Technical Analysis / Page 435

Technical Analysis – USDCAD’s breakdown revives March downtrend

Posted on December 4, 2020 at 8:57 am GMT

USDCAD brought its downward pattern from the 1.4667 peak back into play after breaching the 1.2980 floor and the base of a rectangle, which kept the market in a sideways move during the past three months. In its third week of losses, the price is currently trading around a new 27-month low of 1.2846 and comfortably below its simple moving averages (SMA) as the momentum indicators continue to flash a bearish bias. Despite having ticked below their oversold levels, the RSI and the Stochastics [..]

Technical Analysis – USDCHF sinks to 6-year low below 0.89

Posted on December 4, 2020 at 8:36 am GMT

USDCHF plummeted to an almost six-year low on Thursday, hitting the 0.8890 mark. The pair has been in a strong descending movement since March 20, with no clear upside retracement in the daily timeframe. The RSI is approaching the oversold territory, strengthening its bearish momentum, while the MACD is extending its negative structure beneath its trigger and zero lines. However, the Ichimoku lines and the 20- and 40-day simple moving averages (SMAs) seem to be somewhat flat despite the selling interest over [..]

Technical Analysis – EURJPY recedes a little but preserves bullish charge

Posted on December 3, 2020 at 2:57 pm GMT

EURJPY has eased slightly towards the red Tenkan-sen line at 126.26 after having surged to a three-month high of 126.64. The rising red Tenkan-sen line is promoting strengthening momentum while the slowed pace of the blue Kijun-sen line, is reflecting some weakness in positive price action. The upward sloping simple moving averages (SMAs) are endorsing further advances, while the short-term oscillators are suggesting a downside retracement, as upside drive deteriorates somewhat. The MACD, deep in the positive area, is slipping [..]

Technical Analysis – EURUSD upside risks remain, regardless of slight ebbing

Posted on December 3, 2020 at 10:24 am GMT

EURUSD is conveying a strong bullish tone rocketing above the Ichimoku lines and the simple moving averages (SMAs), despite currently receding from seven-month high levels. The soaring Ichimoku lines are promoting positive price action while the advancing SMAs are defending positive sentiment. The short-term oscillators are reflecting some waning in positive momentum. The MACD, quite some distance in the positive region, is stalling ever so slightly above its red trigger line, while the RSI is making efforts to remain in [..]

Technical Analysis – AUDUSD the highest since 2018; targets 0.7500

Posted on December 3, 2020 at 8:40 am GMT

AUDUSD, having surpassed September’s top, is trading at the highest price since August 2018 and above all its simple moving averages (SMAs), giving a new impetus to its March uptrend. The RSI has also stretched to a fresh peak in the bullish territory and has yet to enter the overbought zone, while the MACD seems to be regaining strength above its red signal line after flattening a bit, both pointing to more progress in the short run. Note that the momentum [..]

Technical Analysis – WTI futures hovers around almost 9-month peak

Posted on December 3, 2020 at 7:49 am GMT

WTI crude oil futures found some footing around the 34.00 level last month and returned to a bullish trend shortly thereafter. The price is currently hovering around the almost nine-month high of 46.22 and a former restrictive area, where any decisive close higher may prove valuable to the market. The RSI indicator is approaching the overbought territory, while the MACD is strengthening its bullish move above its trigger and zero lines, suggesting more gains. A jump above the 46.22 level may meet immediate resistance [..]

Technical Analysis – GBPJPY holds bullish hopes as advances deteriorate

Posted on December 2, 2020 at 3:06 pm GMT

GBPJPY retreated aggressively from a freshly logged high of 140.43 under the mid-Bollinger band, hitting the 50-period simple moving average (SMA) at 139.11. Nonetheless, safeguarding positive sentiment are the advancing simple moving averages (SMAs). The short-term oscillators are reflecting a rise in negative momentum. The dwindling MACD has slid below its red trigger line in the positive region, while the weakening RSI has dipped beneath the 50 level. In the current negative scenario, sellers may face immediate reinforced support from [..]

Technical Analysis – EURGBP spikes to 3-week high; stochastic turns south

Posted on December 2, 2020 at 12:42 pm GMT

EURGBP skyrocketed to a new three-week high of 0.9043 earlier today, peaking slightly above the 61.8% Fibonacci retracement level of the down leg from 0.9148 to 0.8860 at 0.9037. The MACD oscillator is holding well above its trigger and zero lines, suggesting more gains, though the fast stochastic oscillator has already posted a bearish crossover within its %K and %D lines in the overbought territory, indicating a possible downside retracement. A close above the 61.8% Fibonacci could take the price towards the 0.9050-0.9070 resistance and then up to the [..]

Technical Analysis – Gold’s advances yet to conquer dominant bearish structure

Posted on December 2, 2020 at 10:06 am GMT

Gold is engaging the 1,825 level, in-line with the Ichimoku cloud’s lower surface, which happens to be the 61.8% Fibonacci retracement of the up leg from 1,670 to the all-time high of 2,074. Simultaneously thrusting above the 1,818 border coupled with the 50-period simple moving average (SMA), the bulls are still facing a commanding bearish structure, echoed within the falling slopes of the SMAs. The short-term oscillators are reflecting strengthening positive momentum. The MACD is some distance above its red [..]

Technical Analysis – NZDUSD surges to fresh 32-month high; strongly positive

Posted on December 2, 2020 at 8:26 am GMT

NZDUSD surged to a new 32-month high of 0.7072 earlier today, continuing the buying interest that started after the pullback off the 0.5470 support level. The price is developing well above the ascending trend line and the 20- and 40-day simple moving averages (SMAs). The MACD seems to be gaining momentum above its trigger line, while the RSI is still hovering around its 70 overbought mark, signaling more cautious trading in the short-term. The pair needs to overcome today’s peak to meet the 0.7160 resistance level, identified by the [..]

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