Technical Analysis

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Technical Analysis – GBPJPY could recoup some losses in short term

Posted on June 20, 2019 at 9:23 am GMT

GBPJPY registered another lower low at its March downleg slightly below the key support level of 135.79, but it soon bounced up again as the RSI signaled oversold conditions. The latter is currently moving with a positive slope towards its 50 neutral mark, while the MACD continues to trend up above its red signal line, both suggesting some recovery in the short term. The price, however, needs to overcome the 20-day simple moving average (SMA) and a former support region of 137.40 to [..]

Technical Analysis – USDCAD slumps below 200-day SMA; looks bearish in short-term

Posted on June 20, 2019 at 6:48 am GMT

USDCAD gave up last week’s gains and slumped below the 200-day moving average (SMA) and towards a more than a three-month low of 1.3231 on Thursday. According to the RSI and the fast Stochastics, the market could turn even bearish in the near-term as both indicators are sloping downwards and are still above oversold territory. The spotlight is currently turned to the 1.3200 support level. Should the price break that barrier, selling pressure could intensify until the 1.3111 trough and then down [..]

Technical Analysis – USDJPY still bearish below moving averages

Posted on June 19, 2019 at 7:04 am GMT

USDJPY remains stuck in a bearish phase as the momentum oscillators struggle in negative territory. The RSI is trending downwards below the 50 level, while the MACD histogram is heading back down below 0, though it’s holding above its red signal line for now. Prices are currently being capped by the 108.75 level, whish is the 61.8% Fibonacci retracement of the upleg from 106.50 to 112.39. The 20-day moving average also lies in that region, suggesting this could prove a [..]

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Technical Analysis – Gold spikes to 14-month highs; could gain more

Posted on June 18, 2019 at 2:16 pm GMT

Gold bulls took over again on Tuesday, driving the price near Friday’s 14-month high of 1,358. The location of the RSI – above 70 – hints that the bullish action may be overdone, and therefore no space is left for additional upside. However, with the Stochastics trending under the 80 oversold level and the MACD strengthening momentum above its red signal line, the market may see further improvement before potentially reversing lower. The 1,356-1,365 area is the next target, while slightly higher the 2016 peak of [..]

Technical Analysis – EURUSD bears pierce 1.12 support level; negative bias strengthens

Posted on June 18, 2019 at 11:55 am GMT

EURUSD is currently trading below the 1.1200 level that kept bears in check in the previous two sessions, with the RSI and the MACD suggesting more downside to follow as the former is losing momentum below its 50 neutral mark and the latter is weakening below its red signal line. Should the market come under stronger negative pressure, the 1.1110 bottom could prove tough to break through as it did earlier this year. If not, the selling may get new legs, with support coming next somewhere between 1.10-1.0950. [..]

Technical Analysis – GBPUSD revives downtrend; bearish in short and medium-term

Posted on June 18, 2019 at 7:09 am GMT

GBPUSD reactivated the downtrend started from the 1.3380 peak to reach a fresh six-month low of 1.2510 on Tuesday. Technically, the pair could lose further momentum as the MACD is crossing below its red signal line. However, with the RSI rebounding on its 30 oversold mark and the Stochastics set for a bullish cross under 20, upside corrections cannot be ruled out in the very short-term. The area between 1.25 and 1.2475 could be closely watched if the market extends on the downside. Breaking that [..]

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Technical Analysis – EURAUD tries to jump above ascending channel; strongly positive

Posted on June 14, 2019 at 9:59 am GMT

EURAUD is extending its gains over the last couple of weeks, recording a fresh more than five-month high around 1.6350. Thus, the short-term picture thus seems to be strongly positive, as the RSI is hovering in the overbought territory and the MACD is strengthening its momentum above trigger line. A break above above the ascending channel could increase speculation for more upside pressure towards the 1.6590 resistance level. If the bulls pierce the latter too, attention would turn to 1.6662. [..]

Technical Analysis – US 500 stock index may chart another pick up

Posted on June 14, 2019 at 9:10 am GMT

US 500 index showed little change after opening the week with a small positive gap above its 50-day simple moving average (SMA). The distance between the MACD and its red signal line and the bullish momentum in the indicator suggests there is some room for improvement, but in the very short-term a consolidation phase may follow if the fast RSI continues to grind sideways. A closing price above the 2,909-2,936 area and therefore on top of the Ichimoku cloud could trigger [..]

Technical Analysis – USDCAD bulls return into play; remains beneath uptrend line

Posted on June 14, 2019 at 6:43 am GMT

USDCAD gained some ground after the aggressive sell-off towards the three-month low of 1.3240, penetrating the long-term ascending trend line to the downside. The technical indicators are feeding prospects for a possible positive short-term trading; the RSI is pointing up below 50, while the stochastic continues to strengthen its momentum. A decisive close above the 23.6% Fibonacci retracement level of the upward wave from 1.2250 to 1.3664 near 1.3330 could add more value to the pair, pushing the market up to [..]

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Technical Analysis – EURCHF eases in downward sloping channel; negative overall

Posted on June 13, 2019 at 1:20 pm GMT

EURCHF is retreating today, falling below both its 20- and 40-day simple moving averages (SMAs) as well as beneath the 23.6% Fibonacci retracement level of the downleg from 1.1710 to 1.1120 near 1.1260. The bigger picture still seems negative as the price has been developing in a descending channel since September 2018. Short-term momentum oscillators concur, with the RSI already below 50 and pointing lower, and the stochastic is posting a bearish cross within the %K and %D lines in the [..]

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