Technical Analysis

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Technical Analysis – EURAUD positive in near term, neutral in medium run

Posted on May 24, 2019 at 12:34 pm GMT

EURAUD recorded decent gains in the past month, crossing above its 50- and 200-day simple moving averages (SMAs) to touch 1.6260, a high last seen in January. The short-term picture thus seems positive, though for the medium-term outlook to turn positive too, a break above 1.6350 is required. Short-term momentum indicators, however, suggest the rally may be losing steam. The RSI seems to have flattened near its 70 zone, while the MACD appears ready to drop below its red trigger [..]

Technical Analysis – USDCAD maintains neutral-to-bullish bias above cloud

Posted on May 24, 2019 at 6:52 am GMT

USDCAD was trading not too far from yesterday’s one-week high of 1.3501 on Friday, having pulled back slightly. But momentum indicators suggest there is still some upside for the pair to advance again. The near-term bias is looking neutral-to-bullish as the RSI is flatlining above the 50-neutral level, while the stochastics are pointing north and the %K and %D lines remain positively aligned. The neutral-to-bullish picture also holds true for the medium-term outlook as the pair has been consolidating following [..]

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Technical Analysis – EURGBP climbs, but more upside needed to affirm bullish outlook

Posted on May 23, 2019 at 2:11 pm GMT

EURGBP staged a mighty rally over the past weeks, crossing above its 50- and 200-day simple moving averages (SMAs) to touch the 0.8840 zone, before retreating somewhat. The near-term outlook seems to have turned positive, though a clear break above 0.8840 is needed to confirm that. Short-term momentum indicators, on the other hand, suggest a pullback may be looming. The RSI turned lower after entering its overbought zone, while the MACD seems to be topping above its trigger line. A [..]

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Technical Analysis – CADJPY erases gains; remains in neutral mode

Posted on May 23, 2019 at 1:19 pm GMT

CADJPY has been finding strong resistance on the 82.60 barrier, falling beneath the 20-simple moving average (SMA) in the daily chart. Since mid-January, the pair has been trading within a narrow range between the 61.8% Fibonacci of the downleg from 89.25 to 76.60, near 84.40, and the 80.90 support. Having a look at the momentum indicators, the RSI is pointing down below the neutral threshold of 50 and the MACD is hovering near the trigger line and below the zero line. A step lower could find immediate support at [..]

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Technical Analysis – Copper futures record 4-month low; bears have control

Posted on May 23, 2019 at 11:41 am GMT

Copper futures with delivery on July 2019 are falling below the 20- and 40-simple moving averages (SMAs) in the daily chart. Moreover, the technical indicators remain in bearish territory, with the RSI sloping down in oversold zone and the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case the price extends the bearish move, the next immediate support is expected to come from the 2.6305 barrier.  A significant penetration of this line would drive prices lower until [..]

Technical Analysis – NZDUSD turns attention to 7-month low; strongly negative

Posted on May 23, 2019 at 8:25 am GMT

NZDUSD has been in a strong bearish rally over the last two months, reaching a fresh seven-month low of 0.6482 earlier today. What remains to be seen is if the bears have enough fuel to continue this sharp negative movement as the technical indicators are suggest the opposite. The MACD and the stochastics are ready for a bullish cross with the trigger line and within the %K and %D lines respectively in the bearish region. If the momentum oscillators prove [..]

Technical Analysis – USDJPY strictly capped by 20-day SMA and 23.6% Fibonacci

Posted on May 23, 2019 at 6:54 am GMT

USDJPY paused its buying interest from 109.00 earlier this week, touching the 23.6% Fibonacci retracement level of the upleg from 104.64 to 112.40, around 110.60. The price was capped by the 20-day moving average, which is acting as a strong resistance obstacle, while the technical indicators are moving lower. The RSI is pointing down in the negative area, while the stochastic oscillator created a bearish crossover within the %K and %D lines in the overbought zone, signaling more losses in [..]

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Technical Analysis – EURCHF cautiously negative in short term, neutral overall

Posted on May 22, 2019 at 2:51 pm GMT

EURCHF retreated in recent weeks, falling below both its 50- and 200-day simple moving averages (SMAs). The near-term outlook has thus turned to cautiously negative, though the bigger picture still seems neutral – with a decisive break either above 1.1475 or below 1.1160 needed to change that. Short-term momentum oscillators concur, with the RSI already below 50 and pointing lower, and the MACD being in negative territory and below its red trigger line. Further declines could meet immediate support near [..]

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Technical Analysis – US Dollar Index tries to hit 23-month peak; remains bullish in medium term

Posted on May 22, 2019 at 12:57 pm GMT

The US dollar index is still rising above the 50-day moving average, edging towards the 23-month high of 98.05 achieved on April 25. However, the short-term bias is tilted to the downside as the RSI indicator is turning marginally lower in the positive region, while the stochastic oscillator posted a bearish crossover within the %K and %D lines in the overbought territory, indicating an overreached rally. If the price posts a bearish retracement as the momentum oscillators signal, support is coming at the 96.85 level, which stands near [..]

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Technical Analysis – Tesla stock rebounds on descending channel after touching 28-month low 

Posted on May 22, 2019 at 11:48 am GMT

Tesla’s stock price has been developing within a descending channel over the last five months and during the previous period it challenged the return line once again. Also, the stock recorded a fresh 28-month low of 197.88. Looking at the short-term momentum indicators, they paint a cautiously positive picture. The RSI seems headed for a test of its 30 zone as it is turning higher, while the stochastic oscillator posted a bullish cross within the %K and %D lines in the oversold zone, suggesting [..]

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