Technical Analysis / Page 614

Technical Analysis – USDJPY bears blocked around 105.50

Posted on August 8, 2019 at 7:15 am GMT

USDJPY put brakes on the sell-off near the key 105.50 area twice this week and turned to consolidation. Trend signals remain bearish as the market action continues to take place well below simple moving averages (SMA) and the Ichimoku cloud, whilst the momentum indicators suggest that the next move in the price could be bearish-to-neutral. The MACD keeps strengthening downwards and under its red signal line, the RSI points towards its 30 oversold mark, whereas the Stochastics are sloping upwards after [..]

Technical Analysis – Silver prints new 14-month high above 138.2% Fibonacci extension level

Posted on August 7, 2019 at 2:50 pm GMT

Silver was unable to push below the 100-day simple moving average (SMA) at the beginning of the month. Silver found support from the Ichimoku cloud and the 100-day SMA was tested multiple times. After a short-term sideways move, the metal finally broke out of the cloud upwards and rallied past the previous thirteen-month high of 16.64, as well as the 138.2% Fibo extension level of the downleg from 16.20 to 14.28, printing a nearly fourteen-month new high of 17.08. A [..]

Technical Analysis – BTCUSD keeps bullish bias intact

Posted on August 7, 2019 at 2:17 pm GMT

Bitcoin has seen demand accelerate this week, with the price running as high as 12,257 on Wednesday before pulling back to the 11,400 support area. The market could retest its latest peaks as the recent rebound in the RSI and the positive slope in the Stochastics in the four-hour chart back a bullish scenario for the short-term. Crawling higher, the bulls would aim for a close above the July high of 13,131 but they should first breach the wall around [..]

Technical Analysis – US dollar index turns south from new multi-month high; halts at the 100-SMA

Posted on August 7, 2019 at 1:15 pm GMT

The US dollar index produced a new twenty-six-month high of 98.67. Sellers took control and logged a correction from the high on August 1 toppling the price to the 97.00 hurdle. The level is the 50.0% Fibo retracement of the up move from 95.34 to 98.67, coupled with the 100-day simple moving average (SMA). The MACD and the RSI are suggesting that a revival of the bullish directional momentum could evolve, as the RSI has rebounded off the 50 level [..]

Technical Analysis – EURJPY drops to 2-year low; fills the gap from April 2017

Posted on August 7, 2019 at 9:04 am GMT

EURJPY fell aggressively, after breaking below the 50-day simple moving average (SMA) and the 120.77 then support, further past the 120.04 inside swing low to a 2-year low of 117.66 in the last week. The move filled the gap from back in April of 2017. After a pullback, the price lost its steam and now sits on the middle Bollinger band. The MACD crossed above its red trigger line in the negative region but has started to flatten, whereas the [..]

Technical Analysis – AUDUSD collapses to decade lows after breaking 0.6745

Posted on August 7, 2019 at 7:16 am GMT

AUDUSD managed to clear the 0.6745 support level that kept the bears on hold the past two days, with the price falling rapidly to a new 10 ½-year low of 0.6676 early on Wednesday. The trend signals remain negative as the price has further distanced itself below its negatively sloped simple moving averages (SMA) and the Ichimoku cloud. Yet in momentum indicators, the stochastics and the RSI suggest that the downfall is overstretched and hence the negative momentum could stall in the near term. Immediate resistance [..]

Technical Analysis – AUDJPY collapses to 7-month low; buyers push back

Posted on August 6, 2019 at 3:10 pm GMT

AUDJPY dropped over the last two weeks through lows seen back in June 2016 and May 2010 when excluding January’s Flash crash. Buyers moved the price back up, and it is currently trading in the 72.41 to 71.86 resistance and support barriers respectively. The Chikou span shows some signs of stalling in the powerful move down from the 76.00 hurdle. The ADX suggests a very strong bearish trend in place but warns of some slowing to the downside. The MACD [..]

Technical Analysis – GBPCHF breaks below 138.2% Fibonacci extension, nears October 2016 lows

Posted on August 6, 2019 at 1:15 pm GMT

GBPCHF tumbled from 1.3400 on May 3, after failing to break above a previous ten-month high. The pair paused slightly around the sixteen-month low of 1.2292, before reviving the down move past 1.1864, being the 138.2% Fibo extension level of the up leg from 1.2292 to 1.3420. The MACD indicator crossed underneath its red trigger line in the negative territory and is showing some acceleration of bearish directional momentum. The ADX agrees, suggesting a strong bearish trend is in place, [..]

Technical Analysis – WTI oil futures unable to conquer previous swing low

Posted on August 6, 2019 at 8:35 am GMT

WTI oil futures fell from the 58.79 peak from the beginning of the month to a spike low of 53.58. Presently standing at 55.25, the price is trading between the 56.00 resistance and 53.45 support. Although the Tenkan-sen is showing a downwards direction in the short-term, the Kinjun-sen has flattened over the recent period, with the sideways move suggesting some indecision present. The MACD has crossed above its red trigger line while in the negative region, whilst the RSI points [..]

Technical Analysis – GBPUSD stable near 31-month lows; bears may keep upper hand

Posted on August 6, 2019 at 7:35 am GMT

Last week’s aggressive downfall to a 31-month low of 1.2078 turned GBPUSD players indecisive, with the price sliding sideways within the narrow 1.21-1.22 boundaries and well below moving averages afterwards. Speculations for an upside correction are rising as the fast-Stochastics continue to head north after printing a bullish cross below the 20 oversold mark. The RSI, which hovers around its own 30 oversold level is also suggesting a price reversal. Still, should the MACD show no sign of improvement in coming sessions, [..]

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