Technical Analysis / Page 641

Technical Analysis – USDJPY strictly capped by 20-day SMA and 23.6% Fibonacci

Posted on May 23, 2019 at 6:54 am GMT

USDJPY paused its buying interest from 109.00 earlier this week, touching the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.40, around 110.60. The price was capped by the 20-day moving average, which is acting as a strong resistance obstacle, while the technical indicators are moving lower. The RSI is pointing down in the negative area, while the stochastic oscillator created a bearish crossover within the %K and %D lines in the overbought zone, signaling more losses in [..]

Technical Analysis – EURCHF cautiously negative in short term, neutral overall

Posted on May 22, 2019 at 2:51 pm GMT

EURCHF retreated in recent weeks, falling below both its 50- and 200-day simple moving averages (SMAs). The near-term outlook has thus turned to cautiously negative, though the bigger picture still seems neutral – with a decisive break either above 1.1475 or below 1.1160 needed to change that. Short-term momentum oscillators concur, with the RSI already below 50 and pointing lower, and the MACD being in negative territory and below its red trigger line. Further declines could meet immediate support near [..]

Technical Analysis – US Dollar Index tries to hit 23-month peak; remains bullish in medium term

Posted on May 22, 2019 at 12:57 pm GMT

The US dollar index is still rising above the 50-day moving average, edging towards the 23-month high of 98.05 achieved on April 25. However, the short-term bias is tilted to the downside as the RSI indicator is turning marginally lower in the positive region, while the stochastic oscillator posted a bearish crossover within the %K and %D lines in the overbought territory, indicating an overreached rally. If the price posts a bearish retracement as the momentum oscillators signal, support is coming at the 96.85 level, which stands near [..]

Technical Analysis – Tesla stock rebounds on descending channel after touching 28-month low

Posted on May 22, 2019 at 11:48 am GMT

Tesla’s stock price has been developing within a descending channel over the last five months and during the previous period it challenged the return line once again. Also, the stock recorded a fresh 28-month low of 197.88. Looking at the short-term momentum indicators, they paint a cautiously positive picture. The RSI seems headed for a test of its 30 zone as it is turning higher, while the stochastic oscillator posted a bullish cross within the %K and %D lines in the oversold zone, suggesting [..]

Technical Analysis – EURJPY eases below 2-week low; loses ground in short term

Posted on May 22, 2019 at 8:15 am GMT

EURJPY reversed lower after meeting a two-week high around 123.70 on Tuesday, flirting with the 23.6% Fibonacci retracement level of the downleg from 126.80 to 122.07, near 123.20. The technical picture supports that the slightly bearish move is likely to continue in the short-term. The RSI is stretching to the downside and the stochastic oscillator is edging lower in the 4-hour chart. Another move to the downside could find support at the short-term moving averages around 122.90. A violation of these lines could send [..]

Technical Analysis – AUDUSD bears face big challenge below 0.69

Posted on May 22, 2019 at 6:39 am GMT

AUDUSD held losses over the last five days, dropping to a new four-month low of 0.6864 last Friday and penetrating the descending triangle formation to the downside. The RSI in the 4-hour chart continues to lack direction near the oversold area, while the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term trading. The MACD oscillator is strengthening its negative momentum below the trigger and zero lines. If the price closes comfortably below the 0.6864 support, traders could add more pressure to the pair, pushing [..]

Technical Analysis – ETHUSD lacks direction in near term; positive profile in medium term

Posted on May 21, 2019 at 1:04 pm GMT

ETHUSD has been on the sidelines over the last week as the price struggle near the 20-simple moving average (SMA). Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and is moving towards its 50 neutral mark, while the stochastics are creating a bearish cross within %K and %D lines. A rebound on the 20-day SMA should drive the price towards the 263.60 resistance level. Higher up, the eight-month high of 279.20 could attract attention. [..]

Technical Analysis – EURNZD flirts with 4-month peak; bullish rally continues

Posted on May 21, 2019 at 11:50 am GMT

EURNZD is hovering above the 50.0% Fibonacci retracement level of the downleg from 1.7925 to 1.6885 around 1.7110 and is approaching the four-month high of 1.7150. The RSI is growing distance above the 50 level and is standing near the overbought zone, while the MACD is holding well above the zero line, increasing speculation for more upside pressure in the short-term. In case the pair maintains its short-term direction to the upside after the bounce off the 18-month bottom of 1.6885, the bulls will probably [..]

Technical Analysis – WTI crude futures stand above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 8:58 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart. The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

Technical Analysis – GBPJPY strictly capped below 20-period SMA

Posted on May 21, 2019 at 7:20 am GMT

GBPJPY continued with losses for the second week in a row, dropping to a four-month low of 139.53 last Friday and near a key support area before turning neutral. The RSI in the four-hour chart continues to lack direction while remaining in bearish area and the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term. However, should the price close comfortably above the 20-period moving average (SMA) (140.23), which has not been broken over the past two-weeks, traders could push the pair up to 141.19; the 23.6% Fibonacci of the [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis