Technical Analysis / Page 474

Technical Analysis – USDCAD slows momentum in sideways channel

Posted on August 25, 2020 at 9:01 am GMT

USDCAD has been in a consolidation area over the last week with upper boundary the 1.3245 resistance and lower boundary the seven-month low of 1.3132, reached on August 19. The stochastic oscillator is flattening in the overbought zone and the RSI is ticking down in the positive region, suggesting more losses. The 40- and the 20-period simple moving averages (SMAs) in the 4-hour chart, are acting as strong support levels for the bears at 1.3197 and 1.3186 respectively, near the [..]

Technical Analysis – EURJPY stays bullish despite retreat from 16-month high

Posted on August 25, 2020 at 8:32 am GMT

EURJPY managed to preserve its strongly bullish bearing after finding a foothold at the rising blue Kijun-sen line around 124.42. The pullback from the 126.80 peak seems to be neutralized from the recent positive traction above the red Tenkan-sen line, boosted by a bullish crossover in the simple moving averages (SMAs). The MACD, in the positive area, is below its red trigger line but seems is looking to reclaim it. The RSI has remained above the 50 mark for some [..]

Technical Analysis – GBPUSD forms strong bullish tendency but stands below 8-month peak

Posted on August 25, 2020 at 7:04 am GMT

GBPUSD is holding beneath the eight-month high of 1.3270 that it reached on August 19, but the outlook remains strongly bullish above the ascending trend line from March 20. The price is currently capped by the 20-day simple moving average (SMA), finding some difficulty to surpass this line, and the RSI indicator is turning slightly higher in the positive area. However, the MACD oscillator is still heading down below its trigger line in the short-term. The Ichimoku lines are pointing [..]

Technical Analysis – USDJPY range bound; momentum dwindles

Posted on August 24, 2020 at 3:14 pm GMT

USDJPY extends its horizontal bearing between the confines of 105.09 and 107.00. The zigzagging of the 50- and 100-period simple moving averages (SMAs) are assisting the sideways action in price, while the Ichimoku lines and cloud mirror a situation of evaporated momentum. The short-term oscillators suggest that directional momentum is weak, but the picture is tilting slightly negative. This is backed by the slipping of the 200-period SMA and the negative charge of the stochastic oscillator. However, the RSI is [..]

Technical Analysis – AUDUSD retains bullish bias, refuels ascent by driving above MAs

Posted on August 24, 2020 at 1:49 pm GMT

AUDUSD retained potency of its positive structure, prodding back above the congested, gradually rising 50- and 100-period simple moving averages (SMAs) and the Ichimoku cloud, around the 0.7177 – 0.7190 zone. The simple moving averages (SMAs) communicate a steady confidence in the pair with their bullish tone still intact. However, the Ichimoku lines’ calm tone reflects a somewhat stalling behaviour within the pair. Glancing at the short-term oscillators, they suggest some improvement in positive momentum. The MACD, in the negative [..]

Technical Analysis – Gold consolidates above 1,900, eyeing peaks again

Posted on August 24, 2020 at 10:08 am GMT

Gold is edging sideways above the 1,900 handle, possibly forming a triangle pattern with the price targeting the upper bound of the triangle around 1,970. The bullish simple moving averages (SMAs) are maintaining a broader positive tone, while the short-term oscillators are helping keep the positive outlook alive. The MACD is holding in the positive region although below its red signal line, while the RSI floats above the 50 threshold, looking to improve. Furthermore, the negative momentum in the stochastic [..]

Technical Analysis – EURUSD retains positive tone but negative signals apply strain

Posted on August 24, 2020 at 7:00 am GMT

EURUSD maintains a bullish tone despite the pullback from the fresh 27-month peak of 1.1965. The Ichimoku lines sustain a bullish momentum some distance above the Ichimoku cloud, while the advancing simple moving averages (SMAs) dictate a predominant positive bearing. That said, the short-term oscillators reflect a negative picture however and momentum seems to be shifting. The MACD has weakened below its red trigger line but remains far in the positive region, while the RSI is picking up after slipping [..]

Technical Analysis – Tesla rally goes ballistic, uptrend accelerates

Posted on August 21, 2020 at 11:00 am GMT

Tesla’s shares continue to rally, with the rate of increase in the market increasing exponentially in recent sessions, something shown by the increasingly steep slope of the uptrend lines that have been supporting the price action. Almost everything paints a positive picture, with the stock posting higher highs and higher lows above all its moving averages, which are sloping upwards. The only warning signal comes from the RSI, which continues to move higher above its 70 line, warning of an increasingly [..]

Technical Analysis – US 30 index hits a snag, ascent dwindles into cloud

Posted on August 21, 2020 at 9:57 am GMT

US 30 stock index (Cash) drifted into the Ichimoku cloud and under the now capping 50-period simple moving average (SMA) after reaching a 5½-month high of 28,154. The waning positive momentum in the index is sponsored by the negative tone of the Ichimoku lines and, specifically, the fading red Tenkan-sen line. The short-term oscillators further support the negative move in the pair. The RSI slipped below its 50 neutral mark, while the stochastic oscillator cemented its bearish demeanour, breaking below [..]

Technical Analysis – NZDUSD rises after the slip to 7-week low

Posted on August 21, 2020 at 9:47 am GMT

NZDUSD reached oversold levels according to the stochastic oscillator and reversed higher after it hit a new seven-week low at 0.6487. The RSI is also returning higher in the negative territory. While the aforementioned technical indicators continue to pick up speed, mirroring the market’s upside retracement in the very short-term the 20- and 40-period simple moving averages (SMAs) are trying to tick higher increasing their distance above the price action. In case the pair changes its short-term direction to the upside, the bulls will probably challenge [..]

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