Technical Analysis / Page 395

Technical Analysis – AUDUSD dives beneath 0.7700; negative pressures persist

Posted on March 23, 2021 at 4:13 pm GMT

AUDUSD is sustaining a bearish tone beneath the simple moving averages (SMAs) despite having pivoted upwards at the 0.7655 level. The somewhat congested SMAs reflect the latest month in which the pair has been range-bound, however, a bearish crossover of the 100-period SMA by the downward pointing 50-period SMA could fuel negative sentiment. The temporarily paused Ichimoku lines are backing negative price action, while the short-term oscillators are conveying mixed signals in directional momentum. The MACD, below the zero line, [..]

Technical Analysis – EURCHF rises above 1.1000 in declining channel

Posted on March 23, 2021 at 1:39 pm GMT

EURCHF has been trading within a declining channel since March 4, recently rebounding near the 1.1000 psychological level to test the channel’s upper boundary. The price is also trying to overcome the Ichimoku cloud with scope to meet the 1.1083 and 1.1110 resistance levels. If it manages to breach these borders, the rally could accelerate towards the 21-month peak of 1.1150 and then up to 1.1170, registered in June 2019. The technical indicators are pointing upwards, confirming the recent positive momentum in the price. The [..]

Technical Analysis – WTI futures tumble below SMAs, posting negative correction

Posted on March 23, 2021 at 9:44 am GMT

WTI futures have come under renewed selling pressure, falling back below the short-term simple moving averages (SMAs) after the pullback off the 62.00 handle. Despite the latest down move, the commodity has not posted a lower low yet, which makes one hesitant to trust expect further declines for now. In the 4-hour chart, the RSI suggests more decrease may be on the cards in the very short-term as the index is moving lower in the negative territory. The MACD is [..]

Technical Analysis – USDCAD bulls contest concrete bearish bias

Posted on March 23, 2021 at 9:16 am GMT

USDCAD is heading towards the 100-period simple moving average (SMA), following an impressive performance after a stable foothold at the multi-year low of 1.2364, which extended above the 50-period SMA and is moving higher in the Ichimoku cloud. The Ichimoku lines are backing positive price action, while the guiding SMAs are conveying a reigning bearish structure. Currently the short-term oscillators are suggesting growing positive movement ahead of tough upside obstacles. The MACD, in the positive region, is climbing above its [..]

Technical Analysis – GBPUSD holds range near 50-SMA; bias neutral-to-bearish

Posted on March 23, 2021 at 8:30 am GMT

GBPUSD continues to range-bound between the 50-day simple moving average (SMA) and the tough resistance of 1.4000 for the second week, refusing to chart a new lower low below 1.3774. The short-term signals, however, remain discouraging as the 20-day SMA is slowly converging to the downside and towards the 50-day SMA, while the momentum in the RSI and the MACD keeps weakening, with the former having inched below its 50 neutral mark and the latter preparing to exit the positive [..]

Technical Analysis – EURJPY eases slightly in ascending tendency

Posted on March 23, 2021 at 7:33 am GMT

EURJPY has advanced considerably since roughly the mid of the previous year, hitting a 29-month high of 135.65 on Thursday. The pair posted a negative gap in the past couple of days but recouped it quickly yesterday, jumping above the 20-day simple moving average (SMA), while today, the market is slightly easing. Looking at momentum indicators, the RSI is sloping downwards in the positive region, while the MACD is losing momentum below its trigger line in the bullish territory. However, [..]

Technical Analysis – USDTRY faces strong losses after 4-month high

Posted on March 22, 2021 at 2:12 pm GMT

USDTRY shifted aggressively to the downside after spiking towards a fresh four-month high of 8.4647 earlier today. The price is trying to recoup the positive gap which was posted during the previous sessions, with the technical indicators showing a mixed behavior. The RSI is sloping down from the overbought territory, whereas the MACD is gaining ground above its trigger line. Should the pair move even lower, immediate support could come around the former crucial resistance area of 7.7687. Below that, the 200-day simple moving average (SMA) at [..]

Technical Analysis – USDJPY’s rally creeps sideways; sellers eye key support

Posted on March 22, 2021 at 10:03 am GMT

USDJPY has edged beneath the waning 50-period simple moving average (SMA) at 109.00 and into the Ichimoku cloud, after the impressive rally from 104.91 struggled to extend past the 109.20-109.37 resistance region. The directionless Ichimoku lines are promoting the minor consolidation, while the SMAs are endorsing a positive price structure. The short-term oscillators are transmitting conflicting signals in directional momentum. The MACD, barely below its red trigger line and the zero mark, is falling, while the downward pointing RSI is [..]

Technical Analysis – US 500 index meets 20-day SMA, standing below record high

Posted on March 22, 2021 at 9:32 am GMT

The US 500 index is slipping from the all-time high of 3,988.65 and is retesting the 20-day simple moving average (SMA) after two consecutive red days. The technical indicators are suggesting a horizontal movement. The MACD is holding below the trigger line in the positive region, while the RSI is approaching the 50 level with weak momentum. In trend indicators, the Ichimoku cloud is holding below the current market price and the red Tenkan-sen line capped the index. If there [..]

Technical Analysis – EURUSD looks into 200-SMA to survive outlook deterioration

Posted on March 22, 2021 at 9:05 am GMT

EURUSD was struggling to cross above the 1.1900 level earlier on Monday, having opened the day with a bearish gap, which pressed the price as low as 1.1868. The technical indicators are painting a neutral-to-bearish picture for the short term as the RSI continues its sideways move below its 50 neutral mark and the MACD remains trendless within the negative area and around its red signal line. Other discouraging signs come from the downward sloping 20- and 50-day simple moving [..]

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