Technical Analysis / Page 399

Technical Analysis – CADJPY exponentially bullish for the seventh week; eyes on key 87.00 resistance

Posted on March 12, 2021 at 8:06 am GMT

CADJPY has been growing exponentially since the break above a three-year-old resistance trendline at the end of January, crawling above its simple moving averages (SMAs) in all timeframes and to the highest peak in more than two years. In the daily chart, although the RSI and the Stochastics have yet to plot any downside reversal in the overbought territory, the price is within breathing distance of the key 87.00 level, which has been a tough restrictive region during the 2017-2018 [..]

Technical Analysis – USDCAD rebounds above 3-year low but outlook is still negative

Posted on March 12, 2021 at 7:10 am GMT

USDCAD is heading marginally north after the slip to the 1.2525 support level, however, the pullback off the descending trend line in the previous sessions signals a strong negative momentum in the broader outlook. From the technical view, the MACD oscillator is suggesting a flattening movement as it stands slightly below its zero and trigger lines, however, the RSI is pointing up in the negative territory. The Ichimoku lines are showing a neutral-to-bearish bias in the short-term. Further losses could [..]

Technical Analysis – JP 225 index targets key resistance trendline as recovery continues

Posted on March 11, 2021 at 4:26 pm GMT

Japan’s 225 stock index (cash) has been nicely crawling up since the plunge to a one-month low of 28,300, stepping recently slightly above the restrictive 50- and 200-period simple moving averages (SMAs) on the four-hour chart. The positive charge in the RSI and the MACD, although somewhat unattractive, is endorsing additional upside corrections, though traders may wisely wait for a close above the resistance trendline, and preferably, beyond the 50% Fibonacci of the latest downfall at 29,512. If this proves [..]

Technical Analysis – EURGBP tiptoes around bottom base; bearish bias holds

Posted on March 11, 2021 at 4:07 pm GMT

EURGBP is currently crawling across the floor of 0.8538-0.8557, the latter being a 1-year low on February 24, where the pair rejected the level. The gliding simple moving averages (SMAs) are dictating the bearish picture, while the flattening Ichimoku lines are reflecting the dry-up in negative momentum, echoing the price’s struggles to dive deeper. The short-term oscillators are reflecting conflicting signals in directional sentiment. The MACD, in the negative region, is improving above its red trigger line, while the RSI [..]

Technical Analysis – EURJPY eases from 2-week high but retains bullish bias

Posted on March 11, 2021 at 1:30 pm GMT

EURJPY is ticking marginally down after posting a two-week high around 129.88 following the bounce off the short-term ascending trend line and the 23.6% Fibonacci retracement level of the up leg from 125.07 to 129.96 at 128.80. The RSI is pointing south in the positive region, while the MACD is extending above the trigger and zero lines. More advances could move the market until the immediate resistance at the 28-month high of 129.96 ahead of the 130.15 barrier, registered in November 2018. Steeper upside movements [..]

Technical Analysis – Tesla’s stock exposed to bearish risks despite upturn

Posted on March 11, 2021 at 9:59 am GMT

Tesla’s stock has been in a recovery mode this week, healing its injuries from a three-month low of 539.00. On Wednesday, however, the electric car maker saw its efforts falling behind near the 50-period exponential moving average (EMA) on the four-hour chart despite crawling above the 700.00 mark. Although the RSI has violated its downward trend, it is still below its 50 neutral level and seems to be losing steam, flagging that bearish forces have not faded yet. Also, the price itself continues to endorse [..]

Technical Analysis – WTI futures steady uptrend aided by Tenkan-sen line

Posted on March 11, 2021 at 9:33 am GMT

WTI oil futures found some traction off the flattening red Tenkan-sen line at 63.54, reviving the commodity’s positive drive. The commanding bullish tone of the simple moving averages (SMAs) is preserving the uptrend. Furthermore, the Ichimoku lines are endorsing positive momentum with the red Tenkan-sen muting the pullback from the 28½-month high of 67.96. The short-term oscillators are reflecting mixed signals in directional momentum but appear are leaning to the upside. The MACD is far above the zero mark and [..]

Technical Analysis – EURUSD bulls aim to win dominance ahead of ECB

Posted on March 11, 2021 at 8:27 am GMT

EURUSD is sailing across the 1.1900 territory, signaling that the rebound off the 3-month low of 1.1834 is something more than temporary. The strong positive momentum in the RSI and the MACD and the progressing bullish cross between the red Tenkan-sen and Kijun-sen lines reflect growing buying appetite on the four-hour chart. However, with the fast Stochastics fluctuating well above their 80 overbought mark, some stabilization could still be possible, especially as the 1.1950 restrictive region is within breathing distance. Note [..]

Technical Analysis – AUDUSD runs higher again after penetration of uptrend line

Posted on March 11, 2021 at 7:15 am GMT

AUDUSD is edging higher after the plunge beneath the long-term ascending trend line, flirting with the 40-day simple moving average (SMA). The stochastics are moving north after the rebound off the oversold zone, while the current price movement above the Ichimoku cloud is another encouraging signal. Yet, the MACD oscillator is losing momentum around the zero line, suggesting that some caution remains in the market. A successful step above the 20- and 40-day SMAs could face immediate resistance from the 0.7940 barrier ahead of the more [..]

Technical Analysis – GBPJPY’s positive sentiment wanes but upside risks persist

Posted on March 10, 2021 at 4:17 pm GMT

GBPJPY is consolidating around the red Tenkan-sen line after reaching a 34-month peak of 151.27. The commanding simple moving averages (SMAs) are defending the broader bullish structure. The rising Ichimoku lines are endorsing positive sentiment while the short-term oscillators are suggesting a slight dwindling in the upwards drive. The MACD is far above the zero threshold and is decreasing below its red trigger line, while the RSI seems to be attempting to improve in bullish territory. In the negative scenario, [..]

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