Technical Analysis / Page 483

Technical Analysis – EURUSD pivots from 26½-month high; bullish signals intact

Posted on August 3, 2020 at 7:43 am GMT

EURUSD retreated abruptly from the recent multi-year high of 1.1908 with sellers attempting to cement further negative moves. This can be viewed in the pause of the blue Kijun-sen line and the latest weakening of the short-term oscillators. Despite the stochastic oscillator having turned bearish and the current stalling in the MACD and the RSI, positive signals are still present, as the MACD, in the positive region, remains above its red trigger line and the RSI holds above 70. Moreover, [..]

Technical Analysis – Gold claims fresh highs; bearish divergence warns of retracement

Posted on August 3, 2020 at 7:32 am GMT

Gold inched to a fresh record high of 1,989 on Monday before pulling slightly back as rising infection cases and a turbulent budget debate in the US shifted more funds towards safe havens. The yellow metal has been in the green over the past eight weeks, building its two-year-old uptrend above its simple moving averages (SMAs). While the positive trajectory keeps the bias positive, some caution should be warranted as a bearish divergence seems to be forming between the price [..]

Technical Analysis – GBPAUD makes a U-turn after 1-year low

Posted on July 31, 2020 at 1:16 pm GMT

GBPAUD made U-turn after printing a bullish hammer candle near a one-year low of 1.7693 last week. Since then, the price managed to take the 20- and 50-day simple moving averages (SMAs) out of its way, switching the short-term bias to a positive one. The positive momentum in the RSI, which is accelerating above its 50 neutral mark, and the strengthening MACD are also reflecting a growing buying appetite. A close above 1.8377, which is the 23.6% Fibonacci of the [..]

Technical Analysis – GBPUSD touches an almost 5-month high; RSI in overbought area

Posted on July 31, 2020 at 11:23 am GMT

GBPUSD advanced considerably to an almost five-month high of 1.3142 during Thursday’s session, posting six green candles in a row in the 4-hour chart. The MACD oscillator is strengthening its momentum above its trigger and zero lines, however, the RSI is flattening in the overbought territory, indicating a possible downside retracement. The Ichimoku indicators and the short-term moving averages (SMAs) are still suggesting more gains in the near term. In case the pair rises above the 1.3142 barrier, it could meet resistance at the 1.3200 psychological mark – last seen in March – before [..]

Technical Analysis – US 100 index not ready to give up bullish run

Posted on July 31, 2020 at 11:12 am GMT

The US 100 stock index (cash) drifted higher and above the previous peak of 10,743 on Thursday, hinting that it is not ready to give up its positive trajectory yet. The 10,950 resistance level is keeping the bulls busy in the four-hour chart today. Should it fail to hold, the index could advance towards its record highs registered around 11,069. At this point, it would be interesting to see if the market creates a bearish triple top formation or extends [..]

Technical Analysis – USDCAD rebounds near 1.3310 low; bearish cross in SMAs

Posted on July 31, 2020 at 7:20 am GMT

USDCAD found a strong rebound around the 1.3310 low heading towards the bearish crossover within the 20- and 40-day simple moving average (SMA) to the 200-day one. The RSI bounced off the oversold territory and is pointing south, while the %K line of the stochastic oscillator recorded a bullish cross with the %D line in the negative area. More advances could find immediate resistance at the SMAs, which are currently hovering near 1.3520. Particularly, a decisive close above this level [..]

Technical Analysis – USDCHF dives to 5 ½-year lows; brutal sell-off likely nears a bottom

Posted on July 31, 2020 at 6:33 am GMT

USDCHF is set to complete its sixth consecutive bearish week and close below the 0.9075 tough support area from May 2015, further confirming the break of a long-term range zone. The bias remains strongly negative as reflected by the downward-sloping simple moving averages (SMAs) and the weakening momentum indicators. However, hopes that the sell-off may soon lose steam are rising in the daily chart as the RSI is approaching a former base zone within oversold territory, while the MACD could [..]

Technical Analysis – Alphabet (Google) stock endorses positive picture beneath multi-year peak

Posted on July 30, 2020 at 1:35 pm GMT

Alphabet’s (Google) stock price has reversed from the multi-year high of 1,579.30, finding strong support at the 1,483 level where the Ichimoku cloud is currently holding. Positive sentiment appears to be reviving after the bounce on the supportive trend line pulled from the March 23 low of 1,009. Further backing this short-term view are the upward slopes of the 50- and 100-day simple moving averages (SMAs). The RSI, in the positive area, is pointing north above the neutral threshold of 50, while the stochastic [..]

Technical Analysis – EURUSD revisits 20-SMA after meeting 2-year top

Posted on July 30, 2020 at 10:04 am GMT

EURUSD is testing the 20-period simple moving average (SMA) on the downside in the 4-hour chart following the bounce off the more than a two-year high of 1.1805. Immediate support is likely to come from the 1.1695 barrier, which overlaps with the flat blue Kijun-sen line, as the technical indicators are endorsing a negative mode. Below that, the 40-period SMA at 1.1660 and the 1.1625 support could be in the spotlight. The MACD is weakening beneath its trigger line in the positive territory, and the stochastic is moving sharply lower, approaching the 20 level after the reversal [..]

Technical Analysis – AUDUSD slips near 15-month high; strongly bullish in medium term

Posted on July 30, 2020 at 7:46 am GMT

AUDUSD is edging slightly lower after reaching a 15-month high of 0.7185 but is still holding a strong upside tendency since March 19. The stochastic oscillator is pointing down, ready to post a bearish cross within its %K and %D lines in the overbought zone, suggesting some losses in the short-term. However, the MACD oscillator is strengthening its upside structure above its trigger and zero lines. In case the pair extends the pullback, immediate support could come from the 0.7030 – 0.7067 area, which encapsulates the 20-day simple moving [..]

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