Technical Analysis / Page 363

Technical Analysis – EURCHF eases slightly but positive drive intact

Posted on June 23, 2021 at 4:08 pm GMT

EURCHF is struggling to reach the upper boundary of the bearish channel as the 1.0963-1.0978 resistance section is impeding price gains. Positive momentum has yet to fully evaporate as the price is holding above the simple moving averages (SMAs). The rising 50-period SMA is looking set on completing a bullish crossover of the 100-period SMA, which would be a boosting dose to near-term price action. Additionally, the Ichimoku lines have yet to signal serious waning in positive impetus. However, the [..]

Technical Analysis – Gold ranges below 1,800 while downside risks endure

Posted on June 23, 2021 at 2:29 pm GMT

Gold is consolidating around its red Tenkan-sen line after aggressively taking a downturn from its 200-period simple moving average (SMA), and finally constructing some footing just shy of the April 29 trough of 1,756. The falling 50- and 100-period SMAs, and their recent bearish crossovers of the 200-period SMA, are enhancing negative pressures. The recently adopted horizontal bearing of the red Tenkan-sen line is suggesting downside powers have eased, while the falling blue Kijun-sen is defending negative forces. That said, [..]

Technical Analysis – NZDUSD pivots up trying to recoup lost ground

Posted on June 23, 2021 at 9:27 am GMT

NZDUSD is looking set to return above the 200-day simple moving average (SMA) after buyers managed to successfully log two consecutive days in the green, beginning from 0.6922. Although the intertwined 50- and 100-day SMAs are suggesting a largely neutral tone, and the break beneath the 200-day SMA is a bearish signal, negative impetus seems to have become feeble. The Ichimoku lines are also indicating that negative pressures are subsiding, while the short-term oscillators are confirming that positive momentum is [..]

Technical Analysis – EURGBP marks new low below 2021 key support level

Posted on June 23, 2021 at 8:49 am GMT

EURGBP has been out of the spotlight over the past two months as the sideways pattern kept traders in a wait-and-see mode. Today’s bearish action, however, seems to be worthy of attention as the price has locked a new lower low below the 2021 key support level of 0.8541. In the four-hour chart, the technical oscillators suggest that negative forces could persist in the near term. The RSI, having failed to climb above its 50 neutral mark, is digging towards [..]

Technical Analysis – GBPJPY resumes bullish bias after quick recovery

Posted on June 23, 2021 at 7:39 am GMT

GBPJPY has made a speedy recovery following last week’s freefall to a 1 ½-month low of 151.30, sending the price back above its simple moving averages (SMAs) in the four-hour chart and into the 154.00 area. Having clearly crawled above the 61.8% Fibonacci retracement of the 156.06 – 151.30 down leg, the pair is currently eyeing the 155.00 level. Higher, the spotlight will immediately turn to the 3-year high of 156.06 as any significant violation here would give the green light for [..]

Technical Analysis – USDJPY advances in rising channel near 111.00

Posted on June 23, 2021 at 7:13 am GMT

USDJPY made a solid comeback off the 20-period simple moving average (SMA) and the 109.70 support in the preceding days, remaining in a rising channel. The MACD is reinforcing its positive structure above its trigger and zero lines, while the RSI indicator continues to rise upwards in bullish territory. If the pair breaks through the 13-month high of 110.95, the ascending trend would be confirmed, propelling the market to the 111.70 barrier. Taken from the highs of March and April 2019, the 112.20-112.40 zone could operate as [..]

Technical Analysis – USDCAD fades toward 1.23 mark but upside risks linger

Posted on June 22, 2021 at 6:59 pm GMT

USDCAD has retracted to its blue Kijun-sen line at 1.2321 where negative forces seem to have temporarily subsided. The rising 50- and 100-period simple moving averages (SMAs) are promoting additional price gains, while the short-term oscillators remain skewed to the downside. The MACD is abating below its red trigger line in the positive zone, while the RSI is pointing lower underneath its 50 level. The negatively charged stochastic oscillator is endorsing negative price action. Clearly steering below the flattening Kijun-sen [..]

Technical Analysis – WTI futures remain close to 32-month high

Posted on June 22, 2021 at 1:14 pm GMT

WTI crude oil futures are gaining some momentum after the selling interest from the 32-month high of 73.34. The 20- and 40-period simple moving averages (SMAs) have moved back to the upside, and the RSI is now trending north in the positive zone. The MACD, on the other hand, is losing ground above its trigger and zero lines. Immediate resistance would come from the multi-month high of 73.34, before pushing on to the 75.07 level, which was the high in [..]

Technical Analysis – EURJPY uncovers upside forces as it recoils to 100-MA

Posted on June 22, 2021 at 8:03 am GMT

EURJPY has managed to unearth some bullish forces around the 100-day simple moving average (SMA) at 130.56, currently merging with the Ichimoku cloud’s lower boundary. The pair has succeeded in countering the strong fading of the pair from the near 40-month region of highs, which ticked down to the 130.00 handle. Nonetheless, the advancing SMAs are providing bullish defences for the broader uptrend. The Ichimoku lines are reflecting that downside pressure is subsiding, while the short-term oscillators are demonstrating mixed [..]

Technical Analysis – GBPUSD slips further again below 1.3900

Posted on June 22, 2021 at 7:57 am GMT

GBPUSD is posting losses again after a bullish day and is still remaining beneath the 1.3900 handle. The 20- and 40-day simple moving averages (SMAs) are moving lower, approaching a possible bearish cross. The RSI is ticking down in the negative territory, while the MACD is extending its negative movement beneath its trigger and zero lines. If the pair continues to move south, it would send the market until the 1.3670 barrier ahead of the 200-day SMA, which currently stands at 1.3600. Steeper [..]

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