Technical Analysis / Page 448

Technical Analysis – WTI oil futures test bottom of the range after slump

Posted on October 29, 2020 at 3:22 pm GMT

WTI oil futures for December delivery are seeking a breakdown below the range area that strictly held the market in a neutral structure during the past four months. From a technical standpoint, the price is set to cross below the 50% Fibonacci of the downleg from 65.61 to 6.62, at 36.13, following the rejection near the upper surface of the Ichimoku cloud. Given the weakness in the MACD and the negative slope in the RSI, the sell-off could get new [..]

Technical Analysis – EURGBP gains some ground in trading range

Posted on October 29, 2020 at 2:49 pm GMT

EURGBP is jumping considerably higher over the last 4-hour session, touching the 20- and 40-period simple moving averages (SMAs). The stochastic oscillator is confirming a bullish crossover, however, the MACD oscillator is moving with weak momentum, endorsing the consolidation view in the bigger picture. The pair is holding within the 0.9005 support and the 0.9148 resistance. In the case where the price surpasses the SMAs, immediate resistance could come from the 23.6% Fibonacci retracement level of the downward wave from 0.9290 to 0.9005, at 0.9073. Above that, the 0.9105 level and the 38.2% Fibonacci [..]

Technical Analysis – GBPAUD may consolidate despite footing off 100-MA

Posted on October 29, 2020 at 2:25 pm GMT

GBPAUD appears to be stalling ahead of the four-and-a-half-month high of 1.8525, something also reflected in the unclear and merged Ichimoku lines. The recent foothold on the 100-period simple moving average (SMA) at 1.8216 shot the price above the Ichimoku cloud, preserving the neutral-to-bullish outlook, also backed by the rising SMAs. The short-term oscillators transmit conflicting signals in directional momentum. The MACD is stalling its positive pace above its red trigger line in the positive region, while the falling RSI [..]

Technical Analysis – USDCHF points up in descending channel

Posted on October 29, 2020 at 1:12 pm GMT

USDCHF started a positive day after it found several times support at the 23.6% Fibonacci retracement level of the down leg from 0.9295 to 0.9029 at 0.9092 over the last days. The RSI indicator is pointing upwards in the positive area, while the MACD oscillator is extending its move above its trigger and zero lines. Additional gains above the 0.9110 resistance could meet the 38.2% Fibonacci of 0.9130 before hitting the 50.0% Fibonacci of 0.9164. More increases could take the [..]

Technical Analysis – AUDUSD exhibits directionless tone; bullish bias dwindles

Posted on October 29, 2020 at 9:24 am GMT

AUDUSD seems to have glided into a sideways market below the stable Ichimoku cloud after a gradual withdrawal from the 25-month top of 0.7413. The relatively flattened 50-and 100-day simple moving averages (SMAs), and the pause in the decline of the Ichimoku lines, both back the stalled picture in the aussie. The short-term oscillators also reflect the consolidation in price as they display conflicting signals in directional momentum. The MACD, a bit underneath its zero mark, is barely below its [..]

Technical Analysis – EURJPY heads towards 3-month low again

Posted on October 29, 2020 at 9:11 am GMT

EURJPY reached a fresh three-month low of 122.16 on Wednesday, continuing the sell-off in the short-and medium-term timeframes. The RSI indicator is ticking lower in the negative territory, while the MACD oscillator is flattening below its trigger and zero lines. Also, the 20- and 40-period simple moving averages (SMAs) are sloping down, confirming the recent bearish structure. Immediate support could come from the three-month trough of 122.16 before meeting the 121.95 barrier, taken from the inside swing high on July [..]

Technical Analysis – US 30 stock index crashes below 100-SMA; enters oversold area

Posted on October 29, 2020 at 8:51 am GMT

The US 30 index (cash) is set for its largest weekly loss since June after plummeting by almost 3% on Wednesday. The 100-day simple moving average (SMA) could not catch the fall as it notably did back in June and September, letting the price hit a fresh low of 26,499 below the Ichimoku cloud and slightly beneath its previous trough, a move that created question marks about the sustainability of the March uptrend. With the RSI and the Stochastics hinting at oversold conditions, an upside [..]

Technical Analysis – GER 30 index exits neutral zone below 200-day SMA

Posted on October 28, 2020 at 11:11 am GMT

The German 30 index (cash) slumped below the 200-day SMA and towards June’s lows on Wednesday, terminating the range-bound trading that held above that line in the past four months. Expectations are for the index to lengthen its downward pattern off the 13,460 peak as the 20-day SMA is trying to further deviate below the 50-day SMA and the MACD is resuming negative momentum below zero. Yet, with the RSI and the Stochastics fluctuating within the oversold territory, some stabilization [..]

Technical analysis – EURUSD slumps to meet trendline as downside risks heighten

Posted on October 28, 2020 at 9:35 am GMT

EURUSD is fast approaching the ascending trendline that has been navigating the market since the bounce off the 1.1611 ground as the Ichimoku cloud on the four-hour chart blocked the way to the upside and the 200-period simple moving average (SMA) failed to catch the fall. With the price trading below its SMAs, the RSI decelerating towards its 30 oversold level, and the MACD strengthening its negative momentum below its signal and zero lines, the short-term bias is seen skewed more [..]

Technical Analysis – USDJPY seeks to reactivate downtrend below key base

Posted on October 28, 2020 at 7:47 am GMT

USDJPY bears are set for another challenging battle with the tough 104.00-104.20 base, which has been strongly rejecting selling pressure since July, keeping the pair in a sideways move. The latest downfall has sent the price back below its downward-sloping simple moving averages (SMAs), while in momentum indicators, the RSI has yet to touch its 30 oversold mark, flagging additional negative corrections. Still, sellers may not take the wheel unless the 104.00-104.20 floor collapses, in which case the six-month old downward pattern [..]

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