Technical Analysis / Page 471

Technical Analysis – Japan 225 index struggles below 6-month high; slightly bullish

Posted on September 1, 2020 at 1:06 pm GMT

The Japan 225 index has been in a slightly bullish tendency over the last two-and-half months, hovering above the strong 200-day simple moving average (SMA). The RSI, in the positive territory, is pointing north, while the MACD, above the zero level, is moving horizontally and confirming the recent weak momentum on price action. Should the price stretch higher, the 23,445 level which the bulls were unable to break in the preceding week could provide immediate resistance. Moving higher, the focus [..]

Technical Analysis – WTI futures hold above SMAs and Ichimoku cloud

Posted on September 1, 2020 at 9:28 am GMT

WTI crude oil futures continue to rise above the Ichimoku cloud and the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart, stretching its upward trajectory near the five-month peak of 43.77. According to the RSI, the commodity could push for further gains in the short-term as the indicator picks up steam near its neutral threshold of 50. The stochastic is also advancing, completing a bullish crossover within its %K and %D lines. In the positive scenario, where the price continues to expand, the next stop could occur around the [..]

Technical Analysis – USDCAD communicates a commanding bearish bias

Posted on September 1, 2020 at 9:06 am GMT

USDCAD seems to be pursuing its proclaimed bearish direction, something also conveyed through the dominant negative bearing within the simple moving averages (SMAs). The short-term oscillators as well as the falling Ichimoku lines deliver a negative demeanour reinforcing this view. The MACD, some distance in the negative region, is decreasing below its red signal line, while the RSI is slipping further in oversold territory. Moreover, the stochastic oscillator has retreated back into the oversold zone, promoting further losses in the [..]

Technical Analysis – GBPUSD bullish at 9-month high; 2019 peak next in focus

Posted on September 1, 2020 at 7:12 am GMT

GBPUSD found strong support along the upper line of an upward-sloping channel and accelerated above a five-year old descending trendline, avoiding the confirmation of any bearish trend pattern. The price is currently trying to claim the 1.3400 area and crawl towards the 2019 peak of 1.3515, which is a possible scenario as the technical indicators reflect a cautiously bullish bias. The pair is comfortably above its simple moving averages (SMA), the MACD is regaining strength above its red signal line, [..]

Technical Analysis – EURJPY flirts with 18-month peak of 126.83

Posted on September 1, 2020 at 7:11 am GMT

EURJPY recorded a stunning rally towards an 18-month high of 126.83 after finding strong support at the 20-day simple moving average (SMA) and the rising trend line several times in the preceding days. The RSI is currently increasing positive momentum towards its 70 level, while the MACD is strengthening its movement and is trying to post a bullish crossover within its trigger line. Moreover, the moving averages are continuing to slope north. Should the market extend the pair’s gains , [..]

Technical Analysis – EURCHF ranges above Ichimoku cloud; positive signals grow

Posted on August 31, 2020 at 2:59 pm GMT

EURCHF appears to have found a foothold on the 50-day simple moving average (SMA) and near the bottom of the sideways market. The Ichimoku lines reflect the neutral tone, which has controlled the pair for the last one-and-a-half-months. Nevertheless, a nearing bullish crossover of the 200-day SMA by the 100-day one looks to be forming, as the 50- and 100-day SMAs hold their gradual positive incline. The short-term oscillators suggest that positive momentum may be picking up. The MACD remains [..]

Technical Analysis – EURAUD ticks slightly up after 5-week low

Posted on August 31, 2020 at 1:26 pm GMT

EURAUD is ticking higher over the last sessions after rebounding off the five-week low of 1.6150. The stochastic oscillator created a bullish crossover within its %K and %D lines, while the MACD is trying to jump above its trigger line in the 4-hour chart. However, the 20- and 40-period simple moving averages (SMAs) are still moving down. Should prices decline, immediate support could be found around 1.6150, an area which has provided as strong support on July 22. Then a leg below that level, the pair [..]

Technical Analysis – US 500 index logs new all-time high; bullish bias intact

Posted on August 31, 2020 at 12:36 pm GMT

US 500 index (Cash) broke above 3,396.64, accelerating over the last week towards a fresh all-time high of 3,526.31. The advancing Ichimoku lines reflect a sturdy positive tone above the cloud. Moreover, the recent bullish crossover of the 200-day simple moving average (SMA) by the rising 100-day one could further reinforce the positive picture. The short-term oscillators convey strong positive momentum, which is sponsoring the improving picture. The MACD, in the positive region, has moved above its red trigger line, [..]

Technical Analysis – USDJPY bears find support after Japan’s PM resignation

Posted on August 31, 2020 at 9:41 am GMT

USDJPY was hovering around the 50% Fibonacci retracement of the 112.21-101.17 downleg when the resignation of Japan’s prime minister Shinzo Abe boosted the safe-haven yen and triggered a steep sell-off in the pair on Friday. The price pulled back below its simple moving averages (SMA) on the four-hour chart, but the area between the 38.2% Fibonacci of 105.40 and the 105.00 level managed to halt the decline once again, with the pair pushing efforts to recover the lost ground on [..]

Technical Analysis – AUDUSD pulls back from 20-month high after bullish rally

Posted on August 31, 2020 at 8:31 am GMT

AUDUSD has come under renewed selling pressure after the aggressive jump to the 20-month peak of 0.7280 earlier today. Despite the latest pullback though, the pair has not posted a fresh lower low, which makes one hesitant to trust further declines in the longer-timeframe for now. Looking at momentum oscillators on the 4-hour chart, however, they suggest further declines may be on the cards in the short-term. The RSI is moving sideways in the overbought territory while the MACD is [..]

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