Technical Analysis / Page 463

Technical Analysis – EURUSD returns inside the channel; neutral in short-term

Posted on September 21, 2020 at 7:48 am GMT

EURUSD opened with a soft positive tone on Monday, refusing to abandon the ascending channel that directed the price to a fresh 17-month high of 1.2009 earlier this month. The rebound near the 50-day simple moving average (SMA) and the 1.1750 level last week signaled that the bulls are still in play, but the momentum indicators have yet to show strength. The RSI, although above its 50 neutral mark, remains around a descending trendline, while the MACD continues to weaken below [..]

Technical Analysis – Gold maintains weak bias in near term; broader trend is bullish

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

Technical Analysis – NZDUSD battles resistance band; bullish bias persists

Posted on September 18, 2020 at 11:52 am GMT

NZDUSD is clashing with the 0.6789 to 0.6800 resistance band following its latest climb from 0.6600, which produced a 17½-month high. The recent pickup in the 50- and 100-period simple moving averages (SMAs) suggest further appreciation in the pair, while the merging Ichimoku lines continue to aid the positive drive in price. The short-term oscillators point to a slight weakness in positive sentiment. The RSI and the stochastic oscillator reflect the struggle in the price to overcome the resistance trench. [..]

Technical Analysis – US 30 index rebounds on 50-day SMA; bullish mode still active

Posted on September 18, 2020 at 8:53 am GMT

The US 30 index has rebounded somewhat after falling to the 50-day simple moving average (SMA) but momentum indicators now suggest that market sentiment might get worse before getting better again as the RSI is flattening near the neutral threshold of 50 and the MACD is holding below its trigger line near the zero level. If the price manages to hold above 27,324 the index may rest around the 29,210 resistance. A decisive close above the latter could reach the [..]

Technical Analysis – USDCAD conveys a dominant negative bias

Posted on September 18, 2020 at 7:56 am GMT

USDCAD has somewhat paused after the pullback from the near 8-month low of 1.2993. The rebound in the price appears to be resting on the mid-Bollinger band at 1.3131, shadowed by a governing bearish structure. The dictating downward sloping 50- and 100-day simple moving averages (SMAs) and the recently completed bearish crossover of the 200-day SMA, may deliver an extra boost to a southward result. Negative signals continue to reign within the short-term oscillators, backing a deteriorating picture. The stochastic [..]

Technical Analysis – GBPJPY trapped below 136.00; short-term bias bearish

Posted on September 18, 2020 at 7:41 am GMT

GBPJPY gathered enough support around 134.55 and a former resistance trendline on Thursday to continue the intense battle with the 136.00 ceiling where the bottom of the Ichimoku cloud and the 38.2% Fibonacci retracement of the March rally coincide. The short-term bias, however, remains largely bearish as the red Tenkan-sen line maintains a negative slope below the blue Kijun-sen line. Also, the MACD continues to lose ground below its zero and signal lines, while the RSI seems unable to regain strength towards [..]

Technical Analysis – GBPUSD dips after positive double top at 1.3525

Posted on September 18, 2020 at 6:58 am GMT

GBPUSD is in the process of recouping some of the previous couple of weeks’ losses, finding support at the 100-weekly simple moving average (SMA) and the 50-weekly SMA. Moreover, the pair posted a double top at the 1.3525 resistance level, penetrating the descending trend line to the upside on August 23. Technically, the RSI indicator is ticking north around the neutral threshold of 50 with weak momentum, while the MACD oscillator is slightly falling in the positive territory. If the price successfully moves above [..]

Technical Analysis – EURJPY deteriorates, plunging below moving averages

Posted on September 17, 2020 at 2:27 pm GMT

EURJPY has adopted a negative bearing after the pair withdrew from a fairly sideways one-month phase, below its simple moving averages (SMAs), and plummeting even past a formed support base of multiple lows. The Ichimoku lines hold an intact bearish demeanour, although they also reflect a pause in negative price action. However, the falling 50- and 100-period SMAs and the forthcoming bearish crossover of the 200-period SMA by the 100-period one, convey further weakness in the pair. That said, the [..]

Technical Analysis – Pinterest stock’s upside rally is fading, still bullish in medium term

Posted on September 17, 2020 at 12:47 pm GMT

Pinterest’s stock has been moving sideways above the Ichimoku cloud over the past two months, but in the medium-term picture it is still holding an upward direction, having printed a fresh record high of 39.31 on September 2. According to the MACD, positive momentum is fading as the indicator seems unable to climb back above its red signal line. The RSI is turning to the downside in the bullish zone, backing this view as well. In the positive scenario, where the price continues to expand above today’s [..]

Technical Analysis – EURGBP could provide the bulls a second chance

Posted on September 17, 2020 at 11:32 am GMT

EURGBP pulled back below the 0.9290 resistance for the second time this year but the bulls may have a second chance to retake control as the pair is exposed to a key supportive area. The 50% Fibonacci retracement of the 0.9497-0.8670 downleg is currently in action at 0.9080, blocking any additional negative correction. If it proves fragile, the descending trendline with the help of the 38.2% Fibonacci of 0.8980 could still keep the bulls on the surface if they manage to put [..]

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