Technical Analysis / Page 559

Technical Analysis – UK 100 index plunges in long-term trading range

Posted on February 3, 2020 at 10:40 am GMT

The UK 100 index has been developing within a one-year consolidation area with upper boundary the 7,690 resistance level and lower boundary the 7,020 support. In the latest move, the price tumbled to a fresh three-week low of 7,230.94 on Friday but the 38.2% Fibonacci retracement level of the upward movement from 6,470 to 7,730 helped it to recover a bit on Monday. In technical indicators, the stochastic oscillator is still pointing to the 20 oversold mark, while the MACD continues to [..]

Technical Analysis – Gold remains optimistic despite receding to Ichimoku cloud

Posted on February 3, 2020 at 9:19 am GMT

Gold’s recent withdrawal from 1,594 is tackling the uptrend line, drawn from 20 December 2019, and the 1,575 level – near the Ichimoku cloud – which is the 23.6% Fibonacci retracement of the up leg from 1,458.42 to 1,611.28. Moreover, the flattening of the Ichimoku lines reflects a pause in the market. Although positive momentum has weakened, the improving picture looks to be intact, something also aided by the upward sloping simple moving averages (SMAs). The MACD is in the [..]

Technical Analysis – EURUSD may retest 1.1100 after rebound on 2-month low

Posted on February 3, 2020 at 7:29 am GMT

EURUSD found some footing around the 1.0990 support level last week and returned back above the red Tenkan-sen line and the 50.0% Fibonacci retracement level of the upleg from 1.0880 to 1.1240 near 1.1060. Also, it touched a fresh one-week high near 1.1095 on Friday, signaling a possible upside correction of the pullback from 1.1240 in the short-term. The price is currently testing the 20-day simple moving average (SMA) and a former restrictive area – the Ichimoku cloud – where [..]

Technical Analysis – EURSEK sustains bullish mode at the 50.0% Fibonacci

Posted on January 31, 2020 at 12:20 pm GMT

EURSEK is attempting to push over the 10.671 hurdle, which is the 50.0% Fibonacci retracement of the down leg from 10.932 to 10.410 after violating the Ichimoku cloud and the 200-day simple moving average (SMA) to the upside. Backing the move is the upward sloping Ichimoku lines and the technical indicators, which are reflecting further advances on the cards. The MACD in the positive zone is strengthening above its red trigger line while the rising RSI has claimed the 70 [..]

Technical Analysis – GBPCAD bullish at six-week highs; indicators remain positive

Posted on January 31, 2020 at 11:25 am GMT

GBPCAD has gained this week but it managed to still hold within the Ichimoku cloud in the daily timeframe. The price ran to a fresh six-week peak today at 1.7376, climbing above 1.7340, which is the 23.6% Fibonacci retracement level of the upward wave from 1.5875 to 1.7790, following the rebound off the six-month uptrend line. The technical indicators are feeding prospects of a possibly more aggressive positive tendency; the RSI holds well above 50, while the MACD continues to [..]

Technical Analysis – Dollar Index futures pull back in downward sloping channel

Posted on January 31, 2020 at 10:22 am GMT

The US dollar index bounced off the upper boundary of the downward sloping channel at the 98.00 psychological level and fell towards the 100-simple moving average (SMA). The price is exposing to downside risks and the first clue is the lower highs and the lower lows registered below the 28-month peak of 99.30. In terms of momentum, the short-term bias is currently viewed as neutral-to-negative as the MACD is flattening above its zero line and the stochastic is moving lower [..]

Technical Analysis – GBPJPY confined within a trading range; bulls picking up

Posted on January 31, 2020 at 9:18 am GMT

GBPJPY is in the process of pushing above the converged simple moving averages (SMAs) and upper Bollinger band around the 143.10 area. That said, the pair remains range bound – backed by the narrowing in the Bollinger bands – since 23 December 2019, between the 140.82 and 144.60 boundaries. The short-term oscillators support the very near-term improving picture. The MACD is above its red trigger line and has marginally creeped above the zero line, while the RSI is rising in [..]

Technical Analysis – USDCAD rises to 7-week high above 1.3200

Posted on January 31, 2020 at 7:47 am GMT

USDCAD is trading not too far from yesterday’s seven week high of 1.3220, which is the 38.2% Fibonacci retracement level of the down leg from 1.3664 to 1.2950. The bullish correction, which initially pivoted off the 21-month low of 1.2950, is approaching the one-year downtrend line. The technical indicators are confirming the positive structure on price. The stochastic oscillator is posting a bullish crossover within the %K and %D lines in the overbought zone. The MACD is strengthening its upside [..]

Technical Analysis – USDSEK paints a positive picture from the start of the year

Posted on January 30, 2020 at 4:26 pm GMT

USDSEK seems to be in the process of extending its gains off the end of year low of 9.293 and is currently testing the 9.652 point. The improving picture – which overran the 200- and 100-day simple moving averages (SMAs) – appears to be aided by the recent bullish crossover of the flattened 50-day SMA by the upward sloping 20-day one, and the momentum indicators. Within the momentum indicators, things look optimistic with the MACD accelerating in the positive region [..]

Technical Analysis – EURNOK buyers take full control pushing off 20 MA

Posted on January 30, 2020 at 11:53 am GMT

EURNOK seems to have found new life in its ascent after pivoting ahead of the 20-period simple moving average (SMA) and improving above the 10.116 hurdle, which is the 76.4% Fibonacci retracement of the down leg from 10.211 to 9.813. The RSI and the Stochastics are currently in overbought territory while the MACD, deep in the positive zone is rising above its red trigger line. The nearing bullish crossover of the 200-period SMA by the 100-period one and the upward [..]

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