Technical Analysis / Page 579

Technical Analysis – Palladium futures at fresh record high; approach 2-year old resistance line

Posted on November 29, 2019 at 2:38 pm GMT

Palladium futures edged up on Friday to unlock a fresh record high of 1,815 but room for improvement seems to be narrowing as the price is approaching the 2-year old resistance line. Moreover, the RSI is not far below its 70 overbought mark and the Stochastics have already run above 80 and are looking to post a bearish cross above the 80 mark. Should buyers persist, breaching the resistance line currently around 1,835, the focus will initially shift to the [..]

Technical Analysis – EURGBP grinds lower, but takes a breather near 0.8500

Posted on November 29, 2019 at 11:23 am GMT

EURGBP reversed course in August after touching a decade-high of 0.9325, and has since been trending lower, with price action consisting of lower peaks and lower troughs in recent months. Yet, the bears seem to have lost their mojo near the 0.8500 handle, which also halted the move lower earlier this year. A clear move below that area is needed to re-energize the sellers. Short-term oscillators are in broad agreement that downside momentum is losing steam. The RSI rebounded after [..]

Technical Analysis – GBPJPY attempts break above unwavering neutral market

Posted on November 29, 2019 at 10:51 am GMT

GBPJPY’s recent bounce off the 200-period simple moving average (SMA) pushed the price above the other SMAs but was halted at the 141.72 upper boundary of the range, where momentum seems to have faded again. The pair continues to be confined in a sideways move between 138.85 and 141.72, which commenced on October 17. The short-term oscillators reflect the stall in the positive directional momentum. The MACD, in the positive region, has slipped below its red trigger line, while the [..]

Technical Analysis – USDCAD switches to neutral above tentative up trendline

Posted on November 29, 2019 at 9:05 am GMT

USDCAD shifted north to re-challenge the 1.3300 level after the bottom of the Ichimoku cloud halted the selling pressure but the positive traction was not strong enough to send the price above that mark. In momentum indicators, the RSI and the MACD are currently painting a neutral picture for the short-term as long as the former moves around its 50 neutral mark and the latter fluctuates around its zero and signal line. The lower surface of the cloud and the tentative up trendline stretched [..]

Technical Analysis – Amazon stock buyers in control, attempting to conquer the 1815 level

Posted on November 28, 2019 at 4:13 pm GMT

Amazon stock is currently trying to overcome the cojoined 100- and 200-period simple moving averages (SMAs) residing around the 1815 level, which also happens to be the 38.2% Fibonacci retracement of the down leg from 2034 to 1680. The stock has been gradually ascending from the low of 1680 and its recent up move is also backed by the technical indicators, which reflect improving sentiment. The MACD has risen above its red trigger line and into the positive region, while [..]

Technical Analysis – AUDJPY trades above uptrend line; cautiously positive in near term

Posted on November 28, 2019 at 2:47 pm GMT

AUDJPY has been posting higher highs and higher lows above a medium-term uptrend line since late August, when the pair touched 69.95, its lowest level in a decade. The short-term outlook therefore seems to have turned positive, though a decisive break above 75.60 is needed to confirm that. Short-term oscillators paint an entirely flat picture, providing no signals about directional momentum. The RSI is flat at its neutral level, while the MACD is hovering near both its zero and trigger [..]

Technical Analysis – USDJPY maintains bullish sentiment; ascent eases at 61.8% Fibonacci

Posted on November 28, 2019 at 12:56 pm GMT

USDJPY has settled at the 109.35 level, which is the 61.8% Fibonacci retracement of the down leg from 112.39 to 104.64. The positive picture is intact despite the stalling in the price, which is aided by the flattened Kijun-sen line and easing in the short-term oscillators. The MACD is above its red trigger line deep in the positive zone, while the RSI, currently in the overbought territory, is turning marginally up at the 70 level. Moreover, the return of the [..]

Technical Analysis – NZDUSD remains bullish; moves sideways around 23.6% Fibonacci

Posted on November 28, 2019 at 8:49 am GMT

NZDUSD has found support from the 0.6400 level, which is the 23.6% Fibonacci retracement of the up leg from 0.6202 to 0.6464, sustaining the current sideways move between 0.6435 and 0.6390. The short-term oscillators suggest that positive momentum has dried up, something also backed by the flattened 100-period simple moving average (SMA). The MACD is hovering just below its red trigger line, though it remains above zero, as is the RSI, which lies marginally above its neutral mark. However, the bullish [..]

Technical Analysis – US 30 index hits fresh record high, but stalls

Posted on November 27, 2019 at 4:17 pm GMT

The US 30 stock index has repeatedly closed at new record highs in November, with the series of higher peaks and higher troughs on the daily chart confirming the resumption of the longer-term uptrend. The picture is positive across all timeframes – short, medium, and long-term – though the RSI is indicating that the latest pullback may continue in the immediate term. Having touched its 70 line, the RSI has turned lower, a sign that the bulls may be losing [..]

Technical Analysis – Copper futures resume positive outlook; buyers unable to breach 2.7015 resistance

Posted on November 27, 2019 at 4:01 pm GMT

Copper futures are attempting to push back up to retest the 2.7015 resistance from the high of September 16, which halted gains from the bounce off the 200-period simple moving average (SMA). Aiding the positive view are the 50- and 100-period SMAs that have held above the 200-period SMA and the recent upward turn in the slope of the 50-period SMA. Furthermore, the MACD, currently in the positive region, has distanced itself above its red trigger line, while the RSI [..]

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