Technical Analysis / Page 424

Technical Analysis – EURUSD premieres uneventfully at the start of the year

Posted on January 5, 2021 at 8:36 am GMT

EURUSD avoided great shakes at the start of the new trading year on Monday, holding muted marginally below the fresh 32-month high of 1.2309 reached last week. Even though the RSI is currently pointing upwards, the indicator has already created a lower high within the bullish area, while the MACD is also following the same negative pattern below its red signal line, reducing the case of a meaningful upside correction in the price. Technically, however, for the bears to come [..]

Technical Analysis – USDTRY halts sell-off near 200-day SMA

Posted on January 4, 2021 at 4:56 pm GMT

USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA). With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at [..]

Technical Analysis – US 500 index gives up gains after fresh all-time highs

Posted on January 4, 2021 at 3:40 pm GMT

The US 500 stock index (cash) added another record high of 3,780 to its collection in the first trading day of the year before giving up all the gains to test the 20-period simple moving average (SMA) in the four-hour chart. Unless the 20-period SMA catches the fall around 3,740, the decline could get new legs within the bearish Bollinger band area, shifting the spotlight towards the 3,723 – 3,710 support zone. Beneath the latter, the 100-period SMA at 3,700 may attempt [..]

Technical Analysis – USDCNH dives to fresh lows; bears could catch a breather in short term

Posted on January 4, 2021 at 11:57 am GMT

USDCNH stretched its seven-month old sell-off to the new year, diving to a fresh 2 ½ -year low of 6.438 on Monday. Although the bearish market structure, which develops below the Ichimoku Cloud and the simple moving averages (SMAs), keeps sentiment negative, with the falling momentum indicators also keeping the risk on the downside, some stabilization cannot be ruled out in the near term as the price is eyeing a close below the lower Bollinger band. The 78.6% Fibonacci of [..]

Technical Analysis – GBPUSD tops at 1.3700 in the first trading day of 2021

Posted on January 4, 2021 at 10:09 am GMT

GBPUSD stretched its rally to a fresh 32-month high of 1.3700 in the first trading day of 2021, but it continues to face limitations around the topline of the upward-sloping channel, which it failed to successfully overcome last week. Technically, the short-term bias remains on the positive side in the daily chart as the price keeps printing higher highs and higher lows above its simple moving averages (SMAs) and the Ichimoku Cloud. In momentum indicators, the MACD is regaining ground above its red [..]

Technical Analysis – Gold welcomes the new year with bullish fireworks

Posted on January 4, 2021 at 8:47 am GMT

Gold kicked off the new year spectacularly, opening with a positive gap on Monday and up by more than 1.0% to finally pierce the 1,900 level. More interestingly, the price has jumped above the four-month old descending channel and flew beyond the Ichimoku Cloud, bringing the bulls back into play. The momentum indicators are also reflecting the growing buying appetite in the market as the RSI is printing new highs above its 50 neutral mark and the MACD is rising at a stronger pace above its [..]

Technical Analysis – Tesla’s stock roars to record year; bearish divergence seems in progress

Posted on December 31, 2020 at 11:33 am GMT

Tesla’s stock had undoubtedly one of its best years ever, making markets wonder how far the price can travel in uncharted territory, following its inclusion in the S&P 500 community. The electric-car maker has fully ignored the lockdown situation, claiming a 740% gain during 2020 and hitting a fresh record high of 696 in the last trading session of the year. Technically, the rally could see a continuation as the upward pattern shows no sign of reversal above its exponential moving averages (EMAs) and the [..]

Technical Analysis – GBPJPY maintains gradual improving tone above SMAs

Posted on December 31, 2020 at 10:53 am GMT

GBPJPY is creeping higher within a broader neutral structure, receiving some assistance from the rising 50-day simple moving average (SMA) and its bullish crossover of the 100-day SMA at 137.93. The Ichimoku lines are exhibiting a more neutral bearing, while the advancing SMAs are backing further gains in the price. The short-term oscillators are revealing a slight strengthening in positive momentum. The MACD, in the positive region, is peaking above its red signal line, while the RSI is heading higher [..]

Technical Analysis – WTI futures hover below ceiling; upside risks intact

Posted on December 31, 2020 at 9:11 am GMT

WTI oil futures appear to be positively skewed but are now consolidating ever so slightly below the 49.00 mark, after recently peaking within a heavy resistance section of 48.80-49.61. The Ichimoku lines are conveying a positive tone, despite a minor easing in the incline of the red Tenkan-sen line. Furthermore, the bullish bias seems to be receiving further aid from the rising simple moving averages (SMAs). On that note, the short-term oscillators are demonstrating a pause in positive sentiment. The [..]

Technical Analysis – AUDUSD bids goodbye to 2020 at fresh highs; retains bullish bias

Posted on December 31, 2020 at 8:58 am GMT

AUDUSD is on the top list of the best performing pairs for 2020 despite the unforeseen Covid-19 dramatic economic impact, rallying 9.76% on a yearly basis to a fresh 2 ½-year high of 0.7707 in the last trading session of the year. From a technical perspective, the short-term bias remains on the positive side as the price continues to build its uptrend comfortably above its upward-sloping simple moving averages (SMA) and the Ichimoku cloud. Moreover, the red Tenkan-sen line keeps [..]

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