Technical Analysis / Page 624

Technical Analysis – WTI futures find resistance at 23.6% Fibo; ‘golden cross’ completed

Posted on July 16, 2019 at 6:58 am GMT

WTI crude oil futures recorded an upside rally last week, but this week the price is on the backfoot after the bounce off the significant barrier of the 23.6% Fibonacci level of the upward wave from 42.50 to 66.60 near 60.90. The technical indicators fail to give clear direction as the MACD is flattening in the positive territory, while the RSI is sloping marginally up. It is worth mentioning that the short-term 20-day simple moving average (SMA) completed a ‘golden [..]

Technical Analysis – Goldman Sachs stock violates range area to the upside

Posted on July 15, 2019 at 2:18 pm GMT

Goldman Sachs stock had been consolidating since January but in the previous week, the price successfully surpassed the 210 resistance and the 50.0% Fibonacci retracement level of the downleg from 275 to 151.50 near 213.23, violating the range area to the upside. The sideway move held within 180.60 and 210 levels. The MACD is picking up speed in positive territory, suggesting a bullish bias for the short term. However, in the very short-term, downside corrections cannot be ruled out as the RSI is currently increasing positive [..]

Technical Analysis – GBPNZD continues bearish trend; accelerates on break of swing low

Posted on July 15, 2019 at 12:59 pm GMT

GBPNZD, consumed by a two-month downtrend from a seven-month high of 2.0020, had sellers today grab the reins once again to restart another bearish rally south. The momentum indicators confirm the persisting down move, with MACD starting to turn down to cross the trigger line, in the negative area, and the RSI agreeing, as it moves south towards the oversold area below 30. The ADX validates that the trend has substantial strength, coupled by the short- and medium-term 21- and [..]

Technical Analysis – BTCUSD rises to pare negative gap; lacks direction in near term

Posted on July 15, 2019 at 9:33 am GMT

BTCUSD opened with a noteworthy negative gap today, posting a fresh almost two-week low near 9792. The price dived below the Ichimoku cloud but is currently trying to pare some of today’s losses. The MACD oscillator is moving even lower below the zero and trigger lines, while the stochastic is holding in the oversold territory. However, the RSI indicator is heading higher, confirming the bullish move in the price action. More gains could send the price towards the 10710 resistance [..]

Technical Analysis – JP225 index finds support on uptrend line and 50-day SMA; sideways move in near term

Posted on July 15, 2019 at 8:31 am GMT

The JP225 stock index has been ascending since June 4, from the low of 20,276 to a two-month high of 21,796. The index gapped upwards on July 1, only to shift to a two-week trading range with lower and upper boundaries of 21,451 and 21,796 respectively. The index currently finds support on the 50-day simple moving average (SMA), coupled with the uptrend line coming from the low of 20,276. The ADX confirms the absence of the trend, whereas other indicators [..]

Technical Analysis – EURAUD declines sharply, touching 38.2% Fibonacci

Posted on July 15, 2019 at 7:29 am GMT

EURAUD has been underperforming in the past three days, challenging the 38.2% Fibonacci retracement level of the upward wave from 1.5340 to 1.6445 near 1.6025. The pair bounced off the 20-day simple moving average last Wednesday and is ready to complete a bearish crossover within the short-term SMAs. Short-term momentum indicators are also pointing to a continuation of the bearish bias. However, the RSI is well below the 50-neutral level, heading towards the oversold zone, while the MACD is strengthening [..]

Technical Analysis – EURUSD makes higher low but uptrend not confirmed yet

Posted on July 15, 2019 at 7:12 am GMT

EURUSD confirmed another higher low at 1.1192 last week but the market needs a more aggressive rally above the 1.1411 top to resume confidence on the uptrend which started from the 1.1106 bottom. The short-term risk is currently looking neutral-to-positive as the RSI is trying to hold strength above the 50 level and the Stochastics are positively sloped below the 80 overbought mark. Immediate resistance to additional upside corrections could be detected around 1.1283, where the 38.2% Fibonacci retracement of [..]

Technical Analysis – Gold loses steam, after rallying out of long-term trading range

Posted on July 12, 2019 at 12:42 pm GMT

Gold lost steam in the last weeks, after a rally that began at the beginning of June. The price moved sideways after the break above the upper boundary of the three-year and five-month trading range, of 1366, and is currently trading between the short-term simple moving averages (SMAs) of the 14- and 21-day SMAs. Momentum indicators suggest a short-term neutral bias, as the MACD and RSI flatten out in positive areas. The Chikou span is pointing up and above the [..]

Technical Analysis – US 30 index flies at new all-time highs

Posted on July 12, 2019 at 11:47 am GMT

The US 30 index has been in a flying mode over the last couple of days, resting near a fresh all-time high of 27,183.82. The flat momentum in the MACD, which trends above its trigger line, signals that fresh record highs can be achieved but the volatility in the price would weaken. Still, the RSI warns that the market is approaching overbought territory and hence downside corrections cannot be ruled out. Jumping above the latest record high, the index could hit the 161.8% [..]

Technical Analysis – GBPAUD breaks out of sideways move, giving the reins to sellers

Posted on July 12, 2019 at 9:51 am GMT

GBPAUD slid into a four-month trading range on February 19, with lower boundary of 1.8115 and an upper boundary of 1.8865, which two weeks ago, was broken aggressively to the downside, initially finding support at 1.7870. A pullback last week has sellers again reloaded for another test. The short- and medium-term simple moving averages (SMAs) of 14 -, 21- and 40-day SMAs, have widened, confirming the negative trend which is restarting. The MACD flattened on the pullback, though has not [..]

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