Technical Analysis / Page 479

Technical Analysis – GBPJPY hits 5½-month high; positive bias intact

Posted on August 12, 2020 at 10:10 am GMT

GBPJPY reached a five-and-a-half-month high of 139.50 earlier today, continuing the buying interest that started on June 29. Also, the price remains above the 20- and 40-period simple moving averages (SMAs) and the MACD oscillator is strengthening its positive momentum above its trigger line. However, the RSI indicator is flattening slightly below the overbought zone. The mixed signals in the technical indicators are suggesting a possible pullback. In case that the price overcomes the five-and-a-half-month high of 139.50 could it [..]

Technical Analysis – Gold sells off, correction extends to 200-MA

Posted on August 12, 2020 at 7:49 am GMT

Over the past few days, gold has aggressively corrected from its all-time high of 2,074.89 after failing to close above the 2,072 level, that being the 423.6% Fibonacci extension of the pullback from 1,765 to 1,670. The yellow metal plummeted below the Ichimoku cloud, taking out the 50- and 100-period simple moving averages (SMAs) in the process. However, the adjustment came to a halt at the 200-period SMA at 1,873, which happens to also be the 50.0% Fibonacci retracement of [..]

Technical Analysis – NZDUSD dips beneath 5-month uptrend line

Posted on August 12, 2020 at 7:43 am GMT

NZDUSD has declined beneath the five-month ascending trend line and the 40-day simple moving average (SMA), indicating a downside pullback. The momentum indicators are losing ground as the RSI is edging below the 50 level and the MACD is slipping below the trigger line in the positive zone. The Ichimoku red Tenkan-sen line is pointing down, approaching the blue Kijun-sen line. More downside pressure could send the market towards the 23.6% Fibonacci retracement level of the up leg from 0.5467 [..]

Technical Analysis – USDJPY next upside target at 107.70; short-term bias bullish

Posted on August 12, 2020 at 7:24 am GMT

USDJPY gained stronger positive traction this week, gearing above the 20-day simple moving average (SMA) on Tuesday to close successfully above the 106.00 level, which was a struggle last week. The price is currently facing the 50% Fibonacci of the 112.21-101.17 downleg at 106.70 and the 50-day SMA, a break of which is required to boost momentum towards the 107.52- 108.00 resistance zone. The positive slope in the RSI, which has crossed above its 50-neutral mark, and the rebound in [..]

Technical Analysis – GER 30 index denied further advances above MAs

Posted on August 11, 2020 at 3:22 pm GMT

Germany 30 index (Cash) was deprived of additional gains after the index shot above the 100-period simple moving average (SMA), escaping a region where the SMAs had converged. The price appears to have retreated from a limiting level in-line with the upper surface of the Ichimoku cloud around 13,047. Looking at the relatively flattened SMAs, they too reflect the short-term neutral mode that the price has adopted, despite the sudden strength in the index. The Ichimoku lines have stalled their [..]

Technical Analysis – GBPCAD recedes, yet retains a positive tone

Posted on August 11, 2020 at 2:03 pm GMT

GBPCAD faded further into the Ichimoku cloud and dropped below the 50-period simple moving average (SMA), following the retracement from the three-month high of 1.7673 peak. The Ichimoku lines suggest a temporary stalled picture in positive directional momentum. Nevertheless, signs of improvement are still evident in the rising SMAs and the stochastic oscillator. The rising %K line completed a bullish crossover of the %D line, exiting oversold territory and endorsing advances in the pair. The MACD and RSI remain just [..]

Technical Analysis – UK 100 index sinks after impressive rally

Posted on August 11, 2020 at 1:42 pm GMT

The UK 100 index created an impressive bullish run today, overcoming the 6185 barrier and returning quickly lower. The mixed signals in the short-term oscillators reflect a possible stall in the price. The MACD has barely inched above its red trigger line in the positive region, while the stochastic %K line promotes weakness as it is turning lower in the overbought territory. However, the Ichimoku indicator is endorsing a bullish scenario as the red Tenkan-sen line stands above the blue [..]

Technical Analysis – USDCAD under negative tension; sentiment remains bearish

Posted on August 11, 2020 at 9:15 am GMT

USDCAD has pushed under the flat blue Kijun-sen line at 1.3313. An improvement from the 5½-month low of 1.3232 was capped by the Ichimoku cloud, which had merged with the falling 100-period simple moving average (SMA). This resulted in realignment with the bigger negative bearing, something also backed by the falling SMAs and the short-term oscillators, as well as the downward direction of the red Tenkan-sen line. The MACD is under its red trigger line but just above the zero [..]

Technical Analysis – WTI futures tick higher but needs some more fuel

Posted on August 11, 2020 at 9:09 am GMT

WTI crude oil futures are moving higher, surpassing the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart and the Ichimoku cloud. The RSI indicator is edging higher above the 50 level, while the MACD oscillator jumped above its trigger line, suggesting more gains in the short-term. An upside movement could reach immediate resistance at the 42.60 barrier before making a sustained rally towards the five-month peak of 43.48. Clearing this zone, the market could hit the 48.80 [..]

Technical Analysis – GBPUSD trapped between reversal pattern and long-term trendline

Posted on August 11, 2020 at 7:18 am GMT

GBPUSD started the week with weak momentum, holding slightly above the supportive red Tenkan-sen line and the 1.3060 level. Previously, the pair had jumped out of an ascending channel, raising speculation that the bulls may have further room to run. But a long-term descending trendline stretched from the 2015 peaks managed to halt the price around 1.3170, where the pair now seems to have created a double top formation – a bearish reversal pattern. In momentum indicators, the RSI has also topped twice in [..]

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