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Technical Analysis

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Technical Analysis – GBPJPY stretches for the ceiling of congested peaks

Posted on December 13, 2019 at 9:27 am GMT

GBPJPY’s aggressive positive appetite looks to extend towards levels not seen in seven-months and possibly more than a year. Improving positive momentum is boosting the recent violent up move in addition to the upward slopes in the 20-, 50- and 100-day simple moving averages (SMAs), along with the bullish crossover of the 200-day SMA by the 50-day one. The short-term oscillators suggest that positive momentum is strengthening. The MACD, is in the positive region, advancing above its red trigger line, [..]

Technical Analysis – USDCAD trend signals tilting to the downside

Posted on December 13, 2019 at 8:54 am GMT

USDCAD stretched this week’s decline until the 61.8% Fibonacci of 1.3150 of the upleg from 1.3041 to 1.3326 despite the declining risk-off sentiment. With the RSI testing its 30 oversold mark, the odds for an upside correction in the short-term are rising. However, with the 20-period simple moving average (SMA) in the four-hour chart crossing below the longer-term 200-period SMA, a trend improvement may come later than sooner, especially as the price keeps erasing its uptrend off 1.3041. Note that [..]

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Technical Analysis – US 100 index’s positive sentiment intact despite stalling

Posted on December 12, 2019 at 2:57 pm GMT

The US 100 stock index looks to have stalled after logging a fresh all-time high of 8,452.95, something also backed by the flat Tenkan-sen and Kijun-sen lines. That said, the price is trading above the Ichimoku cloud and the supportive trendline, suggesting that the positive outlook could endure. The short-term oscillators reflect the stall in momentum but lean towards the positive picture. The RSI is hovering in bullish territory, while the MACD – in the positive zone – looks to [..]

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Technical Analysis – UK 100 index retests ascending trendline; Elliot wave pattern looks in progress

Posted on December 12, 2019 at 11:51 am GMT

The UK 100 stock index is pushing efforts to return above the ascending trendline drawn from the 6,535 bottom after the 50% Fibonacci of the 6,535-7,728 bullish wave provided significant support last week. Failure to close decisively above that line could bring the 50% Fibonacci of 7,133 back under the spotlight. If the bears clear that support this time, negative momentum could pick up steam towards the 7,000 mark where the 61.8% Fibonacci is placed. Further down, the 6,900 level could [..]

Technical Analysis – NZDUSD maintains positive outlook despite ease in rally

Posted on December 12, 2019 at 9:59 am GMT

NZDUSD has pulled lower from the fresh four-month high of 0.6602 following a bounce off the 50-period simple moving average (SMA), which revived the bigger positive picture. Further backing the ascent are the upward sloping SMAs and the supportive trendline. The short-term oscillators, although reflect a pause in positive momentum, continue to support the upside view. The MACD remains in the positive zone and above its red trigger line, while the RSI has turned down below the 70 level. If [..]

Technical Analysis – USDJPY trapped under resistance trendline; neutral in short-term

Posted on December 12, 2019 at 8:19 am GMT

USDJPY could not reach the 110.00 level last week as the resistance trendline drawn from the October’s 2018 peaks blocked the bulls once again and pressed the price back down to the 50% Fibonacci of 108.40 of the upleg from 112.39 to 104.44. Technically, the pair may lack momentum in the short-term as long as the RSI and the MACD move around their neutral levels and the Ichimoku indicators ( Kijun-sen and Tenkan-sen) keep flattening. Nevertheless, a closing price below the [..]

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Technical Analysis – USDCHF fails to close below crucial support and turns up

Posted on December 11, 2019 at 2:54 pm GMT

USDCHF looks to have bottomed the pullback off the 1.0022 high near the familiar 50% Fibonacci retracement of the 0.9658-1.0026 bullish wave as the RSI and the Stochastics are turning up after hitting oversold levels. Additional gains could potentially retest the 40-period exponential moving average (EMA) that curbed upside movements last week. Breaking higher and above the 38.2% Fibonacci of 0.9886, recent peaks around 0.9908 could take control ahead of the 23.6% Fibonacci of 0.9940. Closing decisively below the 50% Fibonacci of 0.9843, [..]

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Technical Analysis – USDSEK completes head and shoulders pattern; sellers take control

Posted on December 11, 2019 at 2:38 pm GMT

USDSEK may continue to lose ground after diving below the neckline of the head and shoulders pattern and the fresh 9.4640 swing low. Further boosting the negative picture is the bearish crossover of the 100-day simple moving average (SMA) by the downward sloping 50-day one. The short-term oscillators are also reflecting increasing negative momentum. The MACD is declining below its red trigger line in the negative zone, while the RSI, in the bearish region, is falling and has reclaimed the [..]

Technical Analysis – EURJPY maintains a neutral stance despite slight appreciation in price

Posted on December 11, 2019 at 9:06 am GMT

EURJPY is trading around the 120.42 level, which is the 23.6% Fibonacci retracement of the up leg from 117.06 to 121.46 and where the 200-period simple moving average (SMA) is presently located. Although the price is above all the SMAs, it is displaying an uncertain picture, with the stall in the market also reflected in the flattened SMAs and the conflicting signals in the short-term oscillators. The technical indicators are exhibiting contradictory signals in directional momentum. The MACD is above [..]

Technical Analysis – AUDUSD looks for improvement within descending channel

Posted on December 11, 2019 at 8:30 am GMT

AUDUSD declined to close below the Ichimoku cloud and the short-term downward-sloping channel on Tuesday, with the price changing direction slightly north and back into the 0.6800 area. Technically, the rebound in the RSI and the pause in MACD’s negative momentum is an encouraging signal for the next move in the price. However, as long as the indicators remain in bearish territory there is always a risk to the downside and therefore a potential for a retest of the 0.6800 area. [..]

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