Technical Analysis / Page 375

Technical Analysis – WTI oil futures hold some buying interest after downfall

Posted on May 20, 2021 at 7:43 am GMT

WTI oil futures for July delivery tumbled to an almost one-month low of 61.95 on Wednesday following the rejection near the 66.98 level. The decline, however, was not sturdy enough to send the price below the squeezed Ichimoku cloud and the one-year-old ascending trendline drawn from the 2020 lows, keeping some optimism intact. As regards the price momentum, the RSI and the MACD suggest a neutral-to-bearish bias for short-term trading, as the former is hovering marginally below its 50 neutral level [..]

Technical Analysis – EURUSD erases gains in short-term; uptrend line acts as support

Posted on May 20, 2021 at 6:05 am GMT

EURUSD had a positive start on Thursday, with the price remaining below the crucial level at 1.2180. The pair has also increased distance below its three-and-a-half-month high of 1.2245. Momentum signals are bearish as the RSI has reversed lower after failing to break above its 70 mark on Wednesday. Yet the latter is ready to enter the negative territory, while the MACD tumbled beneath its trigger line in the positive region. Should the price extend declines, the 40-period simple moving [..]

Technical Analysis – USDCHF looks incapable of overstepping key resistance

Posted on May 19, 2021 at 3:34 pm GMT

USDCHF is currently tackling a durable resistance barrier around the 0.9030 mark, which is reinforced by the overlapping downtrend line, pulled from the 0.9472 high, the blue Kijun-sen line and the 50-period simple moving average (SMA). The former happens to be the 61.8% Fibonacci retracement of the up leg from 0.8757 until the nine-month peak of 0.9472. The bearish SMAs are shielding the downtrend, while the flattened Ichimoku lines are suggesting negative momentum may soon resume. The short-term oscillators are [..]

Technical Analysis – NZDUSD contests bullish defences but improving bias endures

Posted on May 19, 2021 at 1:59 pm GMT

NZDUSD is currently weighing on the 100-day simple moving average (SMA) around 0.7182, adjacent to a minor supportive trend line pulled from the 0.6942 low. The 200-day SMA is protecting the broader positive structure, while the 50- and 100-day SMAs are promoting a short-term neutral-to-bullish demeanour. The short-term oscillators are indicating that positive sentiment is currently struggling. The MACD is weakening below its flattening red trigger line, which is not too far above the zero threshold. The fragile RSI is [..]

Technical Analysis – GBPJPY struggles to surpass 39-month high

Posted on May 19, 2021 at 11:59 am GMT

GBPJPY came close to breaking the 39-month high of 154.80, in the previous sessions, but is still fluctuating sideways. According to the RSI, the market could maintain a weak momentum in the short-term as the indicator is flattening above its neutral threshold of 50, while the MACD is flattening near its trigger line in the bullish area. On the upside, the price could attempt to overcome the 154.80 high and test the 156.60 resistance, registered in January 2018. A reversal to [..]

Technical Analysis – EURGBP moves horizontally in Ichimoku cloud

Posted on May 19, 2021 at 10:12 am GMT

EURGBP has been trading in horizontal move over the last five weeks with upper boundary the 0.8730 resistance and lower boundary the 0.8560 support. The pair is fluctuating within the Ichimoku cloud and below the flat 20- and 40-day simple moving averages (SMAs). The RSI is sloping upwards marginally below the 50 level, while the stochastic is heading upwards after the positive cross within the %K and %D lines. If the price tries to surpass the SMAs and the cloud, it could meet [..]

Technical Analysis – USDJPY directs lower but positive tone endures

Posted on May 19, 2021 at 8:34 am GMT

USDJPY is gaining some traction off the mid-Bollinger band at 108.87, near a supportive trend line drawn from the 102.58 low. The fresh deflection in the price off the upper Bollinger band may have recently curbed additional developments past the 110.00 border; however, sellers seem to currently lack the necessary backing to shift sentiment to the downside. Although the short-term oscillators are slightly favouring price advances, they are presently transmitting conflicting signals in directional momentum. The MACD is holding a [..]

Technical Analysis – CADJPY bulls lose energy near tough resistance area

Posted on May 19, 2021 at 8:15 am GMT

CADJPY is maintaining a strong upward trajectory both in the short- and medium-term timeframes, with the price ticking to a fresh 40-month high of 90.72 on Tuesday. The positively charged simple moving averages (SMAs) are endorsing the bullish direction in the market, though the momentum indicators suggest that upside pressures are evaporating as the RSI is sidelining around its 70 overbought mark and the Stochastics are trending downwards. The MACD is also slowing pace towards its red signal line, justifying [..]

Technical Analysis – Gold prices flirt with 4-month high; bullish in medium term

Posted on May 19, 2021 at 7:27 am GMT

Gold prices have lost its positive momentum after it reached the four-month high of 1,875. In the short-term, the market could retain the neutral-to-bearish trading as the RSI is ticking down around the overbought region and the stochastic is moving lower towards the oversold area. The medium-term bullish trend though could stay in place given that prices continue to fluctuate above the Ichimoku cloud and the simple moving averages (SMAs). Should the pair stretch south, 1,855 could provide immediate support before the [..]

Technical Analysis – EURCHF bearish pressures fumble ahead of 1.0900 defences

Posted on May 18, 2021 at 3:28 pm GMT

EURCHF has faded from the near 20-month peak of 1.1151 below the Ichimoku cloud but negative momentum seems to be dwindling around the 100-day simple moving average (SMA) at 1.0943. The 100- and 200-day SMAs are shielding price improvements, while the 50-day SMA is reflecting a price preference to steer lower. The blue Kijun-sen line is signalling some waning in negative sentiment. Moreover, the short-term oscillators are demonstrating that negative momentum is lacking the necessary impetus to drive the price [..]

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