Technical Analysis

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Technical Analysis – Copper futures on a slippery slope; sideways channel holds

Posted on March 22, 2019 at 12:51 pm GMT

Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement level of the upleg from 2.6130 to 2.9720 and the short-term moving averages. The technical indicators in the 4-hour chart are still located in bearish area, with the MACD declining below its trigger line and the RSI is losing momentum below its 50 neutral level. In case the price extends the pullback, the next immediate support is expected to come from the lower boundary. [..]

Technical Analysis – EURGBP runs to 1-month highs; tests upper Bollinger band

Posted on March 22, 2019 at 10:40 am GMT

EURGBP pierced the 50-day moving average and a key support and resistance area around 0.8690 on Thursday to reach a one-month high of 0.8726. Gains though appeared short-lived, with the price starting Friday’s trading in negative mood. Meanwhile in momentum indicators, the RSI has posted a new higher high along its uptrend line and is now heading lower, while the MACD continues to strengthen steadily above its red signal line and towards positive territory, both framing a positive-to neutral picture. [..]

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Technical Analysis – GBPJPY loses ground; neutral in near term

Posted on March 22, 2019 at 10:32 am GMT

GBPJPY had another bearish start on Friday, with the price breaking the crucial 23.6% Fibonacci retracement level of the upleg from 132.48 to 148.85, around 145.00. The technical indicators in the 4-hour chart are endorsing this view, with the RSI reversing back down to its 30 oversold mark and the MACD keep stretching in negative area and below its trigger line. Also, the price is trading well below the Ichimoku cloud and particularly below the red-Tenkan sen line, suggesting more losses ahead. More southward [..]

Technical Analysis – USDCAD bulls find wall near 1.34; retains bullish view

Posted on March 22, 2019 at 8:04 am GMT

USDCAD is stretching its positive momentum above the 23.6% Fibonacci retracement level of the upleg from 1.2250 to 1.3663, near 1.3230 and the 20- and 40-simple moving averages (SMAs) in the daily timeframe. During yesterday’s session, the pair touched the 1.3400 handle, but failed to hold those gains and returned to slightly lower figures. Currently, the price remains strongly bullish in the long-term, touching the ascending trend line several times and pushing the price even higher. Returning to the near [..]

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Technical Analysis – EURCHF finds support near 23.6% Fibonacci again; consolidates in short and medium term

Posted on March 21, 2019 at 2:36 pm GMT

EURCHF has been trading in a relatively narrow range between 1.1385 and 1.1305 from late January onwards, while the past few days the market action has stretched further below the 20- and 40-day simple moving averages (SMAs). Momentum oscillators are losing ground, with the RSI falling below its neutral 50 level and the stochastic dropping into the oversold zone. Potential declines beneath the 1.1305 level could meet support near the 1.1240 low, identified on January 15. If the bears violate that area, that would turn [..]

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Technical Analysis – CADJPY turns slightly lower; capped by SMAs

Posted on March 21, 2019 at 12:56 pm GMT

CADJPY was capped by the 20- and 40-simple moving averages (SMAs) in the daily timeframe, declining below the 50.0% Fibonacci retracement level of the drop from 89.25 to 76.60, near 82.90. Currently, the price is standing within the sideways moving Bollinger Bands while the technical indicators suggesting more losses. The RSI is falling in the negative zone and the stochastic entered the oversold territory. Further losses could find immediate support at the 82.26 barrier, before moving towards the 38.2% Fibonacci of 81.42 and the 81.25 support [..]

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Technical Analysis – Dollar index pares losses but trend signals are still negative

Posted on March 21, 2019 at 10:58 am GMT

The US dollar index is paring some losses from yesterday above the 23.6% Fibonacci retracement level of the upleg from 88.10 to 97.65 and closer to the 200-day simple moving average (SMA). On Wednesday, the price dropped below the rising trend line, which had been holding since March 2018, giving negative trend signals for the near future. However, the short-term bias is tilted to the upside as the RSI indicator is turning marginally higher below its 50 level, while the stochastic oscillator is sloping up after posting a bullish crossover within the [..]

Technical Analysis – NZDUSD meets familiar resistance at 0.6940

Posted on March 21, 2019 at 8:22 am GMT

NZDUSD stood tall on Wednesday by almost 1% after trading flat over the past week. The pair stretched further its rally to new one-and-a-half-month highs on Thursday, but the bulls found a familiar barrier around 0.6940, with the Stochastics flagging an overbought market – the red %D line and the green %K line are returning above 80. The RSI continues to point up, though less aggressively than in previous days, giving some signs of weakness near a former resistance area. In case prices [..]

Technical Analysis – USDJPY tumbles below rising channel; creates 1-month low

Posted on March 21, 2019 at 7:40 am GMT

USDJPY is looking strongly bearish in the short-term after plunging below its daily simple moving averages (SMAs) on Wednesday. The price found significant obstacle near the 200-SMA, dropping beneath the ascending channel to challenge the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.10, around 110.40. Prices hit a one-month low of 110.40 and the technical indicators are all pointing to further negative momentum in the near term. The RSI indicator has slipped below the 50 level with aggressive mode and is currently approaching [..]

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Technical Analysis – UK 100 index runs towards 5-month high; SMAs act as support

Posted on March 20, 2019 at 2:30 pm GMT

UK 100 stock index (FTSE 100) has advanced considerably after touching the 38.2% Fibonacci retracement level of the downleg from 7900 to 6533, around 7060. During Tuesday’s session the price gained some more ground driving the market towards a fresh five-month high of 7350. The flatly aligned Tenkan- and Kijun-sen lines are indicative of a possible weaker momentum than before. However, the MACD oscillator is heading north. If the price manages more bullish actions and surpasses the five-month high, immediate resistance would come from the 61.8% Fibonacci level, [..]

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