Technical Analysis / Page 556

Technical Analysis – Dollar Index futures hold at 4-month high; lack direction in long-term

Posted on February 10, 2020 at 8:52 am GMT

The US dollar index reached a fresh four-month high of 98.56 as the price extended its bull run well above the Ichimoku cloud and the moving averages lines. Prices broke above the 98.47 barrier and the technical indicators are suggesting a weaker bullish move. The MACD is holding above the trigger and zero lines, while the RSI flattens near the 70 level. It is worth mentioning that the 20-day simple moving average (SMA) crossed above all the short- and long-term [..]

Technical Analysis – EURUSD drops to a 4-month low; enters oversold area

Posted on February 10, 2020 at 8:18 am GMT

EURUSD met strong resistance near the broken ascending trendline at the end of January and changed direction to the downside, violating its uptrend off 1.0878 and diving to a four-month low of 1.0940 early on Monday. From a technical perspective, the short-term bias remains negative since all indicators are still located in the bearish area. Yet, the odds for an upside correction are increasing as the RSI and the Stochastics approach oversold levels. Should an upside reversal happen, the bulls would try to close [..]

Technical Analysis – AUDJPY reverses lower, picture turning negative

Posted on February 7, 2020 at 12:44 pm GMT

AUDJPY posted a ‘golden cross’ in mid-January – which is usually a positive sign – but was unable to sustain the upside momentum. Instead, the price structure on the daily chart seems to be turning negative, with lower highs and lower lows below both the 50- and 200-day simple moving averages (SMAs). A dive back below 72.40 would confirm that the outlook has turned bearish. Short-term momentum oscillators endorse an increasingly negative picture, with the RSI turning down after testing [..]

Technical Analysis – GBPNZD maintains neutral-to-bullish bias above cloud

Posted on February 7, 2020 at 11:21 am GMT

GBPNZD has been consolidating over the last four months with upper boundary the 2.0430 resistance and lower boundary the 50.0% Fibonacci retracement level of the up leg 1.8280 – 2.0550, near 1.9410. However, the broader picture remains positive as the price is hovering above the seven-month ascending trend line. Turning the attention to the technical indicators, the RSI is sloping up after a bounce ahead of the 50 level, while the stochastic is turning slightly higher before it hit the [..]

Technical Analysis – GER 30 Index pullback looks to test positive picture

Posted on February 7, 2020 at 11:00 am GMT

Germany 30 Index (Cash) is pushing under the 13,519 level, following a deflection off the 13,604 resistance from January 24. The candles reflect sellers’ efforts for a down move, something also suggested within the short-term oscillators, where negative momentum appears to be picking up. The MACD, deep in the positive region, has slipped below its red trigger line, while the RSI declines lower in bullish territory following an exit from the overbought zone. The Stochastic lines have reached the 20 [..]

Technical Analysis – GBPJPY could stay neutral; trend signals skewed to the downside

Posted on February 7, 2020 at 8:11 am GMT

GBPJPY keeps trading sideways but short-term trend signals seem skewed to the negative side as the pair has already crossed below the supportive trendline, the 50-day simple moving average (SMA) is preparing to cross above the 20-day SMA, while the price itself is fluctuating marginally below the Ichimoku cloud. The neutral mood is likely to stay in the short-term if the RSI and the MACD continue to lack direction, with the price expected to be congested between the 61.8% Fibonacci [..]

Technical Analysis – USDCAD struggles below 2-month peak; surpasses downtrend line

Posted on February 7, 2020 at 7:51 am GMT

USDCAD recorded a two-month high after successfully jumping over the one-year falling trend line, where the pair encountered a strong barrier at the 50.0% Fibonacci retracement level of the down leg from 1.3664 to 1.2950 at 1.3305. The buying interest seems to be soft as the technical indicators are suggesting a possible pull back in the short-term. The stochastic oscillator created a bearish crossover within its %K and %D lines in the overbought zone, while the RSI is flattening near its 70 level. Also, the MACD [..]

Technical Analysis – Amazon stock cautiously bullish despite pullback

Posted on February 6, 2020 at 4:16 pm GMT

Amazon stock aggressively gapped up near to 2,050 on 31 January and proceeded to plot a fresh all-time-high of 2,066.36 before correcting slightly below 2,034. Buyers’ efforts are currently steering the stock back up, a move aided by the upward sloping simple moving averages (SMAs) and the recent bullish crossover of the 200-day SMA by the 50-day one. Moreover, the technical indicators suggest positive momentum may keep up with the latest move, even though the RSI and Stochastics are located [..]

Technical Analysis – US 30 index extends bullish pressure; all-time high at 29,528

Posted on February 6, 2020 at 1:49 pm GMT

The US 30 index is looking strongly bullish after surging above its daily moving averages (MA) on Monday. Prices hit a record high of 29,528 earlier today and the technical indicators are all pointing to further positive momentum in the near term. The stochastics are heading upwards, but the D% line has yet to cross above 80, suggesting plenty of scope for additional upside moves. The RSI has crossed into bullish territory but has yet to approach the 70 overbought [..]

Technical Analysis – GBPNOK’s correction downwards pauses as buyers look to reload

Posted on February 6, 2020 at 11:23 am GMT

GBPNOK reverses ahead of the multi-year high of 12.21 and is finding some difficulty in pushing past the inside swing high of 11.95 (previous resistance-now-support), something also reflected in the flattening Kijun-sen line. The short-term oscillators suggest a stall in negative momentum. The MACD is flattening as it remains above its red trigger line in the positive zone, while the RSI’s decline in the bullish region, begins to slow. That said, the rising Tenkan-sen line, which is distancing itself above [..]

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