Technical Analysis / Page 648

Technical Analysis – USDCAD breaks triangle to the upside

Posted on April 25, 2019 at 8:21 am GMT

USDCAD has successfully broken the upside border of the symmetrical triangle on Tuesday, letting the bulls to comfortably run as high as 1.3520 on Wednesday – near five-month highs. The market, however, seems to be nearing overbought zone according to the fast Stochastics that are searching for a bearish cross above 80, with the slowing RSI backing this view as well. Still, any weakness could prove short-lived if the MACD keeps strengthening above its red signal line. The area between 1.3540-1.3600 has been a key resistance [..]

Technical Analysis – USDJPY eases near 4-month high; positive profile in short term

Posted on April 25, 2019 at 6:40 am GMT

USDJPY had a successful jump above the 112.00 handle on Wednesday, flirting with a fresh four-month high of 112.40. The price rebounded on the mid-level of the Bollinger Band (20-SMA) and hit the upper Boundary, which seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is sloping down in the positive territory, while the MACD remains below its trigger line. If the price declines and drops beneath [..]

Technical Analysis – Facebook stock flies near 8-month peak; bullish outlook in medium term

Posted on April 24, 2019 at 1:04 pm GMT

Facebook stock price pulled back from the two-year low of 123.30, registered in December 2018, and is currently resting slightly above the 61.8% Fibonacci retracement level of the downleg from 218.44 to 123.30 near 182.18. The price is meeting a fresh eight-month high of 184.15 after the completion of a ‘golden cross’ between the 50- and 200-simple moving averages (SMAs). Technically, the stochastic is detecting upside momentum as it is approaching the overbought zone, while the MACD is gaining momentum [..]

Technical Analysis – USDTRY challenges 6-month high; trades well above SMAs

Posted on April 24, 2019 at 11:37 am GMT

USDTRY has advanced above the 20- and 40-day simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the sell-off from 7.1135 to 5.1330, hitting a new six-month high of 5.8753. Looking at the technical indicators, the stochastic is switching to the upside, challenging the overbought territory, while the RSI is approaching the 70 level, confirming the recent bullish tendency in price action in the near-term. If the market corrects higher, the bullish action may pause initially near the [..]

Technical Analysis – EURJPY turns lower after creating double top formation at 126.80

Posted on April 24, 2019 at 9:01 am GMT

EURJPY is trading lower after it faced a double top formation on the 126.80 resistance level on April 15 and April 17. The price is challenging today the 50.0% Fibonacci retracement level of the upleg from 123.65 to 126.80 around 125.20, posting a new two-week low. The successful fall below the 20- and 40-simple moving averages (SMAs) and the red Tenkan-sen line gives the opportunity to traders to think about potential bearish actions in the near term. The RSI is [..]

Technical Analysis – EURGBP could keep upside in short term; bearish in medium term

Posted on April 24, 2019 at 8:20 am GMT

EURGBP has been steadily rising this month, piercing its short-term simple moving averages (SMA) and the Ichimoku cloud. The bias is still positive as the red Tenkan-sen is trending northward and above the blue Kijun-sen, while the MACD is increasing strength above its red signal line. The RSI is also fluctuating in bullish zone (above 50),though with weaker momentum, suggesting that some softness is possible. Next resistance to upside movements could emerge between 0.8700 and 0.8720. A descent rally above the 0.8765 level and the [..]

Technical Analysis – AUDUSD posts strong sell-off near 7-week low

Posted on April 24, 2019 at 6:34 am GMT

AUDUSD is recording its third day of losses with strong momentum, reaching a seven-week low at 0.7026 earlier today. The price plunged beneath the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.6746, around 0.7070 and the Ichimoku cloud in the daily timeframe, suggesting a retest of the 0.7000. If the price pauses around the latter level this would confirm the sideways channel with upper boundary 0.7200 and lower boundary 0.7000. The short-term bias looks negative as the [..]

Technical Analysis – Coca-Cola stock reaches 2-month high; bullish actions back into play

Posted on April 23, 2019 at 1:21 pm GMT

Coca-cola stock price advanced above the Ichimoku cloud over the last couple of trading days, challenging a two-month high around the 47.50 resistance. The MACD oscillator rose above its trigger line in the daily timeframe, while the stochastic is flattening in the overbought territory, suggesting overstretched market. A failure to overcome the two-month high of 47.50 barrier could send the price down to the upper surface of the Ichimoku cloud around 47.16. Lower, support could be next found around 46.70 where the [..]

Technical Analysis – GBPAUD recovers near 1.8300; indicators signal bullish actions

Posted on April 23, 2019 at 11:55 am GMT

GBPAUD turned higher after it touched a new two-month low of 1.8100 last Wednesday, sending prices above the 38.2% Fibonacci retracement level of the upleg from 1.7220 to 1.8860, around 1.8195. The RSI is turning slightly higher approaching the 50 level, while the stochastic seems to be strongly bullish as the %K line and the %D line completed a positive cross in the oversold zone. On the upside, immediate resistance could come around the 20-day simple moving average (SMA) currently at 1.8320 while next [..]

Technical Analysis – US 100 index surges to all-time high; resumes upside outlook

Posted on April 23, 2019 at 9:03 am GMT

The US 100 index surged to a fresh all-time high of 7728 earlier today, confirming the recent significant bullish tendency in the medium- and long-terms and remaining inside the ascending channel following the rebound on the 14-month low of 5845 on December 2016. However, the technical indicators seem to be overstretched, suggesting a possible downward correction could be near. Specifically, the RSI is turning lower in the overbought territory, while trigger line is slipping well above the zero line. On [..]

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