Technical Analysis / Page 487

Technical Analysis – WTI futures rises near 19-week high

Posted on July 21, 2020 at 1:47 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

Technical Analysis – US 500 reaches five-month high; looks strongly bullish

Posted on July 21, 2020 at 1:01 pm GMT

The US 500 cash index reached another five-month high of 3,280.72 earlier today as the index extended its four-month bull run. Prices broke above the 3,230 level and are trading above their moving averages. The bullish picture in the medium-term is further supported by the MACD, which is rising above its trigger line, while the RSI is edging towards the overbought level. Should prices reverse lower, immediate support could come at 3,230 and the 3,110 barrier. Below that, the 23.6% [..]

Technical Analysis – GBPUSD gets bullish vibes within range

Posted on July 21, 2020 at 7:20 am GMT

GBPUSD has been consolidating between the 20- and 200-day simple moving averages (SMAs) for more than a week, but the pair is now looking ready for a bullish breakout above the latter. Although somewhat flattish, the market structure remains positive, with the price printing higher highs and higher lows following the rebound from the 35-year low of 1.1409. The momentum indicators are also in favor of the bulls as the RSI is rising comfortably above its 50 neutral mark and [..]

Technical Analysis – EURJPY ticks up near 6-week high below 123.00

Posted on July 21, 2020 at 6:52 am GMT

EURJPY is extending its upward six-week rally near the 123.00 handle. The price is standing above the 23.6% Fibonacci retracement level of the up leg from 114.40 to 124.42 at 122.06, remaining above the 20- and 40-day simple moving averages (SMA). Technically, the MACD oscillator is strengthening its momentum above its trigger and zero lines, while the RSI is approaching the overbought territory, suggesting more gains. If the pair continues to tick higher, the 13-month high of 124.42 could be [..]

Technical Analysis – AUDUSD finds strong ceiling at 0.7000; holds in upward channel

Posted on July 20, 2020 at 10:04 am GMT

AUDUSD found strong ceiling near the 0.7000 psychological level in the ascending channel that has been holding since June 15. Technically, the MACD oscillator is still flattening above the zero level with weak momentum, while the RSI is sloping down near the 50 level. The 20- and 40-period simple moving averages are moving horizontally confirming the recent neutral move. If the pair successfully surpasses the 0.7000 handle, it could gain some ground towards the 0.7040 barrier ahead of the 14-month [..]

Technical Analysis – GER 30 index bullish above trendline and near 12,960 resistance

Posted on July 20, 2020 at 9:56 am GMT

The German 30 stock index (cash) has been stubbornly testing the 12,960 key resistance level over the past four days as the strong ascending trendline has been nicely supporting the market. In momentum indicators, the RSI managed to gain additional ground in the bullish area, while the MACD has slowly risen above its red signal line, both hinting that the short-term risk is still tilted to the upside. Whether the index can find new buyers now, may depend on the [..]

Technical Analysis – USDJPY in neutral mode, but some bullish signals detected

Posted on July 20, 2020 at 8:34 am GMT

USDJPY could not retain its strength above the 107.40 barrier which looks to be the neckline of a double bottom pattern in the four-hour chart, with the price reversing lower instead. While the RSI and the MACD remain muted near their neutral levels, providing little evidence that the pair could pick up momentum, the formation of a bullish hammer candlestick on Friday followed by a sizable green candle suggests that the bulls have not put the guns down yet. A close above the 107.40 neckline and the 200-period simple moving [..]

Technical Analysis – Gold moves horizontally slightly below 9-year high

Posted on July 20, 2020 at 7:21 am GMT

Gold prices are in a horizontal move after they reached a nine-year peak near 1,817 and remaining above the 20- and 40-day simple moving averages (SMAs). The MACD oscillator is moving sideways above the zero line but it fell beneath the trigger line, while the RSI indicator is flattening slightly below the overbought zone. If the yellow metal extends its four-month bullish structure above the multi-year high of 1,817, it could touch the 161.8% Fibonacci extension level of the down [..]

Technical Analysis – EURUSD hovers near 4-month highs as EU summit extends

Posted on July 20, 2020 at 5:57 am GMT

EURUSD continued to trade near four-month highs as EU leaders extended their recovery fund talks for another day on Monday. Previously, the pair shot northwards after breaking a bullish flag pattern on the upside, signaling the continuation of the positive trend. But resistance around 1.1450 is currently looking like a hurdle. Technically, there is some room for improvement as the upward-sloping RSI and the fast-Stochastics have yet to confirm an overbought market. The MACD is also providing encouraging signals as the indicator keeps positive momentum above [..]

Technical Analysis – GBPUSD lacks clear direction trapped between the SMAs

Posted on July 17, 2020 at 1:10 pm GMT

GBPUSD is in the process of pushing under the 1.2515 level, that being the 61.8% Fibonacci retracement of the down leg from 1.3200-1.1410, after the hike from 1.2250 was kept at bay by recent congested highs (1.2650-1.2686). The short-term oscillators echo the pick-up in negative momentum. The MACD has dipped below its red signal line and the zero mark, while the RSI deteriorated in bearish territory. Moreover, the negative tone of the stochastic oscillator further reflects the weakening in the [..]

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