Technical Analysis / Page 538

Technical Analysis – USDJPY stalls at 111.70 resistance; trendline back into focus

Posted on March 26, 2020 at 8:39 am GMT

USDJPY opened on the bearish side on Thursday after failing to lift the 111.70 resistance in the previous session, with the price dropping back below the 111.00 number and into the Ichimoku cloud. The spotlight is now turning to the ascending trendline as the RSI and the Stochastics are retreating in the bullish area. The trendline had successfully supported the market over the past few sessions and if it manages to hold once again, the pair could retry to clear [..]

Technical Analysis – GBPJPY corrects from 41-month low, shows signs of frailty

Posted on March 26, 2020 at 8:36 am GMT

GBPJPY’s pullback from the multi-year low of 123.97 appears to be displaying symptoms of weakness after reaching back to the 133.13 level, which is the 38.2% Fibonacci retracement of the down leg from 147.95 to 123.97. Backing this view is the downward sloping blue Kijun-sen line and the intact bearish mode within the Ichimoku lines. Furthermore, the short-term oscillators hint of wavering positive momentum. The MACD, in the negative zone, although above its red trigger line looks to be slowing, [..]

Technical Analysis – AUDUSD rebounds on 17½-year low; negative momentum fades

Posted on March 26, 2020 at 7:26 am GMT

AUDUSD is unable to decisively overrun above the 38.2% Fibonacci retracement level of the bearish wave from 0.7030 to the 17½-year low of 0.5506 to post some significant gains, as positive momentum evaporates. The pair today has declined to the nearby red Tenkan-sen line and the 23.6% Fibonacci of 0.5865, with backing from the technical indicators and the easing simple moving average lines (SMAs). Most of the short-term oscillators suggest an increase in negative momentum for now. The slightly falling [..]

Technical Analysis – EURUSD recovery halted by downtrend line

Posted on March 25, 2020 at 11:45 am GMT

EURUSD recovered in recent sessions following an aggressive sell-off, but the bulls seem to be having trouble overcoming a downtrend line drawn from the March peak. The near-term outlook therefore remains negative for the time being, though a break above the downtrend line and more importantly above the 1.0890 zone, could turn it back to neutral. Short term momentum oscillators rest near their neutral levels, providing no clear directional signals. The RSI is currently testing its 50 zone while the [..]

Technical Analysis – EURGBP retreats from 11-year high, tests crucial support area

Posted on March 25, 2020 at 7:02 am GMT

EURGBP staged a powerful rally over the past month to touch an 11-year high near 0.9500, before retreating somewhat. The price structure still consists of higher highs and higher lows above an upside support line, as well as above the 50- and 200-day simple moving averages (SMAs), implying that the broader outlook remains positive. For that to change, the bears would need to pierce below the upside line and also drive the pair below the 0.9000 handle. Short term [..]

Technical Analysis – GBPAUD continues to consolidate after second pullback from 2.0845

Posted on March 24, 2020 at 4:39 pm GMT

GBPAUD in the near-term appears to lack direction as the price trades between the 200- and 50-period simple moving averages (SMAs). Confirming this picture are the unclear signals from the Ichimoku lines and the stalled directional momentum reflected in the short-term oscillators. The MACD, in the negative region, is rising towards its red trigger line, while the RSI also in bearish territory is ascending to its neutral mark. Despite all SMAs holding their bullish bearing, they display some weakness in [..]

Technical Analysis – EURCHF rebounds on 5-year low; strongly negative in long-term

Posted on March 24, 2020 at 1:38 pm GMT

EURCHF is trading slightly above the five-year low of 1.0515, flirting with the 20-day simple moving average (SMA) and the immediate resistance at 1.0615, which coincides with the 40-day SMA. The market is remaining well below the descending trend line, creating a strong selling trend which began eleven months ago. Technically, the RSI indicator is pointing up in the bearish zone, while the MACD is losing some momentum, surpassing the trigger line in the negative area. Downwards, the bears could face immediate support from [..]

Technical Analysis – WTI futures create narrow range in a strong sell-off period

Posted on March 24, 2020 at 10:08 am GMT

WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50 level, while the stochastic is turning slightly lower in the overbought territory. However, the Ichimoku lines are moving lower in the 4-hour chart. Immediate resistance, in [..]

Technical Analysis – EURJPY capped by downtrend line and 200-day SMA

Posted on March 24, 2020 at 8:18 am GMT

EURJPY is currently tackling the 50-day simple moving average (SMA) and the downtrend line drawn from January 16, after buyers resurfaced last week pivoting the price at the lower Bollinger band around 116.89. The pick-up in positive momentum is also reflected in the short-term oscillators. The MACD, in the negative zone, has moved above its red trigger line and approaches the zero spot, while the ascending RSI has climbed above its neutral mark. Additionally, the rising stochastic lines have turned [..]

Technical Analysis – GBPUSD seems to be looking for recovery after 35-year lows

Posted on March 24, 2020 at 7:57 am GMT

GBPUSD has been consolidating losses since the day it plunged to a 35-year low of 1.1409, unable to close above the 1.1675 barrier too. The momentum indicators, though, are currently encouraging that the sell-off may have found a bottom and the pair may be pushing for some recovery. The RSI and the Stochastics are pointing up and are ready to leave the oversold zone, while the MACD seems to be stabilizing in the negative area, and in Ichimoku indicators, the blue Kijun-sen has also paused its downside move. [..]

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