Technical Analysis

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Technical Analysis – WTI crude futures develop in narrow range after strong sell-off

Posted on December 11, 2018 at 9:30 am GMT

West Texas Intermediate (WTI) crude oil futures have turned neutral after a strong downfall in the previous weeks. The price struggles within a narrow range, with upper boundary the 54.40 resistance level and lower boundary the 50.00 handle. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is moving below its neutral level of 50, while the MACD is strengthening its negative momentum. If the price exits from the trading range and dives below [..]

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Technical Analysis – GBPUSD hovers above 20-month low; strongly bearish in long-term

Posted on December 11, 2018 at 7:24 am GMT

GBPUSD tumbled to a fresh 20-month low of 1.2505 on Monday, creating a strong negative move below the previous multi-month bottoms. The bearish outlook was confirmed by the lower low and the pair looks ready to maintain and possibly extend its sizeable recent losses in the next sessions. The momentum indicators are endorsing this view, despite today’s weak upside opening. The MACD oscillator holds below the trigger and zero lines, strengthening its movement, while the stochastic oscillator returned lower again near its oversold zone. If the [..]

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Technical Analysis – US 500 index jumps above rising trend line again after negative gap

Posted on December 10, 2018 at 2:42 pm GMT

The US 500 index is trying to recover ground as it opened with a negative gap today. The price is climbing above the rising trend line, continuing the bullish outlook. The RSI is standing below the neutral threshold of 50 and pointing higher, detecting accelerating positive momentum. However, the moving averages completed a “death cross” on the daily chart – the 50-SMA crossed the 200-SMA to the downside. Further upside pressures could drive the price towards the next resistance of the 61.8% [..]

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Technical Analysis – GBPAUD eases below 38.2% Fibonacci; bearish correction in near term

Posted on December 10, 2018 at 1:32 pm GMT

GBPAUD rebounded after touching 11-month lows at 1.1720, near the 50% Fibonacci retracement level of the upleg from 1.5725 to 1.8730 on December 3. A week later though, the pair is reversing lower again, back below the 38.2% Fibonacci, with the RSI suggesting further weakness to come in the short term; the indicator returned to bearish territory after failing to break above its 50 neutral mark. On the other hand, the MACD keeps gaining ground above its red signal line, supporting that [..]

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Technical Analysis – Gold falls following rebound to 5-month high; bullish in medium term

Posted on December 10, 2018 at 9:45 am GMT

Gold prices pared some gains on Monday, following the new five-month high of 1250.44 that was achieved in the preceding week. The yellow metal holds above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, however, the momentum indicators are turning lower. The RSI indicator is pointing down after hitting the overbought zone, while the %K line of the stochastic oscillator posted a bearish crossover with the %D line. A bearish correction would drive prices until the 1243 support level, taken from the [..]

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Technical Analysis – EURUSD surpasses short-term SMAs; posts bullish days

Posted on December 10, 2018 at 7:05 am GMT

EURUSD has reversed back up after finding support at the 1.1265 barrier, successfully surpassing the 20- and 40-simple moving averages (SMAs) in the daily timeframe. Price advanced above the 1.1400 handle and is set to complete the fourth green day in a row, approaching the long-term descending trend line. The bullish bias is further supported by the MACD, which is holding above the trigger line, while the RSI entered positive territory, signaling more gains in the very short-term. In case of [..]

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Technical Analysis – USDZAR still negative, approaches downtrend line

Posted on December 7, 2018 at 1:57 pm GMT

USDZAR continues to print lower lows and lower highs on the daily chart below a downtrend line drawn from the highs of September 6. Hence, the broader picture remains negative for now. For it to turn neutral, it would require a clear close above the crossroads of the downtrend line, the 50-day SMA, and the 14.56 level. Short-term momentum oscillators, though, suggest the latest bounce may continue for a while. The RSI just pierced above its neutral 50 line, while [..]

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Technical Analysis – Tesla stock posts “golden cross”, but still neutral in medium-term

Posted on December 7, 2018 at 12:24 pm GMT

Tesla’s stock moved higher in recent sessions to touch a four-month high of 368.50. Meanwhile, the 50-day SMA crossed above the 200-day one marking a so-called “golden cross”, which is a bullish signal. That being said, the broader picture still appears to be sideways; a move above the August peaks of 387.00 is needed to change that. Momentum oscillators concur that the short-term outlook is positive. The RSI is above 50 and moving higher, though may be nearing its overbought [..]

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Technical Analysis – EURNZD rebounds on 14-month low, regaining ground

Posted on December 7, 2018 at 12:21 pm GMT

EURNZD created a strong negative rally over the last two months, after the pullback on the three-year high of 1.7925. Looking at the very short-term, the price has been moving higher since yesterday finding support on the 14-month low of 1.6330. However, the technical indicators are hovering in the bearish zone. The RSI is sloping marginally up below the neutral threshold of 50, while the MACD is weakening its negative momentum above the trigger line. Further upside pressure may meet again the significant resistance of 1.6555, before [..]

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Technical Analysis – US 30 index cautiously negative in short run, neutral overall

Posted on December 7, 2018 at 10:49 am GMT

The US 30 index remains on the back foot, having crossed back below its 50- and 200-day simple moving averages (SMAs) in recent sessions. The price structure of lower highs on the daily chart suggests the bias is negative at the moment, but not clearly so, as the SMAs are converging; an indication the longer-term picture is turning more neutral. Short-term oscillators support the case. The RSI – although below its neutral 50 line – seems to be flattening, while [..]

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