Technical Analysis / Page 541

Technical Analysis – GBPUSD posts heavy fall within a tumble mode; new low since 1985

Posted on March 19, 2020 at 7:53 am GMT

GBPUSD has been gradually tumbling over the last couple of weeks, dropping to levels not seen in several decades. The price is flirting with the fresh low last seen in 1985 that posted on Wednesday at 1.1450. The sharp selling interest was confirmed by the long-term momentum indicators that slipped in their negative territories. The RSI is hovering near the 30 level, while the MACD is falling beneath its trigger line in the weekly timeframe. The Ichimoku lines are dropping as well, following the price action. Should [..]

Technical Analysis – USDCAD builds a bullish long-term outlook after triangle completion

Posted on March 18, 2020 at 3:43 pm GMT

USDCAD accelerated to a four-year high of 1.4532 after finally completing a bullish symmetrical triangle on the weekly chart that become more evident at the start of 2019. The bulls are now set to post the largest weekly gain since 2008 and then likely head for the 2016 peak of 1.4689 as there is no significant barrier beneath that top. Yet, any furher improvement should be cautiously treated as the RSI and the Stochastics are already in overbought territory despite [..]

Technical Analysis – GBPCAD appears to be consolidating declines, capped by the 200 MA

Posted on March 18, 2020 at 2:49 pm GMT

GBPCAD seems to be lacking direction after the descent from the 1.8045 top, as the pair finds itself squeezed by the upper Bollinger band, coupled by the 200-period simple moving average (SMA) and the lower band. The short-term oscillators reflect a pause in the market but lean towards a negative picture. The MACD, in the negative area, is above its red trigger line but is looking to reclaim it, while the RSI, despite having deflected off its neutral mark and [..]

Technical Analysis – USDJPY recovers after touching US election low

Posted on March 18, 2020 at 2:16 pm GMT

USDJPY fell sharply in recent weeks to touch 101.20, a level last seen on November 9, 2016 – the day Donald Trump was elected US president. The pair found fresh buy orders near that zone and then staged a major recovery, holding above a short-term uptrend line. On the four-hour chart, the price structure now consists of higher highs and higher lows, so the very near-term outlook seems to have turned positive. A break back above 108.50 could confirm that. [..]

Technical Analysis – US 30 stock index retests 3-year lows; death cross awaited

Posted on March 18, 2020 at 1:44 pm GMT

The US 30 index stretched its one-month rally to a three-year low of 19,899 on Tuesday before pulling slightly higher. The MACD seems to be losing momentum below its red trigger line, while the RSI is still hovering around its 30 oversold mark. Moreover, the red Tenkan-sen line is sloping down below the blue Kijun-sen line, thus all signaling a more cautious trading in the short term. Additionally, the 50- and the 200-day simple moving averages (SMAs) are in the process of completing a ‘death cross’. The market trend is likely to hold to the downside [..]

Technical Analysis – AUDJPY resumes downtrend, hits new 11-year low

Posted on March 18, 2020 at 12:44 pm GMT

AUDJPY has come under renewed selling pressure in recent sessions, and at the moment it is testing the 63.50 region. The price structure on the daily chart consists of lower lows beneath both the 50- and 200-day simple moving averages (SMAs), which have posted a death cross lately, with the 50-day falling below the 200-day. Thus, the outlook is firmly negative. The RSI endorses that view, falling further in its oversold territory. Likewise, the MACD is declining in its negative [..]

Technical Analysis – CADJPY falls to 2011 low, posts death cross

Posted on March 18, 2020 at 10:27 am GMT

CADJPY has sold off aggressively in the past few weeks, with the pair falling to 73.85 – a zone last seen in 2011 – before rebounding somewhat. The outlook therefore seems to have turned negative, something endorsed by the 200-day simple moving average (SMA) crossing below the 50-day one to form a ‘death cross’. That said, a break below 73.85 is needed to confirm the downtrend. Short-term oscillators paint a bearish picture too. The RSI looks ready to test its [..]

Technical Analysis – EURCHF loses steam marginally above 5-year low and below SMAs

Posted on March 18, 2020 at 10:13 am GMT

EURCHF has been declining over the last eleven months, driving the pair towards the almost five-year bottom of 1.0540 on March 12. The market is remaining well below the descending trend line and close to the 20- and 40-period simple moving averages (SMAs) in the daily timeframe. Technically, the RSI indicator is pointing down in the bearish zone and marginally above the oversold region, while the MACD is stretching its negative momentum below the trigger line, suggesting an extension of the [..]

Technical Analysis – NZDUSD maintains a sturdy negative bearing

Posted on March 18, 2020 at 9:25 am GMT

NZDUSD continues to extend its negative sentiment reaching the 0.5862 level – that being the 161.8% Fibonacci extension of the up move from 0.6203 to 0.6754 – backed by the declining Ichimoku lines and the recent bearish crossover by the downward sloping 50-day simple moving average (SMA) of the 100- and 200-day SMAs. Further aiding the drop in price is the MACD, which is in the negative region, currently increasing bearish momentum below its red trigger line, while the RSI [..]

Technical Analysis – AUDUSD records a new 17-year low in oversold zone

Posted on March 18, 2020 at 7:10 am GMT

AUDUSD has been in a strong bearish rollercoaster over the last ten days, flirting with the 17-year low beneath the strong psychological mark of 0.6000. The pair has also increased distance below its negatively sloped moving average lines and the flattening Ichimoku cloud, indicating that the recent downtrend might hold for longer. Momentum signals are bearish as well as the red Tenkan-sen line, which is below the blue kijun-sen line, and looks to be heading south, while the RSI remains in the oversold territory over the [..]

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