Technical Analysis / Page 531

Technical Analysis – USDJPY maintains weak bias; broader trend is bearish since end March

Posted on April 13, 2020 at 7:11 am GMT

USDJPY is extending a downside move in the 4-hour chart, after a sidelines trend over the last days and it has dropped beneath the bearish cross within the 20- and 40-period simple moving averages (SMAs). Also, the price declined below the Ichimoku cloud, which is currently acting as strong resistance for the bulls. The technical indicators are indicating a bearish mode as the RSI is approaching the oversold zone and the stochastics are continuing their dive momentum below the 20 [..]

Technical Analysis – US dollar index lacks direction above 200-MA

Posted on April 10, 2020 at 11:52 am GMT

US dollar index’s latest dip appears to be pausing ahead of the 200-period simple moving average (SMA), reflecting an unclear direction after the push up from the 98.38 trough. The flat demeanour of the 200-period SMA and the conflicting signals between the 50- and 100-period SMAs further back the uncertain course. Moreover, the price actions’ frozen state is also mirrored within the directional momentum in the short-term oscillators. The MACD has slipped marginally below zero and its red trigger line. [..]

Technical Analysis – WTI oil futures sank below 20-SMA; lacks direction in very short-term

Posted on April 10, 2020 at 9:54 am GMT

Since its deep fall towards the multi-year low of 19.32 in the end of March, WTI oil futures have been fluctuating around the 20-day simple moving average (SMA). The technical picture supports that the selling interest is likely to remain in the short-term. The stochastic oscillator bounced off the overbought zone and is heading south, while the RSI is pointing down in the negative territory. Also, the price is trading well below the Ichimoku cloud in the daily timeframe. Further losses could see the March 30 low of 19.32 acting [..]

Technical Analysis – GBPUSD stalls, struggling to revive the ascent from the 35-year low

Posted on April 10, 2020 at 8:11 am GMT

GBPUSD seems to be unable to break out of the two-week consolidation phase of 1.2165 to 1.2485. The recent price action up from the 1.2165 level appears to have lost its positive backing as indicated by the short-term oscillators, which paint a picture of diminished positive momentum. Despite the gradual rise of the RSI in the bullish region, the MACD, hovers slightly above its red trigger line and the zero mark. Moreover, the stochastic %K and %D lines have faded [..]

Technical Analysis – GBPJPY ticks out of the box; positive trend signals strengthen

Posted on April 10, 2020 at 7:35 am GMT

GBPJPY jumped out of the rectangle pattern, formed between the 132.50 and 134.47 borders on the four-hour chart to resume upside direction, though, the upturn was not significant as the price is barely trading above the 135.00 mark. The RSI and the MACD are in a flat mode, discouraging strong upside movements in the short-term. Still, traders should pay a greater attention to the bullish cross of the 20-period simple moving average (SMA) with the 200-period SMA, which indicates that the market’s [..]

Technical Analysis – USDCAD creates bearish correction in near term; positive outlook intact

Posted on April 10, 2020 at 6:51 am GMT

USDCAD takes a negative path after the pullback on the more than four-year peak of 1.4668 registered on March 19, revisiting the 1.3930 support level beneath the 20-day simple moving average (SMA) in the short-term. The Ichimoku indicators are suggesting a neutral to bearish movement as the cloud remains near the current market price, which fell below the red Tenkan-sen and the blue Kijun-sen lines. Additionally, according to the stochastics, the %K and %D lines declined in the oversold market and are losing more [..]

Technical Analysis – US 30 index claws its way higher as recovery persists

Posted on April 9, 2020 at 2:36 pm GMT

The US 30 index has recovered a good chunk of its losses in the past couple of weeks and is now posting higher highs and higher lows on the four-hour chart above a short-term uptrend line drawn from the March 23 bottom. The immediate-term outlook therefore seems to have turned positive, and for that to change, the bears would need to pierce below the 22,350 area and the uptrend line. Momentum oscillators endorse the improving picture, with the RSI looking [..]

Technical Analysis – EURAUD extends downfall from 11-year peak

Posted on April 9, 2020 at 12:32 pm GMT

EURAUD is extending its negative rally below the 50.0% Fibonacci retracement level of the up leg from 1.5340 to 1.9800 at 1.8740 and beneath the 40-day simple moving average (SMA) currently at 1.7543. The selling interest started from the eleven-year peak of 1.9800, however, the long-term picture remains bullish. Turning to the near-term, the MACD oscillator is approaching the zero line as it fell below the trigger line, indicating more losses. Furthermore, the stochastic is holding in the oversold area, [..]

Technical Analysis – CHI50 stock index retreats to meet supportive trendline

Posted on April 9, 2020 at 12:09 pm GMT

China’s 50 stock index (CHI50) is testing the ascending trendline that has been navigating the market since the slump to a one-year low of 11,558. The negative cross between the red Tenkan-sen and the blue Kijun-sen lines and the weakening RSI on the four-hour chart hint that downside risks remain. To confirm that, the index needs to slip below the trendline and push towards the 38.2% Fibonacci of 12,593 of the downleg from 14,241 to 11,558. If sellers persist, traders could [..]

Technical Analysis – AUDJPY attempts to turn neutral as bulls keep control

Posted on April 9, 2020 at 12:07 pm GMT

AUDJPY posted solid gains in recent sessions, continuing to recover after crashing in late February. The pair is now testing the 67.70 zone and crucially, a close above this region could turn the outlook back to neutral, from cautiously negative now. Something similar is being signaled by the 50-day simple moving average (SMA), which has started to flatten out. Short term oscillators suggest that the recovery might continue for now. The RSI has popped above its 50 line and is [..]

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