Technical Analysis / Page 604

Technical Analysis – WTI oil futures test the 38.2% Fibonacci multiple times

Posted on September 6, 2019 at 2:15 pm GMT

WTI oil futures rallied from a seven-month low on August 7, but the gains were halted at 56.68 and around the 38.2% Fibonacci retracement level of the down wave from 66.57 to 50.58. After multiple failed attempts to close above the 56.68 resistance level over the last couple of weeks, the 20-, 50- and 200-day simple moving averages (SMAs) have converged, encapsulating the price of the commodity. More importantly, the bull’s endeavor, to move above the downward sloping 100-day SMA [..]

Technical Analysis – BTCUSD exposed to downside corrections

Posted on September 6, 2019 at 1:55 pm GMT

BTCUSD (Bitcoin) staged a stunning upside reversal around the 9,300 support area, with the price surging back above the 100-period exponential moving average (EMA) and towards two-week highs. Buyers are currently pushing efforts to overcome the 38.2% Fibonacci of 10,837 of the downleg from 13,809 to 9.011, a break of which could see the retest of the 11,130 barrier. Moving higher, the 50% Fibonacci of 11,398 could next captivate trader’s attention and trigger another bullish action towards the 61.8% Fibonacci [..]

Technical Analysis – GBPJPY completes double bottom pattern after 5-month downtrend

Posted on September 6, 2019 at 9:02 am GMT

GBPJPY’s bulls accelerated the price up to hover around the 131.80 level, which is the 23.6% Fibonacci retracement level of the down leg from 148.86 to 126.53. The rally yesterday completed a double bottom pattern after breaking above the neckline of 130.68, and now price has possibly paused for the very-short-term, between 131.60 and 132.15. The 50- and 100-period simple moving averages (SMAs), with their upward slopes, are headed to the 200-period SMA, whilst the MACD and RSI reflect bullish [..]

Technical Analysis – USDCAD slips back to retest 50% Fibonacci under 200-SMA

Posted on September 6, 2019 at 7:28 am GMT

USDCAD has done little to recover Wednesday’s free-fall that led the price under the 200-period simple moving average (SMA) in the four-hour chart and slightly below the 1.3200 level. The momentum indicators, however, are currently favoring a bearish-to-neutral picture for the short-term trading as the RSI is pointing towards its 30 oversold mark and the MACD is flattening under its red signal line. The steep negative slope in the red Tenkan-sen is another discouraging signal. The focus is now back [..]

Technical Analysis – Silver moves to multi-year highs; bears correct back down

Posted on September 5, 2019 at 3:53 pm GMT

Silver’s bears erased the gains from the move up to a thirty-five-month high of 19.63. The pullback in the price of the metal moved through the 21-period simple moving average (SMA), which coincided with support from the November 2016 high of 18.98. The bears are now testing the 42-period SMA also residing with the swing high at 18.63. Momentum indicators reflect an increasing negative picture for the short-term. The MACD declined below its red trigger line in the positive region, [..]

Technical Analysis – USDSEK collapses below the uptrend line

Posted on September 5, 2019 at 1:38 pm GMT

USDSEK’s weekly gains that peaked at 17-year highs evaporated as the bears showed up and plunged the pair through the 50- and 100-period simple moving averages (SMAs). The move engulfed up support levels bringing the price to test the uptrend line. The technical indicators reflect the increasing bearish momentum in the near picture. The MACD has distanced itself from its red trigger line and declines further in the negative region, whilst the RSI has entered the oversold territory moving lower too. Traders [..]

Technical Analysis – GER30 index gains ground above 200-SMA; looks overbought

Posted on September 5, 2019 at 11:46 am GMT

The GER30 index stepped on the 200-period simple moving average (SMA) on Wednesday and accelerated to one-month highs. While the RSI’s peak in the overbought territory suggests that the rally is overstretched and is time for a downside correction, the positive momentum in the MACD and the upward direction in the red Tenkan-sen line signals that any weakness could be temporary. Even more encouraging is the bullish cross between the 20- and the 200-period SMAs that foresees the continuation of [..]

Technical Analysis – NZDUSD bulls push above Ichimoku cloud and 100-SMA

Posted on September 5, 2019 at 9:51 am GMT

NZDUSD steady and 1 ½-month old decline below the capping 50-period simple moving average (SMA), saw the bulls on September 3 come on board. The price overcame the 50-period SMA and pushed through the Ichimoku cloud on Thursday to challenge the longer-term 100-period SMA and the inside swing low of 0.6376. Momentum indicators are backing a bullish view in the short-term. The MACD has distanced itself from its red trigger line and increased into positive territory. The RSI broke into [..]

Technical Analysis – AUDUSD cautiously bullish at a critical point

Posted on September 5, 2019 at 7:27 am GMT

AUDUSD is positioned at a crucial point in the four-hour chart. The pair closed marginally above the 200-period simple moving average (SMA) and managed to pierce the upper boundary of its one-month old range early on Thursday before pulling downward slightly. The MACD cautiously suggests a bullish bias for the short-term as the indicator is still in the positive direction but near former peaks. The RSI, however, seems to be slowing down above its 70 overbought mark and the fast-Stochastics [..]

Technical Analysis – AUDCAD capped by 0.9050 and 23.6% Fibo in a sideways move

Posted on September 4, 2019 at 3:39 pm GMT

AUDCAD plummeted aggressively from 0.9250 after a two-week period of producing red candles. Following the fall from the previous swing high of July 23 into a one-month trading range, the upside pressure hit a ceiling at the 0.9050 level. Positive momentum has picked up in the short-term. The MACD has distanced itself above its trigger line in the bearish region, and the RSI crossed marginally above the neutral level into bullish territory. Furthermore, the 21-day simple moving average (SMA) has [..]

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