Technical Analysis / Page 527

Technical Analysis – USDJPY consolidates below SMAs and Ichimoku cloud

Posted on April 21, 2020 at 12:46 pm GMT

USDJPY has been consolidating since March 27 and has been stuck in a channel tilting slightly to the downside. The neutral to bearish picture in the short-term looks to last for a while longer after price slipped below the simple moving averages (SMAs) earlier this month. Resistance was met at around the 109.20 region, forcing the pair to reverse lower. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of [..]

Technical Analysis – Gold maintains positive structure despite negative pressures

Posted on April 21, 2020 at 12:07 pm GMT

Gold appears to be breaching the 1,678 level, that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to 1,746.95, and the 1,672 inside swing high, following a pullback off the 88-month peak of 1,746.95. The short-term oscillators confirm the recent deterioration in the price. The MACD, deep in the positive region, has faded towards its red trigger line while the RSI, in the bullish zone, has dwindled nearing the neutral mark. Moreover, boosting further declines are the [..]

Technical Analysis – Netflix stock advances to all-time high; stochastic suggests overbought

Posted on April 21, 2020 at 9:21 am GMT

Netflix stock price had been in an aggressive bullish rally in the previous periods, challenging a fresh all-time peak at 449.32 on April 16. The RSI and the MACD are confirming this strong upside tendency as both are gaining momentum in positive territories. However, the stochastic is suggesting an overbought market, as it has turned lower and posted a bearish crossover within the %K and %D lines above 80 area. Also, the 200-day simple moving average (SMAs) is flattening, while [..]

Technical Analysis – GBPUSD holds above bullish cross in SMAs

Posted on April 21, 2020 at 7:33 am GMT

GBPUSD has been underperforming in the past few sessions, breaking back below the 61.8% Fibonacci retracement level of the down leg from 1.3200 to 1.1410 at 1.2523. When looking at the bigger picture on the daily timeframe, the pair is trendless as the latest rebound from the 35-year low surpassed 1.2170. In technical indicators, the RSI has reversed south to meet its 50 neutral level, while the MACD oscillator is hovering above zero line with weak momentum. Despite these discouraging signals, the 20- and 40-day simple moving [..]

Technical Analysis – EURJPY cautiously negative around strong monthly-lows

Posted on April 21, 2020 at 7:19 am GMT

EURJPY has returned to the 116.35 low after sellers capitalised on the fact that the pair was unable to close above the 118.59 level – that being the 23.6% Fibonacci retracement of the down leg from 127.49 to 115.86 – and the mid-Bollinger band. The short-term oscillators also reflect the recent deterioration in the pair. The MACD, in the negative region, is falling back below its red trigger line, while the RSI is also gradually dropping in the bearish zone. [..]

Technical Analysis – US 500 index could confirm bullish bias above cloud

Posted on April 20, 2020 at 1:35 pm GMT

The US 500 stock index attempted to climb above the 50-day simple moving average (SMA) last week before the 2,893 barrier pushed it slightly back below the line. While the RSI is reversing lower, the MACD and the red Tenkan-sen line have yet to show any sign of weakness, hinting that upside corrections are still possible. Still, to confirm a sustainable upside move the bulls need to return above the 50-day SMA and more importantly run above the 2,893 peak [..]

Technical Analysis – USDCAD pops higher, but still in bear mode

Posted on April 20, 2020 at 12:02 pm GMT

USDCAD recovered somewhat in recent sessions, but the pair is still printing lower highs on the four-hour chart, which keeps the near-term outlook cautiously negative. For the short-term picture to improve to neutral, the bulls would need to push the market above 1.4350. Short term oscillators suggest that the latest recovery could continue for now. The RSI has crossed above 50 and is pointing up, while the MACD – already positive – is now testing its trigger line, an upside [..]

Technical Analysis – AUDUSD may be poised for more recovery above 0.6385

Posted on April 20, 2020 at 11:27 am GMT

AUDUSD has been nicely developing along the rising 50-period simple moving average (SMA) on the four-hour chart after hitting a floor around the 50% Fibonacci of the downleg from 0.7031 to 0.5506. Expectations are for the pair to trade neutral-to-positive as the RSI is moving sideways above its 50 neutral mark and the MACD is softly rising above its red signal line. A positive bias would be confirmed above 0.6385, with the 61.8% Fibonacci of 0.6448 likely coming next under [..]

Technical Analysis – WTI oil futures collapse to 21-year lows; 13-level eyed next

Posted on April 20, 2020 at 9:18 am GMT

WTI oil futures (May delivery) collapsed to a 21-year low of 14.46 early on Monday, re-activating this year’s bearish direction and eliminating any hopes of a trend reversal that the incomplete head and shoulder and a double bottom patterns created in previous sessions. On the four-hour chart, the RSI returned below its 30 oversold level and the MACD strengthened its negative momentum below the signal line, both hinting that the bears may keep pressuring in the short-term. In this case, [..]

Technical Analysis – EURUSD trades quietly within key borders

Posted on April 20, 2020 at 7:35 am GMT

EURUSD started the week in a quiet mood, making limited moves within the 1.0800 zone as the momentum indicators continue to lack bullish appetite. The RSI has been unable to climb forcefully above its 50 neutral mark for more than a week, the MACD has been moving sideways, while the Stochastics are heading towards their 20 oversold area, all reducing the odds for an important upside correction. For the bears to take control in the near-term, the 61.8% Fibonacci of [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis