Technical Analysis / Page 577

Technical Analysis – AUDNZD continues to tumble with negative short-term signals intact

Posted on December 5, 2019 at 3:21 pm GMT

AUDNZD bears seem to be in control after the reversal at the twelve-month peak of 1.0864 and the break below the 1.0663 low. Having dropped past all simple moving averages (SMAs), the medium-term bias seems to have turned back to mostly neutral. Even though the pair has encountered some upside pressure at the 1.0452 level, the short-term oscillators concur with the bearish picture and continue to reflect strong negative momentum in place. The MACD, underneath the zero line is falling [..]

Technical Analysis – WTI oil futures retest 58.60 resistance

Posted on December 5, 2019 at 11:03 am GMT

WTI oil futures for January delivery staged a respectable rally on Wednesday but the 61.8% Fibonacci of 58.60 of the downleg from 63.22 to 50.98 proved a tough resistance to overcome. The upside reversal in the 20-period simple moving average (SMA) following the bounce on the 200-period SMA is a positive signal that the upward direction in the price may not fade yet. Still, the odds for a downside correction remain high as the RSI is not far below its [..]

Technical Analysis – USDJPY’s positive picture takes a breather

Posted on December 5, 2019 at 10:16 am GMT

USDJPY, despite the recent fading in the pair, continues to find support from the 50-day simple moving average (SMA) and the 108.42 level, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The intact positive picture looks to be easing into a more sideways outlook, something also backed by the convergence within the SMAs. The short-term oscillators reflect a stalling in directional momentum with the RSI flat at the 50 level, while the MACD, in [..]

Technical Analysis – GBPJPY bulls likely to keep control; descending trendline in focus

Posted on December 5, 2019 at 8:11 am GMT

GBPJPY is surrounded by positive vibes on the daily chart, increasing optimism that there is more room for improvement in the market. The bulls geared up to seven-month highs and further above the upward-sloping 20-day simple moving average (SMA) after the price hit support around the upper surface of the narrow bullish rectangle. Oscillators are also holding a bullish flag as the MACD is resuming positive momentum above its red signal line, while the RSI is pointing upwards and has [..]

Technical Analysis – GBPCAD rally looks overstretched near resistance trendline

Posted on December 4, 2019 at 2:16 pm GMT

GBPCAD gained further positive traction on Wednesday and unlocked a fresh 7-month high of 1.7393. It seems that there is more bullish fuel in store, though at a limited amount as the RSI and the Stochastics are moving into overbought waters and the price itself is trading near a resistance trendline that joins the peaks since March 2018. A complete bearish cross between the 50- and the 200-day SMAs could turn medium-term traders cautious too. In case the price returns below [..]

Technical Analysis – GBPNOK buyers navigate above 40-month high

Posted on December 4, 2019 at 1:42 pm GMT

GBPNOK buyers resurfaced to push the price above the forty-month high of 11.97, resuming the positive picture after a one-and-a-half month sideways move. Backing the climb is the bullish crossovers of the 200-day simple moving average (SMA) by the upward sloping 50- and 100-day SMAs, as well as the improving positive momentum in the short-term oscillators. The MACD, in the positive region, has pushed back above its red trigger line, while the RSI is rising in bullish territory, nearing the [..]

Technical Analysis – NZDJPY ascent stumbles at 200-day MA; upside momentum eases slightly

Posted on December 4, 2019 at 1:36 pm GMT

NZDJPY is attempting to regain its positive footing after hitting a brick wall at the 200-day moving average (MA). Prices peaked at 71.24 – a 4-month high. Further gains are possible in the near term as, despite the softening in the bullish bias, the momentum indicators suggest there is scope for a continuation of the latest upswing. The stochastics have come off overbought territory, but the %K line is in the process of turning higher. The RSI flatlined just below [..]

Technical Analysis – EURCHF aims for 1.0965 to keep buying interest

Posted on December 4, 2019 at 11:40 am GMT

EURCHF came under sharp selling pressure after peaking at 1.1026 on Monday, with the price correcting below its simple moving averages and the Ichimoku cloud. The downfall has now stalled around 1.0930 as the RSI and the Stochastics recover from oversold conditions. The MACD has also started to turn higher, and if it continues to improve and cross above its red signal line, the market could extend its latest upside reversal. Still, a closing price comfortably above the 1.0965 barrier is what traders would potentially [..]

Technical Analysis – AUDUSD’s ascent dwindles ahead of downtrend line

Posted on December 4, 2019 at 10:16 am GMT

AUDUSD seems to be turning neutral – in a bigger negative picture – as it nears the downtrend line drawn from December 4. The price is currently resting at the 0.6810 point where the mid-Bollinger band, 50- and 100-day simple moving averages (SMAs) have converged, suggesting that the price may linger sideways to encounter the downtrend line. Further backing the undecided picture are the mixed signals from the SMAs and short-term oscillators. The MACD, in the negative zone has moved [..]

Technical Analysis – US 500 index stumbles, but positive outlook intact for now

Posted on December 4, 2019 at 10:03 am GMT

The US 500 index fell this week, after briefly touching a new all-time high of 3158. The picture is still positive, with the price structure consisting of higher peaks and higher troughs above a long term uptrend line drawn from the December 2018 low, and also safely above both the 50- and 200-day simple moving averages (SMAs). That said, a potential close below 3090 would mark a lower low on the daily chart, bringing the bullish outlook into question. Short [..]

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