Technical Analysis / Page 407

Technical Analysis – GBPJPY’s ascent becomes feeble on the verge of 148.00

Posted on February 19, 2021 at 9:35 am GMT

GBPJPY is struggling to extend further gains past the December 2019 high of 147.95. The near two-month impressive climb from the 136.95 trough appears to currently be a tad frail, something also reflected in the slight stalling of the hiking Ichimoku lines. Nevertheless, the predominantly bullish simple moving averages (SMAs) are continuing to nurture the rally. The short-term oscillators remain relatively skewed positive. The MACD, some distance above zero, is rising over its red trigger line, while the RSI is [..]

Technical Analysis – GBPUSD bulls may have to harden above 1.3995

Posted on February 19, 2021 at 8:47 am GMT

GBPUSD settled into a tight range of 1.3960 – 1.3980 in the four-hour chart following the quick bounce on the 50-period simple moving average (SMA), which faded at a fresh 33-month high of 1.3985 on Thursday. The ongoing narrow sideways move brings to mind a bullish rectangle pattern in a lower timeframe (1-hour chart), foreseeing the continuation of the bullish trend. That said, we cannot rule out a delayed upside breakout as the price is in breathing distance underneath the 1.3995 barrier [..]

Technical Analysis – USDCAD finds roof at short-term SMAs; indicators signal bullish move

Posted on February 19, 2021 at 7:18 am GMT

USDCAD has reversed after the pullback off the long-term descending trend line, dropping below the short-term simple moving averages (SMAs). Negative sentiment appears revived; however, the technical indicators reflect contradicting signals. The RSI, in the negative area, is approaching the 50 level, while the stochastic oscillator is heading north after the bullish crossover within its %K and %D lines. If buying interest picks up and surpasses the strong bearish trend line, early tough resistance could occur at the 1.2950 high, where [..]

Technical Analysis – JP 225 index spots a potential pivot point on the downside

Posted on February 18, 2021 at 4:13 pm GMT

Japan’s 225 stock index (cash) corrected below its 20-period simple moving average (SMA) in the four-hour chart after the dynamic bullish wave got exhausted near a more than a 30-year high of 30,711 last week. Although the RSI and the MACD continue to track the ongoing downward move, the Fibonacci retracement levels of the 27,578 – 30,711 up-leg seem to be well synced with previous pivot areas, increasing speculation that the index could change direction near the 23.6% Fibonacci level [..]

Technical Analysis – EURJPY takes a breath after strong sell-off

Posted on February 18, 2021 at 1:56 pm GMT

EURJPY found support at the 40-period simple moving average (SMA),) after a significant decline in the previous sessions, taking the market above the 23.6% Fibonacci retracement level of the up leg from 125.07 to 128.44 at 127.65. The RSI is sloping upwards, surpassing the neutral threshold of 50, however, the MACD is losing momentum beneath its trigger line. More advances could move the bulls towards the 20-period SMA currently at 127.83 before opening the door for the upper Bollinger band at [..]

Technical Analysis – EURUSD points higher above 1.2000; lacks direction

Posted on February 18, 2021 at 10:10 am GMT

EURUSD is on course for a bullish period after the bounce off the 1.2022 support, entering the Ichimoku cloud. The RSI is sloping upwards in the negative territory, while the stochastics posted a bullish crossover within the %K and the %D lines, heading north. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 1.2080 barrier. A break above this level would drive the market until the 20- and 40-period simple moving averages (SMAs) at 1.2095 and 1.2110 [..]

Technical Analysis – WTI futures maintain solid incline; bulls overpower

Posted on February 18, 2021 at 9:35 am GMT

WTI oil futures keep their steady climb, extending above the 60 psychological hurdle. The upward sloping Ichimoku lines are nourishing positive price action, while the climbing simple moving averages (SMAs) are defending the bullish structure. The short-term oscillators are further validating improvements in the price. The MACD is growing above its red trigger line in the positive region, while the RSI is persisting in overbought territory, not really showing any signs of waning. Furthermore, the stochastic lines are in the [..]

Technical Analysis – USDCHF ticks up near 0.9000, but downtrend line remains

Posted on February 18, 2021 at 7:39 am GMT

USDCHF has been outperforming in the past couple of sessions, breaking back above the short-term simple moving averages (SMAs) and the Ichimoku cloud. When looking at the bigger picture, the pair is still developing within a descending movement after its drop from the 0.9900 psychological level. However, the momentum is too weak to provide a sustained move higher. The RSI is moving slightly sideways in the positive region, while the MACD is trying to surpass the trigger line, extending the positive movement. [..]

Technical Analysis – Gold slides as downside risks intensify

Posted on February 17, 2021 at 4:17 pm GMT

Gold has pushed below the 1,785 trough from February 4 and seems to be maintaining a bearish tone, something also reflected in the falling red Tenkan-sen line. The RSI and the MACD are further feeding the downwards push as the MACD is declining below its red trigger line in the negative region, while the RSI is dipping in oversold territory. That said, the slightly flattening blue Kijun-sen line is indicating some waning in selling interest, while the stochastic oscillator is [..]

Technical Analysis – AUDJPY cools down near two-year peak

Posted on February 17, 2021 at 3:51 pm GMT

AUDJPY continues its steady march higher. The structure of higher peaks and higher troughs remains intact since October, while the pair is also trading above all of its moving averages (MAs), a combination that keeps the broader outlook positive. That said, the momentum oscillators warn of a potential pullback after the price encountered resistance near the two-year top of 82.40. The RSI has just dipped below its 70 zone, while the MACD could cross below its red trigger line soon. [..]

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