Technical Analysis

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Technical Analysis – EURGBP consolidates the last 2 months; indicators suggest bullish bias

Posted on April 19, 2019 at 11:16 am GMT

EURGBP is in a neutral mode after tumbling below the 38.2% Fibonacci retracement level of the downleg from the 15-month high of 0.9110 to the 22-month low of 0.8470 on February 19; prices are consolidating within the 0.8715 resistance and the 0.8470 support. The technical indicators, however, are pointing to positive momentum in the near term. The MACD is strengthening its movement above its trigger and zero lines, while the RSI holds in positive area and is turning slightly higher. It is worth mentioning [..]

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Technical Analysis – US 500 index flies near 6-month peak; all-time high is near

Posted on April 19, 2019 at 9:12 am GMT

The US 500 index price skyrocketed to a fresh six-month high of 2918 on Thursday before it pared those gains later in the day. The price is holding above the red Tenkan-sen line as well as above the ‘golden cross’ within the 50- and 200-simple moving averages (SMAs). Technically, the RSI indicator is pointing marginally up near the overbought territory. However, the MACD oscillator is developing with stable momentum over the last sessions, despite the strong upside rally in the [..]

Technical Analysis – USDCAD finalizes symmetrical triangle formation

Posted on April 19, 2019 at 7:15 am GMT

USDCAD had another uneventful week as it was congested within the 1.33 area. According to the RSI and the MACD the pair is likely to continue consolidating in the short-term as both indicators show no clear direction. Yet and more interesting,  the market seems to be completing a symmetrical triangle, hinting that the sideways move may soon come to an end. A breakout from the upper trendline currently seen around 1.34 would mark the start of a bullish phase, while only a close above 1.3445 would confirm a growing uptrend. Further up, the area [..]

Technical Analysis – GBPJPY on a sideways move; 23.6% Fibonacci appears to be strong support

Posted on April 19, 2019 at 6:56 am GMT

GBPJPY has been on a sideways move for the most part of the week as the 23.6% Fibonacci retracement level of the upleg from 132.48 to 148.85, around 145.00 and the 200-day simple moving average seem to be critical obstacles for the bears. From the technical point of view, the price could lose some momentum in the short-term as the RSI is flattening below the 50 level and the stochastic oscillator is approaching oversold territory. Another rebound on the 23.6% [..]

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Technical Analysis – Copper futures pare some significant losses; rebound on 2.8300 still stands

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

Copper futures with delivery on May 2019 are rising, paring previous sessions’ losses below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators remain in bearish territory, with the RSI sloping slightly up and the stochastic turning higher in the oversold zone. On the other hand, the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case of an upside reversal, the price could reach the [..]

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Technical Analysis – GBPCAD meets support at 1.7350 again; loses momentum

Posted on April 18, 2019 at 11:51 am GMT

GBPCAD touched the 38.2% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 around 1.7335 once again, failing to decline further. Currently, the price is developing within the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the preceding sessions. The RSI indicator is flattening, mirroring the market’s behavior over the last few days and the MACD is moving marginally below the trigger line in the negative area. In case of increases, the [..]

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Technical Analysis – GER30 index rallies to 6-month high; some fragility expected in short term

Posted on April 18, 2019 at 10:06 am GMT

Germany 30 cash index (GER30) gained considerable traction after breaking the neckline (11,690) of the inverted head and shoulders pattern earlier this month, topping the rally at a six-month high of 12,194 on Wednesday. While, the RSI warns of an overbought market that could pressure the price lower in the short term, the uptrend off the 10,276 bottom may stay in place as long as the price continues to trade well above its simple moving averages (SMA). The bulls would aim for the 12,458-12,600 resistance area if the market [..]

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Technical Analysis – USDCHF moves towards upper level of ascending triangle

Posted on April 18, 2019 at 9:21 am GMT

USDCHF is edging higher after the rebound on the 0.9890 support and the 23.6% Fibonacci retracement level of the upleg from 0.9185 to 1.0130, around 0.9900 and is moving towards the strong resistance obstacle of the ascending triangle, which has been holding since September 2018. The 20- and 40-day simple moving averages (SMAs) are ready for a bullish crossover, confirming the recent upward movement. Technically, the MACD oscillator is strengthening its momentum above the trigger and zero lines, however, the [..]

Technical Analysis – NZDUSD faces strong support at 0.6720; completes 3-month low

Posted on April 18, 2019 at 7:11 am GMT

NZDUSD reached a fresh three-month low of 0.6665 on Wednesday but it failed to end the day below the medium-term consolidation area with upper boundary the 0.6940 resistance and lower boundary the 0.6720 support.  The pair remains slightly below the 200-day simple moving average (SMA) suggesting more losses, while the RSI indicator is sloping south in the negative territory. If the bears manage to take control and penetrate the sideways channel, support would likely come from the lower boundary near 0.6705. [..]

Technical Analysis – USDJPY bulls face big challenge around 112

Posted on April 18, 2019 at 7:07 am GMT

USDJPY has been on the sidelines for the most part of the week as the 112 level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and towards its 50 neutral mark, while the Stochastics are warning over an overbought market, having already created a bearish cross within the %K and %D lines. A rebound on the 20-day simple moving average (SMA) and [..]

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