Technical Analysis / Page 495

Technical Analysis – AUDUSD holds within bullish channel; golden cross registered

Posted on July 2, 2020 at 7:51 am GMT

AUDUSD has been on the sidelines over the past three weeks, but is still within the three-month old ascending channel, keeping hopes alive that the positive pattern may continue. In other bullish trend news, the 50- and 200-day simple moving averages (SMAs) managed to post a golden cross after more than two years, further brightening the medium-term outlook. A decisive close above the 0.7030-0.7080 restrictive area which the pair failed to successfully overcome this month could bring new buyers to the market, with [..]

Technical Analysis – EURUSD’s positive picture consolidates

Posted on July 2, 2020 at 6:30 am GMT

EURUSD has been in a range for a couple of weeks now with the price currently capped by the 100-period simple moving average (SMA) and the 1.1268 level, that being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The stalled Ichimoku lines and the flattened state within the 40- and 100-period SMAs further sponsor a horizontal picture. Although the short-term oscillators are skewed marginally to the upside, it is on the back of weak momentum for [..]

Technical Analysis – Tesla takes off like a rocket, prints new records

Posted on July 1, 2020 at 2:11 pm GMT

Tesla’s stock levitated to a new all-time high of 1086 yesterday, and today it overcame that too, continuing its relentless uptrend. The picture is overwhelmingly positive, with the structure of higher peaks and higher troughs being reinforced by all the simple moving averages (SMAs) sloping upwards and the price trading above an upside support line drawn from the March lows. Even short-term momentum oscillators are with the bulls, as the RSI just touched its 70 line while the MACD just [..]

Technical Analysis – GBPJPY edges sideways below 200 moving average

Posted on July 1, 2020 at 11:35 am GMT

GBPJPY appears restrained within the Ichimoku cloud by the 50- and 100-period simple moving averages (SMAs) over the previous sessions. The price has found difficulty in maintaining a jump back above the 200-period SMA and thus has adopted a sideways move over the last week. Backing this view are the unclear directional signals reflected in the Ichimoku lines as well as the conflicting slopes of the 50- and 100-period SMAs. Looking at the MACD and the RSI indicators, they reflect [..]

Technical Analysis – US Dollar index tries to surpass 23.6% Fibonacci

Posted on July 1, 2020 at 11:06 am GMT

The US dollar index rebounded on the three-month trough of 95.60, finding resistance at the 23.6% Fibonacci retracement level of the down leg from 103.80 to 95.60 at 97.52. The technical indicators seem to be contradicting each other as the MACD holds above the trigger line and is looking bullish, however, the stochastic oscillator is turning lower, suggesting a possible pullback in the short-term. If buying interest picks up, early tough resistance could occur at the bearish cross of the 40-day simple moving [..]

Technical Analysis – EURAUD posts ‘death cross’, yet remains quiet

Posted on July 1, 2020 at 9:46 am GMT

EURAUD recently recorded a so-called death cross, meaning that the 50-day simple moving average (SMA) crossed below the 200-day one, which is a negative trend signal. That being said, the pair continues to trade very quietly between 1.6530 and 1.6020 since early June, suggesting that the very short-term outlook looks neutral, even if the broader one is negative. Short-term oscillators paint a mildly bearish picture, suggesting that the next move may be lower. The RSI is below 50 already and [..]

Technical Analysis – Gold’s strength prevails; defeats all obstacles

Posted on July 1, 2020 at 8:14 am GMT

Gold’s brake pads seem to have no effect on the triumphing bullish structure, which has hiked to an almost 8 year high of 1,788. The commodity’s overwhelming climb is tackling the 1,788 mark, that being the 123.6% Fibonacci extension of the down leg from 1,765 to 1,670. The pickup in positive momentum is also reflected in the strengthening Ichimoku lines. Glancing at the short-term oscillators, they too aid an improving picture suggesting upcoming advances. The MACD is in the positive [..]

Technical Analysis – USDCHF moves sideways, but negative trend still in play

Posted on July 1, 2020 at 7:19 am GMT

USDCHF has been consolidating in recent weeks, staying confined within a narrow sideways range between 0.9550 and 0.9420 since mid-June. Nonetheless, the broader price structure still consists of lower peaks and lower troughs, with the pair also trading below a downtrend line drawn from the peaks of March. Short term momentum oscillators are near their neutral levels, echoing the recent lack of direction. The RSI is just below 50 and seems to have flatlined, while the MACD is basically at [..]

Technical Analysis – NZDUSD capped by 20-day SMA; indicators appear mixed

Posted on July 1, 2020 at 7:17 am GMT

NZDUSD is capped by the 20-day simple moving average (SMA) and the red Tenkan-sen line in the short-term and has been moving sideways over the past three weeks. The momentum indicators are facing contradicting signals as the RSI is pointing marginally up in the positive region, while the MACD oscillator is standing beneath its trigger line and is losing ground. If the price continues to fall, immediate support would come from the 0.6375 barrier and the 23.6% Fibonacci retracement level [..]

Technical Analysis – USDJPY needs support near 107.50 to sustain strength

Posted on July 1, 2020 at 6:49 am GMT

USDJPY bulls entered the 108.00 area on Wednesday after striking their fifth consecutive daily gain on Tuesday despite Fauci’s virus warnings and the Fed’s cautious tone. Previously, the pair bottomed twice around 105.97, and a rally above the 109.60 resistance is now required to switch the neutral status in the three-month picture to a positive one. But currently technical signals for such a noticeable upside move are looking weak; the RSI although above its 50 neutral mark seems unable to [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis