Technical Analysis / Page 578

Technical Analysis – EURGBP capped by 20-day SMA; short-term bias bearish-to-neutral

Posted on December 4, 2019 at 8:42 am GMT

EURGBP started the month on the downside as buyers could not close above the 20-day simple moving average (SMA) that has been restricting upside corrections over the past four weeks. The short-term bias is currently viewed as bearish-to-neutral as the RSI looks to be distancing itself from its 30 oversold mark to reach its 50 neutral mark, while in Ichimoku indicators, the red Tenkan-sen line is stabilizing slightly below the blue Kijun-sen. On the downside there is a strong support [..]

Technical Analysis – USDCHF breaks uptrend line, but negative bias not confirmed yet

Posted on December 3, 2019 at 3:12 pm GMT

USDCHF penetrated below a medium-term uptrend line drawn from the August lows, with the bears picking up significant momentum. However, the price structure on the daily charts still appears neutral, with trading action taking place between 1.0000 and 0.9840 in recent months. A clear close below the 0.9840 zone is needed to turn the bias negative. Short-term oscillators concur with the darkening picture. The RSI has pierced below its neutral 50 zone and is pointing lower, while the MACD – [..]

Technical Analysis – GBPNZD breaches key support; positive picture may be fading

Posted on December 3, 2019 at 1:58 pm GMT

GBPNZD sellers managed to penetrate below the key support level of 2.0020, which happens to be the 23.6% Fibonacci retracement of the up leg from 1.8275 to 2.0557, the high of May and where the 50-day simple moving average (SMA) presently lies. The strengthening negative momentum is backed by the declining 20-day SMA and its nearing bearish crossover of the flattening 50-day SMA. The short-term oscillators reflect some stalling but lean towards the downside. The MACD is below its red [..]

Technical Analysis – GBPUSD bulls prepare to challenge the 1.3011 peak

Posted on December 3, 2019 at 9:40 am GMT

GBPUSD while directionless is attempting a new push towards the five-month high of 1.3011, which is aided by the recent bullish crossover of the 200-day simple moving average (SMA) by the 50-day one and the rising slopes of the 50- and 100-day SMAs. The technical indicators suggest that positive momentum is improving. The RSI is rising in bullish territory, while the MACD – although still in the positive zone – is below its red trigger line but looks to move [..]

Technical Analysis – NZDUSD prints bullish inverse head and shoulder pattern

Posted on December 3, 2019 at 8:11 am GMT

NZDUSD run significantly above the neckline of the bullish inverse head and shoulder formation it has created around the 10 ½-year low of 0.6202 on Monday. The short-term bias is now looking cautiously bullish as the price is currently fluctuating around the upper Bollinger band and the RSI is looking ready to pierce above its 70 mark, both indicating that the market is likely trading near overbought waters. The 50% Fibonacci of 0.6496 of the downleg from 0.6789 to 0.6202 is the nearest support area [..]

Technical Analysis – GBPCHF remains bullish, although 1.2935 denies further gains

Posted on December 2, 2019 at 4:17 pm GMT

GBPCHF looks to be holding onto its positive stance despite deflecting off the 1.2935 resistance from May 21. Backing this, are the upward-sloping simple moving averages (SMAs) and the Ichimoku cloud. On the other hand, the pause upwards is aided by the flat Tenkan-sen and Kijun-sen lines as well as the short-term oscillators, which reflect easing in the positive momentum. The MACD, in the positive region has dipped below its red trigger line, while the RSI has retreated before claiming [..]

Technical Analysis – EURNZD loses further ground as bearish bias endures

Posted on December 2, 2019 at 2:51 pm GMT

EURNZD is currently encountering some upside pressure at the 1.7000 barrier, following the one-and-a-half month decline from the peak of 1.7698. Nevertheless, bearish signals indicate that the downfall may have some ways to go. The short-term oscillators suggest that negative momentum is strengthening. The MACD, in the negative zone is declining below its red trigger line, while the RSI has slipped into the oversold territory. Moreover, the ADX reflects a strong negative trend in place, as do the downward sloping [..]

Technical Analysis – GBPAUD hits fresh 3 ½-year high; may flatten in short-term

Posted on December 2, 2019 at 11:58 am GMT

GBPAUD stretched to a fresh 3 ½-year high of 1.9150 on Friday ahead of the Reserve Bank of Australia policy meeting early on Tuesday. The bullish action could take a breather in the short-term according to the RSI which is pointing towards its 50 neutral mark. The MACD, which looks ready to cross under its red signal line, backs this view as well. The 1.8880 mark could immediately curb any potential downside correction and deter the price from sliding towards 1.8720, which [..]

Technical Analysis – EURUSD capped by 40-day SMA; bearish cross may restart descent

Posted on December 2, 2019 at 9:31 am GMT

EURUSD found some difficulty in pushing below the 1.0990 support, returning the price back above the 1.1005 level, which is the 23.6% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The picture seems negative overall, given the downward slopes in the 200-day simple moving average (SMA), as well as the 100-day one and 20-day mid-Bollinger band. That said, negative directional momentum seems to have stalled, something reflected by the flat 40-day SMA and the short-term oscillators. The MACD, [..]

Technical Analysis – Gold in neutral mode within tentative descending channel

Posted on December 2, 2019 at 8:33 am GMT

Gold has been light in terms of volatility over the past two weeks, sliding sideways within a tentative downward sloping channel that remains intact since early September. The momentum indicators continue to suggest a neutral-to-bearish bias for the short-term as both the RSI and the MACD have yet to show a clear direction in the bearish area, with the former ranging below its 50 neutral mark and the latter holding flat around its red signal line. A downside reversal in the price [..]

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