Technical Analysis / Page 369

Technical Analysis – GER 30 index extends bullish journey in uncharted waters

Posted on June 7, 2021 at 3:35 pm GMT

The German 30 index (cash) is gradually stretching its long-term uptrend in uncharted waters, tip-toeing to a fresh all-time high of 15,732 on Monday. Despite the slow pace in the bullish run, the momentum indicators have yet to confirm overbought conditions as the RSI has yet to touch its 70 level and the Stochastics continue to slope upwards after the break above 80. The soft positive momentum in the MACD is another indication that upside pressures could dominate in the [..]

Technical analysis – US 500 index retains bullish bias despite mute tone

Posted on June 7, 2021 at 2:30 pm GMT

The US 500 index (cash) managed to log two consecutive green weeks and remain close to its recent record highs despite its dull tone. With the price trading above its simple moving averages (SMAs), the RSI resuming its upward slope, and the MACD hovering above its red signal line, there is scope for more improvement. The bulls however, should claim the 4,244 peak in order to attract new buying interest towards the 4,300 and 4,400 psychological levels. On the flip [..]

Technical Analysis – USDJPY tests supportive trendline as bearish bias holds

Posted on June 7, 2021 at 12:36 pm GMT

USDJPY could not nourish its recent rebound above the 110.00 level, drifting below the two-month high of 110.32 to seek support near June’s floor of 109.32 and around the key ascending trendline drawn from January’s lows. While this area could be an ideal turning point for the pair, the technical oscillators on the four-hour chart undermine the case for an upside reversal. The MACD is gradually decelerating in the negative region as the RSI is sailing towards its 30 oversold [..]

Technical Analysis – Gold eyes trendline support after Thursday’s drop

Posted on June 7, 2021 at 8:01 am GMT

Gold stabilized Thursday’s pullback around the 20-day simple moving average (SMA) and near the March ascending trendline, raising some hopes that the bulls could soon fight back. Although downside risks remain elevated as the momentum indicators maintain a downward direction, the Stochastics have reached a familiar support area, and the RSI seems to be consolidating above its 50 neutral mark, making an upside correction possible in the short-term. A decisive close above the 1,900 number could boost the price towards [..]

Technical Analysis – EURUSD rebounds off 40-day SMA; bullish bias

Posted on June 7, 2021 at 6:02 am GMT

EURUSD has been moving upwards after the bounce off the 40-day simple moving average (SMA) and a three-day bearish run. The pullback off the 1.1700 psychological level opened the way for a positive structure in the short-term timeframe. The RSI is pointing up near the neutral threshold of 50, however, the stochastic is heading south, mirroring the latest selling interest. In case the bulls hold the control, the price is ready to meet the 1.2267 barrier before meeting the 32-month [..]

Technical Analysis – Silver fakes downside break of bullish channel’s lower band

Posted on June 4, 2021 at 2:32 pm GMT

Silver is currently pushing up against the fairly neutral 100- and 50-period simple moving averages (SMAs), after buying interest picked up around the 200-period SMA at 27.15, just beneath the lower band of the bullish channel. The 200-period SMA has fortified upside defences, reinforcing the lower frontier of the bullish channel. Negative momentum has decreased by a good measure, something also being reflected in the Ichimoku lines, while the short-term oscillators are demonstrating a growing pace in the commodity’s bullish [..]

Technical Analysis – CADJPY consolidates around 91.00 mark but maintains bullish tone

Posted on June 4, 2021 at 12:30 pm GMT

CADJPY continues to oscillate in the vicinity of the 91.00 handle and the muted Ichimoku lines. The climbing simple moving averages (SMAs) are aiding bullish price developments, while the Ichimoku lines are not signalling any decisive directional momentum. The short-term oscillators are reflecting the recent decrease in positive momentum; yet, this move does not seem to be that sustainable as it is nearing a significant support zone. The MACD is decreasing below its red trigger line towards the zero level, [..]

Technical Analysis – NZDUSD recoups some of the strong losses

Posted on June 4, 2021 at 9:50 am GMT

NZDUSD plummeted in a new one-month low around 0.7124 in the preceding sessions, however, it is currently trying to recoup some of the losses. The RSI is gaining some ground in the oversold territory, while the stochastic is getting ready to create a bullish crossover within the %K and %D lines. If the market refuses to fall further, immediate resistance could come from 0.7150. An aggressive jump above this hurdle could open the way towards the 200-period SMA at 0.7215 [..]

Technical Analysis – GBPJPY takes a breather but route remains northbound

Posted on June 4, 2021 at 8:45 am GMT

GBPJPY has temporarily ceased its bullish bearing at a resistance belt, moulded between the 156.00 hurdle and the peak of February 2018 at 156.60. Nonetheless, the climbing simple moving averages (SMAs) are endorsing the broader bullish structure, while the Ichimoku lines are conveying that the positive drive in the pair remains fairly intact. The short-term oscillators reflect the recent pause in the pair’s climb but seem to be indicating that positive momentum may soon pick up. The MACD, in positive [..]

Technical Analysis – GBPUSD favors bearish scenario after failure to conquer tough resistance

Posted on June 4, 2021 at 7:17 am GMT

GBPUSD bulls abandoned the difficult battle around February’s ceiling of 1.4235, letting the price tumble below the 1.4100 level. Having breached the 23.6% Fibonacci of the 1.3668 – 1.4250 upleg too, the pair seems to be exposed to additional downside on the four-hour chart in the absence of any nearby obstacles. The momentum indicators are currently backing this narrative as the RSI continues to point downwards in the bearish territory and the MACD is trending southwards in the negative zone. The 200-day simple moving average (SMA) [..]

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