Technical Analysis / Page 597

Technical Analysis – EURUSD unlocks fresh 28-month lows; could lose more

Posted on September 27, 2019 at 7:30 am GMT

EURUSD breached the floor around 1.0925 and stretched the four-month old downward pattern to a fresh 28-month low of 1.0904 on Friday. According to the technical indicators, the pair remains exposed to downside risks in the short-term given the negative slope in the RSI and the falling Stochastics, which have yet to confirm oversold conditions. The focus is now on the 1.0830, a key support and resistance area during 2017. Should the price overcome that barrier, the sell-off could stretch towards the [..]

Technical Analysis – Soybean futures take a breather above 50.0% Fibonacci; buyers regroup

Posted on September 26, 2019 at 3:04 pm GMT

US Soybean futures adopted a sideways market after a corrective move reversed the commodity back down to 8.82, which is the 50.0% Fibonacci retracement of the down leg from 9.2280 to 8.4070 and where the upper boundary of the Ichimoku cloud lies. The short-term oscillators reflect a stall in momentum but lean more towards a push higher. The MACD is only just above its red trigger line in the positive zone, while the RSI is in the bullish territory, pointing [..]

Technical Analysis – US 30 index unable to log new record high, pulls back

Posted on September 26, 2019 at 2:57 pm GMT

The US 30 index came close to challenging its all-time high of 27,402 earlier this month, but did not quite reach that level, and subsequently pulled back. The inability of the bulls to log a new high reaffirms that the index is in a sideways market, with a push either above 27,402 or below 25,280 needed to change this neutral picture. Momentum oscillators confirm the lack of direction, with the RSI being relatively flat near its neutral 50 line, [..]

Technical Analysis – USDZAR rebound stalls, but picture still positive

Posted on September 26, 2019 at 1:27 pm GMT

USDZAR touched a one-year high in mid-August, before retreating somewhat. Still, the pair remains in a medium-term uptrend, characterized by higher highs and higher lows, something also supported by the steepening 50-day simple moving average (SMA). Short-term oscillators, however, paint an entirely neutral picture. The RSI is flat near its neutral 50 zone, while the MACD is slightly above its red trigger line but near its zero level. If buyers remain in charge, they must first overcome the 15.07 area, [..]

Technical Analysis – Facebook stock consolidates, cautiously positive in medium term

Posted on September 26, 2019 at 12:09 pm GMT

Facebook’s stock has been trapped within a sideways range between 193.0 and 176.50 since early August, painting a neutral outlook in the short term. A break in either direction could therefore determine the bias. Overall, the structure of higher peaks and higher troughs is still in play on the daily chart, keeping the bigger picture positive for now, though a break below 161.0 would bring that into doubt. Momentum oscillators support the notion that the short-term bias is flat. The [..]

Technical Analysis – USDJPY reverses off 50.0% Fibonacci, back below 100-SMA

Posted on September 26, 2019 at 8:51 am GMT

USDJPY sellers are persisting at the 100-day simple moving average (SMA) currently at 107.80, despite short-term momentum drying up, as implied by the flattening Tenkan-sen and Kijun-sen lines. The pair aggressively pivoted off the 108.42 resistance, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45, following a rally that commenced on August 26. The short-term oscillators reflect a stall in price action as the MACD has weakened in the positive area, moving below its red [..]

Technical Analysis – GBPJPY bias tilted to the downside; bears likely waiting below 130.68

Posted on September 26, 2019 at 7:15 am GMT

GBPJPY has been drifting below two-month highs after failing to close above the 135.50 resistance area. The pair could follow a neutral-to-bearish direction in the short-term as the RSI is sloping downwards to meet its 50 neutral mark and the MACD is extending negative momentum below its red signal line. Yet, the price continues to trade above the Ichimoku cloud and its 20- and 50-day simple moving averages (SMAs), which recently posted a bullish cross, providing hope that any downside may appear temporary. On the way down, the [..]

Technical Analysis – EURCHF confined in a narrow range; still negative in medium-term

Posted on September 25, 2019 at 3:16 pm GMT

EURCHF remains in a medium-term downtrend, with the price structure on the daily chart consisting of lower peaks and lower troughs below both the 50- and 200-day simple moving averages (SMAs). That said, the near-term picture is neutral, with the pair trading within a narrow range between 1.1020 and 1.0810 since early August. Momentum oscillators paint a relatively negative picture, suggesting that the lower bound of this range may be tested soon. The RSI is already below 50 and pointing [..]

Technical Analysis – EURCAD remains negative overall despite short-term sideways market

Posted on September 25, 2019 at 2:46 pm GMT

EURCAD is still finding difficulty to steer beneath the 1.4564 level, which is the 23.6% Fibonacci retracement of the down leg from 1.4994 to 1.4432. The pair has consolidated after printing failed breaks of the weekly uptrend line, where a rally then followed to the 50.0% Fibo of 1.4713. Short-term oscillators suggest that negative directional momentum is starting to pick up, even though the 40-day simple moving average (SMA) has flattened. The RSI – already in bearish territory – is [..]

Technical Analysis – AUDJPY rebounds from 10-year low, but downtrend still in play

Posted on September 25, 2019 at 1:24 pm GMT

AUDJPY fell to 69.95 in late August, a level not seen since 2009, but found fresh buy orders and managed to rebound. The price then touched 74.50, and retreated again, keeping the pattern of lower lows and lower highs on the daily chart intact and hence confirming that the longer-term downtrend is still in force. In the short-term though, the pair seems stuck in a sideways range between 74.50 and 69.95. Momentum oscillators mostly concur with the relative flat near-term [..]

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