Technical Analysis / Page 498

Technical Analysis – UK 100 index rebounds on 50-day SMA; bullish mode intact

Posted on June 25, 2020 at 1:50 pm GMT

The UK 100 index (Cash) is pausing its downside movement around the 50-day simple moving average (SMA) shifting the very short-term picture to the downside. According to the momentum indicators, the MACD is moving beneath its trigger line, marginally above the zero level, while the RSI dropped into the negative zone and is pointing south. A clear move below the 50-day SMA could send prices towards the 38.2% Fibonacci retracement level of the downward wave from 7,690 to 4,860 at 5,931. Further weakening could drive the market to 5,655, losing some [..]

Technical Analysis – USDCHF pushes higher, though downside risks remain

Posted on June 25, 2020 at 1:30 pm GMT

USDCHF climbed above the 50-period simple moving average (SMA) in attempts to boost positive momentum in an already prevailing negative structure. The falling 100- and 200-period SMAs support the negative picture while the 50-period SMA suggests the pair may drag on to challenge the short-term descending line drawn from May 27. The short-term oscillators reflect conflicting signals of directional momentum. The MACD has moved above its red signal line in the negative region and up to the zero mark, while [..]

Technical Analysis – EURJPY pauses its buying interest above descending line

Posted on June 25, 2020 at 10:43 am GMT

EURJPY is holding above the descending trend line that started from June 5 and is approaching the Ichimoku cloud, remaining in a sideways move. The RSI holds in line with the 50 neutral mark but is currently trying to slip in the negative region, while the stochastic oscillator posted a bearish crossover within its %K and %D lines. Currently, the pair is trading near the lower surface of the Ichimoku cloud and within the 20- and 40-period simple moving averages (SMAs). So, any gains would [..]

Technical Analysis – EURUSD poised for more downside if the trendline gives way

Posted on June 25, 2020 at 8:49 am GMT

EURUSD has been charting lower lows and lower highs after peaking at 1.1421 and near a long-term ascending trendline stretched from the 2019 bottom, signaling that the recent bearish wave in the four-hour chart may continue. The weakening RSI, which has crossed below its 50 neutral mark, and the fact that the price has slipped below the middle Bollinger band (20-period simple moving average), is also endorsing the negative view. Yet, whether the bears can dominate may depend on the [..]

Technical Analysis – WTI futures pause ascent ahead of key resistance

Posted on June 25, 2020 at 8:24 am GMT

WTI oil futures faded prior to reaching a critical resistance level at 43.69 and appear to be reloading for a push higher to revisit this mark. The recent weakening in the price is mirrored in the flattening of the Ichimoku lines and within the short-term oscillators. However, the near completion of a bullish crossover of the 100-day simple moving average (SMA) by the soaring 50-day one could boost positive sentiment and refuel the unbroken positive tone in the Ichimoku lines. [..]

Technical Analysis – AUDUSD retests 20-day SMA, holding in upward sloping channel

Posted on June 25, 2020 at 7:44 am GMT

AUDUSD has been advancing over the last three months, peaking near the almost one-year high of 0.7067. The bullish rally extended its move above the simple moving averages (SMAs). However, the RSI in the positive region is flattening and the MACD is losing momentum below its trigger line but it remains in the bullish zone. Moreover, the red Tenkan-sen line stands above the blue Kijun-sen line suggesting a continuation of the upside move. Note, that the indicators are in a contradiction [..]

Technical Analysis – GBPJPY finds strong resistance at 200-period SMA; decline is in progress

Posted on June 24, 2020 at 2:00 pm GMT

GBPJPY has found strong resistance near the 200-period simple moving average (SMA) currently at 133.55, confirming the neutral move in the very short-term timeframe. The MACD oscillator is rising above the trigger line near the zero level, while the RSI is pointing south near the 50 level. However, the red Tenkan-sen line jumped above the blue Kijun-sen line, indicating a climb above the 200-day SMA. If there is a drop below the 20-period SMA, the price could find a support at the 131.78 barrier, before challenging the 130.67 hurdle, taken [..]

Technical Analysis – EURGBP crawls towards trend line, clinging to a hike

Posted on June 24, 2020 at 1:27 pm GMT

EURGBP has reversed from the upper surface of the Ichimoku cloud to the 0.9031 level, that being the 38.2% Fibonacci retracement of the up leg from 0.8281 to the 11-year high of 0.9498. Positive sentiment appears revived after the bounce on the supportive trend line pulled from the February 18 low of 0.8281. Further backing this short-term view are the Ichimoku lines and the upward slopes of the 50- and 100-day simple moving averages (SMAs). However, for now the technical [..]

Technical Analysis – Gold surges to highest since 2012; bullish tendency

Posted on June 24, 2020 at 12:37 pm GMT

Gold prices skyrocketed to a fresh seven-and-a-half-year high around 1,779, breaking the neckline of the head and shoulder pattern, endorsing the bullish structure in the short-term timeframe. The positive bias is confirmed by the RSI indicator, which is pointing slightly down, suggesting a possible pullback, while the MACD is extending its ground above the trigger line above the zero line. More upside pressure could find the next resistance around the immediate multi-year high of 1,779. A successfully climb above this line could move towards [..]

Technical Analysis – NZDUSD’s positive picture lags, crawls sideways

Posted on June 24, 2020 at 7:59 am GMT

NZDUSD is dragging sideways as it lingers in a paused mode that has seized control of the ascent, something also reflected in the red Tenkan-sen line. Positive signals are still unbroken, sponsored by the Ichimoku lines and the rising 50-day simple moving average (SMA), in spite of the mostly flattened longer term averages (100- and 200-day SMAs). The momentum indicators further emphasize the stall in the climb but lean more towards an improving picture. The MACD, although stuck below its [..]

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