Technical Analysis / Page 529

Technical Analysis – Copper futures maintain negative outlook despite pullback

Posted on April 15, 2020 at 2:45 pm GMT

Copper futures’ bullish correction from the 45-month low of 1.9684 appears to have lost steam as it approaches the restrictive trend line drawn from the 8½-month peak of 2.8819. Further suggesting that positive momentum is wavering is the RSI that has dipped back below its neutral 50 mark and the stochastic lines, which have reversed ahead of the 80 overbought border. While the MACD, in the negative section, continues to move above its red trigger line suggesting that the price [..]

Technical Analysis – GBPJPY pauses upside rally below 1-month peak

Posted on April 15, 2020 at 12:42 pm GMT

GBPJPY looks to be mostly neutral after an ascent from the three-and-half-year low of 124.00 that returned the price back above the 135.70 hurdle, overcoming the Ichimoku cloud. The short-term oscillators reflect a stall in the positive momentum. The MACD, in the positive area, has moved near the zero level, while the RSI slipped below the 50 level and is increasing its bearish structure. That said, a conflicting bearish picture is currently displayed within the Ichimoku lines and all the [..]

Technical Analysis – GBPAUD holds near-term negative mode despite bounce off previous trough

Posted on April 15, 2020 at 10:14 am GMT

GBPAUD’s newfound confidence has pushed the price above the 1.9725 resistance and to the flat blue Kijun-sen line. The latest upside price action is also reflected in the upwards turn in the Tenkan-sen line as well as the short-term momentum indicators. The MACD, in the negative area, continues to increase above its red trigger line, while the RSI has succeeded in overstepping its neutral mark. However, the Ichimoku lines maintain a bearish bearing, as do the downward sloping 50- and [..]

Technical Analysis – EURGBP selling interest intact near 1-month low

Posted on April 15, 2020 at 9:57 am GMT

EURGBP has seen its positive momentum evaporate in the medium-term and is subsequently unable to decisively overrun above the 20- and 40-period simple moving averages (SMAs) to give some signals for an upside rally. The pair has jumped somewhat higher today, backed by the technical indicators and the upward sloping red Tenkan-sen line. higher, with backing the technical indicators and the upward sloping red Tenkan-sen line. The short-term oscillators suggest an increase in positive momentum for now. The RSI, in the negative region, is [..]

Technical Analysis – USDJPY promotes further declines with revisit of latest low

Posted on April 15, 2020 at 7:42 am GMT

USDJPY sellers are presently retesting the 106.91 latest low from April 1 after pivoting at the 109.22 level – that being the 23.6% Fibonacci retracement of the up leg from 101.17 to 111.71 – and pushing back under the mid-Bollinger band and congested simple moving averages (SMAs). Reflecting a pause in the market are the short-term oscillators and the mostly flat SMAs. However, as things stand, it appears that the market is leaning slightly towards a neutral-to-bearish bias. The MACD [..]

Technical Analysis – NZDUSD pulls below trendline; set near-term bearish target at 0.5960

Posted on April 15, 2020 at 7:41 am GMT

NZDUSD stopped last week’s rally as the descending trendline and the 50% Fibonacci retracement of the decline stretched from the 0.6754 top proved hard to break once again, with the pair drifting south on Wednesday. The falling RSI and the downside reversal in the Stochastics which have peaked in the overbought territory are discouraging signals and hence the focus may remain largely to the downside in the near-term unless the supportive area around the 38.2% Fibonacci of 0.5960 comes again to the rescue, [..]

Technical Analysis – Gold rallies near 7½-year high; pauses bullish move

Posted on April 15, 2020 at 7:37 am GMT

Gold prices advanced to a fresh seven-and-a-half-year peak of 1,746.95 on Tuesday, continuing the upside tendency from the rebound off 1,456 on March 20. However, the technical indicators are suggesting a possible downside retracement in the 4-hout chart. The RSI seems to be losing momentum returning near the 70 level, while stochastics are approaching the oversold territory. The red Tenkan-sen is capping the price and the blue Kijun-sen is flattening, all signaling a more cautious trading in the short term. A drop lower would [..]

Technical Analysis – EURCHF extends sideways drift

Posted on April 14, 2020 at 1:37 pm GMT

EURCHF’s long-term downtrend has glided the pair towards a 55-month low of 1.0517 and into a neutral market since the beginning of March. The price is continuing to creep sideways, being squeezed by the Bollinger bands, which are reflecting the weak direction in price action. The short-term oscillators reflect conflicting signals, with the MACD marginally in the negative territory and below its red trigger line, indicating a desire to increase negative momentum. Moreover, the stochastic %K and %D lines are [..]

Technical Analysis – JP 225 index re-tries to jump above 50.0% Fibo; slightly bullish in near term

Posted on April 14, 2020 at 1:04 pm GMT

The JP 225 index stretched its two-month old downside rally to an almost four-year trough of 15,383 before retracing half of the decline. The MACD seems to be gaining ground towards the zero line, the RSI is still hovering around its 50 neutral mark and the simple moving averages (SMAs) continue to point south, all signaling a more cautious trading in the short-term. In case of a bullish correction, the index needs to overcome the 50.0% Fibonacci of the bearish move from 24,031 to 15,383 at 19,713, and the 19,872 resistance before heading up [..]

Technical Analysis – US 100 index flags overbought situation near one-month high

Posted on April 14, 2020 at 11:24 am GMT

US 100 stock index (cash) has retraced more than half of the bearish wave started from the 9,750 top, piercing all its simple moving averages (SMAs) on the four-hour chart and topping at a one-month high of 8,495. The odds for a downside correction are increasing as the price is testing a familiar restrictive area and the RSI and the Stochastics are flagging overbought conditions. Should the market weaken, the 8,300 resistance area could help the index to return to [..]

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