Technical Analysis / Page 470

Technical Analysis – EURUSD plunges below 1.1800; holds in upward channel

Posted on September 3, 2020 at 7:10 am GMT

EURUSD has lost its positive momentum after the pullback on the two-and-a-half-year high of 1.2010 on September 1, and it has been trading in an upward sloping channel over the last month. In the short-term, the market could retain the selling interest as the RSI is holding well below its 50 neutral mark and the MACD has dropped below its zero and trigger lines. The bearish movement, though, could stay in place given that prices continue to fluctuate below the Ichimoku cloud and the short-term moving averages (SMAs) in the [..]

Technical Analysis – NZDJPY rallies steadily after bounce on 200-day SMA

Posted on September 2, 2020 at 3:28 pm GMT

NZDJPY is struggling to overcome the tough resistance region of highs between 71.65 and 71.90, after a bounce off the 200-day simple moving average (SMA) sky-rocketed the pair. Worth mentioning though are the rising 50- and 100-day SMAs and the forthcoming bullish crossover of the 200-day SMA by the 100-day one, which may further boost the positive picture. The short-term oscillators are also increasingly pointing to additional upside moves. The MACD, in the bullish area, is increasing above its red [..]

Technical Analysis – US 100 index rallies to fresh record highs, near overbought territory

Posted on September 2, 2020 at 1:17 pm GMT

The US 100 index has been completing new record highs over the last three consecutive days, edging towards the 12,465.02 number. According to the stochastics, positive momentum could push for further gains in the short-term as the indicator picks up steam above the 80 level. The RSI is also advancing, close to the 70 overbought threshold. In the positive scenario, where the price continues to expand above today’s high the next resistance is coming from the 261% Fibonacci extension level of the [..]

Technical Analysis – USDJPY maintains sideways bearing; momentum dries up

Posted on September 2, 2020 at 12:17 pm GMT

USDJPY appears stuck between the boundaries of 105.09 and 107.00, as the Ichimoku lines echo a momentum-deprived market. The gradually slipping simple moving averages (SMAs) hold a fairly flattened tone, aiding the current directionless price action. Furthermore, the short-term oscillators also reflect the absent directional momentum. The MACD, slightly below zero, hovers above its red signal line while the advancing RSI resides at its 50 threshold. To the upside, immediate resistance may arise from the cloud’s lower surface and the [..]

Technical Analysis – Gold edges sideways; negative pressures dwindle

Posted on September 2, 2020 at 9:21 am GMT

Gold has bounced on the Ichimoku cloud’s upper surface, while the simple moving averages (SMAs) converge slightly beneath. The recent weakness from the 1,992 barrier appears to be receding as the Ichimoku lines stabilise. Nonetheless, the SMAs and the Ichimoku cloud continue to dictate a neutral demeanour that has grasped the commodity for the last two weeks. The oscillators suggest mixed signals of directional momentum. The MACD is weakening in the positive region, slipping below its red signal line. Yet, [..]

Technical Analysis – GBPJPY tumbles from 6-month high; positive momentum feeble in short term

Posted on September 2, 2020 at 9:10 am GMT

GBPJPY is retreating after finding significant resistance at the six-month high of 142.70 and is now heading towards the 20-period simple moving average (SMA) at 141.30 in the 4-hour chart. The momentum indicators provide negative signals as the MACD oscillator is losing ground after completing a bearish crossover with its trigger line in the positive zone, while the RSI is pointing south after the pullback in the overbought territory. In the light of negative pressures, a tough support could initially develop near the 23.6% Fibonacci retracement level of the up leg from 134.00 to 142.70 at [..]

Technical Analysis – EURGBP claims new 3-month low as bears keep control

Posted on September 2, 2020 at 7:21 am GMT

EURGBP started the new month on the negative side, extending its weakness below a broken dashed ascending trendline to an almost three-month low of 0.8887 on Tuesday. The next key support is expected to occur slightly lower around the 23.6% Fibonacci retracement of the 0.9497-0.8670 downleg at 0.8864, with technical indicators reflecting that bearish forces have not faded yet. The 20-day simple moving average (SMA) has crossed below the 50-day SMA, while the Stochastics are still looking for a turning [..]

Technical Analysis – NZDUSD bullish at 8-month top of 0.6787

Posted on September 2, 2020 at 6:50 am GMT

NZDUSD is continuing last week’s rebound with strong momentum, reaching eight-month highs at 0.6787 today and at the same time confirming the bullish tendency again. The short-term bias looks positive as the MACD keeps gaining ground above its red signal line, while the RSI seems to be making its way up above its 70 mark, though more progress is needed from the latter. However, the stochastics is looking overbought, as it turns lower above the 80 level. The 0.6940 resistance level identified [..]

Technical Analysis – UK 100 index looking increasingly negative below SMAs

Posted on September 1, 2020 at 3:19 pm GMT

UK 100 stock index’s (Cash) somewhat stalled short-term picture is under strain as the index is encountering growing negative pressures, which are attempting to return a bearish bias. The price is currently testing the 5,850 barrier while the red Tenkan-sen line dips lower. Nonetheless, as things stand, no clear directional signals are reflected in the converging 50- and 100-day simple moving averages (SMAs), while the 200-day SMA maintains a negative bearing. That said, the RSI is falling in bearish territory, [..]

Technical Analysis – Silver holds positive compass, despite some weakening

Posted on September 1, 2020 at 1:35 pm GMT

Silver propelled above the 28.46 high, securing the recently acquired ground from the 26.50 mark. Reinforcing this move is the intact bullish bearing of the Ichimoku lines. Looking at the short-term oscillators, positive momentum appears to be on track despite the recent reflected weakness in price. The MACD, in the positive section, is above its red trigger line, while the RSI has dipped slightly below the 70 level. Additionally, the stochastic lines have yet to confirm a bearish shift in [..]

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