Technical Analysis / Page 528

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 [..]

Technical Analysis – GBPUSD uptrend runs out of steam above 61.8% Fibonacci

Posted on April 17, 2020 at 12:28 pm GMT

GBPUSD is struggling to recapture positive momentum after its rebound from the 35-year low of 1.1410 ran out of energy when it crossed above the 61.8% Fibonacci retracement of the March down move in the 4-hour timeframe. The RSI is hovering just below the 50-neutral level, while the MACD is barely holding in positive territory and is in the process of slipping below its red signal line. Both indicators suggest the latest consolidation phase is set to continue in the [..]

Technical Analysis – GBPJPY’s appreciation finds some footing from SMAs; indicators seem weak

Posted on April 17, 2020 at 10:45 am GMT

GBPJPY is turning slightly lower over the last few days touching the 40-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 144.95 to 124.00 at 134.48. Technically, the RSI indicator is challenging the neutral threshold of 50, while the MACD entered the positive territory but it travels with weak momentum. The 40-day SMA may act as strong support for the pair and send the market higher again towards the 135.80 high. A jump [..]

Technical Analysis – AUDUSD holds above MAs; optimism for bullish picture

Posted on April 17, 2020 at 7:01 am GMT

AUDUSD is remaining above the 20- and 40-day simple moving averages (SMAs), which are in the process of a bullish cross in the short-term timeframe, and it found strong support at the 50.0% Fibonacci retracement level of the down leg from 0.7030 to 0.5506 at 0.6270. The bullish correction mode got in place when the pair rebounded on the 17½-year bottom, achieved on March 19. Looking at momentum oscillators, they suggest further increases may be on the cards. The RSI [..]

Technical Analysis – US 30 index consolidates above 200-MA; maintains bullish tone

Posted on April 16, 2020 at 12:50 pm GMT

US 30 Index (Cash) has taken a breather, trading around the mid-Bollinger band after breaking above the 200-period simple moving average (SMA) on the four-hour chart. That said, the index sustains its bullish bearing and is aided by the supportive trend line drawn from March 23, which has merged with the upward-sloping 50-period SMA. Moreover, the short-term oscillators are holding onto positive improvements in the price and could be boosted by the approaching bullish crossover of the 200-period SMA by [..]

Technical Analysis – USDCHF triangle formation intact; Ichimoku acts as resistance

Posted on April 16, 2020 at 9:31 am GMT

USDCHF is on a sideways move within a symmetrical triangle over the last month, pausing the strong upside tendency that started after the pullback off the 0.9185 support. Currently, the price is testing the 40-period simple moving average (SMA) and the lower surface of the Ichimoku cloud in the 4-hour chart. From a technical viewpoint, the RSI is flirting with the neutral threshold of 50, while the MACD jumped above the trigger line but is still developing with weak momentum. [..]

Technical Analysis – WTI futures bearish despite pause ahead of 19.00 handle

Posted on April 16, 2020 at 8:32 am GMT

WTI crude oil futures appears to be tilting negative again as it pierced just below the February 1999 level of 19.25 by plotting a new low of 19.19. Confirming the bearish sentiment is the RSI, which in the bearish area is slipping towards its 30 point, while the MACD, deep in negative territory, is looking to retake its red trigger line. Furthermore, with the prevailing negative outlook painted by the diving simple moving averages (SMAs) and the still intact bearish [..]

Technical Analysis – USDCAD pierces bullish flag but caution remains

Posted on April 16, 2020 at 7:54 am GMT

USDCAD bounced aggressively by 1.6% on Wednesday to close slightly above the 1.4100 level and the descending channel that seems to be part of a bullish flag pattern. While the move brought hopes that the trend could improve, the momentum indicators have yet to show clear positive signals. The MACD remains stable below its red signal line, the RSI is shifting south after breaking its 50 neutral mark, and the red Tenkan-sen line continues to hold a downside direction below [..]

Technical Analysis – EURUSD hovers in symmetrical triangle in near term

Posted on April 16, 2020 at 7:25 am GMT

EURUSD has been struggling within a symmetrical triangle over the last month, remaining within the squeezed Bollinger bands in the 4-hour chart. The ascent from the three-year low of 1.0635 drove the pair until the 1.1145 resistance but failed to hold near this level. According to the technical indicators, the MACD is flattening marginally below the zero line with weak momentum, while the stochastic is heading slightly up, above the 20 level, confirming the recent neutral mode on price. A [..]

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