Technical Analysis / Page 522

Technical Analysis – USDJPY continues its move within descending channel in near term

Posted on May 4, 2020 at 7:48 am GMT

USDJPY has been trading within a descending channel over the last month, hitting a fresh six-week low at 106.35 on April 29. The price is currently capped by the simple moving averages (SMAs) in the 4-hour chart, while the RSI is marginally pointing up in the negative zone. However, the stochastic oscillator is ready for a bearish cross within its %K and %D lines above the oversold area. A continuation of the selling mode would drive the market to retest [..]

Technical Analysis – Gold appears to be gaining confidence

Posted on May 4, 2020 at 6:45 am GMT

Gold is currently resting at the mid-Bollinger band around 1,700 while still confined between the boundaries of 1,660 and 1,739. The short-term oscillators further reflect a neutral-to-bullish bias, while the rising simple moving averages (SMAs) continue to be positively charged suggesting further advances to come. The MACD and the RSI display the pause in the market. The MACD, deep in the positive region, has dipped below its red trigger line but appears to be flattening, while the RSI, bouncing near [..]

Technical Analysis – GBPAUD bulls retake control around the 200-day SMA

Posted on May 1, 2020 at 12:17 pm GMT

GBPAUD is currently pushing up against the 100-day simple moving average (SMA) at 1.9460 after a bounce near the 200-day SMA’s region, which ultimately kept intact the medium-term positive outlook. Looking at the short-term oscillators, they paint an optimistic picture. The MACD is in the negative region and below its red trigger line but looks to move back above it, while the RSI is rising towards its neutral threshold. Furthermore, the 50- and 100-day SMAs maintain a positive tone despite [..]

Technical Analysis – EURJPY maintains negative tone despite bulls’ efforts

Posted on May 1, 2020 at 10:39 am GMT

EURJPY is currently stuck around the 117.24 level, that being the 50.0% Fibonacci retracement of the down leg from 119.03 to the 3-year low of 115.44. The pause trails a pivot at the 200-period simple moving average (SMA) after the recent aggressive thrust upwards from the 115.44 low overran the 50-and 100-period SMAs. Looking at the short-term oscillators, the MACD, in the positive region is increasing above its red trigger line, while the RSI and stochastics back the bigger prevailing [..]

Technical Analysis – NZDUSD cautiously bullish above very short-term trend line and MAs

Posted on May 1, 2020 at 7:03 am GMT

NZDUSD seems to have retraced slightly to the 0.6074 level – that being the 61.8% Fibonacci retracement of the down leg from the 0.6447 high to the 11-year low of 0.5468 – after the recent appreciation of the price above the simple moving averages (SMAs) and the Ichimoku cloud. The decline from 0.6175 appears to be finding some footing around the vicinity of a supportive trend line. Further backing for this view comes from the flattened Kijun-sen line, as well [..]

Technical Analysis – US 30 stock index may have more bullish fuel in store

Posted on April 30, 2020 at 2:04 pm GMT

The US 30 stock index (cash) closed positive above the Ichimoku cloud on Wednesday, increasing speculation that the short-term uptrend could further strengthen. A bullish cross of the 20-day simple moving average (SMA) with the 50-day SMA may add to the sentiment if it is finally completed. The fact that the price has yet to touch the upper Bollinger band at a time the MACD keeps rising above its zero and signal lines is also hinting that the next move [..]

Technical Analysis – USDCHF faces bearish pressure above rising trendline

Posted on April 30, 2020 at 1:07 pm GMT

USDCHF had a bearish start on Thursday, dropping beneath the 23.6% Fibonacci retracement level of the upward wave from 0.9500 to 0.9800, at 0.9730, and the 20- and 40-period simple moving averages (SMAs). The pair has been in process to create an ascending triangle pattern over the last month with strong upper boundary the 0.9800 round number. In momentum indicators, the RSI slipped back to the bearish zone, but it is currently flat. Also, the stochastic oscillator is heading towards the oversold zone and the red Tenkan-sen line is [..]

Technical Analysis – Could WTI oil futures confirm a bullish double bottom structure

Posted on April 30, 2020 at 10:30 am GMT

WTI oil futures for June delivery have been moving back and forth since the plunge to 6.62 last week, forming a double bottom pattern around the 10.00 level on the four-hour chart. The bullish reversal pattern, however, needs a confirmation above the neckline that is placed around the 18.00 mark to turn valuable. Currently, the momentum indicators are painting a positive picture for the short-term as the MACD is strengthening in the positive area for the first time since early April, the RSI is also comfortably within the [..]

Technical Analysis – GBPJPY seems to have found a roof near 133.00

Posted on April 30, 2020 at 9:10 am GMT

GBPJPY has been in a descending move since it touched the one-month peak of 135.70. Currently, the price is revisiting the 23.6% Fibonacci retracement level of the down leg from 135.70 to 124.00 at 132.97 – which stands near the short-term falling trend line and the Ichimoku cloud. Looking at the technical indicators, the MACD oscillator is weakening its negative momentum and is approaching the zero line, while the RSI indicator is hovering near its neutral threshold of 50. Both [..]

Technical Analysis – AUDUSD tops at fresh highs; short-term risk cautiously positive

Posted on April 30, 2020 at 7:33 am GMT

AUDUSD has been printing fresh highs over the past three days, with the pair registering another one at 0.6569 early on Thursday. The short-term risk is overall positive as the price is rising comfortably above the Ichimoku cloud and higher than the upward-sloping 20-day simple moving average (SMA) which has recently posted a bullish cross with the 50-day SMA, adding extra credibility to the market’s short-term uptrend. Moreover, the MACD continues to gain momentum above its red signal line, while [..]

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