Technical Analysis

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Technical Analysis – NZDUSD’s negative momentum gains new confidence

Posted on April 3, 2020 at 11:57 am GMT

NZDUSD is presently tackling the 0.5841 level, that being the 38.2% Fibonacci retracement of the down leg from 0.6447 to an 11-year low of 0.5468, after new-found negative sentiment sent the pair back into the Ichimoku cloud. Aiding this move down is the recent bearish crossover of the now declining Ichimoku lines. The short-term oscillators are providing extra backing towards a negative picture. The MACD has slipped below its zero and trigger lines, while the RSI is falling in the [..]

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Technical Analysis – US 30 index sidelined in near term; strongly negative in medium term

Posted on April 3, 2020 at 10:35 am GMT

The US 30 cash index is being embraced by the 23.6% Fibonacci retracement level of the down leg from 29,582.61 to 18,145 at 20,851 and the 38.2% Fibonacci at 22,518 over the last days. The lack of direction is confirmed by the RSI indicator which is moving with weak momentum beneath the 50 level, while the MACD is edging sideways above the trigger line. Moreover, the 50- and 200-day simple moving averages (SMAs) are continuing to turn lower after the ‘death cross’ in the previous sessions. [..]

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Technical Analysis – GBPUSD within a bullish rectangle but risks remain

Posted on April 3, 2020 at 8:06 am GMT

After the rebound off 35-year lows, GBPUSD has been trading quietly this week, congested within a narrow range of 1.2484 and 1.2300, where the former is the 50% Fibonacci of the 1.3513-1.1409 downleg. Technically, a sideways move following a rally is an indication that the pair is taking a breather before continuing higher. Yet, on the four-hour chart, the falling RSI which heads towards its 50 neutral mark backed by the declining MACD and the flattening red Tenkan-sen are currently not in favor of [..]

Technical Analysis – USDCAD optimistic after correction from 50-month peak

Posted on April 3, 2020 at 7:19 am GMT

USDCAD continues to find support from the mid-Bollinger band located at 1.4155, after a retracement from the multi-year top of 1.4667. Though price action has somewhat slowed, assisting this positive picture are the ascending simple moving averages (SMAs) and their intact bullish mode. Additionally, the short-term oscillators hold a positive bearing. The MACD, despite falling below its red trigger line, is still deep in the positive zone, while the RSI remained in the bullish section, hovering above the 50 level. [..]

Technical Analysis – WTI futures retain bearish picture in long term

Posted on April 3, 2020 at 7:12 am GMT

WTI futures look to be mostly bearish after a descent rally from the 65.61 resistance on January, driving the commodity down to a multi-year trough of 19.32. In the preceding days, the price reversed slightly higher, touching the 20-day simple moving average (SMA). The short-term oscillators reflect a rise in the positive momentum. The MACD, in the negative area, has moved above its trigger line and is approaching the zero line. Additionally, the stochastics, which are moving towards the overbought [..]

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Technical Analysis – USDCHF’s appreciation finds some footing from supportive trend line

Posted on April 2, 2020 at 2:31 pm GMT

USDCHF appears to be breaking above the upper Bollinger band and the inside swing low of March 24 at 0.9717, after the climb from the 0.9500 trough was aided by the very short-term supportive trend line, just above the 0.9647 low. The short-term oscillators reflect a pickup in positive momentum as the RSI is improving above its neutral mark and the MACD, above its red trigger line, ascends over the zero level. Moreover, the stochastic oscillator has reclaimed the 80 [..]

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Technical Analysis – Copper futures on sidelines move in ascending triangle

Posted on April 2, 2020 at 1:45 pm GMT

Copper futures with delivery in May have been trading within an ascending triangle over the last couple of weeks, with strong resistance at the 2.2345 barrier. The short-term moving average lines are flattening near the 38.2% Fibonacci retracement level of the negative move from 2.5268 to 1.9683 at 2.1815. Technically, the MACD, holding near the zero level, is heading sideways in the 4-hour chart while the RSI is turning marginally lower at the 50 level, trying to enter in the bearish area. These signals [..]

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Technical Analysis – EURUSD slips near 1.0900; SMAs seem ready for bearish cross

Posted on April 2, 2020 at 9:35 am GMT

EURUSD is falling lower again near 1.0900, below the 20- and 40-period simple moving averages (SMAs) and the 38.2% Fibonacci retracement level of the down leg from 1.1495 to 1.0636 at 1.0962 over the last days. The pullback on the confronted 1.1150 level appeared to be a strong resistance for the bulls as the short-term trading is shifting bearish again. The stochastic oscillator is turning lower again, while the RSI is sliding below the 50 level and the MACD oscillator is extending its negative momentum below the zero line. [..]

Technical Analysis – USDJPY although briefly frozen, sustains a bearish tilt

Posted on April 2, 2020 at 9:03 am GMT

USDJPY has sunk aggressively following the latest slide that commenced on March 24, falling past all simple moving averages (SMAs) and under the 107.69 hurdle, that being the 38.2% Fibonacci retracement of the up leg from a 41-month low of 101.17 to 111.71. Currently, upside corrections seem limited by the mid-Bollinger band and the flattened and congested SMAs above. Backing a stalled negative phase are the short-term oscillators, which suggest a paused state of directional momentum. The MACD, below its [..]

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Technical Analysis – Gold bulls to stay in charge until trendline breaks

Posted on April 2, 2020 at 8:01 am GMT

Gold found strong footing near 1,450 and the upper surface of the Ichimoku cloud on the weekly chart and reversed north again, retaining its bullish structure in the long-term picture. Currently, the price is eating a portion of the bold gains it earned last week and the RSI and the MACD are providing little hope of another rocky rally in the short-term as the indicators are lacking positive momentum. Still, the market seems to be well supported by the ascending trendline [..]

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