Technical Analysis / Page 574

Technical Analysis – AUDUSD upswing denied by 200-day MA; heads down into Ichimoku cloud

Posted on December 18, 2019 at 9:50 am GMT

AUDUSD failed to close above the 200-day simple moving average (SMA) and reversed lower, currently resting near the flat 50-day SMA within the Ichimoku cloud. It appears that as momentum has diminished, something also displayed by the horizontal Ichimoku lines and 50- and 100-day SMAs, a period of consolidation may be on the cards. The short-term oscillators suggest that negative momentum has weakened. The MACD, above its red trigger line in the positive zone, has faded slightly, while the RSI [..]

Technical Analysis – NZDUSD softens below 4 ½-month high; uptrend still in place

Posted on December 18, 2019 at 8:20 am GMT

NZDUSD flipped back into the 0.6500 region after failing to hold above the 0.6600 bar. The price is currently testing the 0.6565 level, which is the 61.8% Fibonacci of the downleg from 0.6789 to 0.6202, with the RSI and the MACD suggesting that some weakness may persist as the indicators seem to be losing momentum in the positive territory. The uptrend off the 10 ½-year low of 0.6202, however, remains intact and only a closing price below the neckline of the inverse [..]

Technical Analysis – USDNOK turns lower, heading for uptrend line

Posted on December 17, 2019 at 4:29 pm GMT

USDNOK seems to be eyeing lower levels, even though its attempts to push down are being restricted by the 8.9850 level, which is the 38.2% Fibonacci retracement of the up leg from 8.4664 to 9.3036 coupled with the low from September 24. The short-term oscillators, however, suggest some easing in negative momentum. The MACD has declined below the zero mark and is distancing itself below its red trigger line, while the RSI, currently in the bearish region, has marginally improved [..]

Technical Analysis – USDTRY jumps to 2-month high as bulls take control

Posted on December 17, 2019 at 2:32 pm GMT

USDTRY soared in recent days and now looks to be headed for a test of the upper bound of the wide sideways range that has contained the price action since late May, between 5.93 and 5.45. The price structure in the medium-term timeframe currently paints a cautiously positive picture, with a clear above 5.93 needed to turn it clearly positive. The RSI and MACD endorse a mildly bullish outlook, with the former crossing above its 70 line and pointing higher, [..]

Technical Analysis – US 30 index retracts from all-time-peak as momentum fades

Posted on December 17, 2019 at 2:20 pm GMT

US 30 stock index’s appreciation appears to have paused after it withdrew from the recently logged all-time-high of 28,336. Although positive momentum seems to have weakened, the bigger positive picture continues to be assisted by the upward slopes in the simple moving averages (SMAs) and the bullish crossover of the 100-period SMA by the 50-period one. The short-term oscillators reflect a stall in the market yet lean towards a positive outlook. The MACD deep in the positive region, has slipped [..]

Technical Analysis – GBPUSD remains positive despite correction

Posted on December 17, 2019 at 9:50 am GMT

GBPUSD’s positive momentum has eased somewhat, something also backed by the declining RSI, which has exited the overbought area resulting in a pullback off the recent nineteen-month high of 1.3514. However, the positive outlook remains intact assisted by the upward slopes in the mid-Bollinger band, 50- and 100-day simple moving averages (SMAs). The technical indicators reflect the stall in the ascent, but overall still lean towards an improving picture. The MACD, although decreasing slightly has remained above its red trigger [..]

Technical Analysis – WTI oil futures extend upside above 60 level

Posted on December 17, 2019 at 8:28 am GMT

WTI oil futures for January delivery continued their upside trajectory on top of the 60 level and closed marginally above the 50% Fibonacci of the 76.87-42.53 bearish wave on Monday. The location of the RSI, which maintains a positive slope comfortably above its 50 neutral mark, keeps the short-term bias in bullish territory. However, with the indicator approaching its 70 overbought mark, a slowdown in the price’s positive momentum cannot be ruled out. With the focus being mostly on the upside, traders will [..]

Technical Analysis – EURUSD posts shooting star candle at long term downtrend line

Posted on December 16, 2019 at 9:16 am GMT

EURUSD’s attempts to climb above the downtrend line – drawn from September 2018 – are finding significant downside pressure around 1.1145, which is the 50.0% Fibonacci retracement of the down leg from 1.1411 to 1.0878 and where the upper-Bollinger band and 200-day simple moving average (SMA) also reside. The pair seems to be struggling with the 1.1145 to 1.1208 region of resistance, which may now have been reinforced by the shooting star. The short-term oscillators suggest that positive momentum is [..]

Technical Analysis – AUDJPY still cautiously positive, but rally capped by 75.60

Posted on December 16, 2019 at 8:34 am GMT

AUDJPY has been posting higher peaks and higher troughs in recent months, above an uptrend line drawn from the lows of August. The near-term outlook therefore seems positive now, though the inability of the bulls to post a closing candle above 75.60 is worrisome and suggests some cause for caution. A clear break above 75.60 is needed to put these concerns to bed and reaffirm the bullish picture. Short term oscillators are in line with the cautiously positive outlook. The [..]

Technical Analysis – EURGBP tests base of long-term range; bias still bearish

Posted on December 16, 2019 at 7:51 am GMT

EURGBP stretched its sharp downfall from Friday to retest the base of its three-year old range, as it traded near the 0.8300 round level. Technically, the market is hovering in oversold waters according to the RSI which expands below its 30 level and therefore the odds for price reversal are rising. However, with the indicator holding a downward slope (also in the four-hour chart), the Ichimoku indicators heading south, and the MACD showing no signs of easing its negative momentum, the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis