Technical Analysis / Page 544

Technical Analysis – JP 225 index’s decent extends to more than 3-year low

Posted on March 12, 2020 at 1:28 pm GMT

Japan’s 225 stock index (cash) sustains a negative bearing stretching to a thirty-nine-month low of 17,510. The one-month collapse is fortified by the downward sloping 50- and 100-day simple moving averages (SMAs) and the recent bearish crossover between them. Furthermore, the falling Ichimoku lines boost the negative sentiment with the red Tenkan-sen line distancing itself below the blue Kijun-sen line. Additionally, the MACD is deep in the negative region and below its red trigger line, while the RSI is declining [..]

Technical Analysis – US 100 index continues sharp sell-off within bearish channel

Posted on March 12, 2020 at 11:30 am GMT

The US 100 stock index (cash) could not successfully breach the 200-day simple moving average (SMA) as the 8,300 resistance level stood tall, with the index pulling back below that line and towards a five month low of 7,602. Also, the price dropped below 7,789, which is the 50% Fibonacci retracement of the 5,838-9,750 long-term upleg, increasing speculation that the sell-off may not bottom out in the near-term as the downward-sloping RSI and Stochastics are currently signaling. Probably the next pause could take place around the [..]

Technical Analysis – USDCNH rallies above 200-day SMA; neutral in medium term

Posted on March 12, 2020 at 10:36 am GMT

USDCNH had an aggressive bullish start on Thursday, surpassing the short and medium term simple moving averages (SMAs) and the 7.0000 psychological level. While the SMAs are moving higher, mirroring the market’s positive behavior over the past three days, the RSI indicator is still holding in bullish territory, flagging that a recovery could reemerge in the short term. The MACD is also approaching the zero line, creating a bullish crossover in the negative zone. In case the pair changes its direction [..]

Technical analysis – Silver looking bearish heading towards 61.8% Fibonacci

Posted on March 12, 2020 at 9:40 am GMT

Silver sellers appear to be in control as the commodity is nearing the 16.32 barrier – that halted previous declines – which is the 61.8% Fibonacci retracement of the up leg from 14.28 to 19.63. The negative push seems to have backing from the downward sloping 50-day simple moving average (SMA) and the momentum indicators. The MACD, in the negative zone, is declining below its red trigger line, while in the bearish region the RSI is heading for the 30 [..]

Technical Analysis – GBPJPY slips to fresh 5-month low; eyes on key support region

Posted on March 12, 2020 at 8:12 am GMT

GBPJPY stretched its sharp sell-off towards a fresh five-month low of 132.31 on Thursday and into a key support zone as the risk-off sentiment sharpened, with the pair further deviating below the 200-day simple moving average (SMA). Upside corrections or some consolidation cannot be ruled out in the near-term as the fast-Stochastics head north at a time when the RSI is hovering below its 30 oversold mark. Technically speaking, this implies that the nearby key 132.50-131.94 support region formed by the January [..]

Technical Analysis – USDJPY extends selling interest; indicators signal further weakness

Posted on March 12, 2020 at 7:57 am GMT

USDJPY continues the selling interest underneath the 104.00 psychological level and the 23.6% Fibonacci retracement level of the bearish move from 112.20 to 101.15. The RSI indicator is pointing down again and the MACD oscillator is extending its bearish momentum well below its trigger and zero lines, suggesting a sharper bearish structure. The selling pressure could accelerate again if the market deteriorates below the 23.6% Fibo of 103.75, edging towards the 41-month low of 101.15. Such a move could next bring [..]

Technical Analysis – GBPCAD sustains positive sentiment despite pull back

Posted on March 11, 2020 at 3:14 pm GMT

GBPCAD has been heading back north, after failing to close below the 1.7633 barrier, that being the 38.2% Fibonacci retracement of the up leg from 1.6969 to 1.8045. The improvement in the pair is being tracked by the mid-Bollinger band and is attempting to surpass the 23.6% Fibo of 1.7790, further backed by the upward sloping simple moving averages (SMAs). In the technical oscillators, the MACD has fallen below its red trigger line but is still some distance in the [..]

Technical Analysis – CADJPY could recover from 8 ½-year lows if 77.00 mark passed

Posted on March 11, 2020 at 2:17 pm GMT

CADJPY bounced from an 8 ½-year low of 73.85 on Tuesday and expectations are for the positive momentum to resume in the short-term as the RSI prepares to exit the oversold area. Practically, the pair should overcome nearby resistance around 72.20 to stage a more sustainable rally that could initially pause around 78.20 and then near the 79.00 mark. Slightly higher, the 79.78 barrier could also halt any attempt higher. On the flip side, a retest of the 2016 lows of 75.40 [..]

Technical Analysis – Brent futures covers gap down; still bearish in short term

Posted on March 11, 2020 at 1:43 pm GMT

Brent futures sank towards a fresh low of 31.23 on Monday, creating a gap down, however, they covered some of the losses in the previous four-hour sessions. Looking at the technical indicators, the RSI turned lower but is still the near 50 level, while the stochastic oscillator is losing momentum after the bearish cross within its %K and %D lines in the positive area. On the other side, the MACD oscillator is remaining above its trigger line, but the upside movement is [..]

Technical Analysis – UK 100 index hovers near four-year low; may resume positive momentum

Posted on March 11, 2020 at 11:29 am GMT

The UK 100 stock index (cash) bounced above the four-year low of 5,698 on Tuesday to lose some ground again on Wednesday despite the Bank of England reducing interest rates by 0.50 bps at an emergency meeting. With the RSI bottoming twice near its recent lows and jumping above the 30 oversold mark and the green %D Stochastic line rising above the red %K line, expectations are for the market to resume positive momentum in the short-term. Nearby resistance to [..]

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