Technical Analysis

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Technical Analysis – NZDJPY trades beneath 100-SMA; 50.0% Fibo holds inside gap

Posted on July 23, 2019 at 1:02 pm GMT

NZDJPY recorded a bounce up in the short-term, from the five-and-a-half-month low of 70.25 on June 18, and in the last month has pushed north into the Ichimoku cloud. The price stalled ahead of the upper boundary of the cloud coupled with the 100-day simple moving average (SMA) in the previous session. There is a lack of direction in momentum indicators, as the short-term Tenkan-sen line is pointing upwards, although the Kijun-sen is flattening. Furthermore, the MACD is moving sideways [..]

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Technical Analysis – McDonalds stock reaches new record high; hits upper boundary of ascending channel

Posted on July 23, 2019 at 12:45 pm GMT

McDonalds stock price hits a record high of 215.85 last Thursday, meeting the upper boundary of the long-term ascending channel in the daily timeframe. The 20-day simple moving average (SMA) helped the bulls to retake control, while the positive momentum in the RSI suggests the bullish party is not over yet for the stock. However, the MACD oscillator is slowing down below the trigger line. The peak at 215.86 could potentially work as nearby resistance should the price continue the rebound on 206.35. Nevertheless, it would [..]

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Technical Analysis – WTI futures encounter resistance from both the 50- and 200-SMAs

Posted on July 23, 2019 at 11:50 am GMT

WTI oil futures moved north from five-month lows of 50.58 towards the 61.8% Fibonacci retracement of the down move from 66.57 to 50.58, of 60.47, over the last month. Price tumbled from the 61.8% Fibo and lost steam near its 23.6% Fibo. The 50-, 100- and 200-day simple moving averages (SMAs) in the current sideways move indicate no definite direction as their signals are unclear. The SMAs have neared each other, whilst the MACD has had only a borderline cross [..]

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Technical Analysis – UK 100 index rises slightly but remains below 11-month high

Posted on July 23, 2019 at 11:14 am GMT

The UK 100 stock index (FTSE 100) has been trading slightly higher following the rebound on the 7473 support level. The stochastic oscillator confirms this short-term upside view, as it is heading north above the oversold territory. Also, the RSI is pointing up in the positive area. If the price manages to extend the bullish action and successfully surpass the eleven-month high, resistance would come from the 7790 barrier, taken from the high on August 2018. Further up, the index could rest around the [..]

Technical Analysis – EURGBP to hold uptrend in near term; 20-SMA key support

Posted on July 23, 2019 at 7:45 am GMT

EURGBP has been in the green zone for the past twelve weeks, topping its rally at an almost six-month high of 0.9050 last week. The 20-day simple moving average (SMA) has played a key role in rejecting bearish corrections and therefore should be closely watched if negative momentum resumes. The fast Stochastics, however, are currently approaching the 20 oversold mark, while the RSI and the red Tenkan-sen are in consolidation, all flagging an overall neutral-to-positive bias for the short-term. Should the 20-day SMA assist the [..]

Technical Analysis – GBPUSD moves south towards 27-month low

Posted on July 23, 2019 at 6:20 am GMT

GBPUSD has declined considerably again after it failed to surpass the short-term moving averages from the beginning of the month. During the preceding week, cable reached a fresh more than two-year low of 1.2380 and touched the return line of the downward sloping channel. The negatively aligned Tenkan-sen line serves as a testament to the negative short-term momentum that is in place. The RSI indicator is moving south in the bearish territory, while the %K line of the stochastic oscillator [..]

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Technical Analysis – Amazon falls from 9-month high; forms hammer as it stalls at 23.6% Fibo

Posted on July 22, 2019 at 2:02 pm GMT

Amazon pulled away from a nine-month high of 2032 in the previous weeks, to halt yesterday at the 23.6% Fibonacci retracement level of the up move, from 1670 to 2032, of 1949. The 21-day simple moving average (SMA) is also very close and a hammer formation has taken shape, pushing the price above the resistance of 1964. The momentum indicators are suggesting that the sentiment may turn negative as the MACD has dived below its trigger line and RSI nears [..]

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Technical Analysis – EURCAD ticks above 22-month low; looks oversold

Posted on July 22, 2019 at 1:22 pm GMT

EURCAD recovered slightly to the upside after it reached a fresh 22-month low around the 1.4600 psychological mark last week. However, the pair dived aggressively from the 1.4880 – 1.5210 trading range, extending bearish actions below the short-term moving averages in the daily timeframe. The RSI and the MACD are lacking direction as both are moving in negative area with weaker momentum than before, suggesting overstretched market. If the pair drops beneath the multi-month trough could move towards the strong [..]

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Technical Analysis – ETHUSD struggles under 40-SMA with weak momentum

Posted on July 22, 2019 at 10:48 am GMT

ETHUSD has been moving with weak momentum over the last few sessions, remaining between the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. Following the rebound on 187.63, the 61.8% Fibonacci retracement level of the upward wave from 80.00 to 362.045, the technical indicators are suggesting more gains to come ahead; the stochastic is positively sloped and below the overbought zone, while the MACD is extending its upward movement towards the zero line. In the event of an upside reversal, [..]

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Technical Analysis – EURAUD hands on with the 200-SMA, joined by the uptrend line

Posted on July 22, 2019 at 10:05 am GMT

EURAUD descended from a five-and-a-half-month high of 1.6447, over a one-month period, to break through a double obstacle of the 200-day simple moving average (SMA) and the uptrend line from Feb 2017. Price stalled just below the 1.5900 psychological level, where buyers have come on board to try and move back north. The price has crossed downwards through the Ichimoku cloud and all simple moving averages. The 50- and 100-day (SMAs), although above the 200-SMA, have started to turn down, [..]

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