sell-off could speed up towards the 100-day SMA currently [..]

Technical Analysis – USDCAD wrestles upper frontier of 15½-month bearish channel

Posted on July 2, 2021 at 9:04 am GMT

USDCAD is labouring to break above and out of a descending channel, whose grasp on the pair has endured past a full year. The commanding simple moving averages (SMAs) are still shaping a predominantly bearish picture, making even more challenging the task for buyers to gain a clear upper hand. The bulls are currently lacking the necessary upward drive to pierce above the channel’s upper band and overstep the nearby 1.2486 fresh high, something also being reflected in the Ichimoku [..]

Technical Analysis – GBPJPY creates an encouraging setup near familiar support

Posted on July 2, 2021 at 8:07 am GMT

GBPJPY commenced a soft turnaround at the surface of the Ichimoku cloud once again and crawled back above the 153.00 level, avoiding a trend deterioration below the previous low of 151.30. Although clear bullish signals remain absent, the higher lows in the RSI and the Stochastics and the progressing bullish cross between the red Tenkan-sen and blue Kijun-sen lines are reflecting some improvement in buying appetite. A step above the 20-day simple moving average (SMA) at 154.16 may retest the [..]

Technical Analysis – GBPUSD’s sell-off may continue below 2½-month low

Posted on July 2, 2021 at 7:10 am GMT

GBPUSD has been in a descending mode over the last week, reaching a new two-and-a-half-month low of 1.3750 on Thursday. The 20- and 40-period simple moving averages (SMAs) are following the recent price action as well as the Ichimoku lines. The RSI is sloping marginally down beneath the neutral threshold of 50, while the MACD is strengthening its bearish move below its trigger and zero lines in the 4-hour chart. Despite the latest bullish session, if the pair declines underneath [..]

Technical Analysis – WTI futures fly to new 33-month high above 75.00

Posted on July 1, 2021 at 12:07 pm GMT

WTI futures have been in a positive mode in recent days, reaching a new 33-month high of 75.43. The price is currently trading above the support line drawn from the April 2020 low, and the outlook remains cautiously hopeful. If the bulls continue to buy the commodity, the 76.87 level, being the high from September 2018 could attract attention. Steeper increases could take the market until 84.00, registered in November 2012. The daily oscillators show some signals that the recent [..]

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