Technical Analysis / Page 591

Technical Analysis – AUDUSD rally looks to be running out of fuel

Posted on October 17, 2019 at 2:38 pm GMT

AUDUSD bulls gathered momentum above the 200-period simple moving average (SMA) and hit a one-month high of 0.6832 on Thursday, sending the RSI and the Stochastics in the four-hour chart towards the overbought territory. Hence, the odds for a downside correction are rising. However, if the price manages to hold within the 0.6800 area, a rally towards the 0.6860-0.6880 resistance zone cannot be ruled out. In case upside pressure persists, the pair could also challenge the 0.6910 obstacle, where the [..]

Technical Analysis – US30 stock index back to neutral; swing peak restricts more gains

Posted on October 17, 2019 at 2:27 pm GMT

US30 stock index buyers have been unable to decisively overcome the resistance of 27,069, despite the bullish signals backing the move which commenced on October 10. The 50- and 100-period simple moving averages (SMAs) have realigned themselves with the positive picture, completing a bullish crossover. The short-term momentum oscillators confirm the positive view despite the pause in the market, also reflected by the smoothing in the Tenkan-sen’s slope. The MACD is in the positive area and underneath its red trigger [..]

Technical Analysis – Palladium futures at fresh record highs; could keep uptrend in short-term

Posted on October 17, 2019 at 1:20 pm GMT

Palladium futures for December delivery are stretching a long-run uptrend within a narrowing channel, with the market printing a new record high of 1,747 on Thursday. The RSI hints overbought conditions as the indicator seems to be softening above 70, a sign that downside corrections may emerge. Despite that, the triple exponential average oscillator (TRIX), which looks to be reversing north again, suggests that the price may keep the upward direction in the short-term. Moving higher, the bulls would aim for the [..]

Technical Analysis – NZDUSD bulls breach upper bound of Ichimoku cloud, eyeing 200-SMA

Posted on October 17, 2019 at 8:48 am GMT

NZDUSD buyers pushed off the 100-period simple moving average (SMA) and above various obstacles moving out of the Ichimoku cloud. The recent rally looks to shift the bias by climbing above the 200-day SMA, despite an overall short-term neutral picture prevailing, as indicated by the horizontal SMAs. The short-term oscillators reflect a kind of neutral state but lean slightly towards the positive picture. The MACD, in the negative zone has moved above its red trigger line and is nearing zero, [..]

Technical Analysis – USDJPY keeps positive tone; eyes 109.00-109.50 pivot area

Posted on October 17, 2019 at 7:09 am GMT

USDJPY managed to breach the strong barrier around 108.40 and the 50% Fibonacci of the downleg from 112.39 to 104.44 on Tuesday and it remains to be seen whether the bulls can crawl above the 200-day simple moving average (SMA), and more importantly, above 109.50 to convince traders that the bearish wave off 112.39 has come to an end. Although it somewhat weakened, the RSI continues to hold comfortably above its 50 neutral mark, while the MACD is also keeping strength above [..]

Technical Analysis – JP225 index remains bullish; consolidates at May high

Posted on October 16, 2019 at 3:05 pm GMT

The Japan 225 cash index’s recent rally has paused at the May high of 22,486 after producing a ten-month high of 22,612. Following an ascent that bounced off the 21,054 level, which is the 50.0% Fibonacci retracement of the up leg from 19,860 to 22,252, the signals are leaning towards a persisting positive outlook. The short-term oscillators reflect the bullish momentum is strengthening. The MACD is above its red trigger line and deep in positive areas, while the RSI is [..]

Technical Analysis – EURNZD short-term bullish picture reinforced, bulls plot a 1-year high

Posted on October 16, 2019 at 1:30 pm GMT

EURNZD buyers are logging a new high, as they push past the peaks of 1.7590 and 1.7614 from August 26 and September 20 respectively. The rally off the 1.7358 level is also backed by the turn up and bullish crossover by the 40-period SMA with the 100-period one, which came after nearly a one-month convergence period. The short-term oscillators agree with the improving picture, as the MACD rises above its red trigger line in the bullish area and the RSI [..]

Technical Analysis – EURJPY maintains positive picture, tackling a key neutral level

Posted on October 16, 2019 at 8:58 am GMT

EURJPY buyers are in the process of re-testing the 120.00 resistance level, after a slight correction moved the price beneath it. The Tenkan-sen line has distanced itself above the Kijun-sen line indicating that the rally that commenced on October 8 is intact, and another push higher cannot be ruled out. The short-term oscillators also concur with the positive view. The MACD – although below its red trigger line and deep in positive territory – looks to be moving back above [..]

Technical Analysis – EURGBP dives to 5-month lows; downtrend in progress

Posted on October 16, 2019 at 7:11 am GMT

EURGBP’s rebound off 0.8785 proved fragile as sellers took full control below 0.9000, violently pushing the price towards a five-month low of 0.8623 early on Wednesday. Technically, the market looks to have entered oversold territory as the RSI is close to 30 and the fast-Stochastics are searching for a bullish cross under 20. However, both indicators need to show a clear upside reversal to confirm that selling pressure has hit limits. Interestingly, a lower high at 0.9018 has followed the [..]

Technical Analysis – GBPNZD remains bullish, as price rallies back above 20-day SMA

Posted on October 15, 2019 at 3:03 pm GMT

GBPNZD buyers dominated sellers, ascending fiercely to levels not seen in more than a year. The bulls overcame previous peaks from May 8 and September 20 of 2.0020 and 2.0000 respectively, as well as the 2.0180 resistance (now-turned-support) level and are now looking to advance even further. The short-term oscillators also back the bullish picture, with the MACD climbing above its red trigger line in the positive zone and the inclined RSI, entering the overbought territory. Moreover, the upward sloping [..]

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