Technical Analysis / Page 654

Technical Analysis – US 100 index still in bullish mode, but correction may be close

Posted on April 9, 2019 at 8:36 am GMT

The US 100 index continues to print higher highs and higher lows in the daily chart, running to fresh six-month highs ahead of the all-time high around 7700. However, the technical indicators seem to be overstretched, suggesting a possible downward correction could be near. Specifically, the stochastic oscillator is hovering in the overbought zone, while the RSI has found resistance near the 70 level and is pointing down. Also, the MACD oscillator still stands above its trigger line with weaker momentum than before. It is worth [..]

Technical Analysis – WTI oil futures trade overbought at 5-month highs

Posted on April 9, 2019 at 8:30 am GMT

WTI oil futures picked up further steam early on Tuesday to unlock a fresh 5-month high of 64.74. According to the RSI and the Stochastics, the market is trading in overbought zone, suggesting that the price could soon reverse lower. Trend signals, however, are still positive as the bullish action is taking place comfortably above the 200-day simple moving average (SMA), while yesterday’s close above the 61.8% Fibonacci of the downleg from 76.87 to 42.53 is another indication that any weakness may be short-lived. [..]

Technical Analysis – GBPUSD jumps higher as ascending trend line looks supportive

Posted on April 9, 2019 at 6:36 am GMT

GBPUSD is continuing yesterday’s rebound on the medium-term ascending trend line, which has been standing since December 2018 and at the same time confirming another touch at the 38.2% Fibonacci retracement level of the upleg from 1.2390 to 1.3380, around the 1.3000 key level. The short-term bias looks positive as the RSI keeps gaining ground slightly below the neutral threshold of 50. The 40- and then the 20-day simple moving averages (SMA) currently near the 23.6% Fibonacci mark of 1.3150 [..]

Technical Analysis – EURNZD extends bullish actions despite overstretched stochastic

Posted on April 8, 2019 at 1:43 pm GMT

EURNZD reached overbought levels according to the stochastic oscillator as the price hovers above the 23.6% Fibonacci retracement level of the downward movement from 1.7925 to 1.6885, around 1.6675, recording a fresh one-month high, today. While the aforementioned technical indicator continues to stand above 80, mirroring the market’s bullish behavior over the past couple days, it is also flagging that a recovery could reemerge in the short term. The RSI is also holding above its 50 level, which supports the positive view as well, while [..]

Technical Analysis – ETHUSD heads south after recording 5-month high

Posted on April 8, 2019 at 12:12 pm GMT

ETHUSD retreated after it found strong resistance on the five-month high of 186 earlier on Monday. Momentum indicators are all supportive of the bullish view, as the red Tenkan-sen line and the blue Kijun-sen line point up, as well as the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. Additionally, the MACD oscillator is strengthening its bullish momentum above trigger line in the positive territory. After the minor bearish retracement, the price may head north again towards the [..]

Technical Analysis – USDJPY eyes 111.57 to return to bullish action in short term

Posted on April 8, 2019 at 8:57 am GMT

USDJPY failed to close above the 112 level on Friday once again, with the price retreating below the 20-period moving average in the four-hour chart. The fast stochastics, however, provide optimism that the pair could recoup some losses as the red %K line and the blue %D line approach oversold territory (below 20). The RSI looks to be improving at the current time, though, as long as it holds close to its 50 neutral mark, any gains could appear limited [..]

Technical Analysis – Gold advances near 1,300; indicators look positive

Posted on April 8, 2019 at 7:03 am GMT

Gold is extending its gains today and is currently trading near the 1297 resistance level. The price has also increased distance above the bullish cross of the 20- and 40-simple moving averages (SMAs), indicating that the recent upside move might hold for longer. Momentum signals are bullish as well as the red Tenkan-sen line, which is above the blue Kijun-sen line, looks to be heading north, while the RSI has reversed higher after surpassing its 50 neutral mark last week. Also, the stochastic oscillator [..]

Technical Analysis – EURUSD makes soft rebound above 21-month low

Posted on April 8, 2019 at 6:22 am GMT

EURUSD moved lower in the previous week but it managed to hold above the 21-month low of 1.1175, remaining in a downward sloping channel over the last three months. Prices hold below the red Tenkan-sen line, which is pointing down, suggesting a bearish view in the short-term. Moreover, the 20-and 40-simple moving averages (SMAs) are following the price action while the technical indicators are endorsing an opposite picture. Specifically, the MACD oscillator is heading slightly higher in the negative zone [..]

Technical Analysis – USDCAD hovers into Ichimoku cloud; neutral in short term

Posted on April 5, 2019 at 6:01 am GMT

USDCAD, has gained some momentum this week and rebounded around the 1.3295 support for the third time since the start of March and is trying set to exit the Ichimoku cloud. Moreover, the price found strong obstacle around the 20-day simple moving average (SMA), while it is holding above the 23.6% Fibonacci retracement level of the upleg from 1.2250 to 1.3663, around 1.3230. However, in the short-term, the pair hovers within a narrow range of 1.3295 – 1.3465. The technical [..]

Technical Analysis – USDZAR posts new high, turns neutral in medium term

Posted on April 4, 2019 at 12:48 pm GMT

USDZAR recovered significant ground in recent months, climbing above both its 50- and 200-day simple moving averages (SMAs) to post a new five-month high of 14.74 last week. Even though the pair retreated a little afterwards, the new high at 14.74 has nullified the previous trending structure of lower peaks and lower troughs, and suggests that the medium-term outlook is now neutral. Momentum oscillators concur with that assessment, as the RSI is flat near its neutral 50 level, while the [..]

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