Technical Analysis / Page 547

Technical Analysis – NZDUSD lies near 23.6% Fibonacci; corrects higher in near term

Posted on March 5, 2020 at 10:27 am GMT

NZDUSD has gained ground this week, advancing above the ten-and-half-year low of 0.6190 and the short-term moving averages, with the technical indicators feeding prospects for a possible positive trading. The RSI holds well above 50, while the MACD continues to strengthen in bullish territory and above its red trigger line. Also, in the Ichimoku indicators, the red Tenkan-sen keeps rising above the blue Kijun-sen. Yet, the pair is facing strong resistance near its previous peak of 0.6325 and the two-month [..]

Technical Analysis – EURGBP gives up rally near 200-day SMA

Posted on March 5, 2020 at 8:31 am GMT

EURGBP bulls hit a wall near the 200-day simple moving average (SMA) which perfectly curbed last week’s aggressive rally, with the price edging down to the 0.8600 territory on Wednesday. The price is currently ready to enter the 0.8647-0.8560 restrictive region formed by the 50% and 38% Fibonacci retracement levels of the 0.9018-0.8275 downleg, where a consolidation phase could take place given the downside reversal in the RSI and Stochastics from the overbought levels. An extension below the bottom of this range [..]

Technical Analysis – USDJPY faces aggressive selling interest; hovers near 5-month low

Posted on March 5, 2020 at 7:19 am GMT

USDJPY is looking strongly bearish in the short-term after plummeting below its moving averages in the preceding week and penetrating the ascending trend line. Prices hit a five-month low of 106.84 on Wednesday and the technical indicators are all pointing to further negative momentum in the near term. The stochastics are heading downwards, and the %K line crossed below the %D line in the oversold zone, suggesting plenty of scope for additional southward moves on price. The RSI is hovering [..]

Technical Analysis – USDCNH tumbles towards 6-week low with strong momentum

Posted on March 4, 2020 at 1:18 pm GMT

USDCNH is plunging for the ninth consecutive day after the pullback on the 7.0561 resistance, breaching the 23.6% Fibonacci retracement level of 6.9624 of the down leg from 7.1944 to 6.8433 today. The price is also registering a six-week low of 6.9159 within the Ichimoku cloud. Technical indicators are moving south with the RSI approaching its 30 oversold mark and the MACD dropping below its zero level, while the red Tenkan-sen is preparing to cross below the blue Kijun-sen line. If the market closes successfully below the 23.6% Fibonacci of 7.0561 the spotlight could turn to the one-year low of 6.8433. Below that [..]

Technical Analysis – GBPCHF stabilizes around 4-month low; bears could keep control

Posted on March 4, 2020 at 10:19 am GMT

GBPCHF slumped below the 200-day simple moving average (SMA) which proved an easy obstacle this time but the former strong support region around 1.2190 from the 2016-2017 period came to the rescue. Although the RSI, Stochastics and Bollinger bands reflect oversold conditions, the indicators have yet to reverse north, keeping the short-term bias negative. Should the wall around 1.2190 collapse, the sell-off could stretch until the 1.2090 familiar barrier, a break of which could stage another downfall towards 1.1900. On [..]

Technical Analysis – EURJPY challenges 120.00 key level; short-term indicators signal positive session

Posted on March 4, 2020 at 10:12 am GMT

EURJPY is close to break the 120.00 psychological level which is near the 40-period simple moving average (SMA) on the 4-hour chart. According to the RSI, the market could maintain positive momentum in the very short-term as the indicator is positively sloped near its neutral threshold of 50. Also, the stochastic oscillator posted a bullish crossover within its %K and %D lines in the oversold zone, suggesting an upside correction in the price. On the upside, the price could attempt to overcome the 38.2% Fibonacci retracement [..]

Technical Analysis – Gold recoups lost ground but eyes turn to 1,662

Posted on March 4, 2020 at 8:05 am GMT

Gold recouped all the losses it made on Friday after stepping on the 50-day simple moving average (SMA), with the price returning to the 1,600 territory. The short-term risk is still on the upside as the RSI has rebounded near a descending trendline and back above its 50 neutral mark, though with the MACD remaining below its red signal line despite gaining momentum, and the red Tenkan-sen stabilizing slightly above the blue Kijun-sen, some caution should be warranted. Hence, traders [..]

Technical Analysis – GBPUSD hovers above 4-month low with weak momentum

Posted on March 4, 2020 at 7:36 am GMT

GBPUSD has been trading lower over the last three months with weak momentum, reaching a new four-month low of 1.2725. The risk is still to the downside as the pair remains beneath the Ichimoku cloud and the 20- and 40-day simple moving averages (SMAs). The RSI indicator is flattening below the 50 level, while the MACD oscillator is holding below its trigger and zero lines. In the wake of more negative pressures, the market could meet support at the 50.0% [..]

Technical Analysis – AUDUSD bulls meet resistance trendline again; short-term bias positive

Posted on March 3, 2020 at 4:21 pm GMT

AUDUSD is testing the descending trendline stretched from the 0.7031 high again following Friday’s bounce on the decade low of 0.6433, and expectations are for more upside to come, with the rising RSI and MACD backing any potential move higher. Should the market close above the trendline, the bulls would aim for the 0.6670 barrier, which is slightly above the 38.2% Fibonacci of the 0.7031-0.6433 downleg. Clearing that obstacle, the way would open towards the 0.6710-0.6730 zone encapsulated by the [..]

Technical Analysis – WTI oil futures pause sell-off near 14-month low

Posted on March 3, 2020 at 2:10 pm GMT

WTI oil futures for April delivery slipped as low as 43.50 on Monday and near 2018 lows before bouncing up on Monday. With the RSI rising above its 30 oversold mark and the MACD stabilizing below its signal line, the market could follow a sideways path in the coming sessions. Any attempt for improvement could hit a wall within 49.30-50.50 area, where the 20-day simple moving average (SMA) and the descending trendline are currently standing. Should the price overcome that [..]

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