Technical Analysis / Page 491

Technical Analysis – GBPJPY prints a bearish shooting star at 3-week highs

Posted on July 10, 2020 at 6:22 am GMT

GBPJPY managed to unlock a three-week high at 135.90 on Thursday, but gains were soon reversed, creating a bearish shooting star candlestick instead – a negative signal that a downside correction may be on the way. With the 50% Fibonacci of the 147.94-124.00 strongly rejecting upside movements at the same point and the Stochastics sloping downwards after peaking above their 80 oversold mark, weakness could persist in the short-term. However, not far below, the ascending trendline that has been supporting the market since the [..]

Technical Analysis – NZDJPY regains strength above 200-day SMA

Posted on July 9, 2020 at 3:05 pm GMT

NZDJPY pushed back above the 200-day simple moving average (SMA) after finding footing at the 68.15 level, that being the 61.8% Fibonacci retracement of the down leg from 73.52 to 59.45. Assisting the move is the rising 50-day SMA and its recent bullish crossover of the 100-day SMA. Additionally, the short-term oscillators paint an improving picture though do not rule out some consolidating in the near-term. The MACD, in the positive section, is increasing above its red signal line, while [..]

Technical Analysis – US 100 index flies to fresh record peak

Posted on July 9, 2020 at 12:55 pm GMT

The US 100 cash index recorded a new all-time high of 10,727.95 earlier today, continuing the steep increase from the 14-month trough of 6,635. The golden cross within the 50- and the 200-day simple moving averages (SMAs) remains intact and the RSI indicator is heading higher marginally above the 70 level. However, the stochastic oscillator is looking overbought and is flattening, suggesting a downside correction in the short-term. A significant rally above the all-time high could see the index to [..]

Technical Analysis – WTI futures’ positive momentum fades

Posted on July 9, 2020 at 11:40 am GMT

WTI oil futures’ positive drive loses fuel as it creeps sideways below the 41.60 resistance. The slowing in the ascent is also reflected in the Ichimoku lines as their positive bearing begins to flatten out. The short-term oscillators are grasping onto hopes that the positive picture may resume shortly. The MACD, in the positive region, holds just below its red trigger line, while the RSI is floating below the 70 mark. In the stochastic oscillator, the %K and %D lines [..]

Technical Analysis – EURJPY pauses its rise in an upward sloping channel

Posted on July 9, 2020 at 9:15 am GMT

EURJPY has been developing within an upward sloping channel over the last couple of weeks, surpassing the simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators are losing some momentum. The RSI is pointing south near 50 level, while the MACD is moving sideways above the zero line. A pull back may meet immediate support around the 20-period SMA currently at 121.45 while slightly lower the bears could try to touch the 121.30 support. Should the price [..]

Technical Analysis – USDCHF driven by bears; next key support near 0.9320

Posted on July 9, 2020 at 7:39 am GMT

USDCHF resumed negative momentum this week after failing to climb above the 61.8% Fibonacci retracement level of the March rally that started from the 0.9181 bottom. On the downside there is no key support in sight until 0.9320, hence the sell-off may continue for a bit, with the RSI and the MACD endorsing that bearish view as the former has yet to find a bottom in the oversold area and the latter is strengthening southward again. A break below 0.9320 would expose the market to the 0.9255 [..]

Technical Analysis – EURUSD unlocks 1-month peak; raises optimism for bullish actions

Posted on July 9, 2020 at 7:06 am GMT

EURUSD climbed to a new one-month top of 1.1370 earlier today, breaking the neutral range of 1.1187 – 1.1347 to the upside, which had been holding since June 11. This bullish penetration drove the momentum indicators higher sending the stochastic into the overbought territory and the MACD above its trigger line in the 4-hour chart. Moreover, the 20- and 40-period simple moving averages (SMAs) are moving higher, while the 100-period SMA is still flattening. The three-month high of 1.1421 is [..]

Technical Analysis – AUDUSD remains optimistic; improving positive signals assist

Posted on July 9, 2020 at 6:51 am GMT

AUDUSD appears to be building confidence to revisit the region around the nearly 11-month high of 0.7064. The recent strengthening in the pair is reflected in the short-term oscillators and boosted by the recent bullish crossover of the 200-day simple moving average (SMA) by the ascending 50-day one. The MACD, deep in the positive region, has climbed back over its red signal line, while the rising RSI heads gradually north towards the overbought boundary of 70. Should positive sentiment strengthen [..]

Technical Analysis – GBPJPY optimistic as fresh gains unfold

Posted on July 8, 2020 at 1:41 pm GMT

GBPJPY in spite of the latest pullback has managed to keep its bullish tone. The surge from the 131.93 low has held a positive trend climbing above the simple moving averages (SMAs). Additionally, the rising Ichimoku lines and the cloud promote extra gains. The short-term oscillators also suggest growing positive momentum. The MACD, in the positive region, is holding above its red trigger line and seems like it may appreciate further. The RSI is increasing in bullish territory and may [..]

Technical Analysis – NZDUSD retests 4-month peak, creating double top

Posted on July 8, 2020 at 1:28 pm GMT

NZDUSD touched the four-month peak of 0.6580 for the second time over the last month. The momentum indicators, though, are currently suggesting that the buying interest may have topped, and the pair may be regain positive momentum. The RSI and the MACD are pointing slightly down, and from the Ichimoku indicators, the red Tenkan-sen line has also paused its upside move. A closing price above 0.6580 could boost buying interest and confirm additional gains towards the 0.6665 resistance. Higher still, the 0.6750 barrier, registered on December 2019 [..]

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