Technical Analysis / Page 486

Technical Analysis – USDCHF surrenders to bears; nearby support eyed

Posted on July 23, 2020 at 10:43 am GMT

USDCHF is bearishly exposed to the nearby 0.9258 support level after failing to crawl above the 61.8% Fibonacci retracement level of the March rally last week. The technical indicators are framing a discouraging picture for the short-term too, as the price is further deviating below the downward-sloping 20-day simple moving average (SMA) and the MACD is gaining negative momentum below its red signal line. The falling RSI, which is ready to cross below its 30 oversold mark is another negative [..]

Technical Analysis – GBPJPY rebounds within symmetrical triangle

Posted on July 23, 2020 at 9:22 am GMT

GBPJPY curved up near the 20-day simple moving average (SMA) and the lower line of a big symmetrical triangle and towards a 6-week high of 136.60. The price also managed to close slightly above the 50% Fibonacci retracement level of the 147.94-124.00 downleg on Wednesday, increasing the odds for another upturn. However, the upper part of the triangle is only a short distance away and with the help of the 200-day SMA near 137.38 it could damper any bullish actions. [..]

Technical Analysis – Gold tests 9-year high of 1,878; strongly positive

Posted on July 23, 2020 at 8:34 am GMT

Gold prices are flirting with the nine-year high of 1,878 again, endorsing the strong bullish structure. The RSI indicator is pointing north in the overbought territory, while the MACD is extending its upside movement above its trigger and zero lines in the short-term timeframe. Furthermore, the simple moving averages (SMAs) and the Ichimoku indicators are following the price action up. If the yellow metal strengthens its six-week bullish structure above the multi-year high of 1,878, it could touch the September 2011 high of 1,920. This [..]

Technical Analysis – AUDUSD breaks above pre-virus levels and into overbought zone

Posted on July 23, 2020 at 7:18 am GMT

AUDUSD has successfully completed a V-shaped recovery from 17-year lows, unclocking a 15-month high of 0.7181 on Wednesday that is above its pre-crisis levels. The recent improvement has also violated the long-term downtrend that started from the 2018 peak of 0.8135, with the golden cross within the 50- and 200-day simple moving averages (SMAs) adding credence to the advance. The RSI and the Stochastics, however, have already entered the overbought territory, flagging that the bears might be around the corner. But the indicators have yet to hit a [..]

Technical Analysis – EURUSD advances to almost 2-year peak near 1.1600

Posted on July 23, 2020 at 7:14 am GMT

EURUSD extended its bullish rally towards a fresh almost two-year high around the 1.1600 psychological mark on Wednesday before it lost some gains. From the technical viewpoint, the MACD oscillator is losing some momentum, but is still standing above its trigger line and well above its zero line in the short-term timeframe. The stochastic oscillator despite the drop from the overbought zone – which indicates downside retracement – is now creating a bullish crossover with its trigger and zero lines, [..]

Technical Analysis – Silver rallies like there is no tomorrow; bias cautiously bullish

Posted on July 22, 2020 at 2:40 pm GMT

Silver accelerated like there is no tomorrow to a seven-year high of 23.00 in just two days, and after breaching a soft descending trendline and the 19.63 peak from September 2019. The staggering move drove the RSI and Stochastics to overbought territory, hence downside corrections should not be surprising in the short-term. Still, the industrial metal managed to secure significant ground and put itself back to a positive path, and any pullback should be substantial in order to push the [..]

Technical Analysis – EURGBP ticks up in ascending channel

Posted on July 22, 2020 at 1:09 pm GMT

EURGBP has been in a slightly bullish channel over the last three months, rebounding on the 20-day simple moving average (SMA). The RSI is heading higher above the neutral threshold of 50, while the MACD is strengthening its momentum near its trigger line, marginally above the zero line. The 20- and 40-day simple moving averages (SMAs) are moving marginally higher as well, along with the Ichimoku lines. Immediate resistance is coming from the 0.9180 barrier, taken from the latest high, before [..]

Technical Analysis – Tesla stock erases some gains after sharp buying interest

Posted on July 22, 2020 at 11:37 am GMT

Tesla’s stock price has been in a slightly recovery mode after the skyrocketing to a record high of 1785.43 on July 13. The price remains above the 23.6% Fibonacci retracement level of up leg from 350 to 1785.43 at 1446, however, the RSI looks overbought as it turns lower above the 70 level. Also, the MACD oscillator is weakening its momentum, though it holds above its trigger and zero lines. In case of steeper declines immediate support is coming from [..]

Technical Analysis – USDJPY lower in range, still lacking bullish potential

Posted on July 22, 2020 at 7:23 am GMT

USDJPY held within the 106.69-108.00 narrow range thanks to the 50% Fibonacci of the downleg from 112.21 to 101.17 which managed to calm bearish forces once again on Tuesday. While the pair is currently trying to regain some lost ground, the RSI and the MACD continue to paint a discouraging picture for the short-term as the former keeps hovering below its 50 neutral mark and the latter seems to be gaining negative momentum beneath its red signal line. A close [..]

Technical Analysis – NZDUSD touches new 6-month high; bullish picture

Posted on July 22, 2020 at 6:34 am GMT

NZDUSD is recording a stunning rally over the last couple of days towards the fresh six-month high of 0.6665, holding above the four-month ascending trend line. The RSI is currently increasing positive momentum towards its overbought threshold, while the MACD is slowing down in the positive territory, hinting that the next move in prices could be on the downside rather than on the upside. However, the 20- and 40-day simple moving averages (SMAs) and the Ichimoku lines are pointing upwards [..]

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