Technical Analysis / Page 397

Technical Analysis – USDCHF retraces steep rally; trend signals remain encouraging

Posted on March 18, 2021 at 8:40 am GMT

USDCHF is trading within a tight downward-sloping channel, which seems to be a component of a potential bullish flag pattern following the steep rally to a seven-month high of 0.9374. The flag structure could be a positive trend continuation signal, backed by the rising shorter-term simple moving averages (SMAs) and the recent bullish cross between the 20- and 200-day SMAs. That said, the momentum indicators are painting a bleaker picture for the near term as the MACD keeps decelerating below [..]

Technical Analysis – EURJPY flirts with 29-month high in ascending move

Posted on March 18, 2021 at 8:00 am GMT

EURJPY is looking strongly bullish in the short-term after surging above its four-hour moving averages. Prices hit a 29-month high of 130.65 and the technical indicators are all pointing to further positive momentum in the near term. The RSI is pointing upwards in the positive region, while the MACD is advancing above its trigger line. Immediate resistance to further gains would likely come from the 29-month high of 130.65, which was created earlier today. If there is a successful break [..]

Technical Analysis – USDCAD steps up but bearish pressures overpower

Posted on March 17, 2021 at 4:22 pm GMT

USDCAD’s recent improvements over the red Tenkan-sen line have yet to dent the broader bearish bias. The simple moving averages (SMAs) are endorsing the commanding downwards tone and the recent bearish crossover of the 100-period SMA by the 50-period one could reinforce this outlook. The Ichimoku lines are reflecting negative sentiment, despite the marginal easing in the red Tenkan-sen’s downward slope and the recent pickup in buying interest. However, the short-term oscillators are indicating the recent upturn in the price [..]

Technical Analysis – USDZAR holds neutral as MAs cap gains

Posted on March 17, 2021 at 3:34 pm GMT

USDZAR remains stuck in a sideways range both in the short and medium terms, with prices struggling to gain traction below the thin Ichimoku cloud. Aside from the cloud bottom posing a major obstacle in the 15.0750 region, the bulls are additionally facing resistance around 14.9500 where the 20-day moving average (MA) is about to cross above the 50-day MA. Once this bullish crossover is completed, the weak positive momentum – as indicated by the positively sloped stochastics – could [..]

Technical Analysis – GBPJPY surpasses SMAs, heading up to 35-month high

Posted on March 17, 2021 at 2:10 pm GMT

GBPJPY continues to rise above the Ichimoku cloud, remaining in a bullish movement over the past four months, stretching its upward pattern to a fresh 35-month high of 152.30 on Friday. According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above its 50 level. The MACD, though, is flattening around the zero level. A move higher could push the bulls near the multi-month high of 152.30 ahead of the 153.80 resistance, registered in [..]

Technical Analysis – EURCHF rises sharply after hitting 1.1000

Posted on March 17, 2021 at 1:20 pm GMT

EURCHF is jumping up after the bounce off the 1.1000 psychological level, flirting with the Ichimoku cloud and the downward sloping 20- and 40-period simple moving averages (SMAs). Technically, the RSI is pointing upwards around the neutral-threshold of 50, while the stochastic is extending its structure, moving towards the overbought territory. A jump above the SMAs could take the price until the 1.1110 resistance ahead of the 21-month high of 1.1150. A step above this hurdle could open the way [..]

Technical Analysis – Gold bulls await a fresh impetus above 1,740 to resume rally

Posted on March 17, 2021 at 10:50 am GMT

Gold bounced off 1,699 to fight the tough wall around 1,740 on the four-hour chart, which has been a crucial obstacle to upside movements since the start of the month. The sideways trajectory in the RSI and the MACD and the flattening Ichimoku lines are not in favor of any significant bullish action at the moment but are not taking the bears’ side either. Therefore, buyers will probably wait for a close above 1,740 before targeting the key 1,760 – [..]

Technical Analysis – USDJPY’s climb pauses but compass aims northwards

Posted on March 17, 2021 at 9:05 am GMT

USDJPY appears to be stabilizing its footing on the red Tenkan-sen line, currently around 108.82, getting ready for a new thrust higher. The rising 50- and 100-day simple moving averages (SMAs) and the recent bullish crossover of the 200-day SMA by the 50-day one are together endorsing an extension of the price rally from the beginning of the year. The Ichimoku lines are reflecting robust positive sentiment as the red Tenkan-sen line is soaring above its blue Kijun-sen line. The [..]

Technical Analysis – NZDUSD in a wait-and-see mode between key boundaries

Posted on March 17, 2021 at 8:31 am GMT

NZDUSD has been refusing to close below the Ichimoku cloud since the slump to an almost two-month low of 0.7097, also finding assistance from the surface of the broken symmetrical triangle, which has recently adopted a supportive role. Upside corrections, however, were limited too as the shorter-term simple moving averages (SMAs) have been capping bullish actions with the help of the triangle’s lower boundary, keeping the pair in a neutral mode. The sideways move in the RSI and the MACD [..]

Technical Analysis – WTI futures edge sideways; broader uptrend unbroken

Posted on March 16, 2021 at 4:26 pm GMT

WTI oil futures have shifted into a minor consolidation on the four-hour chart, resulting in the price dipping below the 50-period simple moving average (SMA) and into the Ichimoku cloud. The bullish SMAs are safeguarding the positive structure, while the directionless Ichimoku lines are promoting a more neutral price tone. The short-term oscillators are reflecting the recent weakness in the commodity but have not entirely excluded a potential pickup in positive momentum yet. The MACD is below its red trigger line [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat