Technical Analysis / Page 517

Technical Analysis – EURGBP restrained within confines of trading range

Posted on May 13, 2020 at 11:50 am GMT

EURGBP today was denied once again further appreciation above the ceiling of the range (0.8864), which has limited advances since April 6. The price reversed ahead of the upper boundary and seems to be building some negative momentum inside the sideways market, something also reflected within the technical indicators. The MACD, in the positive section, is weakening above its red trigger line while the RSI is declining after a deflection off the 70 level. Moreover, the stochastics are falling after [..]

Technical Analysis – Gold trades within symmetrical triangle; outlook neutral

Posted on May 13, 2020 at 9:52 am GMT

Gold prices are looking more neutral over the last week, hovering around the horizontal simple moving averages (SMAs) on the 4-hour chart. The price has been trading within a symmetrical triangle since April 14 and within the Bollinger bands. The technical indicators are lacking direction too, as the RSI keeps flattening near its neutral threshold of 50, while the MACD continues to move with a very weak momentum around the zero line. Currently, the pair seems to be facing downside pressure from the 100-period SMA which exposes the metal to the 1,692 support area and the lower Bollinger band. [..]

Technical Analysis – USDJPY struggles in descending mode; 20-day SMA next support

Posted on May 13, 2020 at 7:04 am GMT

USDJPY is heading lower, flirting with the 20-day simple moving average while the price has been remaining in a downward sloping channel since April 6. The flat 200-day SMA and the horizontal RSI indicator are endorsing the weak momentum on price. However, the MACD oscillator is creating a bullish crossover with its trigger line, suggesting a potential upside tendency in the near term. More negative pressures would send the price to check the 50.0% Fibonacci retracement level of the up [..]

Technical Analysis – NZDUSD loses positive steam, eases to 50-day SMA

Posted on May 13, 2020 at 7:03 am GMT

NZDUSD appears to be resting at the 0.5994 support level, currently where the 50-day simple moving average (SMA) has joined with the upper band of the cloud. The flattened blue Kijun-sen line and the dropping red Tenkan-sen line suggest that positive momentum may be fading. Turning to the short-term oscillators, they too reflect an increase in negative price action. The MACD, marginally above the zero mark, has slipped below its red signal line while the falling RSI has dipped below [..]

Technical Analysis – GER 30 Cash index retains bullish bias in short-term

Posted on May 12, 2020 at 1:27 pm GMT

The GER 30 Cash index has been trading in an upward sloping channel since March 27 and is resting near the 20-period simple moving average (SMA) in the 4-hour chart. The RSI indicator is moving sideways in the positive area, while the MACD dropped beneath its trigger line. Both are suggesting a weak momentum in the very short-term. In case that the price remains above the Ichimoku cloud, it could visit the one-month peak of 11,339. Breaching that area, buying [..]

Technical Analysis – EURCHF’s negative tensions sustain the pair near a floor

Posted on May 12, 2020 at 1:15 pm GMT

EURCHF is currently in the region of the multi-year low of 1.0504 restricted by the flattened Ichimoku lines. Despite negative pressures from the simple moving averages (SMAs) – specifically the 50-period SMA – and the Ichimoku cloud, the price is engaging with the red Tenkan-sen line, hoping to overtake it and build some positive backing. Though the Ichimoku lines and all SMAs reflect a paused picture with dried up momentum, the short-term oscillators suggest that positive momentum could be picking [..]

Technical Analysis – USDCAD in sideways market; weakens below moving averages

Posted on May 12, 2020 at 11:13 am GMT

USDCAD seems to have deflected off the capping 200-period simple moving average (SMA) after its latest attempt to gain ground within a range that commenced around April 6. The price has just pushed below the 1.4011 level, that being the 38.2% Fibonacci retracement of the up move from 1.2951 to the 50-month high of 1.4667 and is now at the mid-Bollinger band around 1.3980. Looking at the short-term oscillators, they confirm the recent downturn in price with the RSI dipping [..]

Technical Analysis – WTI futures capped by 61.8% Fibonacci; 200-period SMA flattens

Posted on May 12, 2020 at 8:14 am GMT

WTI crude oil futures confirmed the double bottom pattern at 10.00 after the jump above the 38.2% Fibonacci retracement level of the downward wave from 54.70 to 6.75 at 18.03. The upside tendency in the short-term has now shifted to neutral over the last sessions, remaining below the 61.8% Fibo of 25.00. If the price jumps above the latter level the way would open for the 26.70 resistance barrier – taken from the latest high – and the 30.00 round [..]

Technical Analysis – EURJPY tackles mid-band to accelerate pullback

Posted on May 12, 2020 at 7:20 am GMT

EURJPY is attempting to conquer the mid-Bollinger band around 116.30 and the nearby 116.51 high after building confidence in the previous few sessions. The positive price action from the freshly formed 3½-year low of 114.423 is also reflected in the short-term technical oscillators. The MACD, while deep into the negative region has pushed above its red trigger line and at the same time the bullish stochastics head for the 80 mark. Moreover, the RSI has risen towards its 50 threshold, [..]

Technical Analysis – GBPUSD double top formation at 1.2640; neutral bias

Posted on May 12, 2020 at 6:49 am GMT

GBPUSD appears to have posted a double top at the 1.2640 resistance and any violation beneath the 38.2% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2212, could confirm the pattern, shifting the bias back to bearish. In terms of momentum indicators, the MACD oscillator is endorsing the neutral outlook in the daily timeframe, while the RSI is approaching the horizontal 50 neutral level. Noteworthy, the price is trading within the 20- and 40-day simple moving averages (SMAs) [..]

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Technical Analysis