Technical Analysis / Page 613

Technical Analysis – EURCHF’s steady decline seems to have one thing in focus: the gap of April 2017

Posted on August 12, 2019 at 12:51 pm GMT

EURCHF bears continued registering lower lows over the last three-months, through levels not seen for around two-years. The move down fell 31 pips shy of the June 2017 low of 1.0831. The pair corrected slightly, and the bears are now having another go at a push lower. The ADX is showing a very strong downwards trend in place, whereas the RSI has re-entered the oversold area, marginally pointing down and further indicating strength in the push southwards. The simple moving [..]

Technical Analysis – EURUSD fails multiple times to breach short-term downtrend line

Posted on August 12, 2019 at 9:07 am GMT

EURUSD is under pressure again after finding support around 1.1196, which is the 23.6% Fibo retracement of the up leg from 1.1026 to 1.1249 and the 1.1180 level from June 18. After failed attempts to move above the downtrend line, the pair has traded between the 100- and 200-period simple moving averages (SMAs) for the past week. The bears have gained some strength and are pushing for lower, testing the 100-SMA. The MACD and the RSI’s picture suggest a restart in [..]

Technical Analysis – Gold bulls locked below 1,500; could lose momentum in short-term

Posted on August 12, 2019 at 7:22 am GMT

Gold bulls got trapped around the 6-year high of 1,500 and the 61.8% Fibonacci of the long downleg from 1,796 to 1,046 after gaining more than 3.5% last week. Technically, the market could soften in the short-term as the RSI and the Stochastics seem to be slowing down in the overbought territory. The flattening Tenkan-sen and the stable Kijun-sen are also an indication that the market could trade more cautiously in the short-term. Yet the higher highs and the higher [..]

Technical Analysis – CADCHF corrects upwards as engulfing candle stops losses

Posted on August 9, 2019 at 12:41 pm GMT

CADCHF buyers halted the pair’s move down just before 0.7250, which is the 138.2% Fibo extension of the up leg from 0.7350 to 0.7610. The subsequent recovery moved the price above the 0.7350 resistance, where the market has now adopted a sideways approach in an area of around 20 pips. The momentum indicators show that the very short-term corrective move up may be losing steam. The MACD has started to flatten above its red trigger line, whereas the RSI could [..]

Technical Analysis – US500 index slips to retest 50-SMA but bullish bias not faded yet

Posted on August 9, 2019 at 10:25 am GMT

The US500 stock index managed to restore more than half of the losses it recorded after reaching a new record high last week, and even though it failed to hold above the 50-period simple moving average (SMA), the bullish forces have not fully faded yet. The MACD continues to pick up strength in positive territory and comfortably above its signal line, the RSI continues to consolidate in bullish area, while in Ichimoku indicators, the red Tenkan-sen is flattening above the [..]

Technical Analysis – GBPJPY in descending channel; moves sideways at 33-month low

Posted on August 9, 2019 at 9:08 am GMT

GBPJPY takes a breather after falling from a swing high of 135.65 on July 25, moving sideways around a thirty-three-month low of 128.75. It’s noteworthy that while the latest move down printed a lower low, the RSI points to positive divergence with the price action, suggesting that a corrective upside wave may be next. The relatively flat momentum indicators support the very short-term sideways move. The MACD has flattened above its trigger line, whereas the RSI is hovering between the [..]

Technical Analysis – USDCAD bulls get rejected from 200-day SMA; bias bullish-to-neutral

Posted on August 9, 2019 at 7:28 am GMT

USDCAD got rejected by the 200-day simple moving average (SMA) and the 1.3300 level after an attempt to cross above the area and the Ichimoku cloud. The pair immediately gave up most of its gains made this week on Thursday, with the technical indicators suggesting a bullish-to-neutral bias for the short-term. The RSI is slowing towards its 50 neutral mark, the MACD is losing steam above its red signal line, while the red Tenkan-sen is flattening above the blue Kijun-sen. [..]

Technical Analysis – NZDUSD corrects higher after plunging to 3½-year low

Posted on August 8, 2019 at 2:58 pm GMT

NZDUSD fell aggressively and logged 180 pips early on August 7. But the latest trickle downwards lasted for nineteen days before the correction by buyers. They pushed the price up and into a sideways structure, slightly below 0.6473, which is the 23.6% Fibo retracement level of the down leg, from a three-and-a-half-month high of 0.6789 to a low of 0.6376. It is worth mentioning that the Tenkan-sen average has restarted moving down, agreeing with the 100-day simple moving average’s (SMA) [..]

Technical Analysis – GBPAUD fails to exit descending channel and drifts lower

Posted on August 8, 2019 at 2:02 pm GMT

GBPAUD attempted forcefully to exit the descending channel and breach at once the 1.8200 level and the lower bound of the Ichimoku cloud but its efforts proved fruitless, with the price slipping back to the 1.78 hurdle on Thursday. The RSI has pierced its 50-neutral mark to the downside, endorsing the current negative momentum in the price. Yet the weakness may not persist for long if the red Tenkan-sen manages to move above the blue Kijun sen. Hence the short-term risk is currently [..]

Technical Analysis – EURGBP could soften in short-term

Posted on August 8, 2019 at 11:36 am GMT

EURGBP flied even higher this week to top its 2-month old rally at 0.9248, the highest mark reached in almost two years. The spotlight is now on the 0.9300 round-level, where any violation may drive the price towards the 0.9400 mark. However, with the RSI losing steam below its 70 overbought mark, the bullish pressures may rather weaken, turning the short-term picture into a neutral one. It’s also worth noting that the pair is trending in overbought waters in the weekly chart [..]

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