Technical Analysis / Page 374

Technical Analysis – EURUSD indecisive near February’s high

Posted on May 24, 2021 at 7:50 am GMT

EURUSD is indecisive around February’s peak of 1.2242 and a long-term restrictive line, a break of which is expected to open the way towards the top of a broader uptrend which started in March 2020. The RSI and the Stochastics could not resume upward direction during the previous couple of days, while the price itself has been trading around the upper Bollinger band, increasing the odds for a downside correction in the near term. That said, an ascending trendline has been protecting the market [..]

Technical Analysis – Gold gains momentum, rising above descending channel

Posted on May 24, 2021 at 6:47 am GMT

Gold prices are creating an upside rollercoaster, exiting from the preceding days’ long-term descending channel. The price is looking strongly positive, surpassing the 200-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 2,074.89 to 1,676 at 1,875. The stochastic oscillator is turning up again in the overbought region, while the RSI is still gaining ground above the 70 level. Both are suggesting more gains despite the overstretched market. More upside pressure could drive [..]

Technical Analysis – Silver shows endurance as upside risks persist

Posted on May 21, 2021 at 1:41 pm GMT

Silver is hiking steadily higher lately, extending its strong foothold that it had formed within the support zone of 23.51-23.81. The 200-day simple moving average (SMA) is backing the positive structure, while the 50- and 100-day SMAs have generally been endorsing consolidating price moves over the last 10-months. Noteworthy is the rising slope of the shielded 50-day SMA, which is suggesting growing positive impetus. The stalling of the red Tenkan-sen line is mirroring the fresh price pullback from 28.74 but [..]

Technical Analysis – USDCAD touches 6-year low but bearish bias retains command

Posted on May 21, 2021 at 9:11 am GMT

USDCAD is tiptoeing across the 1.2060 support barrier, related to the critical trough from back in September 2017, after the latest downfall ticked to a 6-year low of 1.2012. The sliding bearish simple moving averages (SMAs) are defending the negative structure, while the Ichimoku cloud continues to overshadow hopes of improvements in the pair. The current snapshot of the flattening Ichimoku lines is implying that negative momentum is taking a breather. This is also being expressed in the short-term technical [..]

Technical Analysis – GBPJPY rally cools near 39-month high

Posted on May 21, 2021 at 8:07 am GMT

GBPJPY is marking its fourth consecutive week in the green zone, though it is set to close with minimal gains as the resistance area around the 154.80 level has been a struggle this week. The sideways move in the RSI, the slowdown in the MACD, and the negative slope in the Stochastics reflect some uncertainty in the market. Still, should the red Tenkan-sen line around 153.97 hold firm, a bounce above the 39-month high of 154.81 and towards the topline of [..]

Technical Analysis – NZDUSD eases below 0.72 avoiding to show a clear direction

Posted on May 21, 2021 at 6:13 am GMT

NZDUSD found some resistance around the 20- and 40-period simple moving averages (SMAs) earlier today and returned to a bearish move thereafter. The price is currently travelling beneath the 0.7200 handle, where any decisive close higher may prove valuable to the market. The red Tenkan-sen however, remains below the blue Kijun-sen and the RSI is currently flirting with the 50 level, pointing to softer short-term trading. The stochastic oscillator is heading south in the 4-hour chart. A pull back may meet immediate support around the [..]

Technical Analysis – US 30 index capped by 200-MA; downside risks persevere

Posted on May 20, 2021 at 2:41 pm GMT

The US 30 stock index (Cash) is struggling to return above the 200-period simple moving average (SMA) after the strong downward correction off of its all-time high of 35,091. The diving 50-period SMA and its freshly completed bearish crossover of the hovering 100-period SMA is signalling that the index’s positive sentiment is currently lacking. The dwindling slopes of the 100- and 200-period SMAs are promoting a price consolidation phase. Nonetheless, the technical indicators are currently favouring a short-term neutral-to-bearish demeanour [..]

Technical Analysis – GBPUSD rebounds off 1.4100; positive profile in medium term

Posted on May 20, 2021 at 2:22 pm GMT

GBPUSD has found strong support at the 1.4100 psychological level, holding near the 40-period simple moving average (SMA). The RSI is ticking slightly up in the negative territory, however the MACD is holding below its trigger line. In case the pair changes its short-term direction to the upside, the bulls will probably challenge the previous top at 1.4220. A break higher could last until 1.4345, which is the peak from January 2018. Alternatively, additional declines may drive the price towards [..]

Technical Analysis – EURJPY extends bearish move in near term

Posted on May 20, 2021 at 9:28 am GMT

EURJPY fell below the 20-period simple moving average (SMA) on the four-hour chart on Wednesday, stretching the downfall from the 32-month high of 133.43 inside the 132.00 area. The RSI indicator is still fluctuating around its 50 neutral level, while the MACD is losing strength beneath its trigger line. Another move lower could test the 40-period SMA at 132.63 ahead of the 132.50 barrier. If sellers breach the latter, the 23.6% Fibonacci retracement level of the upward move from 128.28-133.43 at 132.20 could come next into view, while below that the focus will turn to 132.03. If [..]

Technical Analysis – AUDUSD tests key support zone; upside risks intact

Posted on May 20, 2021 at 8:22 am GMT

AUDUSD is currently challenging the supportive trend line pulled from the 0.6990 low, which has put the pair’s bullish endurance under the microscope. The price is also resting on the merged 50- and 100-day simple moving averages (SMAs), bordering the above mentioned line around the 0.7710 level, which are also reflecting a more neutral market mood for now. The 200-day SMA continues to defend the bigger positive structure. The squeezed and flattening Bollinger bands are indicating that price volatility has [..]

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