Technical Analysis / Page 420

Technical Analysis – GBPUSD retreats from a jump above 1.3700

Posted on January 15, 2021 at 7:32 am GMT

GBPUSD created a spike to the upside on Thursday, surpassing the 1.3700 round number and recording a fresh 33-month high before it returned lower. In trend indicators the 20- and 40-period simple moving averages (SMAs) posted a bullish crossover in the 4-hour chart, while the red Tenkan-sen line is holding above the blue Kijun-sen line in a flat mode. The RSI, in the positive region, is pointing slightly down and the MACD is dropping below the trigger line in the bullish area. [..]

Technical Analysis – EURJPY bears target the bottom of the range

Posted on January 14, 2021 at 4:29 pm GMT

EURJPY is looking for a close below the key support region of 126.00 in the four-hour chart after inching below the 200-period simple moving average (SMA) for the first time since November. The 23.6% Fibonacci of the 121.60 – 127.48 uptrend is in the same neighborhood, adding extra importance to the region. Given the negative slope in the red Tenkan-sen line and the downward move in the RSI and the MACD, there is a potential for additional bearish corrections towards [..]

Technical Analysis – JPMorgan’s stock prints new all-time high ahead of earnings

Posted on January 14, 2021 at 2:29 pm GMT

JPMorgan’s stock had an incredible rally the past two weeks, unlocking a fresh record of 141.60 ahead of its earnings release, which is due on Friday, before closing lower. Some weakness or some stabilization would not be very surprising after such a marvelous progress. Besides, with the RSI and the Stochastics having surpassed former resistance bars in the overbought territory, there is a growing potential for a downside reversal. However, neither of these indicators have convincingly shifted southwards, nor the MACD has [..]

Technical Analysis – USDCHF remains negatively skewed despite slim progress

Posted on January 14, 2021 at 12:03 pm GMT

USDCHF seems to be capped by the upper Bollinger band around 0.8918 after the price faintly improved from the near 6-year bottom of 0.8757. Currently resting on the mid-Bollinger band, the pair is exhibiting a commanding bearish tone, something also conveyed within the falling simple moving averages (SMAs). However, the short-term oscillators are transmitting mixed signals of directional momentum. The MACD is promoting further advances in price as it is rising above its red trigger line in the bearish region, [..]

Technical Analysis – WTI oil futures look for February’s key as bears gain traction

Posted on January 14, 2021 at 8:53 am GMT

WTI oil futures saw a bit of a drop on Wednesday after touching February’s resistance of 53.90, bringing the 78.6% Fibonacci retracement of the 2020 downfall at 53.00 back under the spotlight. February’s border could be the key to the next leg of the rally, which may initially pause inside the 58.60 – 59.50 restrictive area before stretching towards the 2019 tops registered within the 62.00 – 65.60 zone. That said, any improvement might come with some delay as the momentum indicators, although in [..]

Technical Analysis – AUDUSD maintains solid incline; sentiment favours upside

Posted on January 14, 2021 at 8:48 am GMT

AUDUSD has somewhat consolidated above the mid-Bollinger band after a subtle fade from its recent 33½-month high of 0.7820. The dominant bullish tone in the pair remains unbroken, something also reflected in the dictating simple moving averages (SMAs), which are defending the positive structure. The short-term oscillators overall are leaning towards an improving picture despite showing some dwindling in positive momentum. The MACD, far above the zero mark, has merely dipped below its red trigger line, while the upwards facing [..]

Technical Analysis – EURUSD tests 1.2130 support; neutral-to-bearish bias

Posted on January 14, 2021 at 8:15 am GMT

EURUSD has been underperforming in the past couple of sessions in the 4-hour chart, challenging the 1.2130 support level again, which has been acting as strong support over the last three days. In the very short-term, the RSI is continuing to head south in the bearish territory, suggesting more losses, however, the stochastic oscillator rebounded on the oversold zone, creating a bullish crossover within its %K and %D lines, indicating a possible pullback. In trend indicators, the simple moving averages [..]

Technical Analysis – EURCAD challenges familiar support zone

Posted on January 13, 2021 at 3:58 pm GMT

EURCAD is again seeking support around the 200-day simple moving average (SMA) following the recent pullback from a five-month high of 1.5783. The line has been limiting downside corrections since early November, hinting that another rebound at this point is possible as the Stochastics are set for an upside reversal in the oversold area, and the price is trading around the lower Bollinger band. If the bulls push above 1.5520, the price may advance towards the 20-day SMA (middle Bollinger [..]

Technical Analysis – NZDUSD maintains positive bearing despite pullback

Posted on January 13, 2021 at 1:35 pm GMT

NZDUSD appears to have found some footing on the mid-Bollinger band after receding from a recently reached 32½-month peak of 0.7314. The short-term technical indicators are revealing some weakness in positive momentum, while the soaring simple moving averages (SMAs) are endorsing a robust bullish picture. The MACD, some distance above zero, is fading below its red trigger line, while the downwards pointing RSI looks to be heading towards the 50 threshold. Furthermore, the negatively charged stochastic oscillator is promoting a [..]

Technical Analysis – EURGBP plummets to 7-week low; strongly negative

Posted on January 13, 2021 at 10:39 am GMT

EURGBP is plunging to a new seven-week low, below the 0.9000 handle, continuing the selling interest from the 0.9217 resistance. The bearish picture in the very short-term is further supported by the MACD, which is falling below its trigger line. The stochastic oscillator is holding in the oversold zone and is failing to make an attempt higher. Should prices reverse lower, immediate support could come at 0.8890 before taking the market down to 0.8865. A drop below this area would [..]

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