Technical Analysis / Page 428

Technical Analysis – WTI futures retreat below rising trend line and SMAs

Posted on December 22, 2020 at 10:33 am GMT

WTI crude oil futures are dropping below the short-term ascending trend line, which had been holding since November 2, finding a powerful support at the 100-period simple moving average (SMA) and the lower surface of the Ichimoku cloud. The MACD oscillator is declining below the zero level with weak momentum, while the RSI is ticking slightly up in the negative territory. If the price remains beneath the diagonal line and the SMAs, immediate support could come from the 46.22 level, indicating a [..]

Technical Analysis – GBPUSD preserves the climb despite violent retreat

Posted on December 22, 2020 at 9:30 am GMT

GBPUSD recently logged a 31½-month high of 1.3623 before gapping yesterday below a section of peaks that previously were providing some upside resistance. The aggressive pullback bounced for a second time off the 50-period simple moving average (SMA) and once again returned the pair back above the Ichimoku lines. The price is currently resting above the flattening Ichimoku lines, while the climbing SMAs are defending the advancing picture. The short-term oscillators are reflecting the recent dwindling in the pair. The [..]

Technical Analysis – EURJPY consolidates below 127.00; neutral in short- and medium- term

Posted on December 22, 2020 at 7:39 am GMT

EURJPY is trading with weak directional bias over the last three weeks, while spiking towards the 18-month high of 127.10. The momentum indicators are pointing to a neutral to negative bias in the short term with the RSI just below the 70 suggesting a possible pullback and the MACD is holding below its trigger line in the positive region. In the event of an upside move, the 127.10 resistance could act as a barrier before being able to challenge the 127.50 level, taken from the high in February 2019. [..]

Technical Analysis – EURGBP set to give up some ground after sharp rebound

Posted on December 21, 2020 at 11:42 am GMT

EURGBP is retracing the sharp increase that followed the positive large-gap open earlier today after failing to extend gains beyond 0.9200. The price has significantly stretched above the upper Bollinger band and the RSI is set to exit the overbought zone. Hence, some weakness could be possible in the short run, and with no key support insight, the nearest obstacle to curb downside movements could be the 0.9135 – 0.9150 area, which encapsulates the 61.8% Fibonacci level of the 0.9228 – [..]

Technical Analysis – USDJPY rises in broader bearish outlook

Posted on December 21, 2020 at 10:52 am GMT

USDJPY found significant support at the nine-month low of 102.85 on Thursday, taking the price above the 20- and 40-period simple moving averages (SMAs). The technical indicators are supporting the latest upside move as the RSI jumped above the 50 level, strengthening its momentum, while the MACD is trying to surpass the zero level. Immediate resistance could come from the 38.2% Fibonacci retracement level of the downward wave from 105.65 to 102.85 at 103.93. Overcoming this obstacle, the next target [..]

Technical Analysis – Gold in a challenging situation within bearish channel

Posted on December 21, 2020 at 8:49 am GMT

Gold resumed its bullish momentum on Monday after Friday’s pause, ticking slightly above the 1,900 level. Technically, the short-term bias is viewed as positive given the strength in the RSI and the MACD as well as the bullish intersection between the red Tenkan-sen and blue Kijun-sen lines. However, for the precious metal to attract new buyers, it should close decisively above the roof of the descending channel seen around 1,920, where the surface of the Ichimoku cloud and the 50% Fibonacci retracement of the 2,079 [..]

Technical Analysis – EURUSD posts negative gap after reaching 32-month high

Posted on December 21, 2020 at 7:12 am GMT

EURUSD surged to a 32-month high on Thursday, extending its bullish rally from the 1.1611 support level. Today, the market opened with a negative gap, retreating from the multi-month high. The positive picture in the medium term is further supported by the MACD, which is rising above its trigger line, however, the RSI is suggesting a possible pullback as the index is sloping south in the overbought territory. In trend indicators, the simple moving averages (SMAs) are following the price [..]

Technical Analysis – US 30 index creeps to new all-time highs; positive momentum sluggish

Posted on December 18, 2020 at 1:28 pm GMT

The US 30 stock index (Cash) has logged a fresh all-time high of 30,345 as it continues to hold above the simple moving averages (SMAs), crawling gradually higher. The 200-period SMA is backing the positive structure, while the casual hike in the 50- and 100-period SMAs is maintaining the slow upwards pace in the index. Further backing this view is the relaxed incline in the Ichimoku lines. The short-term oscillators are reflecting weak momentum but lean towards the upside. The [..]

Technical Analysis – NZDUSD finds support at 20-period SMA; positive in medium-term

Posted on December 18, 2020 at 11:38 am GMT

NZDUSD is rising after the downside pullback off the 32-month high of 0.7170, which hit the 20-period simple moving average (SMA) at 0.7110. The RSI is pointing marginally up after the falling move from the overbought territory, while the MACD is dropping below its trigger line in the positive region, confirming the latest decline. Further losses may meet support around the 40-period SMA at 0.7095 ahead of the rising trend line at 0.7075, overlapping the upper surface of the Ichimoku cloud. Not far below, support [..]

Technical Analysis – GER 30 index eyes February’s record high; bias bullish

Posted on December 18, 2020 at 11:26 am GMT

The German 30 index (cash) is in a breathing distance from February’s record high of 13,826 after finally breaching the tough resistance bar of 13,460. The technical picture continues to look constructive for additional gains as the red Tenkan-sen line is sloping upwards again after refusing to cross below the blue Kijun-sen. In other indicators, the MACD is strengthening above its red signal line, while the rising RSI and the fast-Stochastics are also reflecting a bullish bias, though some caution [..]

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