Technical Analysis / Page 372

Technical Analysis – Gold remains bullish but positive impetus runs low on fuel

Posted on May 31, 2021 at 8:45 am GMT

Gold seems to be taking a breather slightly north of the 1,900 hurdle, despite having formed fresh footing off the red Tenkan-sen line around 1,882. The rising 50-day simple moving average (SMA) and its near completion of a bullish crossover of the 100-day SMA could help resuscitate bullish impetus. The calming in the Ichimoku lines is indicating a small pause in positive sentiment, while the short-term oscillators, which are suggesting that bullish momentum is resilient, are favouring the upside. The [..]

Technical Analysis – EURUSD’s bullish move remains around 1.22

Posted on May 31, 2021 at 6:07 am GMT

EURUSD has been trading upwards in line with the 20-day simple moving average (SMA), standing beneath the almost five-month high of 1.2267. The rebound off the 1.1700 psychological level opened the way for a positive structure in the short-term timeframe. The RSI is in a flattening mode above the neutral threshold of 50, however, the stochastic is heading north, mirroring the latest price rebound on the 20-day SMA. In case the bulls hold the control, the price is ready to [..]

Technical Analysis – NZDUSD falters around 3-month highs

Posted on May 28, 2021 at 1:05 pm GMT

NZDUSD is extending its pullback below the merged 50- and 100-period simple moving averages (SMAs) around 0.7228 but this move has yet to negate the broader market sentiment, which seems still slightly tilted to the upside. The gradual inclines in the SMAs are endorsing the neutral-to-bullish price picture. The red Tenkan-sen line is promoting negative forces, while the flattening blue Kijun-sen line has yet to concur with the pair’s growing negative bearing. The short-term oscillators are mirroring the recent retreat [..]

Technical Analysis – GBPUSD contests stern resistance zone; upside risks endure

Posted on May 28, 2021 at 11:34 am GMT

GBPUSD has recoiled to the Ichimoku cloud’s upper surface around 1.4170 after the pair’s latest positive traction, activated near the 1.4100 mark, managed to only yet again peek temporarily above the 1.4200 handle. The bullish simple moving averages (SMAs) are providing essential defences to aid near-term additional price improvements. Presently, the Ichimoku lines are not transmitting any clear signals in directional momentum but may help fortify support around the 50-period SMA at 1.4162. In terms of the next decisive price [..]

Technical Analysis – USDCAD lengthy consolidation points to bullish breakout

Posted on May 28, 2021 at 7:34 am GMT

USDCAD extended its consolidation phase around the crucial 2017 low of 1.2060 for the third consecutive week, increasing speculation that the bears are losing the fight and the bulls could soon take charge. Indeed, the positive slope in the RSI and the Stochastics, which are sailing away from oversold waters, and the upside reversal in the MACD suggest that downside risks are fading. Still, the 20-day simple moving average (SMA) appeared quite restrictive over the past two days and unless it gives [..]

Technical Analysis – GBPJPY hovers near new 40-month highs

Posted on May 28, 2021 at 6:26 am GMT

GBPJPY had a strong green day on Thursday, charting a fresh 40-month high at 156.06. The price is currently holding above the bullish crossover within the 20- and 40-period simple moving averages (SMAs) as well as above the Ichimoku cloud. The MACD is stretching above its trigger line in the positive region, while the stochastic is entering the overbought zone. More advances could take the market until the nearby resistance of 156.50, achieved in January 2018. Steeper increases could open the door for the 162.80 barrier, registered [..]

Technical Analysis – EURJPY set for recovery after meeting familiar support area

Posted on May 27, 2021 at 11:08 am GMT

EURJPY came under selling pressure following the peak at 133.59 – the highest since February 2018 – earlier this week, but the upper boundary of the Ichimoku cloud on the four-hour chart managed to add strong footing again, pushing the price slightly above its short-term simple moving averages (SMAs). The short-term bias is currently looking neutral-to-bullish as the Stochastics have bottomed in the oversold area and are shifting upwards again, while the RSI is trying to regain ground after refusing [..]

Technical Analysis – WTI futures work to boost bullish bias past 68.00 mark

Posted on May 27, 2021 at 8:38 am GMT

WTI oil futures are lacking positive thrust to surpass the resistance border moulded between the 66.42 high and the 28½-month peak of 67.96. The advancing 100- and 200-day simple moving averages (SMAs) are aiding the bullish structure in the big picture, while the flattening 50-day SMA, is reflecting the recent struggle in the commodity to log further improvements. The static Ichimoku lines are indicating the absence of positive drive necessary to revive the uptrend, while the short-term oscillators are conveying [..]

Technical Analysis – USDCHF erases January’s rally; bearish bias softens

Posted on May 27, 2021 at 8:01 am GMT

USDCHF has erased a large part on the January – March rally, with the price extending its downtrend to a 3-month low of 0.8929 this week. Having breached the 61.8% Fibonacci of the 0.8814 – 0.9471 uptrend, the bears are now eyeing the next Fibonacci level of 0.8909, a break of which will give way to the 0.8850 support region. Deeper, the bears may attempt to re-activate the long-term downtrend below the six-year low of 0.8814. The technical picture keeps questioning [..]

Technical Analysis – WTI futures slow ahead of vital resistance zone

Posted on May 26, 2021 at 2:43 pm GMT

WTI oil futures have retreated before really challenging the vital resistance section of 66.57-67.96 and are now finding some footing near the mid-Bollinger band at 65.20 on the four-hour chart. The improving 50-period simple moving average (SMA) and the 100- and 200-period SMAs are endorsing a more neutral-to-bullish bearing. The short-term oscillators are mirroring the pullback in price but are currently transmitting mixed signals in directional momentum. The MACD, above the zero threshold, has slipped beneath its red trigger line [..]

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