Technical Analysis / Page 627

Technical Analysis – USDSEK forms a head and shoulders, breaking out of an ascending channel

Posted on July 8, 2019 at 12:29 pm GMT

USDSEK’s up move on Friday tried to retest the neckline and finalize the Head and shoulders formation. Today, the price is registering, a slightly down move, on help from the confirming 14 and 21-simple moving averages (SMAs) bearish attitude, from the end of May, which brought USDSEK breaking out of an ascending channel to the downside. Momentum indicators draw a new beginning of a downward move, with the MACD starting to turn in the negative zone, and the RSI pointing downwards after breaking the downtrend line to [..]

Technical Analysis – UK 100 index decreases below 11-month high

Posted on July 8, 2019 at 12:08 pm GMT

The UK 100 stock index (FTSE 100) has advanced considerably towards a fresh 11-month high of 7622, however, during the last couple of days is retreating, testing the 7530 support level. The stochastic oscillator is confirming this short-term view, as it is heading south below the overbought territory. Also, the RSI is pointing down following the bounce off the 70 level in the previous sessions. In case of a bearish correction the market might revisit the 23.6% Fibonacci level of the [..]

Technical Analysis – USDTRY gaps up, but remains confined inside a triangle

Posted on July 8, 2019 at 8:23 am GMT

USDTRY opened with a notable gap higher this week, to test the upper boundary of a longer-term symmetrical triangle, before retreating a little. Given also that price action is taking place between the 50- and 200-day simple moving averages (SMAs), the outlook is neutral for now. A break on either side of the triangle is needed to provide the directional bias. Short-term momentum indicators don’t paint a clear picture either, with the RSI pointing up but being below 50, and [..]

Technical Analysis – Gold develops in consolidation area; indicators signal bullish move

Posted on July 8, 2019 at 8:20 am GMT

Gold prices have been trading within a congestion area over the last two weeks with the 1,439 resistance as the upper boundary and the 1,382 support the lower boundary. Despite the sideways move, the technical indicators are suggesting an upside tendency in the 4-hour chart. The stochastic oscillator is moving higher and the RSI is sloping upwards approaching the 50 level. In the event of an upside reversal, the 20- and 40-period simple moving averages (SMAs) could be significant obstacles for the yellow metal at 1,407 and [..]

Technical Analysis – EURUSD recovers somewhat after hitting 2-week low

Posted on July 8, 2019 at 6:21 am GMT

EURUSD has declined aggressively on Friday, completing a two-week low near 1.1200. The price tumbled back below the 23.6% Fibonacci retracement level of the downleg from 1.1815 to 1.1106, around 1.1275 as well as below the short-term moving averages. From the technical point of view, the market is losing momentum again, after the strong pullback on the three-month high of 1.1410 confirmed by the technical indicators. The MACD is falling below its red trigger line and is hovering near the [..]

Technical Analysis – EURGBP uptrend hits obstacle; starts losing momentum

Posted on July 5, 2019 at 12:48 pm GMT

EURGBP has hit a strong wall at the 78.6% Fibonacci retracement of the downleg from 0.9111-0.8471 around 0.8974. Momentum indicators remain in bullish territory but are sending out mixed signals for the near-term picture. The stochastics are pointing upwards, suggesting further advances are possible in the coming days. However, the RSI has flatlined, indicating the latest upleg may have run its course. If the positive momentum holds and prices manage to break above immediate resistance at the 78.6% Fibonacci, the [..]

Technical Analysis – GBPCHF seems to be neutral in very short-term; indicators signal bullish bias

Posted on July 5, 2019 at 10:02 am GMT

GBPCHF is moving sideways in the very short-term, above the downward channel’s upper boundary as momentum failed to continue the down move, when the pair met the obstacle supports of 1.2378 and 1.2417. Temporarily breaking the lows in previous weeks, the price is currently hovering between the 1.2378 and 1.2417 awaiting the move to give the definitive direction. Momentum indicators are showing that a bullish bias could be in play, as the MACD has crossed to the upside of the [..]

Technical Analysis – GBPJPY is overstretched as indicators suggest bullish bias

Posted on July 5, 2019 at 8:38 am GMT

GBPJPY has been in a downward tendency over the last four months, recording a new six-month low of 135.15 in the previous days. However, the technical indicators are suggesting a potential upside movement as the %K line of the stochastic is ready to complete a bullish cross with its %D line in the oversold territory and the MACD is accelerating its positive momentum below the zero line. If there is a successful downside penetration of the 135.15 key level, the [..]

Technical Analysis – USDCAD creates some pullback near 7-month low

Posted on July 5, 2019 at 6:41 am GMT

USDCAD has come under renewed selling pressure following the bounce off the 1.3430 resistance level and the 40-simple moving average (SMA). Despite the latest pullback though, the pair continues to post fresh lows, hitting a seven-month trough around 1.3035. Looking at momentum oscillators on the daily chart though, they suggest further declines may be on the cards in the short-term. The stochastic is still developing in the oversold territory but it seems ready to turn higher, suggesting an overstretched market. The MACD remains [..]

Technical Analysis – USDZAR reverses lower as bears retake the reins

Posted on July 4, 2019 at 1:55 pm GMT

USDZAR has recorded significant losses in recent weeks, moving back below its 50- and 200-day simple moving averages (SMAs) to record a lower low on the daily chart. The picture therefore seems to be shifting to negative, though a clear break below the 13.86 – 13.79 zone is needed to confirm that. Looking at momentum oscillators, the RSI endorses the negative picture as it is just above 30 and pointing down, while the MACD is also below its red trigger [..]

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