Technical Analysis / Page 644

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. [..]

Technical Analysis – GBPUSD tests 200-day SMA; stochastics oversold

Posted on May 14, 2019 at 7:10 am GMT

GBPUSD extended last week’s decline towards the 200-day simple moving average (SMA) on Monday and could lose further if the RSI and the MACD remain in bearish territory. The fast-stochastic oscillator, however, suggests that in the very short-term upside corrections are possible as the indicator heads for a bullish cross in oversold area. The previous low of 1.2864 (bullish doji), which is slightly below the 50% Fibonacci of the upleg from 1.2393 to 1.3380, will be closely watched in case of additional bearish sessions as any break lower [..]

Technical Analysis – Gold builds base below 1290; neutral in short-term

Posted on May 13, 2019 at 8:38 am GMT

Gold prices have been developing within a consolidation area over the last month, with upper boundary the 1290 resistance level and lower boundary the 1266 barrier. Currently, the price hovers beneath the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266, around 1285 as well as between the 20- and 40-simple moving averages (SMAs). From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower, while the RSI and the MACD are pointing down below 50 and the [..]

Technical Analysis – EURUSD returns higher but fails to jump above 40-SMA

Posted on May 13, 2019 at 6:46 am GMT

EURUSD has reversed back up again after finding support at the 23-month low of 1.1110, achieved on April 26. The price is hovering within the 20- and 40-simple moving averages (SMAs) in the daily timeframe, remaining within the four-month descending channel. Momentum indicators are pointing to positive bias in the short term with the MACD just above the trigger line in the negative territory and the stochastic oscillator approaching the overbought zone. Further gains should see the May 1 high [..]

Technical Analysis – US 100 index corrects lower, but broader picture still positive

Posted on May 10, 2019 at 12:44 pm GMT

The US 100 index retreated this week, after reaching a new all-time high in late April. However, the bears have so far been unable to push the price below the 50-day simple moving average (SMA), and as long as that remains the case, the broader outlook still seems positive. In case of further declines, a first line of support may be found near the crossroads of the 7,470 zone and the 50-day SMA, currently at 7,493. A decisive break below [..]

Technical Analysis – Tesla stock hovers in downward sloping channel above 23-month low

Posted on May 10, 2019 at 11:03 am GMT

Tesla’s stock price has been trading within a downward sloping channel over the last five months. Looking at the short-term momentum indicators, they paint a cautiously negative picture. The RSI seems headed for a test of its 30 zone, while the stochastic is heading south in the daily timeframe. The ‘death cross’ within the 50- and 200-day simple moving averages (SMAs) is still holding, suggesting more losses. In case of another wave of declines in the market, sellers could encounter [..]

Technical Analysis – GBPAUD slips, could struggle until bullish cross confirmed

Posted on May 10, 2019 at 8:41 am GMT

GBPAUD has declined considerably since it reached an almost three-year high of 1.8880 on Monday, sending the price until the 1.8530 support. The RSI is turning slightly lower approaching the 50 level, while the stochastic oscillator seems to be strongly bearish, as it is heading towards the oversold territory. However, the 20- and 40-simple moving averages (SMAs) in the daily chart are ready to post a bullish cross despite the latest bearish movement. If the price continues to slip further, a [..]

Technical Analysis – USDCAD rebounds on 20-day SMA but indicators look weak

Posted on May 10, 2019 at 6:30 am GMT

USDCAD rebounded on the 20-day simple moving average (SMA) several times in the preceding sessions, but it still remains below the four-month high of 1.3520. The risk is currently viewed as bullish-to-neutral as on the one hand the RSI seems to be changing direction southward to meet its 50 neutral mark, but the red Tenkan-sen is on a sideways move above the blue Kijun-sen and the MACD is trying to strengthen above its trigger line. The bulls could set immediate target around the four-month high of 1.3520, while a break higher would open [..]

Technical Analysis – US 500 index looks overstretched after hitting all-time high

Posted on May 9, 2019 at 1:02 pm GMT

The US 500 stock index has declined over the last three consecutive days after it reached another all-time high of 2960.48. Currently, the price is meeting the 2860 support area, which overlaps with the 50-day simple moving average in the daily timeframe, slipping beneath the red Tenkan-sen and the blue Kijun-sen lines. The bearish correction picture in the medium term is further supported by the MACD, which is falling below its red signal line and the stochastic oscillator is moving [..]

Technical Analysis – GBPJPY plunges towards fresh 2-month low

Posted on May 9, 2019 at 8:16 am GMT

GBPJPY had a strong bounce off on the upper boundary of the descending channel around 146.50 in the previous week, dropping towards a fresh almost two-month low of 142.86 today. The price also plunged beneath the Ichimoku cloud and the 23.6% Fibonacci retracement level of the upleg from 132.50 to 148.86 around 142.60. From the technical point of view, the price could lose some more momentum in the short-term as the stochastic oscillator is holding in the oversold area. If the [..]

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