Technical Analysis / Page 454

Technical Analysis – NZDUSD finds strong resistance at 0.6670; neutral bias

Posted on October 14, 2020 at 6:24 am GMT

NZDUSD has been in a horizontal trajectory over the last three weeks within the 0.6520 and 0.6670 barriers. Currently, the pair is holding above the 20- and 40-day simple moving averages (SMAs) after they posted a bearish crossover in the short-term. The RSI indicator is sloping slightly up near the neutral threshold of 50, however, the stochastic oscillator is looking overbought as it is ready to create a negative cross within the %K and %D lines. If the price manages [..]

Technical Analysis – USDCAD recedes below 200-MA; negative signals pressurize

Posted on October 13, 2020 at 7:54 am GMT

USDCAD is currently at a standstill near the red Tenkan-sen line after its retreat under the Ichimoku cloud and simple moving averages (SMAs). The subsiding 50-period SMA and the intact negative demeanour of the Ichimoku lines are endorsing a deteriorating picture. That said the horizontal 100- and 200-period SMAs favour a more neutral tone. Nonetheless, the flattened blue Kijun-sen line and the short-term oscillators propose slight improvements in momentum. The MACD, deep below zero, is strengthening above its red trigger [..]

Technical Analysis – EURJPY loses some momentum above 23.6% Fibo

Posted on October 13, 2020 at 6:39 am GMT

EURJPY has come under renewed selling interest, falling back below the 40-day simple moving average (SMA) and near the 23.6% Fibonacci retracement level of the up leg from 114.40 to 127.07 at 124.06. In technical indicators, the MACD is gaining some ground above its trigger line, but it is still standing marginally below the zero level. The RSI indicator is pointing down in the positive territory, suggesting a downside pullback in the price. However, if the price remains above the 23.6% Fibonacci, it could [..]

Technical Analysis – GBPUSD tests key resistance for fresh bullish momentum

Posted on October 13, 2020 at 6:14 am GMT

GBPUSD is testing the 1.3000-1.3080 area, where a broken long-term descending trendline stretched from the 2015 highs happens to be, following the strong rebound at the bottom of the ascending channel and near the 200-day simple moving average (SMA). The pair is also making an attempt to extend beyond its 50-day SMA as the RSI and the MACD are flashing a bullish bias, with the former running above its 50 neutral mark and the latter improving above its signal and zero lines. For the [..]

Technical Analysis – AUDUSD’s progress suppressed by 200-MA

Posted on October 12, 2020 at 10:27 am GMT

AUDUSD appears muted by the 200-period simple moving average (SMA) after having shot upwards from the 0.7094 level, above the Ichimoku cloud and the SMAs. The stalled blue Kijun-sen line at 0.7168 and the short-term oscillators back a weakening picture, while the rising red Tenkan-sen line and the 50-period SMA’s recent bullish crossover of the 100-period SMA endorse strength in the pair. The MACD, in the positive region, is flattening above its red trigger line reflecting a slight drawback in [..]

Technical Analysis – US 500 index extends positive move; next target at all-time high

Posted on October 12, 2020 at 9:15 am GMT

The US 500 index has come under renewed buying interest, climbing above the 40-day simple moving average (SMA) following the rebound off the 3,200 support. The MACD and the RSI are heading slightly up, supporting the upside movement. The all-time high of 3,588.24 could be the next target, and if this gets violated, resistance could then develop around the 3,819 barrier, which is the 161.8% Fibonacci extension level of the down leg from 3,588.24 to 3,200. If sellers drive the index [..]

Technical Analysis – EURUSD shows bullish appetite but don’t get excited yet

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

EURUSD opened in the green on Monday with scope to maintain Friday’s gains above the 1.1800 number and its 50-day simple moving average (SMA). The recent strength in the price is justified by the RSI which has terminated its downward stroke and advanced above its 50 neutral mark. The MACD has breached its red signal line and is set to enter the positive area, reflecting an improving bias as well. Still, in terms of the trend, the pair continues to hold a [..]

Technical Analysis – Gold flirts with 23.6% Fibonacci; holds in bearish move

Posted on October 12, 2020 at 6:43 am GMT

Gold has found immediate resistance at the 23.6% Fibonacci retracement level of the up leg from 1,454 to 2,074.89 at 1,927 and the 40-day simple moving average (SMA). The downside correction over the last two months is now being confirmed by the weak momentum in the MACD oscillator and the downward slope in the RSI. However, if there is a significant step above the 23.6% Fibonacci, the door could open for the 1,972 barrier and the 2,015 hurdle. Moving higher, [..]

Technical Analysis – NZDUSD displays directionless market; advances curbed by 100-MA

Posted on October 9, 2020 at 12:23 pm GMT

NZDUSD appears to be stuck in a horizontal market, backed by the Ichimoku cloud, and is currently capped by the downward sloping 100-period simple moving average (SMA) at 0.6620. The pair is struggling to overtake this level that also happens to be the 38.2% Fibonacci retracement of the down leg from 0.6797 to 0.6510. The conflicting Ichimoku lines reflect an easing in negative momentum, while the gradual rising of the 50-period SMA suggests weakness in downward drive. The short-term oscillators [..]

Technical Analysis – CADJPY advances to fresh highs within overbought area

Posted on October 9, 2020 at 11:50 am GMT

CADJPY had its best week since early August, appreciating by 1.5% to an almost one-month high of 80.44. In the four-hour chart, the pair rallied beyond its 200-period simple moving average (SMA), while the 20-period SMA has further reduced its negative gap with that line, adding more shine to the ongoing uptrend. The momentum indicators are also backing a positive short-term bias as the RSI and the Stochastics have yet to leave the overbought area. However, they have somewhat stabilized, [..]

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