Technical Analysis / Page 408

Technical Analysis – USDJPY unlocks 5-month high above 200-day SMA

Posted on February 17, 2021 at 1:46 pm GMT

USDJPY has been developing in an upside sloping channel over the last month, creating a fresh five-month high of 106.21. From the technical viewpoint, the RSI is flirting with the overbought territory, while the MACD is pointing up above its trigger and zero lines. Both are suggesting an overbought market and a downside retracement is possible. Also, the 20- and 40-day simple moving averages (SMAs) completed a bullish crossover in the previous sessions. Any advances above the immediate resistance, which is the [..]

Technical Analysis – EURGBP faces hardened support; bearish tone tested

Posted on February 17, 2021 at 9:07 am GMT

EURGBP is confronting the firm support foundation of 0.8670-0.8690 after deteriorating below the Ichimoku cloud and the simple moving averages (SMAs), more than a month ago. The bearish Ichimoku lines are feeding negative price action, while the falling 50- and 100-day SMAs are nurturing the descent. Moreover, the short-term oscillators are demonstrating persisting downwards momentum. The MACD, some distance below zero, is slipping under its red trigger line, while the RSI is sliding past the 30 level into oversold regions. [..]

Technical Analysis – GBPJPY loses steam below 26-month top

Posted on February 17, 2021 at 8:54 am GMT

GBPJPY has been fading its strong upside tendency over the last 4-hour sessions, trading below the new 26-month high of 147.55. The momentum indicators now suggest that the market sentiment might get worse before getting better, as the RSI is reversing back to the downside in the overbought zone. The MACD is moving sideways above its trigger line. In case of a downside correction, immediate support could come from the red Tenkan-sen line currently at 146.93, before slipping to the 146.30 barrier, which coincides with [..]

Technical Analysis – NZDUSD finds resistance at 0.7245; neutral in short-term

Posted on February 17, 2021 at 6:48 am GMT

NZDUSD is moving in a horizontal trajectory over the last five weeks, slightly above the 20- and 40-day simple moving averages (SMAs) and the ascending trend line. The RSI is edging sideways with weak momentum in the positive zone, while the MACD is remaining beneath its trigger line, mirroring the latest move in the price action. The price found significant resistance at 0.7245 several times in the preceding days and if there is a successful attempt above it, the price [..]

Technical Analysis – WTI futures dive below 60.00, creating bearish correction

Posted on February 16, 2021 at 2:05 pm GMT

WTI crude oil futures are declining after the pullback off the 13-month high of 60.94, heading towards the 20- and 40-period simple moving averages (SMAs). The RSI is edging lower in the positive area, while the MACD is extending its downward movement beneath the trigger line. In trend indicators, the Ichimoku lines are suggesting negative movements as the red Tenkan-sen line is standing above the current market price. More losses are sending the market towards the 20-period simple moving average [..]

Technical Analysis – EURJPY optimistic after break above 127.49

Posted on February 16, 2021 at 10:50 am GMT

EURJPY overcame the key 127.49 barrier yesterday but is marginally struggling to extend gains ahead of the 128.38 level, which happens to be the 123.6% Fibonacci retracement of the down leg from 127.06 until 121.61. The upward sloping Ichimoku lines are reflecting a surge in positive momentum, while the gradually climbing simple moving averages (SMAs) are assisting the advancing structure. The short-term oscillators are also conveying strengthening positive momentum. Nevertheless, the slight stalling of the %K line in the overbought [..]

Technical Analysis – GBPUSD flies to new 34-month high; next level 1.40

Posted on February 16, 2021 at 7:35 am GMT

GBPUSD skyrocketed to a fresh 34-month high at 1.3950 after the successful climb above the 1.3745 area. The tendency has been strongly positive since May 2020 and the price is standing well above the short- and long-term simple moving averages (SMAs) in the daily timeframe. In trend indicators, the Ichimoku lines are pointing upwards as well, while the RSI is heading north in the 70 level and the stochastic oscillator is holding in the overbought zone, posting a bullish cross [..]

Technical Analysis – USDJPY seems frail after breaking above cloud

Posted on February 15, 2021 at 4:26 pm GMT

USDJPY is stalling above the Ichimoku cloud on its trajectory towards the 105.50 mark, where the 200-day simple moving average (SMA) is currently residing in the daily chart. The 50-period SMA is holding above the other SMAs but is mostly directionless, while the 100- and 200-period SMAs are defending the improving structure. The Ichimoku lines are reflecting weak positive momentum, while the cloud is suggesting a more neutral demeanour. Moreover, the short-term oscillators are mirroring the pause in positive price [..]

Technical Analysis – Gold’s crawl sideways retains negative bug below SMAs

Posted on February 15, 2021 at 9:49 am GMT

Gold although trading between 1,785 and 1,875 has been holding in a bigger buffer zone of 1,764-1,974, from the late months of the previous year. The simple moving averages (SMAs) are drawing closer together and are adopting a more horizontal bearing, which is endorsing a neutral tone in the precious metal. Yet, the commodity is exhibiting a slight preference southwards after a recent deflection off the 200-period SMA around 1,850. Furthermore, the falling Ichimoku lines are backing negative price action, [..]

Technical Analysis – AUDUSD slides around 1-month high

Posted on February 15, 2021 at 9:32 am GMT

AUDUSD is looking strongly bullish in the short term after surging above its 4-hour simple moving averages (SMAs). Prices hit a one-month high of 0.7786 and the technical indicators are all pointing to further positive momentum in the near-term. The MACD is strengthening its momentum above its trigger line in the positive region, while the RSI is holding around the overbought zone. Immediate resistance to further gains would likely come from the 0.7805-0.7819 area ahead of the 0.7915 barrier, registered [..]

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