Technical Analysis

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Technical Analysis – EURCHF consolidates around upper Ichimoku band and 100-day SMA

Posted on October 22, 2019 at 2:32 pm GMT

EURCHF is stuck between 1.0965 and 1.1063, and specifically around 1.0995 area where the upper band of the Ichimoku cloud and the 100-day simple moving average (SMA) are located. The gradual ascent of the price backed by the upward sloping 20- and 50-day SMAs, as well as, the intact bullish cross of the rising Tenkan-sen above the Kijun-sen line, suggest further gains could unfold. Although the recent slowdown in short-term oscillators reflects the stall in the price, the indicators continue to [..]

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Technical Analysis – EURNOK slips below record highs; could soften in short-term

Posted on October 22, 2019 at 11:59 am GMT

EURNOK entered uncharted territory after closing strongly bullish above the previous peak of 10.09, with the price rising to an all-time high of 10.24 on Friday. The market has slightly softened since then and the fact that the price has been fluctuating around the upper Bollinger band suggests that a weaker performance cannot be ruled out in coming sessions if the RSI makes its way towards its 50 neutral mark as well. In the negative scenario, the bears could lead [..]

Technical Analysis – GBPUSD shows signs of some stalling but still looking bullish

Posted on October 22, 2019 at 10:41 am GMT

GBPUSD seems undecided of direction after driving the price marginally above the 1.3000 handle. The aggressive rally that commenced on October 10, recouped nearly three quarters of losses in the drop from the high of 1.3381. The Tenkan-sen and Kijun-sen lines have now merged and turned flat, indicating that the short-term momentum has weakened. The softness in the RSI, that is currently pushing efforts to exit the overbought territory, is also backing the easing in positive momentum. Regarding the market [..]

Technical Analysis – EURJPY bulls challenge long-term descending trendline

Posted on October 22, 2019 at 7:41 am GMT

EURJPY added more than 3.0% to its value so far this month, getting closer to the 200-day simple moving average (SMA) that remains untouched over the past year and could play a key role for the rally to keep going. Yet, with the market trading in the crossroads of the key 121.36 resistance and a long-term descending trendline at a time when the RSI is fluctuating above its 70 overbought mark, speculation is rising that the bullish action could soon run out of fuel. A decisive [..]

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Technical Analysis – AUDJPY tests swing peak, putting 6-month down move into question

Posted on October 21, 2019 at 2:48 pm GMT

AUDJPY buyers are currently encountering a crucial resistance level at 74.48, after surpassing the Ichimoku cloud. Backing the short-term positive picture is the 50-day simple moving average (SMA) which has adopted an upwards-sloping demeanor and the Tenkan-sen which has fulfilled a bullish crossover of the Kijun-sen line. Also supporting the improving positive outlook are the signals from the short-term oscillators. The stochastics have ascended into the overbought zone but the %K has yet to cross below the red %D line, [..]

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Technical Analysis – USDCHF trend signals turn negative after double bearish crossovers

Posted on October 21, 2019 at 12:54 pm GMT

USDCHF tumbled near the key 0.9843 support level that strongly rejected downside corrections in late September. The double bearish crossovers marked by the 20- simple moving average (SMA) falling below the 50- and 200-day SMAs flag that the trend is likely to extend to the downside. Yet in the short-term, some consolidation cannot be ruled out as the RSI seems to be pushing efforts to deviate above its 30 oversold mark and the MACD looks to be turning upwards in the negative territory and [..]

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Technical Analysis – NZDJPY buyers challenge 100-day SMA at upper band of Ichimoku cloud

Posted on October 21, 2019 at 12:54 pm GMT

NZDJPY is attempting to climb above a key resistance area. The area consists of the 100-day simple moving average (SMA), the 69.67 resistance, the upper bound of the Ichimoku cloud and the 50.0% Fibonacci retracement of the down leg from 73.23 to 66.30. The stochastics have risen into the overbought zone but the %K has yet to cross below the red %D line. The MACD has distanced itself into the positive region and above its red trigger line and the [..]

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Technical Analysis – GBPCAD pauses rally as short-term indicators hint at overbought conditions

Posted on October 21, 2019 at 10:08 am GMT

GBPCAD stalled near the 61.8% Fibonacci of the 1.7793-1.5873 bearish wave following the close above the 200-day simple moving average (SMA), having printed two green weeks in a row. The downside reversal in the Stochastics combined with the flattening Ichimoku indicators and an RSI that looks to be easing momentum above its 70 overbought mark hints that the rally may be overstretched and hence some weakness may follow in coming sessions. Still, a decline below 1.6600 is required for traders to lose [..]

Technical Analysis – EURUSD climbs above 100-day SMA to test looming negative picture

Posted on October 21, 2019 at 9:13 am GMT

EURUSD buyers have ascended above 1.1145, which is the 50.0% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The bounce off the broken downtrend line at 1.0990 – where the Tenkan-sen completed a bullish crossover – propelled the price through the Ichimoku cloud, overcoming various resistance obstacles. Momentum oscillators back a short-term positive outlook. The MACD has distanced itself above its red trigger line and into the positive zone, while the RSI has risen to the 70 level. [..]

Technical Analysis – Gold looks to be forming a triangle after a neutral week

Posted on October 21, 2019 at 7:37 am GMT

Gold continued to trade along the downward-sloping trend-line following the negative breakout of an ascending channel, despite closing neutral last week. Traders may maintain neutral behavior in the short-term according to the flattening RSI and MACD, probably keeping the market below the descending trend-line as the bearish crossover between the 20- and 50-day simple moving averages suggests. However, questions are rising about whether the bears are strong enough to violate the new support line drawn from May’s troughs that  looks [..]

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