Technical Analysis / Page 504

Technical Analysis – AUDUSD dives below 0.6800, posting 2-week low

Posted on June 15, 2020 at 7:49 am GMT

AUDUSD is slipping to a new two-week low around 0.6775, penetrating the 38.2% Fibonacci retracement level of the up leg from 0.6375 to 0.7065 at 0.6800 and the lower surface of the Ichimoku cloud. According to the momentum indicators, the RSI is moving sideways in the negative zone, while the stochastic dropped in the oversold zone, confirming the recent negative structure. Additionally, the 20- and 40-period simple moving averages (SMAs) completed a bearish crossover in the 4-hour chart. A stronger [..]

Technical Analysis – Tesla’s stock claims 1,000 first time ever; rally could soften in short-term

Posted on June 12, 2020 at 1:33 pm GMT

Tesla’s stock recorded its best day of the year on Thursday as it managed to close slightly above 1,000 for the first time ever, re-activating its long-term uptrend above February’s all time high that preceded the virus-led crash. Expectations are now for the stock to give up some ground as the rally looks to be overstretched according to the RSI which is slipping below its 70 overbought mark. Yet, buying confidence may not fade unless the price breaks below the [..]

Technical Analysis – NZDUSD’s positive picture tackles negative tensions

Posted on June 12, 2020 at 12:34 pm GMT

NZDUSD is currently restricted by the 50-period simple moving average (SMA) residing at the level of the inside swing low of 0.6468. The pair is dealing with selling pressures, which appear to be strengthening, something also reflected in the Ichimoku lines as well as the RSI and the MACD indicators. Despite a pause in negative momentum in the MACD, it has distanced itself below its red trigger line and the zero mark, whilst the RSI has returned lower ahead of [..]

Technical Analysis – GBPUSD tries to overcome 1.2640 roof; still bullish

Posted on June 12, 2020 at 10:50 am GMT

GBPUSD is trading around the vicinity of 1.2640, that being the 23.6% Fibonacci retracement of the upward wave from 1.2075 to 1.2815 and where the red Tenkan-sen line currently lies. The price is eating a portion of its last sessions’ losses but the RSI and the MACD are consolidating in the negative areas avoiding giving any signals in the short term. Still, the market seems to be well supported by the Ichimoku cloud and the 38.2% Fibonacci of 1.2532. If [..]

Technical Analysis – US 30 index cautiously bullish at ascending trend line

Posted on June 12, 2020 at 8:18 am GMT

US 30 stock index (Cash) found some footing on the supportive trend line at the 25,230 level, that being the 61.8% Fibonacci retracement of the down leg from the all-time high of 29,582.61 to the 40½-month low of 18,170. Negative pressures have risen, as the index has aggressive weakened in the last couple of days. Yet, the Ichimoku indicator is reflecting weakness while the rising trend line and the simple moving averages (SMAs) back an improving picture. The short-term oscillators [..]

Technical Analysis – USDCAD could gear up above 20-day SMA

Posted on June 12, 2020 at 7:53 am GMT

USDCAD flew straight to the 1.3600 territory and back above the 200-day simple moving average (SMA) on Thursday after stubbornly refusing to close below the 1.3400 level during the past few days. The strong rebound in the RSI, which jumped above its 30 oversold mark, and the improving MACD, provide encouragement that the pair could keep recouping losses in the short-term. Still, the battle with the 23.6% Fibonacci extension of latest downfall at 1.3633 and the 20-day SMA at 1.3680, which [..]

Technical Analysis – GBPJPY seems to be looking for recovery after steep losses

Posted on June 12, 2020 at 7:00 am GMT

GBPJPY has come under renewed selling pressure over the past four days following the upside run towards the 15-week high of 139.80. The pair declined beneath the 100- and 200-day simple moving averages (SMAs) but found strong support at the 20-day SMA earlier today. Looking to the short-term oscillators, the stochastic and the RSI promote slight improvements around their oversold and neutral marks respectively, despite diminished directional momentum. Yet, the bullish crossover within the 20- and 40-day SMAs maintains a bullish tone in the [..]

Technical Analysis – Copper futures give up some gains; positive picture stands

Posted on June 11, 2020 at 2:16 pm GMT

Copper futures retreated slightly from their freshly plotted four-and-a-half month high of 2.6959. Confirming the bullish sentiment that has mostly controlled the ascent from the 45-month low of 1.9684 are the rising Ichimoku lines. Additionally, the improving 50-day simple moving average (SMA) is endorsing forthcoming advances. The short-term oscillators are positively tilted in spite of the current weakening in positive momentum. The MACD, deep in the positive region, is waning above its red signal line, while the RSI has dropped [..]

Technical Analysis – US 500 index retreats after touching 15-week high

Posted on June 11, 2020 at 1:22 pm GMT

The US 500 cash index has been retreating over the last few days, after it found strong obstacle at the 15-week high of 3,233. The price has just breached the red Tenkan-sen line and may find support at the 200-day simple moving average (SMA), currently at 3,019, ahead of the 2,986 support, being the 23.6% Fibonacci retracement level of the up leg from 2,183.95 to 3,233. Falling below this line, the 100-day SMA at 2,944 and the 50-day SMA at [..]

Technical Analysis – USDCHF set for a painful weekly close; enters oversold zone

Posted on June 11, 2020 at 10:22 am GMT

USDCHF is set to close deep in the red sea this week following the sharp pullback off the 0.9625 level. The bears are currently ready to pierce the 0.9400 number and open the way towards the 0.9320 support, but some caution should be warranted as the RSI is entering the oversold area, suggesting that negative momentum could soon lose strength. In case the downfall stretches below 0.9320, all attention would shift to 0.9258, where the pair failed to close lower [..]

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