Technical Analysis / Page 645

Technical Analysis – USDJPY remains under pressure below 110 key level

Posted on May 9, 2019 at 6:21 am GMT

USDJPY has been underperforming in the past two days, breaking back below the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.40, around 110.60, creating a bearish correction in the near term. When looking at the bigger picture the pair lacks a clear trend and has been consolidating within 104.60 and 114.55 since March 2017. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is flattening in the oversold territory, [..]

Technical Analysis – USDCHF consolidates but holds near 2-year highs

Posted on May 8, 2019 at 2:23 pm GMT

USDCHF is lacking near-term direction as the pair continues to consolidate after touching a two-year high of 1.0235 in April. The RSI has come off from overbought levels and the MACD histogram has crossed below its red signal line, pointing to some downside risks. However, the declines have been gradual and both indicators are looking steady, suggesting more sideways movement in the short term. If the pair drifts downwards, immediate support is likely to come from the 20-day moving average [..]

Technical Analysis – US Dollar Index retreats below 23-month high

Posted on May 8, 2019 at 12:32 pm GMT

The US dollar index has reversed back down after finding resistance at the 23-month high of 98.05 achieved on April 25. However, the price has remained above the 50-day simple moving average (SMA) over the last five weeks as well as above the uptrend line, which has been standing since September 2018, suggesting upside tendency in the medium term. The short-term bias is tilted to the downside as the RSI indicator is turning marginally lower near its 50 level, while the stochastic oscillator posted bearish [..]

Technical Analysis – EURJPY rises after touching 4-month trough; negative bias holds

Posted on May 8, 2019 at 8:54 am GMT

EURJPY has tumbled towards a fresh four-month low of 123.10 this week as the price started a bearish rally from the 126.80 resistance level. The technical picture supports that the bearish view is likely to continue in the short-term. The MACD is stretching to the downside below its trigger line and the stochastic oscillator is hovering in the oversold zone in the 4-hour chart. In case of more negative pressures, the market could meet support at the 123.10 level while [..]

Technical Analysis – NZDUSD oversold inside descending channel

Posted on May 8, 2019 at 8:34 am GMT

NZDUSD fell aggressively on Wednesday towards a four-month low of 0.6523, but the price recovered most of its lost ground immediately and returned above a key support level of 0.6580. Since both the RSI and the Stochastics are close to oversold levels, the market could keep recouping losses. Yet what remains to be seen is if the bulls have enough fuel to exit the steep descending channel drawn from the March peak. The red Tenkan-sen line at 0.66 may come first into view on the way up [..]

Technical Analysis – AUDUSD finds strong support at 4-month low; creates bearish triangle

Posted on May 8, 2019 at 6:28 am GMT

AUDUSD is looking more positive as prices have climbed above the 0.7000 handle after bouncing off the four-month low of 0.6960, however, it is creating a descending triangle formation starting from 0.7390 and finding significant support at 0.6960 over the last five months. Currently, the pair is hovering near the red Tenkan-sen line with the technical indicators suggesting a possible upside correction. The RSI indicator is sloping upwards in the negative territory, while the stochastic oscillator is moving higher after [..]

Technical Analysis – USDTRY flirts with 7-month high; extends positive move

Posted on May 7, 2019 at 1:24 pm GMT

USDTRY has been in a flying mode today, reaching a new seven-month high of 6.1952. Looking at the technical indicators, the RSI is still hovering in the overbought area, suggesting a possible overstretched market in the daily chart, while the MACD rose above the trigger line, confirming the recent bullish tendency in price action. If the market edges higher, the bullish action may pause initially near the 6.2270 resistance, registered on October 2018, while further gains could send prices until the [..]

Technical Analysis – EURNZD trades around 4-month high; 200-SMA acts as strong obstacle

Posted on May 7, 2019 at 12:09 pm GMT

EURNZD recorded a fresh four-month high of 1.6987 earlier today, finding resistance near the 200-day simple moving average (SMA). The RSI and the MACD are increasing distance above the 50 level and the zero line respectively, 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 challenge the 50.0% Fibonacci retracement level of the downleg from 1.7925 to 1.6885 around 1.7110. [..]

Technical Analysis – ETHUSD bounces back above SMAs; bullish in medium-term

Posted on May 7, 2019 at 8:48 am GMT

ETHUSD has come under renewed buying interest over the last five days, rising back above the 20- and 40-simple moving averages (SMAs) in the daily chart. The positive bias in the near term is also supported by the RSI, which has been hovering above the 50-neutral level in the past few days, while the stochastic oscillator entered the overbought zone. If prices continue to head higher, resistance should come from the 184.00 barrier and the five-month high of 186.00. A [..]

Technical Analysis – WTI oil futures form a golden cross pattern

Posted on May 7, 2019 at 8:20 am GMT

WTI oil futures managed to close with marginal gains on Monday after falling below the longer-term 50 and 200-day simple moving averages (SMA) to touch a one-month low of 60.02. The short-term bias, though, remains neutral-to-negative as the MACD is losing steam below its red signal line and moving towards zero, while the RSI seems to be unable to return above its 50 neutral mark. In the medium-term picture, the news is more positive thanks to the golden cross formation by the 50- and the 200-day SMAs which indicates that a [..]

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