Technical Analysis / Page 453

Technical Analysis – GBPJPY capped by 50-day SMA, adopts neutral tone

Posted on October 16, 2020 at 9:50 am GMT

GBPJPY appears to have stalled around the mid-Bollinger band at 135.78 after efforts to push higher were curbed by the 50-day simple moving average (SMA). The pair is edging east as directional momentum has taken a back seat. Despite their recent bullish crossovers, the fading slopes of the converging 50- and 100-day SMAs are endorsing a sideways market, while the relatively horizontal tone of the 200-day SMA also backs this view. Currently, the short-term oscillators reflect conflicting signals in directional [..]

Technical Analysis – USDCAD’s negative bias stalls; positive price action develops

Posted on October 16, 2020 at 6:46 am GMT

USDCAD has pushed over the 50-day simple moving average (SMA) of 1.3204 and is ready to face the mid-Bollinger band at 1.3267, following a recent bounce off the lower Bollinger band. The gliding 50- and 100-day SMAs appear to be escorting the price into a neutral-to-bearish structure. Nonetheless, the short-term oscillators are continuing to exhibit improving momentum. The MACD, marginally below its red trigger line and zero mark, looks set to return above them, sponsoring extra gains in the pair. [..]

Technical Analysis – EURUSD’s retreat hits a wall around 1.1700; may edge sideways

Posted on October 15, 2020 at 11:53 am GMT

EURUSD has been on a downward trajectory lately after the recent decline from the 1.1830 high and under the simple moving averages (SMAs), but the pair encountered support near the 1.1700 level and has subsequently rebounded a little. The diving 20-period SMA promotes further losses, while the slowing downward pace of the 100- and 200-period SMAs endorses a horizontal shift in the price. Moreover, the short-term oscillators display conflicting signals in directional momentum. The MACD, in the negative section, is [..]

Technical Analysis – USDCHF pulls back from 23.6% Fibo; retains bearish view

Posted on October 15, 2020 at 8:13 am GMT

USDCHF held in loses for the fourth week in a row, dropping below the 23.6% Fibonacci retracement level of the down leg from 0.9295 to 0.9084 at 0.9135. The RSI in the four-hour chart continues to miss direction around the 50 level, while the red Tenkan-sen jumped above the blue Kijun-sen line, increasing chances for a meaningful recovery in the short-term trading. Also, the stochastic oscillator completed a bullish crossover within the %K and %D lines above the 20 level. However, should the price [..]

Technical Analysis – AUDUSD tests 100-day SMA; neutral bias governs

Posted on October 15, 2020 at 7:58 am GMT

AUDUSD appears fixed, cramped between its 50- and 100-day simple moving averages (SMAs) and is adopting a short-term sideways demeanour. The steadied Ichimoku lines and the regulating 50- and 100-day SMAs back this view and may keep the price bound in a neutral phase for a while longer. The MACD, slightly below zero, is above its red signal line opposing negative momentum but looks set to dip back under it. The stochastic oscillator maintains a strong negative bearing, while the [..]

Technical Analysis – WTI futures shift lower, turning the bias to neutral

Posted on October 15, 2020 at 7:03 am GMT

WTI crude oil futures are looking negative in the very short-term, despite the jump above the simple moving averages (SMAs) in the preceding sessions in the 4-hour chart. The stochastics are heading downwards, with the %K and %D lines posting a bearish crossover in the overbought territory, while the RSI is sloping south in the positive area. Both are suggesting that bears may take the upper hand again. Immediate support to further losses would likely come from the 40-period SMA [..]

Technical Analysis – EURGBP declines steeply in short-term; holds in descending channel

Posted on October 14, 2020 at 1:20 pm GMT

EURGBP has lost significant ground over the last 4-hour session, finding resistance at the lower surface of the Ichimoku cloud. The price has been developing within a descending channel since September 15 and the RSI is confirming this negative bias as it is pointing downwards. The MACD oscillator is moving sideways near the zero level. Immediate support would come from the 0.9020 barrier before traders move towards the 0.8990 level. Clearing these hurdles, the market could touch the 0.8864 support, taken from the low on [..]

Technical Analysis – Gold recoups some losses, holding above 100-SMA

Posted on October 14, 2020 at 10:07 am GMT

Gold prices bounced off the 23.6% Fibonacci retracement level of the down leg from 2,015 to 1,848 at 1,887, moving above the 100-period simple moving average (SMA). The technical indicators are endorsing the upside movement of the last couple of sessions. The RSI is standing near the neutral level of 50, while the stochastic is moving higher after the bullish cross within the %K and %D lines. An extension to the upside could take the precious metal until the 40-period [..]

Technical Analysis – GBPJPY retreats below SMAs after progress curbed by 50.0% Fibo

Posted on October 14, 2020 at 8:28 am GMT

GBPJPY defied the 100-period simple moving average (SMA) at 135.87 but found some footing at the floor of the cloud. The sharp drop ahead of the 137.85 level, that being the 50.0% Fibonacci retracement of the down leg from 142.70 to 133.03, is weighing heavily on the cloud’s lower boundary. The negative tone within the declining Ichimoku lines endorses additional deterioration in the pair. The short-term oscillators also reflect strengthening negative momentum. The MACD underneath its red signal line, is [..]

Technical Analysis – USDJPY stabilizes near 20-day SMA; medium-term trend is down

Posted on October 14, 2020 at 7:35 am GMT

USDJPY stabilized within the 105.00 area and around the 20-day simple moving average (SMA) following the rejection of the 106.10 level and the upper Bollinger band earlier this week. The momentum indicators are directionless, suggesting a neutral short-term bias as the RSI is hovering around its 50 level and the MACD is squeezed between its zero and signal lines. Nevertheless, a step below the middle Bollinger band (105.20), which is also the 20-day SMA, may generate additional losses towards the lower Bollinger [..]

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