Technical Analysis


Technical Analysis – NZDUSD attempts to restore positive sentiment

Posted on July 10, 2020 at 10:57 am GMT

NZDUSD appears to be strengthening after finding a footing on the 40-period simple moving average (SMA), which may enhance the very short-term neutral-to-bullish picture. Although the positive momentum in the MACD and the Ichimoku lines has stalled, the rising SMAs, RSI and stochastic oscillator endorse further gains. The RSI is improving after bouncing on the 50 threshold, while the %K line has completed a bullish crossover out of oversold territory, promoting advances. If buying interest intensifies, early resistance may develop [..]


Technical Analysis – US 30 index loses momentum in short term

Posted on July 10, 2020 at 10:14 am GMT

The US 30 cash index has been on the sidelines over the last month as the 26,410 resistance level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the MACD is changing direction to the downside below the zero line, while the RSI is holding beneath the neutral threshold of 50 but is pointing up. A rebound on the 25,560 support and a rise above the simple moving averages (SMAs) could [..]


Technical Analysis – GBPUSD tumbles after touching 3-month high

Posted on July 10, 2020 at 7:24 am GMT

GBPUSD has been in an ascending move after the rebound on the 1.2250 trough, touching a new three-month high of 1.2670. The price is currently testing the 20-day simple moving average (SMA), while the RSI indicator is pointing slightly down near the 50 level. Also, the MACD is losing momentum beneath its trigger line but it still hovering above the zero line. An extension of the downside movement could hit the 50.0% Fibonacci retracement level of the up leg from [..]

Technical Analysis – USDCAD confronts downtrend line fortified by 40-day SMA

Posted on July 10, 2020 at 7:23 am GMT

USDCAD is currently tackling the downtrend line drawn from the 50-month high of 1.4667 achieved on March 19, aligned with the falling 40-day simple moving average (SMA).  Further hindrance is arising from the overlapping 1.3633 level, that being the 23.6% Fibonacci retracement of the down leg from 1.4667 to 1.3314. The bulls seem to have backing from the oscillators that reflect improving positive momentum in the near-term. The MACD, in the negative region, holds above its red trigger line near [..]

Technical Analysis – GBPJPY prints a bearish shooting star at 3-week highs

Posted on July 10, 2020 at 6:22 am GMT

GBPJPY managed to unlock a three-week high at 135.90 on Thursday, but gains were soon reversed, creating a bearish shooting star candlestick instead – a negative signal that a downside correction may be on the way. With the 50% Fibonacci of the 147.94-124.00 strongly rejecting upside movements at the same point and the Stochastics sloping downwards after peaking above their 80 oversold mark, weakness could persist in the short-term. However, not far below, the ascending trendline that has been supporting the market since the [..]


Technical Analysis – NZDJPY regains strength above 200-day SMA

Posted on July 9, 2020 at 3:05 pm GMT

NZDJPY pushed back above the 200-day simple moving average (SMA) after finding footing at the 68.15 level, that being the 61.8% Fibonacci retracement of the down leg from 73.52 to 59.45. Assisting the move is the rising 50-day SMA and its recent bullish crossover of the 100-day SMA. Additionally, the short-term oscillators paint an improving picture though do not rule out some consolidating in the near-term. The MACD, in the positive section, is increasing above its red signal line, while [..]


Technical Analysis – US 100 index flies to fresh record peak

Posted on July 9, 2020 at 12:55 pm GMT

The US 100 cash index recorded a new all-time high of 10,727.95 earlier today, continuing the steep increase from the 14-month trough of 6,635. The golden cross within the 50- and the 200-day simple moving averages (SMAs) remains intact and the RSI indicator is heading higher marginally above the 70 level. However, the stochastic oscillator is looking overbought and is flattening, suggesting a downside correction in the short-term. A significant rally above the all-time high could see the index to [..]


Technical Analysis – WTI futures’ positive momentum fades

Posted on July 9, 2020 at 11:40 am GMT

WTI oil futures’ positive drive loses fuel as it creeps sideways below the 41.60 resistance. The slowing in the ascent is also reflected in the Ichimoku lines as their positive bearing begins to flatten out. The short-term oscillators are grasping onto hopes that the positive picture may resume shortly. The MACD, in the positive region, holds just below its red trigger line, while the RSI is floating below the 70 mark. In the stochastic oscillator, the %K and %D lines [..]


Technical Analysis – EURJPY pauses its rise in an upward sloping channel

Posted on July 9, 2020 at 9:15 am GMT

EURJPY has been developing within an upward sloping channel over the last couple of weeks, surpassing the simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators are losing some momentum. The RSI is pointing south near 50 level, while the MACD is moving sideways above the zero line. A pull back may meet immediate support around the 20-period SMA currently at 121.45 while slightly lower the bears could try to touch the 121.30 support. Should the price [..]

Technical Analysis – USDCHF driven by bears; next key support near 0.9320

Posted on July 9, 2020 at 7:39 am GMT

USDCHF resumed negative momentum this week after failing to climb above the 61.8% Fibonacci retracement level of the March rally that started from the 0.9181 bottom. On the downside there is no key support in sight until 0.9320, hence the sell-off may continue for a bit, with the RSI and the MACD endorsing that bearish view as the former has yet to find a bottom in the oversold area and the latter is strengthening southward again. A break below 0.9320 would expose the market to the 0.9255 [..]

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