Technical Analysis / Page 595

Technical Analysis – Gold may adopt a softer tone in short-term

Posted on October 7, 2019 at 7:20 am GMT

Gold is sending neutral signals in the daily chart as reflected by the sideways move in the RSI and the MACD. The weakening 20-day simple moving average (SMA), which is ready to cross below the 50-day SMA, and the recent breakout of the ascending channel are also discouraging signs, indicating that the yellow metal may likely follow a softer path in coming sessions. The bears could retake control under the 1,458 level, especially if this occurs comfortably below the Ichimoku cloud. Traders could [..]

Technical Analysis – Copper futures capped by Ichimoku cloud and 50-day SMA enhancing negative outlook

Posted on October 4, 2019 at 1:37 pm GMT

Copper futures sellers are flirting with the 2.5280 support from August 5, looking for a push lower to the recent twenty-eight-month low of 2.4785, after returning the price back below the Ichimoku cloud. The short-term oscillators suggest negative momentum is strengthening. The MACD has declined into the negative region and beneath its red trigger line, while the RSI is heading lower in bearish territory. Furthermore, the downward sloping 50-, 100- and 200-day simple moving averages (SMAs) all back the bigger [..]

Technical Analysis – Dollar index futures to hold positive above ascending trendlines

Posted on October 4, 2019 at 1:21 pm GMT

The US dollar index futures are set to close negative in the week after failing to retest the 28-month high of 99.30, with the RSI and the MACD foreseeing now a positive but softer short-term trading. On the downside, the ascending trend-line drawn from the 95.34 trough, currently seen around 98.20, could be an ideal place to look for immediate support. If the price clears that barrier, the sell-off could pick up steam towards 97.52, which is the 38.2% retracement [..]

Technical Analysis – USDCHF eyes 1.000 level for fresh direction

Posted on October 4, 2019 at 12:30 pm GMT

USDCHF managed to pierce the 1.0000 mark after four months before pulling back into the 0.9900 region, questioning the sustainability of the downtrend from the 1.0234 peak. The sideways move in the RSI and the MACD’s location reflect a neutral-to-positive bias for short-term trading. Should the bulls finish comfortably above the 1.0000 barrier, traders could speculate that the downward pattern from the 1.0234 peak has likely reached a bottom, with the price crawling next up to the 1.0097-1.0123 familiar resistance [..]

Technical Analysis – GBPJPY still negative, but losses limited near 200-period SMA

Posted on October 4, 2019 at 8:39 am GMT

GBPJPY seems to have hit a wall at the 200-period simple moving average (SMA) on the four-hour chart and the 131.60 durable support from July 30. The price decline from the high of 135.73 halted on October 2, with the pair shifting sideways along 131.80, which is the 23.6% Fibonacci retracement of the down leg from 148.86 to 126.53. The short-term oscillators reflect a stall in negative momentum. The MACD although above its red trigger line, is in the negative [..]

Technical Analysis – USDCAD in battle with 1.3340 familiar resistance

Posted on October 4, 2019 at 7:32 am GMT

USDCAD gathered strong bullish momentum on Wednesday and is currently trading near the key 1.3340 resistance level, which the bulls could not successfully overcome for more than three months now. Technically there is more bullish fuel in store as the RSI has left the neutral territory and adopted an upward direction above 50, while the MACD is also picking up strength above its red signal line. Questions however remain about whether the price can close decisively above the 1.3340 ceiling. If this is the [..]

Technical Analysis – UK100 stock index plummets; buyers resurface ahead of 7000 level

Posted on October 3, 2019 at 3:35 pm GMT

UK stock index collapsed aggressively from the two-month high of 7,440 right through the simple moving averages (SMAs), erasing all gains that commenced on August 15. The MACD has distanced itself in the negative region below its red trigger line, reflecting the negative sentiment in the market. Yet, the upward slope in the RSI, which has deepened into the oversold area, warns traders that the move down is probably looking for a bottom. A significant move above the 7,050 level [..]

Technical Analysis – NZDUSD maintains bearish picture; gains halted

Posted on October 3, 2019 at 10:26 am GMT

NZDUSD bulls reemerged, overtaking the resistance of 0.6268 and the 50-period simple moving average (SMA) on the four-hour chart. However, the rally which commenced on October 1 off a multi-year low of 0.6200 soon came to a halt at the lower boundary of the Ichimoku cloud presently at 0.6298. The short-term oscillators suggest that positive momentum is picking up. The MACD has distanced itself above its red trigger line in the negative region, while the RSI has inclined off the [..]

Technical Analysis – USDJPY bears not in charge yet; need to breach 106.20

Posted on October 3, 2019 at 7:17 am GMT

USDJPY could not surpass the 50% Fibonacci of the downleg from 112.39 to 104.44 this week and instead corrected lower to meet support in the crossroads of the 107.00 mark and the 50-day simple moving average (SMA). The momentum indicators are providing discouraging signals for short-term trading, as the RSI has already pierced its 50 neutral mark to the downside – though not significantly – while the MACD is making its way down below its signal line. Therefore, the short-term bias is currently viewed as neutral-to-bearish. [..]

Technical analysis – GBPCHF consolidates, trapped between moving averages

Posted on October 2, 2019 at 3:39 pm GMT

GBPCHF buyers have reversed the price off the 1.2200 support of the September 12 swing low, after denying sellers a further pullback past the 1.2169 level, which is the 38.2% Fibonacci retracement of the up leg from 1.1671 to 1.2476. Despite the completed bearish crosses of the simple moving averages (SMAs), the price action has risen finding resistance from the 23.6% Fibo of 1.2285 and the 100-period SMA. The short-term indicators reflect easing negative momentum as the MACD is above [..]

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Technical Analysis