Technical Analysis / Page 620

Technical Analysis – EURCHF creates fresh 2-year low; bears have the upper hand

Posted on July 24, 2019 at 12:59 pm GMT

EURCHF has been creating an aggressive downward rally over the last four days, posting a fresh two-year low around 1.0970. Also, the price has broken the long-term sideways channel, indicating sharper negative structure. The bearish move is confirmed by the technical indicators in the daily timeframe. The RSI is holding in the oversold territory and is pointing south, while the MACD is stretching its downside movement below trigger line. Should weakness extend below the two-year low, support to further declines [..]

Technical Analysis – US dollar index completes 7-week high in ascending channel

Posted on July 24, 2019 at 8:58 am GMT

The US dollar index is heading strongly upwards at a new seven-week high of 97.45 after the jump above the 50-day simple moving average (SMAs), posting remarkable gains. However, the stochastic oscillator seems to be overbought as it is trying to turn lower, while the RSI is flattening in the positive territory but remains above the uptrend line. Should the price stretch north the two-year high of 98.25 could come into focus. If the buying interest extends, attention could then [..]

Technical Analysis – GBPCAD 2-month tumble moves sideways before direction unveiled

Posted on July 24, 2019 at 8:43 am GMT

GBPCAD’s prevailing downtrend came to a halt on July 16, as price printed a morning star pattern. Potential reversal also is implied from the candles after the pattern, indicating uncertainty to the direction. Concurring we can see that the Tenkan-sen average has moved horizontally. As momentum evaporates the MACD moves above the red trigger line in the negative zone, with the RSI above 30 level becoming slightly flat. The ADX still indicates a strong trend. The 50-, 100- and 200-day [..]

Technical Analysis – AUDUSD extends downside below 20-day SMA

Posted on July 24, 2019 at 8:40 am GMT

AUDUSD drifted lower after hitting a three-month high of 0.7081, slightly above the 50% Fibonacci level of the steep downleg from 0.7392 to 0.6745. The bearish move has driven the price back into the Ichimoku cloud and below the 20-day simple moving average (SMA), increasing speculation that the softness may stay in place in the short-term. Meanwhile in momentum indicators, the signals are neutral-to-negative as the RSI is exiting the bullish territory, while the MACD seems to be losing ground [..]

Technical Analysis – EURJPY plummets to new 6-month low; bearish profile

Posted on July 24, 2019 at 6:31 am GMT

EURJPY is looking strongly bearish in the short-term after plunging towards a new six-month low earlier today, continuing its selling interest from April 15’s peak of 126.80. Prices dropped below the significant 120.75 barrier and the technical indicators are all pointing to further negative momentum. The RSI is heading downwards, approaching the oversold zone, while the MACD extends its bearish momentum below trigger and zero lines. Should the pair make another run lower, it is likely to meet support at [..]

Technical Analysis – NZDJPY trades beneath 100-SMA; 50.0% Fibo holds inside gap

Posted on July 23, 2019 at 1:02 pm GMT

NZDJPY recorded a bounce up in the short-term, from the five-and-a-half-month low of 70.25 on June 18, and in the last month has pushed north into the Ichimoku cloud. The price stalled ahead of the upper boundary of the cloud coupled with the 100-day simple moving average (SMA) in the previous session. There is a lack of direction in momentum indicators, as the short-term Tenkan-sen line is pointing upwards, although the Kijun-sen is flattening. Furthermore, the MACD is moving sideways [..]

Technical Analysis – McDonalds stock reaches new record high; hits upper boundary of ascending channel

Posted on July 23, 2019 at 12:45 pm GMT

McDonalds stock price hits a record high of 215.85 last Thursday, meeting the upper boundary of the long-term ascending channel in the daily timeframe. The 20-day simple moving average (SMA) helped the bulls to retake control, while the positive momentum in the RSI suggests the bullish party is not over yet for the stock. However, the MACD oscillator is slowing down below the trigger line. The peak at 215.86 could potentially work as nearby resistance should the price continue the rebound on 206.35. Nevertheless, it would [..]

Technical Analysis – WTI futures encounter resistance from both the 50- and 200-SMAs

Posted on July 23, 2019 at 11:50 am GMT

WTI oil futures moved north from five-month lows of 50.58 towards the 61.8% Fibonacci retracement of the down move from 66.57 to 50.58, of 60.47, over the last month. Price tumbled from the 61.8% Fibo and lost steam near its 23.6% Fibo. The 50-, 100- and 200-day simple moving averages (SMAs) in the current sideways move indicate no definite direction as their signals are unclear. The SMAs have neared each other, whilst the MACD has had only a borderline cross [..]

Technical Analysis – UK 100 index rises slightly but remains below 11-month high

Posted on July 23, 2019 at 11:14 am GMT

The UK 100 stock index (FTSE 100) has been trading slightly higher following the rebound on the 7473 support level. The stochastic oscillator confirms this short-term upside view, as it is heading north above the oversold territory. Also, the RSI is pointing up in the positive area. If the price manages to extend the bullish action and successfully surpass the eleven-month high, resistance would come from the 7790 barrier, taken from the high on August 2018. Further up, the index could rest around the [..]

Technical Analysis – EURGBP to hold uptrend in near term; 20-SMA key support

Posted on July 23, 2019 at 7:45 am GMT

EURGBP has been in the green zone for the past twelve weeks, topping its rally at an almost six-month high of 0.9050 last week. The 20-day simple moving average (SMA) has played a key role in rejecting bearish corrections and therefore should be closely watched if negative momentum resumes. The fast Stochastics, however, are currently approaching the 20 oversold mark, while the RSI and the red Tenkan-sen are in consolidation, all flagging an overall neutral-to-positive bias for the short-term. Should the 20-day SMA assist the [..]

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