Technical Analysis / Page 370

Technical Analysis – USDCAD builds base above 6-year low

Posted on June 4, 2021 at 6:01 am GMT

USDCAD is rising after the rebound off the six-year low of 1.2012, however, the bullish move is not strong enough yet to surpass the 1.2200 handle. The momentum indicators are showing some signals for a potential upside correction. The MACD jumped above its trigger line, remaining beneath its zero level, while the RSI is sloping north below the neutral threshold of 50. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are still moving lower and the Ichimoku [..]

Technical Analysis – US 30 index consolidates near highs as bearish pressures fade

Posted on June 3, 2021 at 3:33 pm GMT

The US 30 stock index’s (Cash) latest positive drive seems to have slowed somewhat near its highs. That said the soaring simple moving averages (SMAs) are safeguarding the broader bullish uptrend. Moreover, the Ichimoku lines are endorsing a neutral-to-bullish bearing, while the short-term oscillators are conveying mixed signals in directional momentum. The MACD is standing a tad above its red trigger line, while the RSI is trying to improve in bullish territory. The negative charge in the stochastic oscillator is [..]

Technical Analysis – USDTRY resumes multi-decade uptrend, hits new record high

Posted on June 3, 2021 at 2:40 pm GMT

USDTRY has been grinding higher in recent months and this week, it hit a new record high at 8.76. There was a major correction between November-February but since then, the pair has resumed its long-term uptrend. The momentum oscillators reflect the latest spike higher, with the RSI testing its 70 level and the MACD having just crossed above its red trigger line. If buyers remain in charge and manage to push the pair above the all-time high of 8.76, that [..]

Technical Analysis – EURJPY upside risks intact despite recent tiptoeing

Posted on June 3, 2021 at 2:11 pm GMT

EURJPY seems to be lacking immediate positive drive to surpass the 134.00 hurdle despite multiple bounces off the 133.61 barrier. Although the pair’s broader uptrend is firm, something also being displayed in the climbing simple moving averages (SMAs), the static Ichimoku lines are reflecting a muted market mood after the propulsion on May 27, off the Ichimoku cloud’s upper surface. The short-term oscillators are suggesting bullish sentiment is currently dwindling. The MACD, in the positive region, is gliding beneath its [..]

Technical Analysis – AUDJPY consolidates in narrow range, broader uptrend intact

Posted on June 3, 2021 at 1:10 pm GMT

AUDJPY has been trapped in a narrow sideways range for two months now, between 82.00 and 85.80. This marks a consolidation phase within the bigger uptrend that has been in effect for more than a year. A break on either side of this narrow range will reveal the next directional wave for the pair. The short-term oscillators are stuck near neutral levels, reflecting the absence of any volatility lately. The RSI is marginally above its 50 level, and while the [..]

Technical Analysis – USDCHF pushes for a rebound but key barriers weigh ahead

Posted on June 3, 2021 at 9:41 am GMT

USDCHF is craving for a close above the 20-day simple moving average (SMA) and more importantly beyond the 0.9027 resistance level, which has been capping bullish efforts for a couple of days now. The RSI and the MACD have yet to step into the bullish area but some progress is evident as the former seems to be making higher highs and higher lows towards its 50 neutral mark and the latter is deviating above its red signal line, raising the [..]

Technical Analysis – EURUSD loses steam in long-term bullish tendency

Posted on June 3, 2021 at 9:23 am GMT

EURUSD is retreating beneath its 4-hour period simple moving averages (SMAs) but it looks ready to find strong obstacle at the longer-term ascending trend line in the next sessions. The RSI indicator is falling after the bounce off the 50 level, while the MACD is remaining below its trigger line around its zero level, failing to strengthen the negative bias. If the pair penetrates the diagonal line to the downside, it could hit the 1.2160 support and the 1.2130 barrier, [..]

Technical Analysis – WTI futures eye 70 handle as buyers gain confidence

Posted on June 3, 2021 at 9:09 am GMT

WTI oil futures have stretched to a 31½-month high of 69.38 after closing successfully above the 68.00 level, and are now quickly approaching a fortified buffer zone shaped between the 70.00 and 71.00 round numbers. The advancing simple moving averages (SMAs) are defending the bullish structure, while the slight upturn in the 50-day SMA is reflecting a pickup in near-term sentiment. The Ichimoku lines and the short-term oscillators are indicating growing positive drive. The MACD is strengthening above its red [..]

Technical Analysis – AUDUSD retains neutral bias for more than 3 months

Posted on June 3, 2021 at 6:24 am GMT

AUDUSD has been moving within a horizontal trajectory over the last three months, remaining near the 20- and 40-day simple moving averages (SMAs). However, the 200-day SMA is still moving higher, approaching the current market price. The RSI, around the 50 neutral level, is heading south, while the MACD oscillator is failing to strengthen its movement, holding near the zero level in the short-term. Should prices decline further, an immediate level could be found around 0.7570, an area which has provided crucial [..]

Technical Analysis – GBPJPY keeps bullish risks alive with bounce on 50-MA

Posted on June 2, 2021 at 12:04 pm GMT

GBPJPY is struggling to propel back towards the vicinity of the multi-year peak of 156.06, after a recent pullback in the price became trapped between the red Tenkan-sen line and the 50-period simple moving average (SMA). The bullish SMAs are defending price developments, which began from the 149.04 trough. That said, the horizontal Ichimoku lines are indicating that the pair has slid into a phase where directional sentiment has evaporated. Still, the price seems to have a tendency to improve. [..]

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