Technical Analysis / Page 423

Technical Analysis – EURJPY advances despite weak directional momentum

Posted on January 7, 2021 at 4:37 pm GMT

EURJPY is logging a 22-month top today after overcoming the previously hindering 127.23 inside swing high. The slight gaining in the red Tenkan-sen line is endorsing the positive price action, while the gradual climbs in the simple moving averages (SMAs) are defending the progressing structure. The short-term oscillators are demonstrating minor improvements in positive sentiment. The MACD is growing above its red trigger line in the positive region, while the RSI is creeping higher towards the 70 mark. The positive [..]

Technical Analysis – USDCHF’s improvement curbed by cloud and 100-period MA

Posted on January 7, 2021 at 2:53 pm GMT

USDCHF remains negatively skewed on the four-our chart as the 100-period simple moving averages (SMAs) and the Ichimoku cloud capped the pair’s recent bounce from a formed almost 6-year bottom of 0.8757. The Ichimoku lines have become fairly stagnant, promoting frailty in recent positive sentiment. However, the steadfast bearish SMAs continue to dampen the pair’s outlook. The short-term oscillators are suggesting that the fresh positive drive is losing momentum. The MACD is stalling its ascent above its red trigger line, [..]

Technical Analysis – EURAUD falls to 21-month low; looks oversold

Posted on January 7, 2021 at 1:26 pm GMT

EURAUD has declined considerably after touching the 1.6415 level in December 2020. During Wednesday’s trading, it posted a 21-month low of 1.5767, while it is currently not far above that nadir. The flatten red Tenkan- and blue Kijun-sen lines serve as a testament to the negative short-term momentum that is in place. The MACD, though, is signaling a potentially oversold market; a near-term reversal should thus not be ruled out, while the stochastic is gaining ground, moving towards the overbought [..]

Technical Analysis – JPMorgan’s stock advances to the highest since early 2020

Posted on January 7, 2021 at 10:54 am GMT

JPMorgan Chase & Co stock has made considerable progress towards its 2019 record highs over the past two months, printing its latest peak slightly below the 133.00 mark on Wednesday. The market, however, seems to be sailing in overbought waters according to the RSI, which is set to meet a key resistance area above 70. Hence, some stabilization around the 133.00 number, where the price action stalled several times in early 2020, is possible. If the rally extends beyond that barrier, [..]

Technical Analysis – EURUSD loses some ground after touching 33-month top

Posted on January 7, 2021 at 9:41 am GMT

EURUSD has been underperforming over the last couple of sessions, testing the 20-period simple moving average (SMA), in the 4-hour chart. The RSI indicator is falling and is approaching the 50 level, while the MACD is trying to slip beneath its trigger line, remaining above the zero level. Moreover, the Ichimoku lines are flattening, suggesting a possible downside correction. Immediate support could come from the 20- and 40-period SMAs currently at 1.2290 and 1.2270, respectively. Slightly below these lines, the [..]

Technical Analysis – NZDJPY pushes key obstacles out of the way; claims 21-month high

Posted on January 7, 2021 at 9:05 am GMT

NZDJPY managed to cross the support-turned resistance bar, which kept bullish actions in check from July 2019 onwards, and peak at a 21-month high of 75.28 on Thursday. At the same time, the pair has also overcome the 200 simple moving average (SMA) in the weekly chart at 73.90 and closed clearly above the 61.8% Fibonacci of the 2017- 2020 long-term down leg at 74.55, signaling that with those key barriers out of the way, new buyers could join the market. [..]

Technical Analysis – WTI futures step up, exhibit robust positive tone

Posted on January 7, 2021 at 8:49 am GMT

WTI oil futures are currently pushing up against the 51.14 resistance, after a bounce off the blue Kijun-sen line boosted the commodity’s price. The progressing Ichimoku lines are suggesting additional advances are on the table as positive price action is strengthening. Likewise, the increasing upturn in the simple moving averages (SMAs) is safeguarding the price’s growing bullish bearing. The short-term oscillators are also demonstrating strengthening positive momentum. The MACD, some distance above zero, has returned back above its somewhat horizontal [..]

Technical Analysis – AUDUSD extends uptrend to 34-month high

Posted on January 7, 2021 at 8:00 am GMT

AUDUSD has been in a strong bullish rally since March 2020, sending the price to a new 34-month high of 0.7827 on Wednesday. The MACD oscillator is extending its upside move above its trigger line in the positive region, however, the RSI is turning south in the overbought area, suggesting a downside pullback in the price. An advance above the multi-month high of 0.7827 could send the pair towards the 0.7923 resistance, taken from the peak on March 2018. Clearing this region, the high from January [..]

Technical Analysis – AUDUSD in recovery mode, but some caution grows

Posted on January 5, 2021 at 12:46 pm GMT

AUDUSD is recouping the short downfall from the new 32-month high of 0.7739 in the four-hour chart after creating a bullish doji around the 0.7654 support region. Despite the rebound, however, the red Tenka-sen line has yet to resume a positive slope, while the RSI seems to be easing momentum following the bounce on the 50 neutral mark. The MACD is also providing some cautious positive signals as the indicator has paused its decline, but at the same time seems [..]

Technical Analysis – USDJPY bears strive to close below 103.00

Posted on January 5, 2021 at 10:51 am GMT

USDJPY is stubbornly pushing for a close below December’s 103.00 support area, which managed to keep the bears in check for the third consecutive day on Monday despite the slide to a fresh eight-month low of 102.70. The durable negative market structure navigated by the descending channel stretched into the new year, while the negative slope in the RSI and the red Tenkan-sen line is another indication that robust bullish pressures will likely come with some delay. A successful break [..]

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