Technical Analysis / Page 373

Technical Analysis – NZDJPY prints fresh 3-year high; short-term bias bullish

Posted on May 26, 2021 at 11:23 am GMT

NZDJPY gained significant positive traction following the Reserve Bank of New Zealand’s rate announcement, stretching its one-year-old uptrend to a fresh 3-year high of 79.58 after a period of stagnation. Should the price close clearly higher, the rally could get extra fuel towards the 2018 top of 81.54, while not far above, the 61.8% Fibonacci of the 2015 – 2020 down leg could build a strong wall around 83.00, deterring the bulls from reaching the 84.50 former resistance zone. The technical [..]

Technical Analysis – Gold surpasses 1,900; upside risks remain sturdy

Posted on May 26, 2021 at 9:32 am GMT

Gold has pushed above the 1,900 hurdle today to a four-and-a-half-month high of 1,910, extending the nearly two-month uptrend, which began from the 1,678 trough. The soaring simple moving averages (SMAs) are defending the bullish structure, while the stabilization in the Ichimoku lines is reflecting a minor pause in growing positive sentiment. The short-term oscillators are mirroring the marginal dwindling in the price above the 1,900 mark; however, this minor stalling seems incapable at the moment in overturning the commodity’s [..]

Technical Analysis – USDJPY hints at more weakness below trendline

Posted on May 26, 2021 at 6:38 am GMT

USDJPY has been in a tight range underneath the 109.00 level this week, facing resistance near its shorter-term simple moving averages and support around the blue Kijun-sen line at 108.60. The sideways move has positioned the price marginally below the tough ascending trendline, flagging more weakness in the near term. The momentum indicators are discouraging as well, with the RSI hovering slightly below its 50 neutral mark, the Stochastics sailing southwards, and the MACD preparing to enter the negative zone. A [..]

Technical Analysis – EURGBP edges above the bearish cross within SMAs

Posted on May 26, 2021 at 6:06 am GMT

EURGBP is ticking higher above the bearish cross within the 20- and 40-day simple moving averages (SMAs). However, the market is trading in a horizontal trajectory within the upper boundary of the 0.8730 resistance and the lower boundary of the 0.8560 support. The RSI is sloping upwards above the 50 level, while the stochastic is heading upwards after the positive cross within the %K and %D lines. If the price continues to move higher, it could meet the 0.8730-0.8790 resistance area. More bullish movements could open the way for the [..]

Technical Analysis – GBPUSD forms a double top at 35-month high

Posted on May 25, 2021 at 1:05 pm GMT

GBPUSD posted a double top at the 35-month high of 1.4235, holding above the long-term ascending trend line. The MACD is flirting with the trigger line for a potential downside retracement in the positive region, while the RSI is turning slightly up above the 50 level. The 20- and 40-day simple moving averages (SMAs) are creating a bullish crossover and the 200-day SMA is keeping the upside move. Immediate resistance could be faced at the 1.4235 resistance, which is acting [..]

Technical Analysis – USDCAD eyeballs recently reached 6-year bottom

Posted on May 25, 2021 at 9:32 am GMT

USDCAD is consolidating between its freshly found footing at 1.2012, a multi-year bottom, and the high of 1.2144. Nonetheless, USDCAD remains predominantly bearish, with the falling simple moving averages (SMAs) weighing on price improvements. The Ichimoku lines are reflecting the pause in the pair’s decent from the 1.2653 high but are signalling that the price trajectory remains heavily tilted to the downside. Furthermore, the short-term oscillators are reflecting price’s negative preference despite marginal upticks in positive momentum. The MACD, in [..]

Technical Analysis – NZDUSD gains soft positive traction within triangle

Posted on May 25, 2021 at 7:41 am GMT

NZDUSD started the week with a slight positive momentum as the bears were unable to drive the price below the supportive 50-day simple moving average (SMA) at 0.7140 last week. On the upside, the main target remains the 0.7300 key level, a break of which is expected to drive the price above a symmetrical triangle and hence, boost buying confidence towards February’s peak of 0.7463, where a longer-term tough restrictive line is placed as well. Beyond that, the 2017 top [..]

Technical Analysis – EURJPY returns up to 3-year high

Posted on May 25, 2021 at 6:36 am GMT

EURJPY is strongly positive as it reached a fresh 3-year peak at 133.42 on May 18. The MACD is standing near the trigger and above the zero lines, and the RSI is gaining ground near the overbought region. The short-term simple moving averages (SMAs) are heading north, approaching the current market price. The short-run risk is looking neutral-to-positive at the moment and another retest of the 133.42 high is likely. Particularly, a decisive close above the aforementioned level might be [..]

Technical Analysis – AUDUSD tries to overthrow bearish pressures

Posted on May 24, 2021 at 2:48 pm GMT

AUDUSD is successfully recapturing some of the pair’s recently lost ground but this progress may be short-lived should the price fail to navigate through the resistance zone of 0.7739-0.7762. The fairly horizontal 100- and 200-period simple moving averages (SMAs) are suggesting an absence of strong directional sentiment, endorsing a neutral market mood, while the falling 50-period SMA is struggling to dampen improvements in the price. The short-term oscillators are indicating that positive drive is strengthening. The MACD, in the negative [..]

Technical Analysis – US 500 index flashes green above 200-SMA

Posted on May 24, 2021 at 9:50 am GMT

The US 500 stock index (Cash) is conveying a slight increase in positive impetus, after its latest rally off the 4,060 low lifted the price above the 4,151 barrier. The latter happens to be the 23.6% Fibonacci retracement of the up leg from 3,853 until 4,244, and the current vicinity of the advancing 200-period simple moving average (SMA). The marginal upturn in the mid-Bollinger band and the flattening out of the bearish 50-period SMA are together signalling that positive sentiment [..]

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