Technical Analysis / Page 549

Technical Analysis – GBPCHF holds in consolidation pattern, unlikely to break out soon

Posted on February 26, 2020 at 4:32 pm GMT

GBPCHF has been consolidating since reaching a 7-month peak of 1.3307 in December, forming a ceiling around 1.2850 and a floor around 1.2530 in a sideways range. It’s worth pointing out though, that price action has recently moved below the Ichimoku cloud, suggesting that the risk of a breakout below the range is greater than that of an upside break. The momentum indicators also point to a slight downside risk as the RSI has reversed lower, dipping into bearish territory, [..]

Technical Analysis – GBPNZD at 3 ½-year highs and near key resistance

Posted on February 26, 2020 at 3:33 pm GMT

GBPNZD hit the highest point since June 2016 on Wednesday but the pair barely breached the October peak of 2.055 which is also a former key resistance area, sending warnings that the bullish momentum may soon lose steam. Any downside correction, however, may prove temporary if the rising 20-day simple moving average (SMA) currently around 2.023 keeps supporting the market, shifting attention back to the 2.055 barrier. Beyond the latter, there is another tough obstacle around 2.080 that the bulls [..]

Technical Analysis – AUDUSD in freefall as selloff resumes

Posted on February 26, 2020 at 11:31 am GMT

AUDUSD is looking more bearish by the day in both the near-term and medium-term time frames as the pair keeps carving out fresh 11-year lows after a brief pause. Momentum indicators suggest the negative picture will persist at least in the coming days. The RSI has turned lower again to re-enter the oversold region, while the MACD is deep in negative territory, widening its distance from and below its red signal line. The pair has just broken its immediate support [..]

Technical Analysis – USDJPY needs to hold above 20-day SMA to avoid extra losses

Posted on February 26, 2020 at 8:27 am GMT

USDJPY erased all the impressive gains that led to a 10-month high of 112.21 last week, closing negative for the third consecutive day on Tuesday and marginally above the 110.00 level. The 20-day simple moving average (SMA), which is also the middle Bollinger band, contained the bearish move and the pair is currently pushing efforts to keep its uptrend off the 104.44 bottom valid. Technically, the short-term trading could be neutral if the RSI and the MACD remain near their [..]

Technical Analysis – NZDJPY set for more losses below range-bottom

Posted on February 25, 2020 at 12:49 pm GMT

NZDJPY is testing the bottom of the 71.22-69.90 range, which is likely to collapse as the RSI has restored negative momentum in the bearish area and the 20-day simple moving average (SMA) is heading for a bearish cross with the 200-day SMA. The 50% Fibonacci is also in the neighborhood making any violation of the barrier important for the sell-off to extend towards the 61.8% Fibonacci of 69.00, while lower, traders could also look for support around 68.50. In the [..]

Technical Analysis – GER 30 index pauses sharp downfall near key support; may stay under pressure

Posted on February 25, 2020 at 10:38 am GMT

The German 30 stock index, having unlocked a fresh record high at 13,826 last week, plummeted below the Ichimoku cloud for the first time since August on Monday but the strong cluster of support around 12,950 managed to curb the sharp downfall once again. Technically, there is more downside in store in the near-term according to the RSI and the Stochastics which are fluctuating comfortably within the bearish zone but have yet to confirm oversold conditions. This increases the case [..]

Technical Analysis – EURGBP finds wall near 20-SMA; retains neutral mode

Posted on February 25, 2020 at 9:26 am GMT

EURGBP is consolidating within a trading range over the last two months with an upper boundary at the 0.8590 resistance and the lower boundary at the 0.8275 support level. Currently, the pair is capped by the 20-day simple moving average (SMA) and the blue Kijun-sen line. The technical indicators are moving with weak momentum within the bearish territory; the MACD has risen marginally above its trigger line, while the RSI is still flattening slightly below 50 area. If the price retreats, it could find support at [..]

Technical Analysis – GBPUSD squeezed by descending channel

Posted on February 25, 2020 at 8:24 am GMT

GBPUSD printed another lower low at 1.2848 on Thursday, making the case for a down-trending market more real. Also, the pair seems to be trading within a downward-sloping channel that has been keeping the market action under control since the start of the month, while the bearish cross between the 20- and 50-day simple moving averages (SMAs) is another negative trend signal for the market. Should the channel keep rejecting upside corrections, Thursday’s low of 1.2848, which is near the [..]

Technical Analysis – WTI futures could see more gains after posting 2-week low

Posted on February 25, 2020 at 7:43 am GMT

WTI oil futures is creating positive 4-hour sessions after the bounce off the three-month rising trend line and the 50.41 significant support level. The commodity today has advanced to the nearby Ichimoku cloud’s upper band around the 23.6% Fibonacci retracement level of the bearish movement from 59.62 to 49.29 at 51.74. The short-term oscillators suggest an increase in positive momentum for now. The RSI indicator is approaching the bullish region, while the %K line of the stochastic oscillator entered the [..]

Technical Analysis – UK 100 index slumps below long-term supportive trendline

Posted on February 24, 2020 at 2:03 pm GMT

The UK 100 stock index slumped below the supportive trendline that has been holding since the end of 2018, increasing concerns that the market may be changing direction to south. The downside reversal in the RSI, which is currently heading towards its 30 oversold mark, is a negative signal that the bearish action may get new legs in the short-term. Yet, a confirmation could only come below the 50% Fibonacci of 7,132 of the 6,535 – 7,728 up leg. If such an incident materializes, the [..]

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