Technical Analysis / Page 422

Technical Analysis – Gold leans to the bearish side again; 200-day SMA in focus

Posted on January 11, 2021 at 8:58 am GMT

Gold came under severe selling pressure on Friday, slumping below a steep ascending trendline and back into the descending channel. The sharp-sell off saw another extension towards a six-week low of 1,817 early on Monday, but the precious metal managed to recoup its intraday losses and climb back above its 200-day simple moving average (SMA) and to the 1,850 level. From a technical perspective, the bears could dominate in the short run as the recent decline in the price drove [..]

Technical Analysis – EURUSD takes a hit but bullish structure endures

Posted on January 11, 2021 at 8:29 am GMT

EURUSD is sustaining a negative tone today after plotting two bearish daily candles off of a 32½-month peak of 1.2349. In spite of the convincing pullback, which is proposing a deeper retracement, the predominant simple moving averages (SMAs) are continuing to protect the positive picture. The Ichimoku lines with the clear dip in the red Tenkan-sen line are suggesting a slowing pace in positive price action, while the short-term indicators are portraying a surge in negative momentum. The MACD, some [..]

Technical Analysis – USDJPY rises to 1-month high after rebound on 10-month low

Posted on January 11, 2021 at 8:01 am GMT

USDJPY has advanced considerably since roughly the beginning of the year, hitting a one-month high of 104.22 earlier today, but currently posting some losses. Looking at momentum indicators, the RSI is lacking direction slightly below the overbought territory, suggesting that the market could retreat a bit in the very short-term. The MACD also supports this view as it is flattening above its trigger line in the positive area. In the wake of negative pressures, the market could meet support at [..]

Technical Analysis – NZDUSD stumbles but upside risks remain intact

Posted on January 8, 2021 at 1:45 pm GMT

NZDUSD is currently tracing the mid-Bollinger band in the four-hour chart after a slight pullback from the recently plotted 32½-month peak of 0.7314. Despite the small retracement in the pair, the commanding simple moving averages (SMAs) are backing the predominant bullish picture. The short-term oscillators are reflecting conflicting signals in directional momentum, though are leaning somewhat to the upside. The MACD remains in the positive region but has plunged some distance below its red trigger line, while the RSI is [..]

Technical Analysis – GBPUSD positively skewed despite recent consolidation

Posted on January 8, 2021 at 12:00 pm GMT

GBPUSD is consolidating into the Ichimoku cloud after its recent retreat from the newly formed 32-month peak. The bias still seems to be favouring the upside although positive momentum is looking somewhat strained. Furthermore, the commanding bullish simple moving averages (SMAs) are overall preserving the positive structure in spite of the minor stalling in the 50-period SMA. The short-term technical oscillators are transmitting signals of growing bullish sentiment, promoting an optimistic outcome. The MACD is marginally below its red trigger [..]

Technical Analysis – US 30 index begins new year with new record highs

Posted on January 8, 2021 at 10:29 am GMT

The US 30 stock index (Cash) is edging north, standing around the fresh record high of 31,252.85. The MACD, in the positive region, is holding near its trigger line, while the RSI is extending its move towards the overbought territory. The bullish 50- and 100-day simple moving averages (SMAs) could boost the price, sending the index to new uncharted peaks. In a bullish scenario, immediate resistance may develop from the 32,000 and 33,000 psychological numbers before meeting the 261.8% Fibonacci [..]

Technical Analysis – GBPAUD shapes floor around December’s low; 20-SMA eyed

Posted on January 8, 2021 at 10:05 am GMT

GBPAUD is heading for another battle with the 20-period simple moving average (SMA) in the four-hour chart after failing to close below December’s trough despite sliding to a fresh 2-year low of 1.7413. Although in the bearish territory, the RSI and the MACD continue to make higher lows towards their neutral marks, endorsing any potential upside correction in the price. Nevertheless, only a close above the 20-period SMA currently at 1.7500, and more importantly above the swing high of 1.7560, could [..]

Technical Analysis – AUDJPY bulls encounter long-term resistance line

Posted on January 8, 2021 at 8:56 am GMT

AUDJPY gathered additional positive traction towards a fresh two-year high on Friday after closing above the 79.00 mark, where the 200 simple moving average (SMA) is located in the weekly chart. While the bullish market structure and the upward direction in the RSI and the red Tenkan-sen line hold the short-term bias on the positive side, the bulls may need to push harder to surpass the support-turned-resistance line stretched from August 2019. A step above the resistance line currently at 80.90 could [..]

Technical Analysis – GBPJPY finds traction to preserve advances

Posted on January 8, 2021 at 8:37 am GMT

GBPJPY is confronting the resistance belt of 141.20-141.42 after once again finding strong footing off the mid-Bollinger band. The mild inclines in the 100- and 200-day simple moving averages (SMAs) are safeguarding the improving structure, while the upturn in the 50-day SMA is endorsing near-term positive price action. The short-term oscillators are conveying developments in positive sentiment, backing the upwards creeping tone. The MACD is increasing slightly above its horizontal red trigger line in the positive region, while the RSI [..]

Technical Analysis – USDCAD stands near 33-month low; still strongly bearish

Posted on January 8, 2021 at 7:50 am GMT

USDCAD extended its losses and is currently trading not far above the 33-month low of 1.2620 hit on Wednesday. The bias in the very-short-term also looks bearish as indicated by the RSI which is standing in the negative area. However, the stochastic is indicating an oversold market as the %K and %D line are positively aligned and are both moving above the 20 level. Further declines may meet support around the multi-month trough of 1.2620. Not far below, support could [..]

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