Technical Analysis / Page 516

Technical Analysis – GBPUSD at risk of a bearish trend after double top formation

Posted on May 15, 2020 at 6:25 am GMT

GBPUSD is flashing bearish trend signals on the four-hour chart as the price seems to have completed a double-top pattern below 1.2246. With the shorter-term simple moving averages (SMAs) also having crossed below the longer-term SMAS, the pair could continue its bearish trajectory, though for that to happen the neckline around 1.2246 and near the 20-period SMA should now act as resistance, while on the downside, the 1.2160 barrier, which is slightly below the 38.2% Fibonacci of the 1.1409-1.2645 upleg, should open the [..]

Technical Analysis – UK 100 index’s correction from 8½-year low at risk

Posted on May 14, 2020 at 2:58 pm GMT

UK 100 stock index (Cash) is losing steam within the Ichimoku cloud after reversing from the 6,230 level, that being the 50.0% Fibonacci retracement of the down leg from the 7,689 peak to the multi-year low of 4,778. Backing the last two-week deterioration in price is the fading red Tenkan-sen line and the falling stochastics. Moreover, the RSI is picking up negative momentum by dipping below its neutral threshold, while the simple moving averages (SMAs) retain their bearish tone, which [..]

Technical Analysis – USDTRY slips below 20-day SMA but retains bullish outlook

Posted on May 14, 2020 at 2:17 pm GMT

USDTRY held in losses for more than a week, dropping marginally below the 20-day simple moving average (SMA). The RSI continues to head lower in bullish area, while the MACD oscillator keeps falling beneath its trigger line, both suggesting a weaker price momentum in the short-term. The price is currenty touching the flat Kijun-sen line and any declines below this barrier could shift the spotlight towards the 23.6% Fibonacci retracement level of the up leg from 5.4452 to 7.2662, at 6.8403. A drop below this line could send prices towards the [..]

Technical Analysis – EURJPY risk skewed to the downside; downtrend in place

Posted on May 14, 2020 at 12:11 pm GMT

EURJPY has fully-reversed this week’s gains, pulling back below its simple moving averages (SMA) on the four-hour chart and back into the 115.00 territory. More importantly, the downside correction confirmed another lower high at 116.85, further enhancing the bearish trend which started early this year, and with the RSI falling below its 50 neutral mark, and the MACD entering the negative zone, expectations are for the sellers to keep the upper hand in the short-term. The nearest support to keep [..]

Technical Analysis – USDCHF erases some losses after bounce on 50-day SMA

Posted on May 14, 2020 at 10:38 am GMT

USDCHF appears to have found some footing from the 50-day simple moving average (SMA) and is attempting to climb over the 23.6% Fibonacci retracement of the up leg from the multi-year low of 0.9182 to the three-month peak of 0.9900. Recent price action has improved slightly – something also reflected in the 50-day SMA and within the short-term oscillators. The MACD, in the positive area, pierced above its red trigger line, while the RSI is rising from its neutral mark. [..]

Technical Analysis – EURUSD pauses its move below bearish cross of SMAs

Posted on May 14, 2020 at 10:06 am GMT

EURUSD seems to be oversold, confirmed from the stochastic oscillator, suggesting a possible upside retracement in the 4-hour chart. However, the 20- and 40-period simple moving averages (SMAs) are ready for a bearish cross and the MACD oscillator is lacking direction as it remains flat slightly above the zero line. In case of steeper increases and a jump above the 23.6% Fibonacci retracement level of the downward wave from 1.1145 to 1.0730 at 1.0825, which overlaps with the SMAs, this [..]

Technical Analysis – AUDUSD’s positive structure under stress

Posted on May 14, 2020 at 7:05 am GMT

AUDUSD’s positive picture recently received some trauma reversing the pair ahead of the 0.6569 peak, driving it under the 100-day simple moving average (SMA) and below the 0.6447 level, that being the 61.8% Fibonacci retracement of the down leg from 0.7031 to the 17½-year low of 0.5506. The increase in negative tensions is also suggested by the easing in positive momentum within the red Tenkan-sen line. Looking at the short-term oscillators, they too reflect some weakness in upside momentum. The [..]

Technical Analysis – WTI futures advance above SMAs with weak momentum

Posted on May 14, 2020 at 6:42 am GMT

WTI crude oil futures are trading around the vicinity of 26.71, following the bounce off the multi-year low of 6.62 and the 10.00 handle. The price failed on a second attempt to breach this level, but it remains above the 20- and 40-day simple moving averages (SMAs). Looking at the short-term oscillators, the MACD and the RSI promote slight improvements around their neutral marks, despite diminished directional momentum. The stochastic oscillator is also turning slightly higher, while the 20- and [..]

Technical Analysis – JP 225 index steadily gains ground

Posted on May 13, 2020 at 2:32 pm GMT

JP 225 stock index (Cash) continues to gradually appreciate backed by the positively charged simple moving averages (SMAs). Further fuelling the upward incline, are the Ichimoku lines – though slightly weakened – and the Ichimoku cloud. Glancing at the short-term oscillators, they too reflect some stalling in momentum despite remaining in positive territories. The MACD, in the positive section, has slipped below its red signal line, while the RSI, above its neutral threshold has turned downwards. If the positive structure [..]

Technical Analysis – GBPJPY stops at 38.2% Fibonacci; more losses are expected

Posted on May 13, 2020 at 1:58 pm GMT

GBPJPY has come under renewed selling pressure, falling back below its 20- and 40-period simple moving average (SMA), but remaining slightly above the 38.2% Fibonacci retracement level of the up leg from 124.00 to 135.70 at 131.24. Looking at momentum oscillators on the 4-hour chart though, they suggest further declines may be on the cards. The RSI is below its neutral 50 line, detecting negative momentum, and is also pointing downwards. The MACD, already negative, lies below its trigger line. [..]

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