Technical Analysis / Page 594

Technical Analysis – GBPNZD retraces to 38.2% Fibonacci level after bears deny breach of high

Posted on October 8, 2019 at 3:39 pm GMT

GBPNZD bears are trying to push beneath the 1.9342 level, which is the 38.2% Fibonacci retracement of the up leg from 1.8275 to 2.0000. Dominating sellers corrected the price back down – plotting lower lows and lower highs – concurring with the negative picture from the momentum indicators. The short-term oscillators reflect strengthening negative momentum. The MACD, although it is in positive areas, has distanced itself below its red trigger line, while the downward sloping RSI has declined into bearish [..]

Technical Analysis – USDTRY rallies above 100-day SMA, but still range-bound

Posted on October 8, 2019 at 12:46 pm GMT

USDTRY rally ceased at 5.85, which is the 50.0% Fibonacci retracement of the down leg from 6.24 to 5.45. The bulls drove the price above multiple resistances within the trading range of 5.64 – 5.84, which commenced around the beginning of September. The short-term oscillators reflect mixed signals. The MACD has inclined above its red trigger line and into the positive zone, while the RSI is midway in bullish territory but heads down. The simple moving averages (SMAs) are skewed [..]

Technical Analysis – GBPUSD’s fall limited by 50-day SMA

Posted on October 8, 2019 at 8:11 am GMT

GBPUSD has consolidated around 1.2293, which is the 23.6% Fibonacci retracement of the down leg from 1.3381 to 1.1957, as directional momentum has dried up. The pair is trading within a short-term range of 1.2205 – 1.2415, with the price also being squeezed between the 20- and 50-day simple moving averages (SMAs). The short-term oscillators lean towards the negative picture as the MACD, which is currently in the positive area, has moved beneath its red trigger line and towards the [..]

Technical Analysis – EURGBP rebound looks fragile; stronger bullish signals needed

Posted on October 8, 2019 at 7:17 am GMT

EURGBP crawled above the ascending channel and managed to return above the 50% Fibonacci of the upleg from 0.8470 to 0.9323, providing some optimism that buying interest may stay in the market in coming sessions. The improvement in the MACD and the RSI back this view as well, though positive signals remain weak and fragile as the former has yet to show a sustainable increase above its 50 neutral mark and the latter to cross above zero. Immediate resistance to additional upside [..]

Technical Analysis – GBPNOK consolidates to test an uptrend line

Posted on October 7, 2019 at 3:26 pm GMT

GBPNOK moves sideways as downside pressure from sellers denies gains above the recent peak of 11.34. The consolidation in price has found support at the uptrend line drawn from the twenty-one-month low of 10.54. The short-term oscillators reflect a stall in momentum but lean more to the positive picture. The MACD looks to move back above its red trigger line, although currently below it in the positive region. Whereas the RSI, which is midway in bullish territory, has turned upwards. [..]

Technical Analysis – USDZAR still in an uptrend, but move above 15.50 needed for validation

Posted on October 7, 2019 at 2:52 pm GMT

USDZAR remains in a broader uptrend, with the price action on the daily chart still characterized by a series of higher peaks and higher troughs. The upward sloping 50-day simple moving average (SMA) reinforces this notion. That said, a clear break above 15.50 is needed to signal that this uptrend is back in play. Short-term momentum oscillators concur, and suggest that the latest move higher may continue for now. The RSI rebounded off its 50 level and is pointing higher, [..]

Technical Analysis – AUDJPY maintains bearish direction; attempting exit of Ichimoku cloud

Posted on October 7, 2019 at 2:03 pm GMT

AUDJPY’s drop seems to have lost steam near the lower boundary of the Ichimoku cloud. Sellers re-took control around 74.05, which is the 38.2% Fibonacci retracement of the down leg from 80.70 to 69.94. The price was also capped underneath the 100-day simple moving average (SMA), which is in line with the negative outlook. Momentum oscillators are falling in line with the bigger bearish picture reflected by all SMAs. The MACD has remained below its red trigger line and continues [..]

Technical Analysis – NZDJPY points to 6-year lows as negative pressure persists

Posted on October 7, 2019 at 1:46 pm GMT

NZDJPY is showing no appetite for a meaningful upside correction in the daily chart as the pair approaches the 6-year trough of 66.29 and the RSI and the MACD continue to trend in the bearish area. It is also worth noting that the price has breached an important resistance-turned-support area around the 50% Fibonacci of the five-year old upleg from 45.20 to 94.00 early in August. A fall under the 66.29 bottom may last until the 65.00 level, which if violated could shift [..]

Technical Analysis – Is US500 index forming a double top pattern?

Posted on October 7, 2019 at 12:14 pm GMT

US 500 stock index registered three negative weeks in a row and the short-term trading may not get any better yet as the technical indicators keep flashing bearish signals; the MACD has dropped into the negative area and is currently looking stable below its red trigger line, while the RSI seems ready to reverse lower after touching its 50 neutral mark. The 2,815 level looks to be the neckline of a double top formation and therefore any decisive close under [..]

Technical Analysis – EURUSD eyes downtrend line

Posted on October 7, 2019 at 9:13 am GMT

EURUSD buyers pushed above 1.0965, which is the 23.6% Fibonacci retracement of the down leg from 1.1249 to 1.0878, despite the negative signals. Regardless of the intact Tenkan-sens’s bearish crossover of its Kijun-sen line and their flattened states, the bulls rallied higher and reversed the pair off a multi-year low of 1.0878. The short-term oscillators continue to reflect weakening negative directional momentum despite somewhat improving. The MACD remains in the negative area but above its red trigger line, while the [..]

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