Technical Analysis / Page 519

Technical Analysis – USDCAD steers lower, trapped inside a trading range

Posted on May 8, 2020 at 7:26 am GMT

USDCAD is currently declining towards the lower band of the Ichimoku cloud, though it is still confined within a consolidation pattern that commenced on April 6. Looking towards the Ichimoku lines and the cloud, they suggest the sideways market may endure a while longer, with their somewhat horizontal tone. Turning to the short-term oscillators, they too portray a phase of starved momentum, although they are slightly tilting negative for now. The MACD, in the positive area is under its red [..]

Technical Analysis – US 30 Cash index surpasses flat SMAs; head and shoulders in progress

Posted on May 8, 2020 at 7:15 am GMT

The US 30 Cash index appears to be forming a head and shoulders pattern in the 4-hour timeframe in a possible signal for a negative trend reversal. In the previous downfall, the price failed to slip below its previous low of 23,322 and reversed north again, surpassing the flat 50- and 100-period simple moving averages (SMAs). That said, the momentum indicators are signaling a flattening mode in the near term. The MACD seems unable to jump above its zero level as [..]

Technical Analysis – Silver retests 50-day SMA as trend optimism rises

Posted on May 7, 2020 at 2:06 pm GMT

Silver is struggling to claim the 50-day simple moving average (SMA) but the bullish cross between that line and the 20-day SMA, although weak, is currently somewhat promising of an uptrend resumption. In order to attract buying interest and challenge its recent peak of 15.82, the metal should close above its short-term SMAs and specifically above 15.30, where the upper surface of the Ichimoku cloud lies. Then, if it manages to build gains above 15.82, traders could look for resistance [..]

Technical Analysis – EURCAD below moving averages and mid-Bollinger band in sideways market

Posted on May 7, 2020 at 1:58 pm GMT

EURCAD is currently stuck between the 200-period SMA of 1.5331 and the 1.5127 level, that being the 50.0% Fibonacci retracement of the up leg from the 34-month low of 1.4263 to the 2-year high of 1.5991. Observing the converged and flattened SMAs, they still promote a horizontal mode whilst the short-term oscillators lean towards a negative picture. The MACD holds slightly in the negative region and below its red signal line, while the RSI is gradually declining towards the 30 [..]

Technical Analysis – EURJPY rebounds on 3½-year low; bearish structure holds

Posted on May 7, 2020 at 12:47 pm GMT

EURJPY has rebounded from the three-and-a-half-year low of 114.40 over the last session, heading higher towards the 20-period simple moving average (SMA) in the 4-hour chart. According to the technical indicators, the RSI is turning higher from the oversold zone, suggesting the end of the bearish action, while the stochastic is heading towards the overbought zone. Looking higher, the next immediate resistance is coming from the 115.40 barrier, which lies near the 20-period SMA. Breaching this critical zone, the market [..]

Technical Analysis – US 100 index targets 9,155 peak as bulls strengthen

Posted on May 7, 2020 at 10:38 am GMT

The US 100 stock index (cash) is recording its fourth consecutive green day thanks to the 20-day simple moving average (SMA), which managed to terminate the latest selling action. Clearing April’s high of 9,155 and further extending the uptrend is now the target as the upward-sloping RSI is currently suggesting. If that is the case, resistance could possibly run up to 9,300 and if buyers persist above that mark, the market could re-test the 9,460 barrier ahead of the 9,750 all-time high. [..]

Technical Analysis – USDCHF’s gains struggle within a sideways structure

Posted on May 7, 2020 at 10:09 am GMT

USDCHF is currently tackling the 0.9767 high after finding some footing at the 0.9730 level, that being the 23.6% Fibonacci retracement of the up leg from the 56½-month low of 0.9182 to the three-month high of 0.9900, and the red Tenkan-sen line. Although the mostly flat and converging simple moving averages (SMAs) around 0.9700 continue to reflect the range-bound market that commenced around early April, the rising Ichimoku lines back the improvement from 0.9588. The short-term oscillators partly endorse advances [..]

Technical Analysis – EURTRY skyrockets to fresh record high at 7.8276

Posted on May 7, 2020 at 9:21 am GMT

EURTRY surged to a new record high today, testing the 7.8276 level and continuing the strong upside rally after the bounce off the 6.8810 support. The upward sloping simple moving averages (SMAs) are following the price action as well as the technical indicators. The RSI inserted itself the overbought zone, while the MACD remains above its trigger and zero lines in the 4-hour chart. If the price surpasses today’s high the pair would jump into new paths flirting with the [..]

Technical Analysis – AUDUSD lands on 20-day MA; keeps uptrend safe

Posted on May 7, 2020 at 7:25 am GMT

AUDUSD nicely landed on the 20-day simple moving average (SMA) following its pullback from a peak of 0.6569 on April 30. Despite the latest downside reversal, the main trend remains up in the short-term picture, with the price set to confirm another higher low at 0.6371 and head north again if the bulls manage to close above the nearby 0.6450 resistance, which is the 61.8% Fibonacci retracement level of the bearish wave from the 0.7031 top. The bullish cross between [..]

Technical Analysis – EURUSD trades near 1.0800; neutral mode sustains

Posted on May 7, 2020 at 7:15 am GMT

EURUSD was trading not too far from the bearish cross within the 20- and 40-period simple moving averages (SMAs) near 1.0800 in the 4-hour chart, creating a negative movement in the consolidation mode. But momentum indicators suggest some negative moves for the pair to decline further. The near-term bias is looking neutral-to-bearish as the MACD is flatlining below the trigger and zero lines, while the stochastics are pointing south and the %K and %D lines remain negatively aligned. Also, the red Tenkan-sen [..]

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