Technical Analysis / Page 643

Technical Analysis – USDCAD neutral in short-term, within symmetrical triangle

Posted on May 17, 2019 at 7:09 am GMT

USDCAD has been range-bound for another week within the 1.3520-1.3375 area, while candles keep closing above the lower line of the symmetrical triangle. The sideway move in the RSI and the flattening Ichimoku indicators (Tenkan-sen, Kijun-sen) signal that the pair may extend its neutral performance in the short term. On the upside, the price would have to finish a session comfortably above the upper line of the symmetrical triangle (1.3500) for the bullish pressures to heat up. If that is the case, the next key resistance [..]

Technical Analysis – EURJPY gains expected to reach downtrend line

Posted on May 16, 2019 at 1:24 pm GMT

EURJPY reversed higher after it tumbled towards a fresh four-month low of 122.07 this week. The technical picture supports that the slightly bullish correction is likely to continue in the short-term. The MACD is stretching to the upside above its trigger line and the stochastic oscillator is approaching the overbought zone in the 4-hour chart. Another move to the upside could find resistance at the 40-simple moving average (SMA) currently at 123.00 and the 123.10 resistance. Marginally higher, the 23.6% Fibonacci retracement level of [..]

Technical Analysis – UK 100 index rises near 40-day average

Posted on May 16, 2019 at 11:54 am GMT

UK 100 stock index (FTSE 100) has advanced considerably over the last couple of days after touching the 7124 support, remaining below the 50-day average. The stochastic oscillator is confirming this view, as it is heading north, approaching the overbought territory. If the price manages more bullish actions and surpasses successfully the 50-SMA, immediate resistance would come from the 61.8% Fibonacci retracement level of the downleg from 7900 to 6533 around 7380. Further up, the index could rest around the 7530-7560 resistance area. On [..]

Technical Analysis – NZDUSD eyes descending line following touch on 1-week low

Posted on May 16, 2019 at 9:09 am GMT

NZDUSD declined earlier on Thursday, hitting a one-week low of 0.6544 but the price recovered most of its lost ground immediately. What remains to be seen is if the bulls have enough fuel to exit the steep descending trend line drawn from the April peak. The stochastic and the MACD are in favor of this scenario, suggesting more upside pressure as both are turning higher. The downtrend line around 0.6580 will attract full attention on the way up. Should the price break the line to the upside, the rally [..]

Technical Analysis – USDJPY to consolidate losses in short term

Posted on May 16, 2019 at 7:19 am GMT

USDJPY paused its sell-off around the 109 round level earlier this week as the RSI signaled that bearish pressures were exhausted. The indicator is currently moving sideways along its 30 oversold mark, hinting that a consolidation phase may follow before the price potentially rebounds. Sellers could wait for the price to rise well above the 109.70-110 area and hence jump back above the previous low of the January uptrend to re-enter the market. Slightly higher, the 61.8% Fibonacci of 110.74 of the downleg from 114.54 to 104.64 could [..]

Technical Analysis – BTCUSD pares some gains after reaching 11-month high

Posted on May 16, 2019 at 6:56 am GMT

BTCUSD skyrocketed to a fresh eleven-month high of 8360 earlier today, but it quickly pared some of the gains, returning lower near the 20-simple moving average (SMA) in the 4-hour chart. The price is capped by the red Tenkan-sen line, suggesting a possible bearish correction while the technical indicators are also pointing down. The stochastic oscillator bounced off the overbought territory and the MACD slipped beneath its trigger line and is losing momentum. In case of further bearish action, immediate [..]

Technical Analysis – Apple stock falls to 6-week lows after breaking bullish channel

Posted on May 15, 2019 at 2:43 pm GMT

Apple stock plunged to a six-week low of 184.60 after breaking the almost five-month old bullish channel to the downside. The risk remains negative in the four-hour chart as the price has also dropped well below the Ichimoku cloud, while the bearish crossover between the 20- and the 50-period simple moving averages (SMA) suggests the pair will continue to trend down. In momentum indicators, the MACD is discouraging as well, deepening in negative zone and under its red signal line. Yet [..]

Technical Analysis – EURGBP strongly bullish at 2-week highs

Posted on May 15, 2019 at 9:30 am GMT

EURGBP has been in the green so far this month, fully recovering the sell-off towards the 0.85 level emerged at the end of April. The short-term risk is still positive as long as the RSI and the MACD strengthen in bullish area, yet some caution is likely needed as the Stochastics seem to be reversing lower in overbought territory (above 80). Should the pair extend rally, immediate resistance is expected to appear within the 0.8700-0.8720 zone, where the upper Bollinger band is currently located. A steeper upside could also challenge [..]

Technical Analysis – AUDUSD may lose a little bit more

Posted on May 15, 2019 at 6:54 am GMT

AUDUSD has been driving on a slippery road the past five weeks, breaking a key support around the 0.70 level to reach a fresh four-month low of 0.6921. The RSI is close to its 30 oversold level but the bears have yet to challenge the lower Bollinger band, a sign that more losses could follow before the price potentially rebounds. Another bearish wave could find support at 0.6898, in the crossroads of the lower Bollinger band and the 23.6% Fibonacci of the [..]

Technical Analysis – GBPJPY looks oversold near 3-month lows

Posted on May 14, 2019 at 10:24 am GMT

GBPJPY came under strong pressure after closing below the 143.75 key support level last week, with the price falling towards a three-month low of 141.19 on Monday. The sell-off however could be overstretched as both the RSI and the Stochastics are fluctuating near oversold levels, a signal justified by the current positive price movement. A rally above 143.75 and more importantly above the January high of 144.82 could prove helpful for the bulls to reach resistance between 146.49 and 147. [..]

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