Technical Analysis / Page 384

Technical Analysis – JP 225 index reveals possible head & shoulders pattern

Posted on April 22, 2021 at 2:10 pm GMT

Japan’s 225 index (Cash) appears to have shaped what looks to be like a head and shoulders reversal pattern after rallying to a multi-decade high of 30,711. The price has gradually eased off its fresh top, plotting overall lower highs but via a rather sideways ranging demeanour. The bullish simple moving averages (SMAs) are shielding the prevailing uptrend; however, the decelerating slope of the 50-day SMA is transmitting warning signs for positive sentiment. We can see that the index confirmed [..]

Technical Analysis – EURUSD ticks up above SMAs; bullish bias

Posted on April 22, 2021 at 11:03 am GMT

EURUSD is posting a strong upside rally after the bounce off 1.1700, holding for now above the 1.2000 psychological mark. Currently, the price is holding marginally beyond the 20-period simple moving average (SMA) and the RSI is ticking higher in the bullish region. Moreover, the MACD is ready to extend its positive momentum above its trigger and zero lines. In case the bulls continue to move up, immediate resistance could be faced from the 1.2080 and 1.2110 barriers. Steeper increases [..]

Technical Analysis – Palladium futures pin new all-time high

Posted on April 22, 2021 at 10:34 am GMT

Palladium futures (June delivery) reactivated their long-term uptrend after a one-year break, pinning a new record high marginally below the 2,900 psychological mark on Wednesday. The current weakness in the price is justified by the flashing overbought signals in the RSI and the Stochastics, which look to be shifting southwards again. Yet, the downside move is not discouraging for now and the positive momentum could easily recover if the 23.6% Fibonacci of the 2,185 – 2,889 up leg coupled with [..]

Technical Analysis – USDCHF’s decline tries to take the upper hand

Posted on April 22, 2021 at 9:21 am GMT

USDCHF’s downward correction off the 9-month high of 0.9472 has taken a breather within the Ichimoku cloud, although bearish risks continue to sponsor the downside. That said, guarding the rally off the 71½-month bottom of 0.8757 are the improving 50- and 100-day simple moving averages (SMAs), which have yet to lose their positive charge. The Ichimoku lines are reflecting a temporary pause in negative momentum, while the short-term oscillators are suggesting that the picture remains skewed to the downside. The [..]

Technical Analysis – EURJPY sideways drift prolongs; bias neutral-to-bearish

Posted on April 22, 2021 at 8:23 am GMT

EURJPY got trapped between the 20- and 200-period simple moving averages (SMAs) after stepping on the strong ascending trendline, which has been protecting the pair from downside corrections since last October. The price also refused to breach the floor of its horizontal pattern around 129.60, but the momentum indicators continue to warrant some caution as the RSI seems unable to climb above its 50 neutral mark and the MACD remains muted within the negative area. A decisive close below the 129.80 [..]

Technical Analysis – AUDUSD makes failed attempts to improve positive picture

Posted on April 22, 2021 at 6:24 am GMT

AUDUSD is moving in a horizontal trajectory near the Ichimoku cloud and the short-term simple moving averages (SMAs), sustaining its bullish twinkle. The MACD has marginally stepped above its red trigger and zero lines, while the RSI paused its improving movement in the positive territory. It is noteworthy that the 20- and 40-day SMAs are looking ready to create a bullish crossover in the short-term timeframe. If the price runs above the Ichimoku cloud and the 0.7840 barrier, buyers would be required to produce a more decisive push [..]

Technical Analysis – GBPJPY rests on 50-MA within a trading range

Posted on April 21, 2021 at 3:36 pm GMT

GBPJPY is edging across the 50-period simple moving average (SMA) and price action appears to have become confined to the vicinity between the 50- and 200-period SMAs. All SMAs have adopted a horizontal demeanour and are endorsing the neutral price action in the pair. The Ichimoku lines are not signalling any definitive price direction, while the short-term oscillators are transmitting conflicting signals in directional sentiment. The MACD, in the positive region, is below its red trigger line and has approached [..]

Technical Analysis – EURGBP’s footing falters as buyers struggle to gain ground

Posted on April 21, 2021 at 2:28 pm GMT

EURGBP’s latest buying interest around the mid-Bollinger band and 50-day simple moving average (SMA) appears feeble and incapable of overturning the predominant bearish demeanour within the pair. The downward slopes in the SMAs are validating an environment of absent positive drive. However, the upbeat short-term oscillators are suggesting that upside sentiment might mature. The MACD is persisting slightly above its red trigger and zero lines, while the RSI is rising over its 50 threshold. Moreover, the stochastic oscillator is proposing [..]

Technical Analysis – NZDUSD consolidates as cloud contests price gains

Posted on April 21, 2021 at 9:33 am GMT

NZDUSD’s recent propulsion over a restrictive line and the 50- and 100-day simple moving averages (SMAs) is being curbed by the Ichimoku cloud around the 0.7239 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6510 until 0.7464. The climbing 200-day SMA is shielding the positive structure, while the 50- and 100-day SMAs are reflecting a neutral phase in the pair. The Ichimoku lines indicate that positive momentum has lost its might, while the oscillators [..]

Technical Analysis – Gold defends bullish breakout; eyes sharper moves above 1,784

Posted on April 21, 2021 at 9:33 am GMT

Gold is defending its bullish double bottom structure above the key 1,768 support region and the 20-period simple moving average (SMA) on the four-hour chart following the pullback from an almost two-month high of 1,789. The 38.2% Fibonacci retracement of the 1,959 – 1,676 down leg at 1,784 has been under examination over the past few days in the hope that any significant step higher would prompt an exciting rally towards the 50% Fibonacci of 1,818 in the absence of any [..]

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