Technical Analysis / Page 569

Technical Analysis – USDJPY returns higher; lacks clear direction in short-term

Posted on January 9, 2020 at 7:20 am GMT

USDJPY ended the day in green after the sharp sell-off on Wednesday, erasing intraday’s losses and surpassing the mid-level of the Bollinger Band (20-day simple moving average) and the 40-day SMA as well. The price rebounded on the 38.2% Fibonacci retracement level the of upleg from the 17-month low of 104.45 to the seven-month high of 109.70, near 107.70. The momentum indicators are pointing to a positive bias in the very short-term with the RSI just above the 50 level [..]

Technical Analysis – GBPNOK turns horizontal after tumble from highs is halted by 100-MA

Posted on January 8, 2020 at 2:44 pm GMT

GBPNOK’s aggressive decline from the fourty-two-month high of 12.2105 looks to have turned flat around the 11.54 to 11.51 levels, finding support where the lower band of the Ichimoku cloud has merged with the 100-day simple moving average (SMA). Further backing this view, is the weakening negative momentum in the technical indicators and the flattened Kijun-sen line. The short-term oscillators suggest negative momentum is wavering. The MACD, in the negative area has climbed above its red trigger line, while the [..]

Technical Analysis – Gold returns lower after surpassing 1,600 in near term

Posted on January 8, 2020 at 1:09 pm GMT

Gold looks to be overbought as it returns the significant gains that it posted in the preceding days. Earlier today, the price jumped to a fresh almost seven-year high of 1,611. The technical indicators seem to be overstretched in the 4-hour chart. The RSI slipped below the oversold area and the 70 level and continues to slope down, while the MACD fell beneath the trigger line but is still moving in the positive zone. Both are indicating a possible downside [..]

Technical Analysis – EURGBP tests downtrend line; bearish outlook intact

Posted on January 8, 2020 at 10:30 am GMT

EURGBP is moving slightly lower over the last ten days, following the pullback on the 0.8590 resistance and the descending trend line, which has been holding since the ten-year peak of 0.9324 last August. Currently, the price is developing within the 20- and 40-simple moving averages (SMAs) in the daily timeframe, which act as support and resistance respectively. The MACD oscillator is flattening below the zero line, while the RSI is moving slightly lower below the 50 level, signaling a [..]

Technical Analysis – EURJPY loses steam; confined below 200-MA

Posted on January 8, 2020 at 10:06 am GMT

EURJPY appears to be curbed by the 200-period simple moving average (SMA) currently at 120.95, succeeding a second push off the 120.16 support, which resulted in buyers keeping the pair above a supportive trendline drawn from 3 September 2019. The short-term oscillators suggest a slight strengthening in negative momentum. The MACD has slipped back below its red trigger line in the negative zone, while the RSI, has turned back down in the bearish region. Furthermore, boosting a retest of the [..]

Technical Analysis – AUDUSD pauses bearish move near 0.6850; remains in bullish channel

Posted on January 8, 2020 at 7:12 am GMT

AUDUSD found a strong resistance obstacle on the six-month high of 0.7030 on December 31 and subsequently completed four consecutive red days. The price dropped towards the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the upleg from 0.6670 to 0.7030, near 0.6850. Furthermore, the pair remains within the upward sloping channel, created from the bottom on October 1. Looking at the technical indicators, the RSI and the stochastic seem to be flat in the negative [..]

Technical Analysis – EURNZD corrects higher; tests the bigger negative picture

Posted on January 7, 2020 at 4:21 pm GMT

EURNZD’s gradual advancement in the short-term – aided by the momentum indicators and the upward slope and bullish crossover of the 20-period simple moving average (SMA) – looks to be eyeing the restrictive downtrend line and the 200-period SMA. Despite the slight weakening in positive momentum, the short-term oscillators still lean towards the positive picture. The MACD is still above its red trigger line in the positive zone, while the RSI, despite dropping, remains in the bullish region and above [..]

Technical Analysis – US 30 index holds bullish bias but strong resistance awaits near all-time high

Posted on January 7, 2020 at 1:42 pm GMT

The US 30 index surpassed the red Tenkan-sen line and is currently trading slightly higher following the rebound on the latest low of 28,340, however, in the very short-term the technical indicators seem to be a bit flat The MACD is hovering near the trigger line above the zero line, while the RSI is slowly moving higher in the daily chart. Jumping above the latest record high of 28,887.25, the index could hit the round number of 29,000 and then the 30,000 [..]

Technical Analysis – USDNOK sustains a bearish attitude, despite improving oscillators

Posted on January 7, 2020 at 1:28 pm GMT

USDNOK has stalled around the 8.7860 level – which is the 61.8% Fibonacci retracement of the up leg from 8.4664 to 9.3036 – something also reflected by the flattening of the Kijun-sen line. The short-term oscillators reflect a recent weakening in negative territory, suggesting a pause in the bearish market. The MACD is standing below its red trigger line and is flattening, while the rising RSI looks to exit the overbought region. However, the forthcoming bearish crossover of the 100-day [..]

Technical Analysis – WTI oil futures hover above SMAs in positive outlook

Posted on January 7, 2020 at 11:12 am GMT

WTI crude oil futures have been making higher highs and higher lows since October 2019 and yesterday the price touched a fresh eight-month high of 64.72, although it ended the day in the red. Today, the oil price is trying to recover some of the losses, remaining above the short-term simple moving averages (SMAs). The momentum indicators in the 4-hour chart are currently supporting that positive momentum is likely to strengthen in the short-term. Specifically, the stochastic oscillator is picking up speed above [..]

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Technical Analysis