Technical Analysis / Page 646

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 [..]

Technical Analysis – GBPUSD bulls back in play after reaching 6-week low

Posted on May 7, 2019 at 6:42 am GMT

GBPUSD has found strong support at the six-week low of 1.2865 on April 25, shifting the short-term negative bias to bullish. Also, cable penetrated the descending trend line to the upside and it jumped above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3380 around 1.3150 but it pared some of those gains in the next session. Currently, the pair is standing above the moving averages, while the RSI indicator is sloping up in the positive area, [..]

Technical Analysis – CADJPY trades below Bollinger band; narrow range in near term

Posted on May 6, 2019 at 1:53 pm GMT

CADJPY has been finding strong support on the 81.60 barrier, after the gap down earlier on Monday, falling beneath the lower Bollinger band in the daily chart. Since the mid-January, the pair has been trading within a narrow range from 61.8% Fibonacci of the downleg from 89.25 to 76.60 near 84.40 until the 81.60 support. Having a look at the momentum indicators, the RSI is pointing down below the neutral threshold of 50 and the MACD is hovering marginally below the trigger and [..]

Technical Analysis – AUDJPY opens with gap down; reaches 4-month low

Posted on May 6, 2019 at 12:44 pm GMT

AUDJPY opened with a negative gap today, reaching a new four-month low of 76.77. The pair penetrated the upward sloping channel to the downside raising speculation that the downward move may continue in the daily chart. The price is holding beneath the Ichimoku cloud, while the MACD and the RSI are trending in the negative territory. Still, the stochastic oscillator, which posted a bullish cross within the %K and %D lines in the oversold zone, suggests that a rebound is possible in the short term. Should the pair strengthen [..]

Technical Analysis – Gold finds obstacle near 23.6% Fibonacci; short-term bearish bias

Posted on May 6, 2019 at 8:43 am GMT

Gold prices is struggling below the 1285 mark, which is the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29, a strong resistance during the past few weeks. From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower in the overbought territory, creating a bearish crossover between the %K and %D lines, while the RSI is sloping down in the positive area, suggesting a possible negative movement. If the market reverses even [..]

Technical Analysis – EURUSD develops below 1.12; bearish channel on hold

Posted on May 6, 2019 at 6:38 am GMT

EURUSD has recovered somewhat after the aggressive drop towards the 23-month low of 1.1110 on April 26, stretching further the medium-term descending channel. Currently, the price is still hovering beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the momentum indicators hold in bearish territory. The RSI is pointing down; however, the MACD surpassed the trigger line, suggesting a possible upside retracement. The 1.1200 region is keeping the bulls under control and any jump above that [..]

Technical Analysis – US 30 index eases below 6-month high; indicators suggest bearish bias

Posted on May 3, 2019 at 11:13 am GMT

The US 30 index is trading below the six-month high of 26,712, remaining well above the ‘golden cross’ between the 50- and 200-day simple moving averages (SMAs). The index is on the back foot and the technical indicators suggest that the market could ease a little bit in the short-term; the MACD is easing in the positive zone, while the stochastic is approaching the oversold zone. In case of a correction lower, preliminary support may be initially found in the crossroads of the 50-day SMA and the blue [..]

Technical Analysis – GBPJPY fails to jump above descending triangle formation

Posted on May 3, 2019 at 9:15 am GMT

GBPJPY had a strong pullback on the downtrend line of the descending triangle around 145.85, which has been holding since March 14, sending prices slightly below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. From the technical point of view, the price could lose some momentum in the short-term as the RSI is flattening below the 50 level and the stochastic oscillator is ready for a bearish cross between the %K and %D lines. If the 23.6% [..]

Technical Analysis – USDCAD rebounds to keep uptrend; bias positive-to-neutral

Posted on May 3, 2019 at 6:51 am GMT

USDCAD bounced on the 20-day simple moving average (SMA) on Wednesday, switching its weekly status from negative to positive, a move that also kept the three-month trend to the upside. 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 increasing strength above its red signal line. The bulls could set a target between the five-month high of 1.3520 and a former [..]

Technical Analysis – EURGBP loses momentum in a narrow range

Posted on May 3, 2019 at 6:32 am GMT

EURGBP has been on a bearish mode for most of the week, tumbling beneath the 23.6% Fibonacci retracement level of the downleg from 0.9110 to 0.8470, around 0.8620. Also, the price is hovering below the 20- and 40-simple moving averages (SMAs), while it has been remaining in a narrow range of 0.8680 – 0.8470 since February 26. Technically, the price could lose some ground in the short-term as the MACD is changing direction to the downside below its zero line, while the stochastics are [..]

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