Technical Analysis / Page 631

Technical Analysis – USDCHF recovers after plunging towards 9-month trough

Posted on June 26, 2019 at 9:34 am GMT

USDCHF posted a sharp bearish rally in the previous days, driving the pair towards a fresh nine-month trough near 0.9695. The technical indicators are hovering in oversold levels suggesting a potential upside retracement. The MACD remains below the trigger line, while the RSI is trying to jump above the 30 level. Yet with the market action taking place well below moving averages, the pair may need extra time to correct the recent downtrend that started from the 1.0235 top. A possible upside [..]

Technical Analysis – EURJPY turns neutral in near term, still bearish overall

Posted on June 26, 2019 at 8:51 am GMT

EURJPY has stabilized somewhat since early June, trading within a narrow range with an upper bound of 123.20 and a lower bound of 120.80, which keeps the near-term bias neutral for now. A break on either side is needed to determine the short-term direction. In the bigger picture however, the pair is still in a downtrend. Momentum oscillators paint a flat picture too, with the RSI being just below its 50 line and the MACD slightly above its red trigger [..]

Technical Analysis – EURGBP retests 5-month high; golden cross awaited

Posted on June 26, 2019 at 8:03 am GMT

EURGBP found some footing around the 20-day simple moving average (SMA) last week and returned to a bullish trend thereafter. The price is currently testing the recent five-month peak of 0.8973 and a former restrictive area, where any decisive close higher may prove valuable to the market. The red Tenkan-sen however remains flat above the blue Kijun-sen and the RSI is currently flirting with overbought levels, pointing to a softer short-term trading. A pullback may meet immediate support around the 0.8935 barrier, [..]

Technical Analysis – AUDUSD tops moving averages but indicators move sideways

Posted on June 26, 2019 at 6:46 am GMT

AUDUSD has been extending its gains since the previous week following the strong support on the five-month low near 0.6830. The pair surpassed above the 20- and 40-day simple moving averages (SMAs) which are ready to post a bullish crossover, signaling further upside momentum. However, the stochastic oscillator seems to be losing momentum in the overbought territory, the RSI is still flattening slightly above the 50 level as well as the red Tenkan-sen and the blue Kijun-sen lines, all signaling a more cautious trading in the [..]

Technical Analysis – BTCUSD continues bullish rally at 15-month high

Posted on June 25, 2019 at 1:05 pm GMT

BTCUSD is testing a new 15-month peak of 11,427, creating a strong bullish rally over the last three weeks. While the slowdown in the red Tenkan-sen and the blue Kijun-sen lines could be a warning sign that the bullish action may soon fade, the market could chart another rally if the MACD continues to trend higher and rises above its red signal line. The RSI is hovering in the overbought zone as well. If there’s a cross above today’s high, nearby resistance could be detected around 11,660 taken from the peak on March 2018. [..]

Technical Analysis – WTI futures hover in narrow range; flat in short term

Posted on June 25, 2019 at 12:53 pm GMT

WTI oil futures for August delivery are moving sideways below the 50.0% Fibonacci mark of the 66.60 – 50.60 downleg near 58.58 but hover above the 20-period simple moving average (SMA) in the 4-hour chart. The RSI and the MACD are losing steam as both are falling in the positive area. If the market proves overbought, the price could reverse south to retest the 38.2% Fibonacci of 56.70. Lower, the 40-period SMA would be the next target around 55.30 before [..]

Technical Analysis – USDJPY plummets to fresh 5-month low

Posted on June 25, 2019 at 8:14 am GMT

USDJPY is tumbling to a new five-month low near 106.77 today, struggling within the downward sloping channel. The RSI is trending south in the oversold zone, while the MACD is heading down below 0, posting a bearish cross with its trigger line. Both are signaling more losses in the daily timeframe. If the price continues lower and drops beneath today’s low, this could open the door for the 105.65 support, taken from the bottom on April 2018. Even sharper losses would bring [..]

Technical Analysis – GBPUSD advances but finds resistance at 40-day SMA

Posted on June 25, 2019 at 6:32 am GMT

GBPUSD has been advancing over the last five days, following the rebound on the six-month low of 1.2500. Currently, the price is finding strong resistance near the 40-day simple moving average (SMA), which overlaps with the 1.2770 barrier. Looking at the technical indicators the stochastic seems to be overstretched as it is turning lower above the 80 level. However, the RSI is pointing slightly up while in the positive territory, suggesting more gains in the near term. If the price continues the strong bullish [..]

Technical Analysis – AUDJPY stabilizes near 6-month low; outlook still negative

Posted on June 24, 2019 at 2:13 pm GMT

AUDJPY touched a 6-month low of 73.90 last week, with price action taking place below both the 50- and 200-day simple moving averages (SMAs). Additionally, the price structure consists of lower highs and lower lows, confirming that the broader downtrend remains intact – even if oscillators like the RSI suggest that the latest rebound may continue for now. Another wave of selling could find initial support around 73.90, where a downside break may open the door for 72.40, this being [..]

Technical Analysis – Dollar Index futures scope for further losses but short-term downside softer

Posted on June 24, 2019 at 1:39 pm GMT

The position in the US dollar index futures is on the back foot for the fourth consecutive day and near a three-month low of 95.47 following the rejection from the 20- and the 50-day simple moving averages (SMA). The price has so far fallen below the 200-day SMA, the previous low of 96 and the 50% Fibonacci of the 93.56-98.23 upleg, putting the January upward pattern into question. In the short-term, downside pressure may persist but potentially at a softer pace given that Stochastics [..]

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Technical Analysis