Technical Analysis / Page 377

Technical Analysis – NZDUSD gains impetus within bullish channel

Posted on May 14, 2021 at 1:26 pm GMT

NZDUSD is in the process of recapturing the ground above the Ichimoku cloud after recently bouncing off the 200-period simple moving average (SMA) around 0.7134. The flattening demeanour of the 50- and 100-period SMAs is reflecting the recent dwindling in sentiment, while the advancing 200-period SMA is endorsing the bullish channel. The upturn in the red Tenkan-sen line is suggesting the positive impetus is growing. The short-term oscillators are also favouring the upside, signalling strengthening momentum. The MACD, in the [..]

Technical Analysis – Copper futures enter bearish phase after record highs

Posted on May 14, 2021 at 9:44 am GMT

Copper futures for July delivery started a new bearish phase on the four-hour chart after their impressive rally matured near a new record high of 4.883. Having crossed below its 20- and 50-period simple moving averages (SMAs), the price is currently refusing to fall below the Ichimoku cloud, but the momentum indicators suggest that the bears may persist in the short term as the RSI is stretching its downtrend below its 50 neutral level, while the MACD has stepped into [..]

Technical Analysis – GBPJPY sellers unable to effectively contest ascent

Posted on May 14, 2021 at 9:28 am GMT

GBPJPY is hovering above its previous high of 153.39 as negative pressures lack the backing to gain an advantage. The advancing simple moving averages (SMAs) are endorsing the positive picture, while the Ichimoku lines are demonstrating that the bullish drive is intact. Nonetheless, the short-term oscillators are conveying mixed signals in directional momentum. The MACD, beyond the zero mark, is holding above its red trigger line, while the RSI, which deflected off the 70 level, is falling towards a trend [..]

Technical Analysis – JP 225 index sets ground for an upside correction; trend signals bearish

Posted on May 14, 2021 at 7:44 am GMT

Japan’s 225 stock index (cash) faced another volatile session on Thursday, with the price diving to a four-month low of 27,131 before bouncing up to close near its opening level. The market action took the form of a doji candle at the end of the day and was charted clearly below the lower Bollinger band and around the 27,687 support area, signaling a potential upside reversal. The RSI and the fast Stochastics are further increasing the case for an upturn [..]

Technical Analysis – USDCAD rises after posting 6-year low

Posted on May 14, 2021 at 6:24 am GMT

USDCAD is gaining ground over the last couple of days, following the rebound off the six-year low of 1.2240. The price found an obstacle at the red Tenkan-sen line, which is acting as strong resistance. The MACD oscillator is trying to surpass above its trigger line in the negative area, while the RSI jumped above the oversold zone. The 20-day simple moving average (SMA) around the 1.2300 handle is the first hurdle to halt upside movements ahead of the 1.2365-1.2456 [..]

Technical Analysis – EURUSD posts bearish correction in Ichimoku cloud

Posted on May 13, 2021 at 9:14 am GMT

EURUSD is retreating after a strong bullish move earlier today, slipping below the 40-period simple moving average (SMA). The RSI is pointing down in the negative territory and the MACD is strengthening its bearish momentum below its zero level. The 20-period SMA is approaching the current market price and the 40-period SMA for a bearish crossover. If the price dives beneath the 1.2065 support, the next hurdle could come from the 1.1993 barrier before meeting the 200-period SMA at 1.1970. Slightly [..]

Technical Analysis – WTI oil futures signal uptrend continuation; eyes on 66.60

Posted on May 13, 2021 at 7:12 am GMT

WTI oil futures for June delivery could not find enough buyers to breach the heavy resistance around 66.60 on Wednesday. But that ceiling looks now to be a part of a large ascending triangle – a positive signal that the paused one-year-old uptrend could soon resume. The momentum indicators show some caution in market sentiment but keep leaning on the bullish side as the RSI remains above a supportive trendline despite marking a lower high in the bullish territory. The [..]

Technical Analysis – AUDUSD plunges in consolidation area

Posted on May 13, 2021 at 6:19 am GMT

AUDUSD is plunging within a ten-week sideways channel, meeting the Ichimoku cloud and the short-term 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 stochastic posted a bearish crossover within the %K and %D lines. Should prices decline further, an immediate level could be found around 0.7570, an area which has provided crucial support. Then a leg below that, the pair could [..]

Technical Analysis – Gold shapes footing above MAs and 1,800 handle

Posted on May 12, 2021 at 3:13 pm GMT

Gold has somewhat stabilized around the red Tenkan-sen line after its latest rally fell short of the 1,847 barrier. The advancing simple moving averages (SMAs) are nurturing the uptrend from 1,678, while the Ichimoku lines are indicating slight dwindling in the positive drive. The oscillators are suggesting short-term negative pressures are gaining the upper hand. The MACD, in the positive region, is easing below its red trigger line, while the RSI is set to cross below its 50 level. The [..]

Technical Analysis – EURGBP slips again below SMAs; negative bias

Posted on May 12, 2021 at 12:16 pm GMT

EURGBP has come under renewed selling pressure, falling back below its 20- and 40-day simple moving averages (SMAs), remaining slightly above the lower surface of the Ichimoku cloud. The technical indicators suggest further declines may be on the cards in the short-term. The RSI is below its neutral 50 line and is also pointing downwards. The stochastic, already in oversold zone, signals downside direction. More decreases could send the market towards the 13-month low of 0.8470 before tumbling at the [..]

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