Technical Analysis / Page 540

Technical Analysis – USDJPY bulls may not give up battle yet; look for support near trendline

Posted on March 20, 2020 at 8:54 am GMT

USDJPY reversed its massive sell-off near a familiar support level of 101.17, which was active during the 2013-2016 period, and accelerated above its simple moving averages (SMA) and back towards the 111.00 area. On Thursday, the pair also managed to return above the broken ascending trendline, casting doubt on the prospect of a down-trending market, while all momentum indicators further strengthened, with the RSI gaining ground above its 50 neutral mark, the MACD increasing distance above its signal line and the Stochastics [..]

Technical Analysis – WTI futures turn up from multi-year low in the near term

Posted on March 20, 2020 at 7:40 am GMT

WTI crude oil futures produced the multi-year low of 20.50 on Wednesday, pivoting up to touch the inside swing low from January 2016 at 27.54. The commodity surpassed the 20-period simple moving average (SMA), suggesting a potential bullish correction in the very short-term. This slightly bullish action is confirmed by the technical indicators. The RSI is flirting with its 50 level and sloping upwards, while the stochastic is edging towards its overbought mark in the 4-hour chart. Moreover, the red [..]

Technical Analysis – EURJPY holds below downtrend line, undecided in near-term

Posted on March 19, 2020 at 4:13 pm GMT

EURJPY looks to be lacking direction lately with the price currently trading between the 200- and 50-period simple moving averages (SMAs). The mostly neutral picture is also reflected in the short-term oscillators, though the stochastics lean more to a negative mode as the blue %K line has completed a bearish crossover with the red %D line. The MACD is just below its zero point but remains above its red trigger line, while the RSI flirts with its neutral mark. To [..]

Technical Analysis – Apple stock feels the virus pain too; could extend losses below 234.00

Posted on March 19, 2020 at 4:07 pm GMT

Apple’s stock has been trending downwards since the peak at an all-time high of 327.70, losing as much as 24%. On Wednesday the company unveiled new products but the virus situation kept traders cautious, with the stock unable to rebound above the 200-day simple moving average (SMA). In the momentum indicators, the RSI and the MACD have yet to show signs of improvement in the bearish area, while the red Tenkan-sen line keeps decelerating, all hinting that the negative phase is not [..]

Technical Analysis – EURUSD bounces quickly up after hitting 3-year low

Posted on March 19, 2020 at 1:48 pm GMT

EURUSD had a flash downside correction below the downward-sloping channel today, stretching its ten-day old sell-off to a three-year low of 1.0725. The MACD continues to lose momentum below its trigger line, the RSI is making its way down below its 30 oversold level, while the stochastic oscillator is reversing south again, all signaling a bearish trading in the short-term. Also, the 20- and the 40-period simple moving averages (SMAs) are following the price action down. Should weakness extend, support could be initially detected within the 1.0775 – 1.0800 support area before the 1.0725 trough [..]

Technical Analysis – USDCHF finds difficulty to accelerate towards today’s peak

Posted on March 19, 2020 at 1:32 pm GMT

USDCHF’s attempts to continue its ascent – despite reaching a new one-month high of 0.9815 – breached but failed to close above the inside swing high of 0.9750 and the 0.9778 and 0.9815 obstacles. The enduring positive move which has nearly recouped all the losses from the 0.9848 peak seems to be backed by the rising Ichimoku lines as well as the increasing bullish momentum reflected in the short-term oscillators. The MACD, in the positive region, continues to increase above [..]

Technical Analysis – EURNZD finds wall at 10-year top; looks overbought

Posted on March 19, 2020 at 10:39 am GMT

EURNZD found some footing around the ten-year high of 1.9922 before edging lower near the 23.6% Fibonacci retracement level of the upward move from 1.6615 to 1.9922 at 1.9145. The red Tenkan-sen line, remains well above the blue Kijun-sen and the RSI is currently flirting with overbought levels, while the stochastic is turning lower into the positive area after the bearish cross within the %K and %D lines, which exited the overbought region. A pull back may meet immediate support around the 1.8990 barrier, while [..]

Technical Analysis – Gold bears break key borders; uptrend at risk below 1,450

Posted on March 19, 2020 at 9:08 am GMT

Gold closed slightly below the 200-day simple moving average (SMA) on Wednesday for the first time since the end of 2018, having breached the supportive trendline from 1,269 earlier this week too. Adding to the bearish sentiment, the RSI continues to extend south and is ready to pierce its 30 oversold level, while the MACD is deep in the negative territory , below its trigger line, and close to a former support area, hinting a cautiously short-term bearish bias. From [..]

Technical Analysis – US dollar index near 17-year high as rally accelerates

Posted on March 19, 2020 at 8:40 am GMT

US dollar index futures (June delivery) exploded higher in recent weeks, as the global pandemic crisis has ignited a dollar liquidity shortage. The price is now trading at three-year highs, with the structure on the weekly chart consisting of higher highs well above the 50- and 200-week moving averages (MAs), which posted a ‘golden cross’ in mid-2019. Hence, the picture is positive, and a weekly close above the almost two-decade high of 103.80 could add more gasoline to the rally. [..]

Technical analysis – GBPJPY’s downside risks intact, reaching multi-year low

Posted on March 19, 2020 at 8:29 am GMT

GBPJPY’s nearly one-month decline, out of a consolidation phase, appears to have just about touched a 41-month low of 123.97, assisted by the declining Ichimoku lines and the recent bearish crossover in the downward sloping 50- and 100-day simple moving averages (SMAs). The short-term technical indicators confirm the extremely bearish picture and currently point to more weakness in the market. The MACD, in the negative area, continues to weaken below its red trigger line, while the RSI and stochastics, despite [..]

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