Technical Analysis / Page 536

Technical Analysis – EURGBP extends sell-off from 11-year peak

Posted on March 31, 2020 at 6:33 am GMT

EURGBP finally found some footing near the 50.0% Fibonacci retracement level of the up leg from 0.8275 to the eleven-year high of 0.9500 at 0.8890 and questions are rising whether the market can sustain the dive from the multi-year peak. The negative slope in the MACD, which runs comfortably below its trigger line, is painting a negative story for the short-term trading. However, with the RSI aiming for a jump above the 50-neutral level, it is reasonable to believe [..]

Technical Analysis – Silver maintains negative signals after pullback

Posted on March 30, 2020 at 3:42 pm GMT

Silver reversed from an 11-year low of 11.62 and a key support region which includes the 150.0% Fibonacci extension of the up leg from 14.28 to 19.63 – where buyers pushed the price back up to the area of troughs from late 2018 and mid-2019. Despite this, the Ichimoku lines continue to reflect a bearish picture in the price action with a flattened blue Kijun-sen line and the red Tenkan-sen distancing itself below. Additionally, this is also starting to be [..]

Technical Analysis – US Dollar index recoups some strong losses; neutral in very short term

Posted on March 30, 2020 at 12:26 pm GMT

US dollar index futures have been recouping some of the preceding days’ losses following the plunge from the three-year peak of 103.80. The price is currently hovering above the 20- and 40-day simple moving averages (SMAs), while the RSI is turning higher near the 50 level. However, the MACD oscillator is still moving beneath the trigger line, continuing the sell-off on price action. To the upside, immediate resistance could come from the 50.0% Fibonacci retracement level of the up leg [..]

Technical Analysis – US 500 index’s correction weakens under 100-SMA

Posted on March 30, 2020 at 12:00 pm GMT

US 500 index (Cash) seems to have lost steam in its pullback from the multi-year low of 2,183.95 dropping the price back to its mid-Bollinger band around the 100-period simple moving average (SMA) at 2,561. The stall in positive momentum is also reflected in the short-term oscillators. The MACD, in the positive region, has dropped below its red trigger line, while the RSI, declined to hover above its neutral mark. On top of this, the downward sloping 100- and 200-period [..]

Technical Analysis – USDJPY remains above 100-SMA but in negative mode

Posted on March 30, 2020 at 9:13 am GMT

USDJPY seems to be completing a retracement near the 107.15 support level and the 100-period simple moving average (SMA), which coincides with the 38.2% Fibonacci level of the up leg from 101.15 to 111.70 at 107.67. The downfall from the one-month high of 111.70 drove the pair inside the Ichimoku cloud in the previous days, creating a bearish crossover within the 20- and 40-period SMAs. In momentum indicators, the RSI is pointing up after the bounce on the 30 oversold level, while the stochastic is turning higher [..]

Technical Analysis – AUDUSD may erase some gains within ascending channel

Posted on March 30, 2020 at 7:48 am GMT

AUDUSD is charting indecisive moves on Monday on the four-hour timeframe as the pair seems to be preparing for some stabilization following the peak at a two-week high of 0.6199. From a technical perspective, the pair has likely pressed the overbought button and a downside correction could be reasonable in the near-term as the price is pulling back below the upper Bollinger band, while the RSI is easing momentum after approaching its 70 overbought mark. The flattening MACD is sending some [..]

Technical Analysis – EURUSD lacking direction as appreciation turns neutral

Posted on March 30, 2020 at 7:15 am GMT

EURUSD looks to be mostly neutral after an ascent from the 35-month low of 1.0635 returned the price back above the 1.1000 handle, overcoming the simple moving averages (SMAs) and the Ichimoku cloud. The short-term oscillators reflect a stall in the positive momentum. The MACD, in the negative area, has moved above its red trigger line and near to zero, while the RSI hovers above its neutral mark, pointing slightly down. Additionally, backing this view are the stochastics, which are [..]

Technical Analysis – Gold revisits Ichimoku cloud; flattens after strong bullish action

Posted on March 30, 2020 at 6:30 am GMT

Gold found a strong wall near the 1,644 resistance level as it created an aggressive bullish rally from the 1,454 support area. The price successfully jumped above the 20- and 40-day simple moving averages (SMAs) turning the MACD oscillator higher near its zero line as well. However, the stochastics completed a bearish crossover within its %K and %D lines in the overbought area, while the RSI is flattening slightly above the 50 level. Both are suggesting weak upside movement in [..]

Technical Analysis – AUDJPY bounces off 11-year low, but recovery fizzles

Posted on March 27, 2020 at 1:06 pm GMT

AUDJPY fell aggressively in recent weeks to touch an 11-year low of 59.85, where the pair found fresh buy orders and subsequently rebounded. That said, the price structure on the daily chart still points to a broader downtrend, something reinforced by the ‘death cross’ of the 50-day simple moving average (SMA) below the 200-day one. Moreover, the inability of the bulls to pierce above 67.70 suggests that upside momentum is fading. Short term oscillators paint a mixed picture. Whereas the [..]

Technical Analysis – JP 225 index flirts with 20-SMA after sharp rebound; bearish bias intact

Posted on March 27, 2020 at 1:01 pm GMT

Japan’s 225 stock index barely surpassed the 2019 support-turned-resistance level of 19,239 as the blue Kijun-sen line stood tall. Nevertheless, it managed to close slightly above the 20-day simple moving average (SMA). The RSI and the Stochastics reflect that downside risks remain in place as the former seems to be losing momentum before even touching its 50 neutral level, while the latter is ready to post a bearish cross above its 80 overbought mark. Still, if the index holds above the [..]

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Technical Analysis