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Technical Analysis

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Technical Analysis – GBPAUD remains positive; bullish crosses developing

Posted on October 2, 2019 at 3:37 pm GMT

GBPAUD buyers yesterday retook control at the 1.8135 level, which is the 38.2% Fibonacci retracement of the up leg from 1.7560 to 1.8492, reversing the pair back above the 200-day simple moving average (SMA). The two-month rally seems to still be intact, backed by the SMAs nearing bullish crossovers, which reflects a strengthening positive outlook. The short-term oscillators imply a stall in the price action but lean more towards a push higher. The MACD has weakened in the positive area [..]

Technical Analysis – EURJPY’s tumble takes a break, halting losses

Posted on October 2, 2019 at 8:52 am GMT

EURJPY seller’s second try only just conquered the 117.43 support, which is the 61.8% Fibonacci retracement of the up leg from 115.85 to 120.00. The pair adopted a brief side move after a sell-off bounced off that level. The flattened 200-period simple moving average (SMA) implies a stall in directional momentum. That said, the unfolding short-term negative outlook seems to be backed by the 50-period SMA, as it has completed a bearish crossover of the 200-period SMA, while the 100-period [..]

Technical Analysis – AUDUSD at fresh decade lows; vulnerable to more downside

Posted on October 2, 2019 at 7:22 am GMT

AUDUSD slumped to a fresh 10 ½-year low of 0.6670 on Tuesday, signaling that the more-than-a-year bearish wave is here to stay, with the negative direction in the RSI and the MACD backing this view as well. The next support to downside movements could emerge within the 0.6565-0.6500 area, while lower the bears should break a tougher wall around 0.6400 to stretch the decline towards the 0.6280-0.6248 restrictive zone, taken from the lows in 2009. On the upside, there are [..]

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Technical Analysis – US30 stock index consolidates; swing low support remains in place

Posted on September 30, 2019 at 1:33 pm GMT

US30 stock index seems to be undecided as it is unable to break below the 26,833 level, which is the 23.6% Fibonacci retracement of the up leg from 25,279 to 27,312. The short-term oscillators reflect a stall in momentum but favor a push lower. The MACD is only just below its red trigger line in the negative zone, while the RSI is in bearish territory pointing down after a deflection off the 50-level. Despite the consolidation period the negative signals [..]

Technical Analysis – Gold consolidates; bears flirting with 23.6% Fibonacci level

Posted on September 30, 2019 at 8:35 am GMT

Gold sellers are testing the 1488 level once again, which is the 23.6% Fibonacci retracement of the up leg from 1266.20 to 1556.92. The precious metal had deflected off the 1535 resistance, collapsing after a two-week consolidation period. The commodity faces a level which is part of a support region from 1488 – 1480, which has held from the beginning of August. The short-term oscillators reflect negative momentum intact, as the MACD has distanced itself below its red trigger line [..]

Technical Analysis – GBPUSD blocked by support near oversold area

Posted on September 30, 2019 at 7:18 am GMT

GBPUSD has paused its sell-off just above the 200-period simple moving average (SMA) and near three-week lows in the four-hour chart. But the falling Tenkan-sen suggests that the bearish action has more room to run. The RSI is backing this view as well, though it also signals that any downside may appear limited in the short-term as the indicator is not far above its 30 oversold level. The 1.2270 mark, which is slightly under the 200-period SMA and where the 50% Fibonacci of the upleg from [..]

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Technical Analysis – GBPCHF remains negative but bulls reemerge before breach of swing low

Posted on September 27, 2019 at 1:39 pm GMT

GBPCHF reversed back down from the high of 1.2476 after a one-month rally, driving the price below the simple moving averages (SMAs) and the Ichimoku cloud, until the 1.2200 swing low, where the price halted, following a push higher from buyers. The momentum indicators are reflecting easing in the short-term negative momentum. The RSI has bounced off the 30-level and is pointing up, while the MACD in negative regions is marginally above its red trigger line. That said, the oscillators’ [..]

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Technical Analysis – USDTRY caught in narrow range, outlook flat for now

Posted on September 27, 2019 at 12:24 pm GMT

USDTRY has been stuck in a very narrow range, with an upper bound at 5.79 and a lower one at 5.64, since the beginning of September. The near-term outlook is therefore neutral, something also supported by the converging 50- and 200-day simple moving averages (SMAs). A break in either direction of the range is required to set the tone. Reinforcing the flat picture, both the RSI and the MACD are near their neutral levels, providing no directional signals. If the [..]

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Technical Analysis – WTI oil futures pull back, but still above uptrend line

Posted on September 27, 2019 at 10:51 am GMT

WTI oil retreated in recent days, after it briefly soared to a 4-month high last week. Despite the latest pullback though, the fact that the price is still trading above an uptrend line drawn from the lows of August keeps the short-term outlook cautiously positive. That said, a break below the uptrend line and 55.30 would turn the bias to neutral. Momentum oscillators paint a neutral picture, with the RSI being flat near its 50 level, while the MACD is [..]

Technical Analysis – USDCAD moves sideways, trapped within moving averages

Posted on September 27, 2019 at 8:51 am GMT

USDCAD’s momentum has evaporated after buyers yesterday reversed the price up to close above the 100-day simple moving average (SMA) and the flat Kijun-sen line, which have converged within the trading range. The short-term oscillators imply that momentum has dried up but favor the positive picture. The MACD is only just above zero and its red trigger line, while the RSI hovers in bullish territory, marginally above the 50-level. It’s worth mentioning that the upward sloping Tenkan-sen has completed a [..]

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