Technical Analysis / Page 469

Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:37 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

Technical Analysis – GBPUSD hold below 40-period SMA; bullish in medium term

Posted on September 4, 2020 at 9:46 am GMT

GBPUSD held in losses this week, dropping to the 1.3240 support level and near to the Ichimoku cloud. The RSI in the four-hour chart continues to miss direction in bearish area, while the MACD is holding below the zero line. The red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. However, should the price close comfortably above the 40-period moving average (SMA) (1.3308), which has been unbreakable over the past sessions, traders could add more value [..]

Technical Analysis – USDCAD aims for a bullish breakout but bears still in play

Posted on September 4, 2020 at 7:43 am GMT

USDCAD is pushing for a close above the long-term ascending trendline drawn from September 2017, which could also drive the price out of the 5 ½-month old downward-sloping channel, following the bounce within the 1.3040-1.2985 area. Should the pair break significantly above the channel and the 20-day simple moving average (SMA), the bullish action could stretch towards the 50-day SMA currently at 1.3350, where the 61.8% Fibonacci of the 1.2556-1.4667 upleg (2018-2020) happens to be. Higher, resistance could next emerge [..]

Technical Analysis – US 30 index withdraws from fresh high; bullish bias intact

Posted on September 4, 2020 at 7:24 am GMT

US 30 stock index (Cash) retreated from the vicinity of 29,168, that being the 150.0% Fibonacci extension of the down wave from 27,632 to 24,560. The positive picture seems safeguarded by the advancing 50- and 100-day simple moving averages (SMAs), and may receive a boost from the approaching bullish crossover of the 200-day SMA by the 100-day one. Additionally, the progressing Ichimoku lines further service the ascent in the index. At the moment the short-term oscillators suggest the recoil from [..]

Technical Analysis – GBPJPY spikes to fresh 6-month high but retreats

Posted on September 4, 2020 at 6:51 am GMT

GBPJPY has been developing in an ascending movement since March 18, reaching a fresh six-month high of 142.70, returning lower, suggesting a downside retracement in the daily timeframe. The pair is hovering above the short- and medium-term simple moving averages (SMAs), though the momentum indicators are heading south. The RSI pulled back from the overbought zone and is flattening, while the stochastic is approaching the 20 region. Should bearish dynamics dominate in the very short-term, the market might revisit the [..]

Technical Analysis – Copper futures stop at 26-month highs; positive risks may fade

Posted on September 3, 2020 at 1:17 pm GMT

Copper futures reached overbought levels according to the RSI and reversed lower after touching the 26-month peak of 3.0898 achieved on September 1. While the aforementioned technical indicator continues to slow down, mirroring the market’s bearish behavior over the past three days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. On the other hand, the MACD is holding below its trigger line, which supports the pullback. In case the pair changes its short-term direction to the [..]

Technical Analysis – GBPCHF reverses at 200-day SMA, prolonging sideways pattern

Posted on September 3, 2020 at 12:32 pm GMT

GBPCHF pivoted at the 200-day simple moving average (SMA) preserving the horizontal structure and reinforcing its confines of 1.1628 and 1.2257. The 50- and 100-day SMAs have adopted a relatively neutral bearing, which may be aiding the directionless market. Nonetheless, the short-term oscillators mirror the recent weakness in the price, suggesting growing negative momentum. The MACD, in the positive region, stands above its red trigger line but looks to have paused. The falling RSI deflected off the 70 mark, while [..]

Technical Analysis – USDCHF curbed by 200-MA; neutral tone forming

Posted on September 3, 2020 at 9:01 am GMT

USDCHF is currently struggling with the 200-period simple moving average (SMA) at the 0.9139 barrier, after jumping above the very-short-term descending line drawn from 0.9239. That said, the flat blue Kijun-sen line and the levelling out of the bearish 50- and 100-period SMAs suggest that a sideways pattern may be developing. The short-term oscillators are reflecting conflicting signals of momentum, backing a directionless market. The MACD, in the positive area, holds above its red trigger line, while the stochastic oscillator [..]

Technical Analysis – EURJPY on a slippery slope; strongly positive in medium term

Posted on September 3, 2020 at 8:48 am GMT

EURJPY had a bearish start on Thursday, with the price breaking the lower surface of the Ichimoku cloud. The pair has also increased distance below their flattenning moving average lines, indicating that the latest downtrend might hold for longer after it touched the 18-month high of 127.05. Momentum signals are bearish as well as the red Tenkan-sen line, which is below the blue kijun-sen line, looks to be heading south, while the RSI has reversed lower after falling below its [..]

Technical Analysis – AUDUSD bulls are not scared of the correction yet

Posted on September 3, 2020 at 7:20 am GMT

AUDUSD printed a bearish doji just after piercing the 0.7400 level on Tuesday, foreseeing the weakness in the following sessions. The bearish action, however, could be just a correction in the 5 ½-month old uptrend as the 20- and 50-day simple moving averages (SMAs) retain their upward trajectory and remain positively aligned. In Ichimoku indicators, the red Tenkan-sen also continues to hold above the blue Kijun-sen line despite flattening a bit, while the RSI has reversed south but still has some way [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat