Technical Analysis / Page 587

Technical Analysis – GBPJPY positive picture loses steam; transitions sideways

Posted on November 1, 2019 at 9:28 am GMT

GBPJPY’s directional momentum has disappeared after sellers ceased further gains on October 17, having rallied strongly from October 8. A second attempt higher was denied, shifting the pair into a directionless market, which is also backed by the flat 50-period simple moving average (SMA), Tenkan-sen and Kijun-sen lines. The MACD, is barely above the zero line but below its red trigger line, while the RSI is reflecting a marginal increase in positive momentum, as it is pointing up at its [..]

Technical Analysis – USDCAD’s rebound looks fragile near long-term trendline

Posted on November 1, 2019 at 8:23 am GMT

USDCAD is pushing efforts to return above the long-term support trendline drawn from the trough of 2017 after rebounding on the three-month low of 1.3041. But the technical indicators have yet to send a clear bullish signal as the RSI is struggling to cross above its 50 neutral mark even though the MACD keeps rising above its signal line, while the red Tenkan-sen is flattening under the blue Kijun-sen line. The 1.3130 level is the nearest barrier to downside corrections at the moment, [..]

Technical Analysis – GBPCAD’s signals remain bullish above the 200-day SMA

Posted on October 31, 2019 at 4:08 pm GMT

GBPCAD buyers are attempting to push above 1.7060, which is the 61.8% Fibonacci retracement of the down leg from 1.7793 to 1.5874, to retest the fresh high of 1.7092. The nearly three-month ascent seems to have backing from the bullish cross of the 50-day simple moving average (SMA) and the strengthening positive momentum in the short-term oscillators. The technical indicators reflect improving positive directional momentum, with the RSI and the stochastics (%K) sloping upwards in their approach to the overbought [..]

Technical Analysis – Is JP 225 index preparing for a trend reversal?

Posted on October 31, 2019 at 12:19 pm GMT

Japan’s 225 stock index seems to be showing signs of a bearish divergence in the four-hour chart as the stock price has been making higher highs while the RSI and the MACD have been printing lower lows since the mid- October, hinting that the market may be preparing for a trend reversal. A confirmation could come around the previous low of 22,480 and the bottom of the Ichimoku cloud, but before that the market should first breach the 22,735-22,600 area. In the event of [..]

Technical Analysis – AUDUSD ascent capped by medium-term downtrend line and 200-day SMA

Posted on October 31, 2019 at 12:05 pm GMT

AUDUSD sellers have reemerged around 0.6930, reversing the pair back down off the downtrend line pulled from December 4. It follows a month-long climb from October 2, which took the price above the 40- and 100-day simple moving averages (SMAs). Despite the momentum indicators remaining in positive territories and the bullish cross of the 40-day SMA by the mid-Bollinger band, further improvement may not be on the cards for the pair. The RSI and the stochastics appear to be losing [..]

Technical Analysis – US 500 index rallies to new record highs

Posted on October 31, 2019 at 12:02 pm GMT

The US 500 stock index (cash) has finally breached its previous all-time high of 3,027 that kept bullish pressure under control over the past 3 months, stretching its December uptrend towards a new top of 3,056. Although the RSI is slowing down, it remains well above its 50 neutral mark, and with the MACD strengthening its positive momentum, it seems that the bulls may not easily give up the game in the short-term. Key resistance to upside corrections could be identified near [..]

Technical Analysis – EURGBP consolidates as negative picture weakens

Posted on October 31, 2019 at 9:06 am GMT

EURGBP’s directional momentum has evaporated after buyers brought the one week sell off to a halt at 0.8575 on October 17, shifting the pair into a sideways market that has lasted for two weeks. Despite this, the downward slopes in the 100- and 200-period simple moving averages (SMAs) support the existing negative sentiment as sellers are in the process of pushing below the 50-period SMA. The mostly flat MACD near the zero line is barely above its red trigger line [..]

Technical Analysis – USDJPY returns to neutrality; bulls keep waiting above 109.50

Posted on October 31, 2019 at 8:06 am GMT

USDJPY spiked above the 200-day simple moving average (SMA) and the 109.00 level on Wednesday but failed to close above it, with the price resuming its previous sideways move. Technically, traders could remain indecisive in the short-term as the RSI is converging towards its 50 neutral mark, the MACD is flattening around its signal line, and the Ichimoku indicators (Kijun-sen and Tenkan-sen) are stabilizing. As long as the above indicators remain in the bullish area, upside corrections cannot be ruled out. Traders, [..]

Technical Analysis – Apple stock ascends to new all-time high

Posted on October 30, 2019 at 4:05 pm GMT

Apple stock’s recent climb from 192.45, which commenced on August 5, pushed the stock to a new all-time high of 249.38, where the bears emerged to cap further gains. Sellers’ efforts to return the price back down may be in vain though, as the positive picture looks to endure. This is backed by the upward slopes of all the simple moving averages (SMAs). The short-term oscillators reflect a stall in momentum despite sustaining a positive view. The RSI fell out [..]

Technical Analysis – NZDUSD steadies above 50-day MA but struggles for direction

Posted on October 30, 2019 at 3:46 pm GMT

NZDUSD has stabilized above its 50-day moving average (MA) and above the 23.2% Fibonacci retracement of the downleg from 0.6789 to 0.6203 at 0.6341 after pulling back from six-week highs. However, despite settling above this key overlap region, the oscillators point to only weak upside momentum in the near term. The RSI has flatlined just above the 50-neutral level, and although the stochastics have just completed a bullish crossover, they’ve yet to make a convincing recovery out of oversold territory. [..]

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