Technical Analysis / Page 548

Technical Analysis – US 100 index finds support at 200-SMA; could trade neutral in short-term

Posted on March 3, 2020 at 11:03 am GMT

US 100 stock index found strong footing near the 200-day simple moving average (SMA) once again, refusing to slip below the 8,000 number. In the short-term, the market could follow a neutral path, holding above its recent lows, as the RSI is moving towards its 50 neutral mark and the MACD is stabilizing within the bearish area. The 50- and 20-day SMAs currently at 9,100 and 9,267 respectively could halt any upside extension, while the 9,500 barrier could deter any [..]

Technical Analysis – EURUSD at two-month high; challenges trendline

Posted on March 3, 2020 at 8:35 am GMT

EURUSD bulls forcefully entered the 1.1100 territory on Monday and peaked at a two-month high of 1.1183, but failed to close above the former supportive ascending trendline even though the pair pierced through it. The price also surpassed the 200-day simple moving average (SMA) but the RSI and Stochastics are currently flagging overbought conditions, suggesting that some downside pressure or some consolidation may emerge in the near-term. A pullback below the 200-day SMA and the 1.1100 level could stall around [..]

Technical Analysis – USDCHF flirts with 16-month low again; creates range in short-term

Posted on February 28, 2020 at 10:34 am GMT

USDCHF remains under pressure and the risk is to the downside as prices continue to drift lower from the 38.2% Fibonacci retracement level of the downward wave from 1.0235 to 0.9610 at 0.9850. The revisiting of the 16-month low of 0.9610, suggests the formation of a possible trading range if the price fails to post a lower low in the daily chart. Looking at momentum indicators, the RSI is heading south and is ready to flirt with the 30 territory, while the MACD has declined beneath the zero [..]

Technical Analysis – USDCAD at 8-month high; looks bullish above trendlines

Posted on February 28, 2020 at 8:31 am GMT

USDCAD refused to close below the 200-day simple moving average (SMA) and the supportive trendline last week, staging a remarkable rally instead that led the price above the long-term ascending trendline and to eight-month highs on Friday. The price also pierced the 61.8% Fibonacci of the 1.3663-1.2950 downleg, increasing hopes that more gains could be achieved, with the rising RSI and Stochastics – which have yet to confirm overbought conditions – backing this view as well. Slightly higher, the area around 1.3465 has been [..]

Technical Analysis – GBPJPY sharp sell-off continues at 3-month low near 140.00

Posted on February 28, 2020 at 7:36 am GMT

GBPJPY has maintained aggressive selling movement over the last sessions, recording a new three-month low of 140.10 earlier today. The bearish structure in the very short-term is confirmed by the technical indicators, which are hovering in the oversold zone. The MACD is extending its negative tendency well below trigger and zero lines, while the RSI is flattening below the 30 level. Should the pair make another run lower, it’s likely to meet support at the 139.30 barrier, taken from the [..]

Technical Analysis – CADJPY faces selling pressure after touching 1-year high

Posted on February 27, 2020 at 1:57 pm GMT

CADJPY has been in the red over the last four days, but it is still trading within an upward sloping channel, which has been holding since September 2019. The latest drop started after the pair found a wall at the one-year high of 84.75. According to the RSI, the market could push for further losses in the short-term as the indicator strengthens its negative momentum below its 50 level. The stochastic is also falling, though, it is relatively close to the 20 oversold threshold and a bullish correction [..]

Technical Analysis – NZDUSD rebounds on 4-month low; bullish correction in very short term

Posted on February 27, 2020 at 10:42 am GMT

NZDUSD is in an upside pull back mode following the fall to the four-month low of 0.6280. Over the last two months, the pair has been developing in a descending move, but in the very short-term an upside correction is expected. The RSI is pointing north in the negative area, while the MACD is gaining momentum above its trigger line. On the upside, buyers would be eagerly waiting for a closure above the 40-day simple moving average (SMA) currently at [..]

Technical Analysis – US 30 stock index dives below ascending channel

Posted on February 27, 2020 at 10:32 am GMT

The US 30 stock index faced strong selling this week that forced the price to abandon the 10-month old channel and drop to a four-month low of 26,483, where the 38.2% Fibonacci of the 21,596-29,582 upleg happens to be. A rebound or some stabilization near recent lows cannot be ruled out as the RSI and the Stochastics flag oversold conditions. Yet, with the price having breached the channel significantly to the downside and the 20-day simple moving average (SMA) set to cross [..]

Technical Analysis – EURCAD accelerates to 3-week high; bias cautiously positive

Posted on February 27, 2020 at 8:41 am GMT

EURCAD is set to close strongly bullish after three consecutive negative weeks, with the pair accelerating from a three-year low of 1.4262 to three-week highs. Looking at the four-hour chart, the RSI’s position provides some cautious signals as the indicator is already above its 70 overbought mark, though it has yet to show signs of weakness, suggesting that there might be some extra room for improvement in the market. Moving higher, the bulls should overcome the former 1.4596 resistance level [..]

Technical Analysis – US 500 index plunges to 4-month low; biggest fall since December 2018

Posted on February 27, 2020 at 7:32 am GMT

The US 500 index (Cash) has been in free fall mode since February 20 as it hit resistance at the record high of 3,392.21. The price is creating the biggest sell-off run since December 2018 and is approaching the nine-month ascending trend line, posting a fresh four-month low near the 200-day simple moving average (SMA) at 3,060. From a technical viewpoint, the moving averages are pointing down, while the MACD oscillator sank to the negative territory with strong momentum. Moreover, the RSI slipped to the oversold area and [..]

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Technical Analysis