Technical Analysis / Page 590

Technical Analysis – USDCHF trend signals turn negative after double bearish crossovers

Posted on October 21, 2019 at 12:54 pm GMT

USDCHF tumbled near the key 0.9843 support level that strongly rejected downside corrections in late September. The double bearish crossovers marked by the 20- simple moving average (SMA) falling below the 50- and 200-day SMAs flag that the trend is likely to extend to the downside. Yet in the short-term, some consolidation cannot be ruled out as the RSI seems to be pushing efforts to deviate above its 30 oversold mark and the MACD looks to be turning upwards in the negative territory and [..]

Technical Analysis – NZDJPY buyers challenge 100-day SMA at upper band of Ichimoku cloud

Posted on October 21, 2019 at 12:54 pm GMT

NZDJPY is attempting to climb above a key resistance area. The area consists of the 100-day simple moving average (SMA), the 69.67 resistance, the upper bound of the Ichimoku cloud and the 50.0% Fibonacci retracement of the down leg from 73.23 to 66.30. The stochastics have risen into the overbought zone but the %K has yet to cross below the red %D line. The MACD has distanced itself into the positive region and above its red trigger line and the [..]

Technical Analysis – GBPCAD pauses rally as short-term indicators hint at overbought conditions

Posted on October 21, 2019 at 10:08 am GMT

GBPCAD stalled near the 61.8% Fibonacci of the 1.7793-1.5873 bearish wave following the close above the 200-day simple moving average (SMA), having printed two green weeks in a row. The downside reversal in the Stochastics combined with the flattening Ichimoku indicators and an RSI that looks to be easing momentum above its 70 overbought mark hints that the rally may be overstretched and hence some weakness may follow in coming sessions. Still, a decline below 1.6600 is required for traders to lose [..]

Technical Analysis – EURUSD climbs above 100-day SMA to test looming negative picture

Posted on October 21, 2019 at 9:13 am GMT

EURUSD buyers have ascended above 1.1145, which is the 50.0% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The bounce off the broken downtrend line at 1.0990 – where the Tenkan-sen completed a bullish crossover – propelled the price through the Ichimoku cloud, overcoming various resistance obstacles. Momentum oscillators back a short-term positive outlook. The MACD has distanced itself above its red trigger line and into the positive zone, while the RSI has risen to the 70 level. [..]

Technical Analysis – Gold looks to be forming a triangle after a neutral week

Posted on October 21, 2019 at 7:37 am GMT

Gold continued to trade along the downward-sloping trend-line following the negative breakout of an ascending channel, despite closing neutral last week. Traders may maintain neutral behavior in the short-term according to the flattening RSI and MACD, probably keeping the market below the descending trend-line as the bearish crossover between the 20- and 50-day simple moving averages suggests. However, questions are rising about whether the bears are strong enough to violate the new support line drawn from May’s troughs that looks [..]

Technical Analysis – GBPUSD indicates sense of caution in near-term

Posted on October 18, 2019 at 1:15 pm GMT

GBPUSD registered a fresh five month high of 1.2987 before pulling back, cementing the new uptrend off the 1.1957 bottom. The 20-period simple moving average, which is sloping comfortably upwards and above the longer-term SMAs, increases the odds for a continuation of the bullish wave as well. The RSI, however, has been flattening above its overbought mark for a while on the four-hour chart and the MACD has started to show a soft downside direction below its red signal line, suggesting that traders [..]

Technical Analysis – GER30 index pauses despite bullish bias

Posted on October 18, 2019 at 12:58 pm GMT

GER30 stock index bulls have consolidated around the 12661 (resistance-turned-support) level of July 4. The bulls tried to extend higher, but sellers reversed the price back down to 12,590, which is the 23.6% Fibonacci retracement of the up leg from 11,878 to 12,815. Despite the sideways move, the short-term oscillators now lean towards an improving market. The RSI is reflecting a minor improvement in positive momentum as it has turned back up in bullish territory, looking to reclaim the 70 [..]

Technical Analysis – Dollar Index futures search for a rebound near pivot point

Posted on October 18, 2019 at 11:13 am GMT

The US dollar index futures crashed below the short-term ascending line drawn from 95.34 and are now set to beat a longer support line stretched from March 2018. The fast-Stochastics and the RSI, however, signal that the bearish action is running out of fuel and hence a rebound off the line is likely as the indicators are hovering near oversold levels. Note that the market action has been also taking place around the lower bollinger band, increasing the odds for an upside [..]

Technical Analysis – GBPJPY pauses post rally; sellers halt further advances

Posted on October 18, 2019 at 8:25 am GMT

GBPJPY has taken a breather after sellers denied further gains. They reversed the price back below 140.34, which is the 61.8% Fibonacci retracement of the down leg from 148.86 to 126.53, following the rally that commenced 10 October. The momentum indicators concur with the stall in the positive outlook and this is backed by the flat Tenkan-sen and Kijun-sen lines. The RSI is reflecting a marginal improvement in positive momentum, as it is pointing up slightly below the 70 mark. [..]

Technical Analysis – USDCAD tests long-term support trendline; bias remains bearish

Posted on October 18, 2019 at 7:08 am GMT

USDCAD is testing a long-term support trendline drawn from the 2017 trough after repeatedly failing to beat the tough wall around 1.3340. The bearish bias is still intact given the falling MACD and the negative direction in the RSI and therefore additional downside corrections are possible. Yet, in case the bearish action proves too weak to break under the support trend-line, the market could stage a rebound towards the 1.3240 resistance before retesting the 1.3340 obstacle if it manages to surpass the [..]

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