Technical Analysis / Page 378

Technical Analysis – GBPJPY fluctuates below 154.00 but outlook is still positive

Posted on May 12, 2021 at 11:25 am GMT

GBPJPY has advanced considerably over the previous couple of days, challenging the 39-month high of 154.00. However, in the 4-hour chart, the price is moving sideways. The RSI is falling from the overbought zone, while the MACD is losing momentum below its trigger line, both suggesting a bearish correction. In the negative scenario, a selling interest could find immediate support at the 153.13 support, which overlaps with the 20-period SMA. Slipping lower, the 152.20-152.40 support zone could come next ahead [..]

Technical Analysis – USDJPY creates bearish correction in near term

Posted on May 12, 2021 at 7:16 am GMT

USDJPY has reversed back down again after finding resistance at the 109.70 barrier achieved on April 30. Momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the MACD oscillator is flattening near the zero level. Further losses should see the 108.40 mark, inside the Ichimoku cloud, acting as major support. A drop lower would reinforce the bearish structure in the short-term and open the way towards the next [..]

Technical Analysis – NZDUSD prepares for footing or tumble; gains questioned

Posted on May 12, 2021 at 6:42 am GMT

NZDUSD has deflected off the 0.7306 high and is currently tackling the 0.7239 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6510 until 0.7464. The 200-day simple moving average (SMA) is defending the uptrend, while the entwined and horizontal 50- and 100-day SMAs are not endorsing any clear direction for now. The Ichimoku lines are signalling that bullish sentiment has slightly eased, while the short-term oscillators are reflecting a pickup in negative pressures. The [..]

Technical Analysis – EURCHF eases after a green spike; indicators are mix

Posted on May 11, 2021 at 1:41 pm GMT

EURCHF quickly recovered yesterday’s losses after touching an eleven-week low of 1.0921. The rebound helped the currency to surpass the 20- and 40-period simple moving averages (SMAs) on the four-hour chart. The RSI jumped above the neutral threshold of 50 but it is currently pointing down, whereas the stochastic is moving towards the overbought region. In the positive scenario, a successful close above the 1.0915 resistance could take the market towards the 1.1017 barrier and then up to the 200-period SMA at 1.1023. More increases could open the [..]

Technical Analysis – WTI oil futures remain negatively charged

Posted on May 11, 2021 at 1:00 pm GMT

WTI oil futures for June delivery flipped back to the 64.00 area following the rejection near the 65.70 resistance, crossing below the shorter-term moving averages (SMAs) and inside the Ichimoku cloud. Technically, the bears could dominate in the short-term as the RSI continues to fluctuate comfortably below its 50 neutral level and the MACD is digging again in the negative area after almost three weeks. But a break below the nearby 63.90 support area is likely required to start a new bearish [..]

Technical Analysis – USDCAD trades near 1.2100 and above 3½-year low

Posted on May 11, 2021 at 12:43 pm GMT

USDCAD is moving sideways in the 4-hour chart above the more-than-three-and-a-half-year low of 1.2078, testing the 1.2100 handle. In trend indicators, the short-and long-term simple moving averages (SMAs) are suggesting a continuation of the aggressive selling interest, as well as the Ichimoku cloud. The stochastic oscillator is creating a bearish crossover within its %K and %D lines, however, the RSI is looking oversold as it is turning up below the 30 level. If the bears continue to sell the pair, the [..]

Technical Analysis – GBPUSD makes new bullish plans within channel

Posted on May 11, 2021 at 7:57 am GMT

GBPUSD extended Friday’s bullish run to a 2½-month high of 1.4157 on Monday but finished the day slightly lower around the closing price from the end of February at 1.4135, which has also been a hurdle during 2018. The RSI has yet to reach the overbought territory and the MACD continues to gain momentum above its red signal line and within the positive area. Therefore, the bulls may not easily walk away in the short term. Above the 1.4235 barrier, the [..]

Technical Analysis – EURJPY climbs as negative pressures seem non-existent

Posted on May 11, 2021 at 7:57 am GMT

EURJPY has plotted a minor pullback from its freshly achieved 31½-month high of 132.52, but the ripple effect from this development clearly lacks the force necessary to jolt the six-month hike from the 121.61 trough. Moreover, the advancing simple moving averages (SMAs) are nourishing the sturdy uptrend. Positive sentiment is the frontrunner, and this is being reflected in the Ichimoku lines and the short-term oscillators. The MACD some distance beyond zero, is holding above its red trigger line, while the [..]

Technical Analysis – US 500 index sustains steady hike into uncharted waters

Posted on May 10, 2021 at 3:25 pm GMT

The US 500 stock index (Cash) has registered a fresh all-time high of 4,244 and is maintaining its’ decisive bullish tone, which is being shielded by the Ichimoku lines. Moreover, the firm incline in the slopes of the simple moving averages (SMAs) provide a formidable buffer zone for sellers to overcome in order to shift the bias to the downside. The short-term oscillators are transmitting mixed signals in directional sentiment, but the broader picture remains clearly bullish. The MACD is [..]

Technical Analysis – AUDUSD retreats from 2½-month high; bullish bearing unbroken

Posted on May 10, 2021 at 2:06 pm GMT

AUDUSD extended the recent rally from 0.7674 just short of the 0.7900 handle after forming a foothold, around the early and mid-March peaks. The slopes of the simple moving averages (SMAs) have regained an upwards trajectory and are backing the pair’s latest bullish impetus despite the latest price pullback. The Ichimoku lines and the short-term oscillators are reflecting a pause in upwards drive but are favouring an optimistic outcome in the pair. The MACD is above zero and is flying [..]

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