Technical Analysis / Page 451

Technical analysis – EURUSD bulls do not look exhausted yet; 1.1880 level eyed

Posted on October 22, 2020 at 7:51 am GMT

EURUSD found strong resistance at 1.1879 on Wednesday, but earlier today the pair completed a bullish doji in the four-hour chart, suggesting that there is more strength in store as the price is making efforts to recoup its moderate losses. Still, the weakness in the MACD hints that some caution should be warranted. A break above 1.1880 is expected to immediately stall within the 1.1900-1.1920 area. Moving higher, the next obstacle could occur around 1.1950, while above that, all eyes [..]

Technical Analysis – WTI futures muted; weak directional momentum persists

Posted on October 22, 2020 at 7:40 am GMT

WTI oil futures are presently confronting the Ichimoku cloud after having dipped slightly below the flat red Tenkan-sen line, as well as the 50- and 100-day simple moving averages (SMAs). The bullish overlaps of the 200-day SMA are still intact although the averages have adopted a more horizontal demeanour, as have the Ichimoku lines, all further backing the ranging market. The short-term oscillators reflect a rather frozen state in the commodity. The MACD and the RSI indicate evaporated directional momentum [..]

Technical Analysis – AUDUSD creates bearish correction near 0.71 in short-term

Posted on October 22, 2020 at 6:40 am GMT

AUDUSD is looking slightly bearish around 0.7100 in the short-term, after the pair pulled back off the two-year peak of 0.7413 on September 1. The RSI is turning lower in the negative territory, while the MACD is moving sideways below the zero level. Both are confirming the recent bearish correction of the long-term bullish picture. In light of negative pressures, initial tough support could develop from the zone of the 0.7000 round number and the 23.6% Fibonacci retracement level of [..]

Technical Analysis – USDCAD’s plunge hits a snag; negative outlook intact

Posted on October 21, 2020 at 1:53 pm GMT

USDCAD seems to have stalled its negative dive under the 50-period simple moving average (SMA) as the pair improves slightly from the 1.3075 – 1.3086 support section. Nonetheless, the falling 50- and 100-period SMAs are promoting extra price deterioration, while the bearish crossover of the 200-period SMA by the 100-period one may boost the broader negative structure. However, the short-term oscillators reflect improvements in positive momentum. The MACD, in the negative region, is slowing below its red trigger line, while [..]

Technical Analysis – EURGBP plunges in consolidation area below 0.91

Posted on October 21, 2020 at 1:37 pm GMT

EURGBP is sharply decreasing in the 4-hour chart, touching the 23.6% Fibonacci retracement level of the down leg from 0.9290 to 0.9005 at 0.9073. Over the last month the price has been trading within a trading range with the 50.0% Fibonacci of 0.9148 as the upper boundary and the 0.9020 support as the lower boundary. Technically, the stochastic oscillator is moving lower, heading towards the oversold zone, while the MACD oscillator posted a bearish crossover with its trigger line in [..]

Technical Analysis – NZDUSD optimism prolonged; price action remains stalled

Posted on October 21, 2020 at 8:19 am GMT

NZDUSD is currently trading in the vicinity of the 100-day simple moving average (SMA) and the red Tenkan-sen line, continuing to edge sideways, capped by the flattening 50-day SMA and Ichimoku cloud. The tone of the 50- and 200-day SMAs promotes a directionless market, while the 100-day SMA holds a positive course. Dried up directional momentum is also reflected in the horizontal Ichimoku lines as well as the short-term oscillators. The MACD is located barely below its zero mark and [..]

Technical Analysis – Tesla stock loses steam in short term; strongly bullish in long term

Posted on October 21, 2020 at 8:15 am GMT

Tesla stock price has declined after touching the 466.12 resistance level, edging towards the 50-day simple moving average (SMA), failing to improve the bullish picture in the long term. The stochastic oscillator entered the oversold zone, while the RSI indicator is sloping south, meeting the neutral threshold of 50. The next immediate support is coming from the 23.6% Fibonacci retracement level of the upward wave from 69.52 to 502.55 at 398.64, which is also within the Ichimoku cloud. Beneath this [..]

Technical Analysis – USDJPY bears still have control; holds in falling channel

Posted on October 21, 2020 at 6:47 am GMT

USDJPY has been making lower highs and lower lows since the end of March when it touched the 111.70 resistance level. The technical indicators, though, continue to send neutral signals, suggesting that the softness in the market is not over yet in the very short-term timeframe. The RSI has flattened near the neutral threshold of 50, indicating that the market could weaken a little bit until the pair falls further in the descending channel. The MACD oscillator is still heading [..]

Technical Analysis – GBPAUD struggles at 4½-month high; positive signals remain robust

Posted on October 20, 2020 at 3:29 pm GMT

GBPAUD is finding difficulty in pushing over the June 2 border of 1.8454 that has capped upside corrections for more than four months. Despite current unfolding weakness in the pair, the sturdy positive charge in the Ichimoku lines and the positive bearing of the 50- and 100-period simple moving averages (SMAs) endorse a shift to a bullish bias in the short-to-medium term picture. However, the short-term oscillators reflect the recent weakness in momentum. The MACD, in the positive region, is [..]

Technical Analysis – CADJPY looks neutral-to-bullish; needs some boost

Posted on October 20, 2020 at 1:07 pm GMT

CADJPY is looking more neutral as prices have climbed towards the 40-day simple moving average (SMA) after bouncing off the 78.35 support level. Also, the 80.60 level acted as resistance, hence the upside momentum appears to have run out of steam as prices have been attempting and failing to close above the line in the past sessions. The neutral bias in the near term is also supported by the MACD, which has been hovering near the zero level. The stochastic [..]

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