Technical Analysis / Page 617

Technical Analysis – USDZAR rebounds, but still neutral overall

Posted on July 31, 2019 at 2:28 pm GMT

USDZAR rebounded substantially in recent days, to challenge the 14.31 zone and the 50-day simple moving average (SMA), before retreating somewhat. There is currently no clear trending structure in place. For that to change, either the bears would need to push for a new low below 13.80, or the bulls would have to lift the pair above the 50-day SMA, turning the bias slightly more positive. Short-term momentum oscillators concur, as neither the RSI nor the MACD is providing a [..]

Technical Analysis – AUDJPY remains confined in a tight range

Posted on July 31, 2019 at 1:32 pm GMT

AUDJPY continues to trade in a relatively narrow sideways range, with an upper bound at 76.30 and a floor at 73.90. As such, the short-term outlook still seems neutral, with a break on either side needed to provide the directional bias. Momentum oscillators doesn’t paint a clear picture either, with the RSI being below 50 but pointing higher, and the MACD hovering around its zero line. In case of further declines, a decisive break below 73.90 could signal the resumption [..]

Technical Analysis – US30 index turns sideways after making new highs

Posted on July 31, 2019 at 12:12 pm GMT

US30 stock index has pushed higher, making higher highs, after breaching the 26,708 high from May 1. The two-month run up from the low of 24,606 produced the 27,403 all-time-high, but the price has currently paused and moved into a short-term sideways market. The MACD is below its red trigger line in the positive region, whilst the RSI hovers midway between the neutral and over bought levels. The ADX is currently showing weakness and the absence of a trend in [..]

Technical Analysis – NZDUSD closes below 50-SMA, tests 0.66 level

Posted on July 31, 2019 at 9:29 am GMT

NZDUSD finished Tuesday’s session marginally below the 50-day simple moving average (SMA), while early on Wednesday it managed to pierce the 0.66 round level as well before pulling slightly up. The fast-Stochastics hint that the downfall is overstretched and hence buying pressures could soon take place, but the RSI needs to reverse south and rise back above its 50 neutral mark to further boost the odds for an upside correction. The 0.6580 level, which halted downside movements early today and in April, could act as support [..]

Technical Analysis – EURJPY trapped between the 50- and 100-SMA; Bollinger bands strengthen the barriers

Posted on July 31, 2019 at 8:36 am GMT

EURJPY is resting below the 100-day simple moving average (SMA) at 121.36 following the last week’s rally. This is slightly above the 121.30 level, which is the 38.2% Fibo of the down leg from the 123.35 high to a recently produced seven-month low of 120.04. The pair then found support again between 120.80, which is the 23.6% Fibo and 120.77, the five-month low of June 3. Price has moved sideways among the narrowing Bollinger bands and between the flat 50- [..]

Technical Analysis – AUDUSD bounces on key support level; MACD still bearish

Posted on July 31, 2019 at 7:05 am GMT

AUDUSD bears got exhausted near the key 0.6864 support level early on Wednesday, with the fast-Stochastics pointing to a price reversal as the green %K line has already crossed above the red %D line in the oversold territory and seem to be turning higher. The fact that the price has been repeatedly touching the lower Bollinger band in the past few sessions is also an indication that upside corrections may soon take place. The MACD, however, has yet to show any sign of improvement, reducing [..]

Technical Analysis – USDTRY revisits the 200-day SMA after three-week gradual move lower

Posted on July 30, 2019 at 3:06 pm GMT

The USDTRY recorded multiple red days after a move off the 5.7350 resistance, which was the 23.6% Fibonacci retracement of the down-leg from a seven-and-a-half-month high of 6.2432 to a low of 5.5782. The selling interest brought the price to sit on the 200-day simple moving average (SMA) slightly past the three-month low of 5.5782 formed on July 4. The Tenkan-sen and Kinjun-sen lines are pointing down, agreeing with the negative directional momentum suggested by the MACD and the RSI; [..]

Technical Analysis – GBPAUD produces a failed break of the 6-month low, buyers take back losses

Posted on July 30, 2019 at 1:03 pm GMT

The GBPAUD pair in the last weeks bounced up from the 1.7610 support area above the 1.7870 resistance, which is also the 23.6% Fibo of the descent from the almost three year high of 1.8880 to the low of 1.7630. Price tried to sustain an aggressive move down passed the recent six-month low of 1.7630 and the near low of 1.7610 from January 11. Despite strong buying interest which returned the price above the recent low of 1.7630, it is [..]

Technical Analysis – UK100 index soars to one-year highs

Posted on July 30, 2019 at 10:14 am GMT

The UK100 stock index recorded its best daily gain in more than three years on Monday, while early on Tuesday the market opened even higher to top at 7728, the highest price since last August. According to the stochastics, there is still some room for improvement as the indicator is positively sloped and has yet to print a bullish cross above its 80 overbought mark. The MACD is picking up steam as well and is above its red signal line, [..]

Technical Analysis – WTI futures price squeezed between the moving averages

Posted on July 30, 2019 at 8:25 am GMT

WTI oil futures have been flirting with the 200-day simple moving average (SMA) but were unable to close above it over the last week after finding support at the 54.80 level. The price seems to be caught between the 20-, 60- and 200-day SMAs in a sideways market that has lasted two-months, with formed candles which show no clear direction. The ADX indicator suggests a trading range is in place, whilst the 20-, 60- and 200-day SMAs have converged showing [..]

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Technical Analysis