Technical Analysis


Technical Analysis – WTI crude oil futures hits 3-month high; bullish correction mode in near term

Posted on February 19, 2019 at 7:42 am GMT

West Texas Intermediate crude oil futures topped at a new three-month high of 56.31 during yesterday’s trading session, advancing above the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50. The technical indicators seem to be overbought, as the RSI is flattening in the positive zone, while the %K line of the stochastic oscillator posted a bearish cross with the %D line in the strong bullish area, signaling possible downside pressures to come [..]


Technical Analysis – Spain 35 index holds in inverse head and shoulders formation in near term

Posted on February 18, 2019 at 1:59 pm GMT

The Spain 35 index has been developing within an inverse head and shoulders pattern over the last three months with head the more than two-year low of 8277 and neckline the 9230 resistance level. Currently, the price is testing the upper band of the long-term downward sloping channel and seems to be ready for a jump above both formations, starting a new bullish rally in the daily timeframe. Zooming to the technical indicators, the MACD oscillator is in progress to [..]


Technical Analysis – EURNZD recovers from 2-month low after hitting lower Bollinger Band

Posted on February 18, 2019 at 1:24 pm GMT

EURNZD has declined considerably over the previous three days, recording a new two-month low around 1.6408 and touching the lower Bollinger Band. Currently, the price is paring some of the losses, approaching the 1.6500 handle. Technical indicators in the daily timeframe are reversing back to the upside. The stochastic oscillator is turning higher in the oversold zone, signaling bullish pressure, while the RSI indicator is pointing up in the bearish area. In the event of an upside reversal, the 23.6% Fibonacci retracement level [..]


Technical Analysis – Gold records 3-week high; Ichimoku suggests further gains

Posted on February 18, 2019 at 9:57 am GMT

Gold prices edged sharply higher in the previous days, hitting a more than two-week high earlier today. Also, the metal is approaching the eight-month high of 1326 and a successful jump above this strong barrier would resume the bullish outlook. The RSI indicator is holding around the overbought zone and the 70 level, while the MACD oscillator is strengthening its momentum above the trigger and zero lines in the 4-hour chart. Also, the price stands well above the Ichimoku cloud [..]


Technical Analysis – EURUSD returns above 1.13 but negative risks still alive

Posted on February 18, 2019 at 8:00 am GMT

EURUSD registered a three-month low at 1.1233 on Friday before closing negative for the second consecutive week. On Monday the pair managed to rise back above the 1.1300 level, with momentum indicators shaping a bearish-to-neutral picture for the short term; the RSI is recovering towards its 50 neutral mark, the MACD seems to be showing easing negative momentum, while the red Tenkan-sen line continues to lose ground below the blue Kijun-sen line. Support around 1.1265 should be in focus if bearish action [..]


Technical Analysis – EURGBP opens with gap down; soft momentum in near term

Posted on February 18, 2019 at 7:58 am GMT

EURGBP opened with a gap down on Monday, challenging the 20-simple moving average (SMA) in the daily timeframe after it topped on the 0.8840 resistance level in the preceding week. Currently, the price is covering this gap and moving higher. In the near term, the pair could consolidate as the RSI is flattening slightly below the 50 neutral mark, while the MACD continues to improve above its red signal line and towards zero but with softer speed. However, the stochastics [..]


Technical Analysis – Intel stock turns cautiously positive in short-term

Posted on February 15, 2019 at 1:01 pm GMT

Intel’s stock has been grinding higher in recent weeks and is now trading back above its 200-day simple moving average (SMA). Combined with the fact that price action since late October consists of higher lows, the short-term picture seems to have shifted to cautiously positive, from neutral previously. The notion is supported by short-term momentum oscillators as well, with the RSI being in positive territory and pointing up, and the MACD rising above its red trigger line. If the bulls [..]


Technical Analysis – USDCHF edges higher; bullish phase remains intact

Posted on February 15, 2019 at 12:16 pm GMT

USDCHF has moved considerably higher after the touch on the ascending trend line, recording a new three-month high of 1.0097 on Thursday. The price climbed well above the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the RSI is sloping marginally up in the positive zone and the MACD oscillator is strengthening its momentum above the trigger and zero lines. Should the pair continue to head higher the next level to have in mind is the 20-month high of 1.0130, achieved [..]


Technical Analysis – GBPJPY tests the lower boundary of the descending channel

Posted on February 15, 2019 at 10:42 am GMT

GBPJPY has been trading within a negatively sloping channel over the last three weeks, with the bears challenging the lower boundary today. Currently, the price holds well below the 20-and 40-simple moving averages (SMAs) in the 4-hour chart, which are ready to post a bearish crossover. Having a look at the technical indicators, the RSI is sloping slightly up in the bearish area, suggesting an upside retracement in the short-term. However, as long as the indicator holds below 50 and the MACD oscillator keeps strengthening [..]


Technical Analysis – EURJPY consolidates within symmetrical triangle

Posted on February 15, 2019 at 9:15 am GMT

EURJPY is trapped within the 124-126 area as the 50% and the 38.2% Fibonacci levels of the downleg from 133.21 to 118.57 seem to be keeping price movements under control and within the symmetrical triangle which appeared more clearly after the rebound on the 38.2% Fibonacci last week. Momentum indicators suggest a neutral-to-bearish bias for the short term as the red Tenkan-sen line continues to move sideways, while the RSI is marginally below its 50 neutral mark but is heading towards the 42 area, [..]

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