Technical Analysis

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Technical Analysis – GBPUSD slips back into cloud; neutral bias

Posted on March 30, 2017 at 11:00 am GMT

GBPUSD has slipped back into the Ichimoku cloud after finding resistance at the 1.26 level. The pair had recovered from an 8-week low of 1.2108 in mid-March to climb above the 1.26 level on Monday for the first time since early February, taking prices above the Ichimoku cloud. The near-term bias is looking neutral as the RSI is just about in bullish territory at 53, though the momentum remains to the downside as the stochastics are still in bearish ground [..]

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Technical Analysis – EURUSD looking neutral; 8-day low recorded yesterday

Posted on March 30, 2017 at 7:15 am GMT

EURUSD is currently marginally down for the day after two straight days of finishing the daily session lower, while the pair recorded an eight-day low of 1.0739 during yesterday’s trading. The RSI indicator is on the one hand above the 50 neutral level at 55, but on the other hand it has come off from a level where it was comfortably above it in the previous few days. This is perhaps indicative of a change in short-term sentiment. The 1.08 [..]

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Technical Analysis – USDCAD bullish; attempts close above middle Bollinger line

Posted on March 29, 2017 at 7:17 am GMT

USDCAD is not much changed from where it started the day, while a successful close above the day’s open would mark the fifth consecutive day that the pair has done so. The short-term bias as depicted by the RSI is bullish as the indicator is at 56 after coming from neutral levels. The price failed to close above the middle Bollinger line -a 20-day moving average (MA)- in the previous days and the line, currently at 1.3393, could act as [..]

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Technical Analysis – USDJPY bearish bias; more than 4-month low recorded yesterday

Posted on March 28, 2017 at 7:12 am GMT

USDJPY is relatively flat on the day after hitting a more than four-month low during yesterday’s trading. The RSI indicator is bearish as it is well below the 50 neutral level at 31. Note that should it fall below 30 it would enter oversold territory. The MACD histogram is pointing to a bearish near-term bias as well, as it is negative and below the red signal line. The 112 handle could serve as a psychological barrier to any upside movement [..]

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Technical Analysis – EURAUD continues climbing; near two-month high recorded today

Posted on March 27, 2017 at 10:55 am GMT

EURAUD is up from the day’s open while it recorded a near two-month high earlier in the day. Should the pair finish the day higher, it would be the fifth straight trading day it would do so. The RSI indicator is hinting to a bullish short-term bias as it is currently at 64, a point which is comfortably above the 50 threshold that tends to distinguish positive from negative near-term sentiment. The stochastics are painting a similar picture as well [..]

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Technical Analysis – Gold bullish bias; price at four-week high

Posted on March 27, 2017 at 7:11 am GMT

Gold has edged higher since the day’s open with the price recording a four-week high as it approaches the 200-day moving average (MA). Both the RSI and MACD indicators are pointing to a short-term bullish bias as RSI is well above the 50 neutral level at 66, while the MACD histogram is positive and above the red signal line. Note though that RSI is relatively close to the 70 overbought level. The 200-day MA at 1260.13 is expected to provide [..]

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Technical Analysis – EURUSD turns neutral after rally loses steam

Posted on March 24, 2017 at 8:49 am GMT

EURUSD maintains a positive bias in the short term after rising from the key 1.0500 area to peak just above 1.0800. This proved to be a strong resistance area and the market failed to move higher after peaking at a one-month high of 1.0823 on Wednesday.  The RSI has levelled off, suggesting some consolidation in the near term. Key support for downside moves comes in at 1.0700, which is also the 38.2% Fibonacci retracement level of the upleg from 1.0493 [..]

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Technical Analysis – AUDJPY turns bearish after fall below cloud

Posted on March 23, 2017 at 2:18 pm GMT

AUDJPY is bearish in the short term after falling below the Ichimoku cloud and breaking through the key 85.00 level. The pair was in a neutral phase after the long-term uptrend from September 2016 to February 2017 lost steam and prices peaked at a fresh 2017 high of 88.16. From there, the market reversed lower. RSI has fallen below 50 into bearish territory. It is trending down and suggests a further fall in prices is probable. Downside targets consist of [..]

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Technical Analysis – AUDUSD extends weekly losses; finds support at 50-DMA

Posted on March 23, 2017 at 12:06 pm GMT

AUDUSD reversed sharply lower after hitting a 4-month high of 0.7749 on Monday. It has since fallen by around 1.5% but managed to stabilize after finding support at the 50-day moving average earlier today. RSI is neutral at 50 but a drop into bearish territory is possible given that it is sloping down. If the downtrend continues and the pair breaches the 50-day moving average at 0.7623, the near-term bias would turn bearish. This would clear the way towards the 200-day [..]

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Technical Analysis – USDJPY maintains short-term bearish bias; challenging key 111.00 level

Posted on March 23, 2017 at 9:14 am GMT

USDJPY maintains a bearish bias in the short term. The pair is currently trading close to the key 111.00 level after falling from 115.00.  This is an important support level which was breached briefly on Wednesday before staging a recovery to 111.57 today. A daily close below 111.00 could bring further weakness, opening the way towards the 110.00 level. The RSI is currently near oversold territory at 30 so this could indicate that prices may stabilize. A bounce higher from [..]

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