Technical Analysis / Page 405

Technical Analysis – Copper Futures surge to 9½-year high, look extremely overbought

Posted on February 25, 2021 at 7:40 am GMT

Copper futures hit another more than nine-year high on Thursday, as the bullish momentum that’s been gathering pace since the beginning of February shows no sign of abating in the very near term. The price is increasing its distance above the moving averages (MA), which are all sloping upwards and positively aligned. However, momentum indicators are flashing red, with both the RSI and stochastic oscillator rooted firmly in overbought territory. Yet, the RSI continues to steadily edge higher, while the [..]

Technical Analysis – EURUSD flirts with the neckline of head and shoulders pattern

Posted on February 25, 2021 at 7:16 am GMT

EURUSD is close to breaking the 1.2180 barrier, which is acting as a strong neckline of an inverse head and shoulder pattern in the 4-hour chart. Any advances above this obstacle could take the price even higher as the formation is a reversal sign. The RSI indicator is pointing upwards after the rebound on the 50 level, while the MACD is trying to surpass the trigger line. On the upside, the price could attempt to overcome the 1.2180-1.2190 area and retest the [..]

Technical Analysis – GBPJPY’s upside risks overpower minor setback

Posted on February 24, 2021 at 2:05 pm GMT

GBPJPY’s two-month ascent, which has challenged the critical 150.00 psychological hurdle, a near 34-month high, is showing little indication of receding as the commanding upwards picture prevails. The soaring simple moving averages (SMAs) are also defending the positive structure. In spite of the pause in the blue Kijun-sen line, the Ichimoku lines overall are suggesting that the price is determined to gain further ground. The short-term oscillators are conveying mixed signals in directional momentum. The MACD, far above the zero [..]

Technical Analysis – USDJPY’s retreat unable to hamper uptrend

Posted on February 24, 2021 at 9:28 am GMT

USDJPY has regained its footing with a bounce near the tentative uptrend line, drawn from the low of 102.58, which has reinforced the improving price structure. The flattening blue Kijun-sen line is reflecting the solid pullback under the 200-day simple moving average (SMA), while the rising red Tenkan-sen line is endorsing the pickup in sentiment. The short-term oscillators are currently transmitting mixed signals in momentum. The MACD, some distance above zero, has slid below its red trigger line, while the [..]

Technical Analysis – EURGBP plunges to 1-year low around 0.85

Posted on February 24, 2021 at 8:34 am GMT

EURGBP plummeted to a new one-year low at 0.8538, holding well below the simple moving averages (SMAs) in the daily timeframe. The aggressive selling interest started after the touch of the 0.9230 resistance, with the technical indicators confirming this structure. The RSI and the stochastic are moving in the oversold regions, while the MACD is losing ground beneath its trigger and zero lines. A successful break below the 0.8545 support could send the market towards the next 0.8280 obstacle, taken [..]

Technical Analysis – NZDUSD maintains upside potential, but some caution grows

Posted on February 24, 2021 at 7:25 am GMT

NZDUSD sped up beyond its January’s peak after breaking above a symmetrical triangle, with the price charting a fresh 34-month high of 0.7382 on Wednesday. The short-term bias continues to look bullish as the RSI is sloping upwards and towards its 70 overbought mark, and the MACD keeps strengthening its positive momentum above its red signal line. That said, the price is currently within breathing distance of the 0.7400 ceiling, which triggered the six-month-old downtrend in April 2018, raising some speculation that the bears could be around the [..]

Technical Analysis – Gold loses momentum near 1,800

Posted on February 24, 2021 at 7:06 am GMT

Gold has lost its positive momentum after the pullback off the 1,815 resistance in the very-short term, but is still remaining above the 20- and 40-period simple moving averages (SMAs). The market could retain the negative trading as the RSI is pointing downwards in the positive region, while the stochastic is heading down as well. Should the pair stretch south, the 40- and then the 20-period SMA could provide immediate supports at 1,796 and 1,793 respectively. A step lower could bring [..]

Technical Analysis – USDCAD finds footing at multi-year lows; pauses its descent

Posted on February 23, 2021 at 4:31 pm GMT

USDCAD is consolidating in the vicinity of the 34-month low of 1.2580. The Ichimoku lines are reflecting the pause in negative momentum, while the falling 50- and 100-period simple moving averages (SMAs) are promoting further deterioration in the price. The short-term oscillators are conveying mixed signals in directional momentum. The MACD, in the negative region, has stepped above its red trigger line, while the downwards sloping RSI is holding in the bearish territory. The stochastic oscillator is bullish out of [..]

Technical Analysis – US 100 index suffers brutal correction, but uptrend intact

Posted on February 23, 2021 at 4:00 pm GMT

The US 100 index (Cash) has taken heavy fire over the past week, retreating very sharply after touching a record high of 13,904 in mid-February. The speed of the drop has accelerated in the last couple of sessions, but on the bright side, the price structure of higher highs and higher lows has not been violated, keeping the broader uptrend in play. The short-term oscillators reflect the latest correction. The RSI has crossed below the neutral 50 barrier and looks [..]

Technical Analysis – EURCHF echoes a bullish run as it soars above 1.0914

Posted on February 23, 2021 at 1:44 pm GMT

EURCHF today has thrusted over the critical June 2020 peak of 1.0914 and the subsequent 1.0928 barrier, extending to a 14-month high of 1.0948. The latter happens to be the 76.4% Fibonacci retracement of the down leg from 1.1058 until 1.0504. The pair is currently producing a sixth consecutive green candle in an impressive ascent that started from 1.0786. The strengthening sentiment is being endorsed by the rocketing Ichimoku lines, while the growing upward slopes of the 50- and 200-day [..]

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