Technical Analysis / Page 608

Technical Analysis – Copper futures stretch to new 2-year lows; bears to keep pressure

Posted on August 27, 2019 at 10:57 am GMT

Copper futures for December delivery softened under a well-established support area of 2.5300 (since 2017), extending the downward pattern to a new two-year low of 2.4952. Technically, the market could stay under pressure in the short-term as long as the MACD holds in negative area and under its red signal line, with the bearish RSI endorsing the view as well. Yet, the Stochastics’ bullish rebound in the oversold area suggests that upside corrections in the very short-term are possible. Traders could wait for a [..]

Technical Analysis – GBPUSD deflected by 23.6% Fibonacci for a continued bear move

Posted on August 27, 2019 at 9:39 am GMT

GBPUSD sellers pushed the price below the 1.2288 barrier this week, which is the 23.6% Fibonacci retracement level of the down leg from 1.3176 to 1.2014. The MACD has further distanced itself above its red trigger line in the negative territory, but seems to be starting to flatten, so some caution cannot be ruled out in the short-term. The RSI has also weakened after moving slightly into the positive area. It’s worth mentioning that the medium-term picture is still tilting [..]

Technical Analysis – EURGBP downside correction finds a base on ascending trendline

Posted on August 27, 2019 at 6:40 am GMT

EURGBP remained below the 0.9100 level despite bouncing on the critical 3-month old ascending trend-line last week. With the RSI losing steam slightly under its 50 neutral mark and the MACD weakening below its red signal line, the short-term session is expected to appear neutral-to-bearish. The upward-sloping trend-line could play a key role in keeping the market moving in an upside direction. However if the bears manage to push the wall down, the 38.2% Fibonacci of 0.9000 of the upleg [..]

Technical Analysis – US30 index takes back losses; 50-, 100-SMAs stop bullish move

Posted on August 26, 2019 at 3:54 pm GMT

US30 stock index adopted a sideways behavior after falling from the 27,403 all-time-high to a two-month low of 25,077. It is noteworthy to point out that despite the breaches from the price, the 200-, 100- and 50-period simple moving averages (SMAs) still maintain the bearish picture. In momentum indicators, both the RSI and the MACD are in bearish territory, suggesting that a rekindled negative move cannot be ruled out; the RSI deflected off the 50-level and heads down, whilst the MACD is below [..]

Technical Analysis – EURCAD stalls between 50-SMA and 100-SMA

Posted on August 26, 2019 at 1:43 pm GMT

EURCAD corrected northwards from a twenty-two-month low of 1.4573 but failed to close above the 100-day simple moving average (SMA). Sellers aggressively came on board, pulled the price down and slightly sideways to trade between the 50- and 100-day SMAs. The pair is now located in the Ichimoku cloud, and directional momentum seems to have evaporated, something also reflected by the RSI as it hovers marginally above the 50-level, while the MACD has slightly inclined above zero, but remains beneath [..]

Technical Analysis – EURUSD eyes 2-month downtrend line; pauses at 38.2% Fibo

Posted on August 26, 2019 at 7:55 am GMT

EURUSD appreciated, taking back more than half of two weeks of losses. The bulls are eyeing the downtrend line, but it seems that the move up has hit a ceiling as the upside momentum has evaporated, something also indicated by the RSI as it has flattened at the 50-level. The 200- and 100-day simple moving average (SMA) are declining slightly sideways, whereas the 40-day SMA has dropped and merged with the downtrend line implying that the bearish bias is prevailing [..]

Technical Analysis – Gold gears to new highs; looks cautiously bullish in short-term

Posted on August 26, 2019 at 7:19 am GMT

Gold staged a quick rebound on Friday after failing to breach the 1,493 support area, while on Monday the yellow metal opened with a positive gap to hit an almost 6 ½-year high of 1,555. The red Tenkan-sen and the blue Kijun-sen completed a neutral phase and returned to the upside, capturing bullish pressures in the market. The positive momentum in the RSI and the MACD is another call for further improvement, though with the former being ready to enter [..]

Technical Analysis – NZDCHF moves sideways after falling to nearly 4-year lows

Posted on August 23, 2019 at 1:50 pm GMT

NZDCHF bulls denied further downside momentum on August 13 pushing the price back up to 0.6313, which is the 23.6% Fibonacci retracement level of the down wave from 0.6670 to 0.6200, and into a short-term trading range. The 20- and 40-period simple moving averages (SMAs) give no clear direction on the four-hour chart, whilst the 100-period SMA reflects the bigger bearish picture. Directional momentum has evaporated, with the MACD only slightly above its red trigger line and just below the [..]

Technical Analysis – GBPJPY breaches upwards the 100-SMA, eyes 200-SMA

Posted on August 23, 2019 at 8:40 am GMT

GBPJPY turned higher at a thirty-three-month low of 126.53 on August 12, of a three-month descending channel plotting higher highs and lows. Currently at the 130.00 level, the bears are trying for a push lower as reflected by the momentum indicators. The RSI has deflected off the overbought level and is headed south, whilst the MACD has started to flatten above its red trigger line in the positive territory, both suggesting some weakening in positive momentum. In spite of this, [..]

Technical Analysis – USDCAD neutral below 1.3340 strong resistance

Posted on August 23, 2019 at 7:39 am GMT

USDCAD was unable to break the 1.3340 resistance for the third consecutive week but it managed to hold in an upward move and above an ascending trendline. Technically, the pair could maintain its neutral mood in the short-term as the RSI fluctuates sideways in the bullish area and the MACD stabilizes around its red signal line. The Ichimoku indicators (Tenkan-sen, Kijun-sen) are also flat, endorsing the lack of direction in the market price. A decisive close above the 1.3340 ceiling could bring the [..]

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