Technical Analysis / Page 546

Technical Analysis – USDCHF recoups today’s sell-off after downfall to almost 5-year low

Posted on March 9, 2020 at 1:55 pm GMT

USDCHF is recouping some of today’s losses after it plummeted to an almost five-year low of 0.9182. The price has turned its short-term bias from neutral to strongly negative after the downfall from the 0.9630 area. The RSI appears to be turning slightly to the upside in the oversold zone, however, the MACD is suggesting even more losses. The 23.6% Fibonacci retracement level of the downward movement from 1.0235 to 0.9182 at 0.9430 is the nearest resistance that could reject [..]

Technical Analysis – US 500 stock index’s selling interest continues to 6-month trough

Posted on March 9, 2020 at 11:25 am GMT

The US 500 index (Cash) continues the sharp sell-off, extending its negative momentum towards a six-month low of 2,819. The outlook turned negative in the short-term with the MACD oscillator holding well below the trigger line in the bearish area, while the RSI is approaching the oversold zone with strong momentum. Also, the red Tenkan-sen line is moving south beneath the blue Kijun-sen line, suggesting a bearish structure. If traders continue to sell, they could find immediate support at the 2,755 region, [..]

Technical Analysis – WTI oil futures in extreme downfall; bearish and oversold

Posted on March 9, 2020 at 8:54 am GMT

WTI oil futures for April delivery is in free-fall mode on Monday after OPEC+ meeting triggered a price war between Saudi Arabia and Russia last week. Oil price opened 11% lower on Monday and at a multi-year low of 27.32, though not far from 2016 troughs. Technically, the market is strongly oversold as the RSI is printing new lows below 30, increasing the case for a price reversal. That said, the indicator has yet to change direction and head north and the MACD continues to [..]

Technical Analysis – Gold remains bullish despite correction from peak

Posted on March 9, 2020 at 8:24 am GMT

Gold’s pullback from a multi-year high of 1,703 found support at the mid-Bollinger band around 1657 and the very short-term supportive trendline pulled from February 28. The short-term oscillators suggest positive momentum is picking up, with the RSI improving ahead of its 50 mark and the MACD holding just at its red trigger line in the positive zone. If the yellow metal sustains its position above the supportive trendline and the mid-Bollinger band, initial resistance could come from 1,690 ahead [..]

Technical Analysis – EURUSD rushes to 13-month peak; strongly bullish in short term

Posted on March 9, 2020 at 7:54 am GMT

EURUSD surged to a fresh 13-month peak near the 1.1500 handle earlier today, continuing the aggressive buying interest that started on the 34-month low of 1.0770 on February 20. The pair seems to be strongly bullish in the very short-term after it surpassed the 1.1450 barrier. However, the stochastic oscillator suggests an overbought market and a downside correction may be on cards. The MACD and the RSI are still moving higher in positive territories, signaling more gains. Also, the 20- [..]

Technical Analysis – GBPJPY bearish in short and medium-term; next support near 135.80

Posted on March 6, 2020 at 11:20 am GMT

GBPJPY is resuming negative momentum below the 200-day simple moving average (SMA) after some consolidation in the past few days that took the form of a bearish rectangle in a smaller timeframe (look at 4-hour chart). The next move in the price is likely to be down as the RSI is reversing south again and the MACD keeps deviating below its red signal line, though an upside correction cannot be ruled out as the former is entering oversold waters. The confirmed bearish cross [..]

Technical Analysis – EURAUD turns outlook to strongly bullish in long term

Posted on March 6, 2020 at 10:38 am GMT

EURAUD stretched its bullish rally to a ten-and-a-half-year high of 1.7127 in the last week before pulling lower. The MACD seems to be gaining momentum above its red signal line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is holding well above the flat blue Kijun-sen, all signaling a more positive trading in the short term. The market trend is likely to hold on the upside as long as the price holds far above its moving averages and the Ichimoku [..]

Technical Analysis – USDCHF may find some footing at 2-year lows; bearish in medium-term

Posted on March 6, 2020 at 8:25 am GMT

USDCHF fell aggressively on Thursday to two-year lows and near the 0.9430 crucial support region taken from the 2016-2017 period, approaching the 78.6% Fibonacci of the 0.9186-1.0234 upleg. Hence, since the RSI and the Stochastics are fluctuating well into the oversold area too, the odds for a rebound are increasing, shifting attention towards the 0.9575-0.9596 restrictive zone that includes the 61.8% Fibonacci. Higher, the bulls may retest the 0.9560 barrier before meeting the 50% Fibonacci of 0.9715, turning the bearish [..]

Technical Analysis – USDCAD needs to hold above 61.8% Fibo to be bullish in short term

Posted on March 6, 2020 at 7:48 am GMT

USDCAD looks to be creating a floor below the eight-month high of 1.3463 and near the 61.8% Fibonacci retracement level of the down leg from 1.3664 to 1.2950 at 1.3390. Furthermore, the price remains well above the penetrated falling trend line, signaling more upside pressure in the short-term. The technical indicators seem to be losing momentum in the daily timeframe. The RSI is moving slightly to the downside in the positive territory, while the stochastic is flattening after it posted [..]

Technical Analysis – EURCAD rises to 9-month peak above 1.5000

Posted on March 5, 2020 at 1:28 pm GMT

EURCAD stretched its two-week rally towards a nine-month high of 1.5032 earlier today. The market trend is likely to hold on the upside as long as the price holds far above its moving averages and the Ichimoku cloud. The MACD seems to be gaining momentum above its red signal line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is moving above the blue Kijun-sen, all signaling a more bullish trading in the short term. Should the positive action extend above [..]

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Technical Analysis