Technical Analysis / Page 570

Technical Analysis – GBPUSD cautiously positive despite weakened directional momentum

Posted on January 7, 2020 at 9:42 am GMT

GBPUSD looks to be undecided with its recent lower highs and higher lows. That said, buyers are attempting to drive the pair back up in efforts to realign with the bigger positive outlook. The short-term oscillators suggest a stall in directional momentum but lean towards the positive picture. The MACD, in the positive zone is marginally above its red trigger line, while the RSI is rising, slightly above its neutral mark. Noteworthy, are the upward sloping simple moving averages (SMAs) [..]

Technical Analysis – EURUSD holds below 6-month high; ascending in short-term

Posted on January 7, 2020 at 8:01 am GMT

Since the beginning of the year, EURUSD has come under renewed selling pressure, dropping below the six-month high of 1.1240, reached on December 31. However, the pair remains above the 23.6% Fibonacci retracement level of the upward wave from the 28-month low of 1.0880 to 1.1240, around 1.1155 as well as above the ascending trend line, which has been holding since October 1. Looking at momentum oscillators on the daily chart, they suggest further advances may be on the cards [..]

Technical Analysis – NZDJPY’s medium-term positive picture being tested by sellers

Posted on January 3, 2020 at 12:12 pm GMT

NZDJPY corrects below the 20-day simple moving average (SMA) after slightly breaking above the previous high from July 22 of 2019 of 73.23, putting the bigger positive picture under pressure. The short-term oscillators suggest that the negative momentum is strengthening. The MACD, although deep in the positive region, is falling below its red trigger line. Moreover, the downward sloping RSI has reached its neutral mark, while the %K accelerates below its %D line. Worth mentioning is the nearing of a [..]

Technical Analysis – Gold jumps higher but strong resistance awaits near 1,556

Posted on January 3, 2020 at 11:51 am GMT

Gold prices are continuing the strong bullish rally, reaching a fresh four-month high of 1,550 today. The short and medium-term biases look positive as the RSI keeps gaining ground in the overbought territory, while the MACD completed a positive crossover with its trigger line above the zero line in the 4-hour chart. Immediate resistance to further gains would likely come from 1,556, which was last touched on September 4. If there is a successful break above this area, further resistance [..]

Technical Analysis – EURCHF unlocks 4-month low; lacks clear direction in medium-term

Posted on January 3, 2020 at 9:53 am GMT

EURCHF has been moving sideways since the rebound on the 28-month low of 1.0810, reached on September 4. The upper boundary is the 1.1055 resistance level, near the 38.2% Fibonacci mark of the downleg from 1.1470 to 1.0810, and the lower boundary is the 1.0830 support level. In the very short-term, the market could maintain a downward move if the RSI keeps moving below 50 and the MACD extends its momentum below the trigger line. Regarding the trend, the 20-day simple moving average [..]

Technical Analysis – GBPJPY sellers take control in the medium-term picture

Posted on January 3, 2020 at 9:15 am GMT

GBPJPY is attempting to push below the 50-day simple moving average (SMA) and swing low residing at the 141.40 and 141.15 levels respectively. The negative move seems to be aided by the momentum indicators and the slight downturn in the 20-day SMA. The short-term oscillators reflect a pause in the market but lean towards a negative picture. The MACD, in the positive area, is below its red trigger line nearing the zero line, while the downward sloping RSI has slipped [..]

Technical Analysis – USDCAD struggles near 21-month low after dramatic slump

Posted on January 3, 2020 at 8:12 am GMT

USDCAD continues the strong sell-off over the last six days, hitting a new 21-month low of 1.2950, at the end of last year. After the bearish cross within the 20- and 40-simple moving averages (SMAs), the price started a downside rally, falling below the 1.3015 – 1.3040 key area. However, from a technical viewpoint, the stochastic oscillator is ready to create a bullish crossover within the %K and %D lines in the oversold zone, suggesting a pause of the negative [..]

Technical Analysis – USDJPY retreats but still holds within Bollinger band

Posted on January 2, 2020 at 2:38 pm GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower after the bounce off the 109.70 resistance level, remaining within the Bollinger bands. The short-term technical indicators are bearish and moving in the negative territory. The stochastic dived in the oversold zone and continues to point down, while the RSI is moving sideways, suggesting a neutral to bearish view. The next target to the downside is the immediate support of the 23.6% Fibonacci [..]

Technical Analysis – EURJPY maintains a positive outlook despite recent weakness

Posted on January 2, 2020 at 2:00 pm GMT

EURJPY has paused around the flat 50-period simple moving average (SMA) at 121.70 after a bounce off the 100-period SMA failed to reach the five-and-a-half-month high of 122.60. The pair’s improving picture appears still valid, with the intact bullish crossovers restricting the price from declining further. The short-term momentum oscillators reflect the recent stall in price as does the flat 50-period SMA. The MACD has declined below its red trigger line and is approaching the zero mark, while the RSI [..]

Technical Analysis – WTI oil futures bulls look exhausted below 3½-month peak

Posted on January 2, 2020 at 12:10 pm GMT

WTI oil futures for February delivery dived beneath the three-and-a-half-month high of 62.33 reached on December 30 and the momentum seems to be weak. The price has remained within a bullish wave since October and it touched the upper boundary several times over the last two weeks. The location of the RSI, which maintains a negative slope below its 70 mark, keeps the very short-term bias in neutral-to-bearish territory. Moreover, the MACD oscillator declined below its red trigger line, suggesting a negative move, while the price dropped below the [..]

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Technical Analysis