Technical Analysis


Technical Analysis – NZDUSD climbs to 4-week high but outlook still bearish

Posted on May 23, 2017 at 3:09 pm GMT

NZDUSD was up sharply for a third straight day on Tuesday as it climbed back into the Ichimoku cloud and hit a 4-week high of 0.7046. This week’s gains have taken prices above the 50-day moving average and the RSI has risen further into positive territory, indicating a strong bullish bias in the near term. If the positive momentum holds, immediate resistance will likely come from around the 0.7050 level, which has been a previous resistance area. It is also [..]


Technical Analysis – Gold bullish above 200-day moving average

Posted on May 23, 2017 at 8:25 am GMT

Gold maintains a bullish outlook after the market carved out higher highs and higher lows since December 2016. The uptrend from the 1122.66 low to the 6-month high of 1295.38 hit on April 17 is still in progress. Prices are now above the 23.6% Fibonacci retracement level of this uptrend, and this Fibonacci will act as immediate support just under 1255. The crossover of the 50-day moving average with the 200-day MA on May 17 supports a bullish bias. The [..]


Technical Analysis – WTI Oil Futures bullish at 1-month high

Posted on May 22, 2017 at 10:57 am GMT

WTI oil futures hit a one-month high of 51.22 earlier on Monday as the commodity continues its two-week rally. Prices today were capped by the 100-day moving average (MA) but overcoming this level should be possible given the positive near-term momentum. The RSI is rising and has yet to reach overbought territory, signalling room for further gains. However, the stochastics have already crossed into overbought levels, suggesting the rally may struggle to maintain momentum. Should prices get past the 100-day [..]


Technical Analysis – EURUSD maintains bullish bias to target 1.13

Posted on May 22, 2017 at 8:25 am GMT

EURUSD maintains a bullish market structure, carving out higher highs and higher lows since bouncing off 1.0340 . The pair hit a fresh six-month high of 1.1211 last Friday but the rally stalled here as the market reached overbought levels. This was indicated by the RSI reaching 70. Today’s move lower will eye support at 1.1100. A breakdown of this level would open the way towards 1.1000 and then target the 200-day moving average, currently around 1.0816. A firm break [..]


Technical Analysis – GBPJPY maintains bullish structure; rebounds after recent decline

Posted on May 19, 2017 at 8:17 am GMT

GBPJPY maintains a bullish market structure defined by the uptrend from the April 17 low of 135.58 to the May 10 high of 148.09. This was the highest level since December 15. The market turned lower after becoming over-extended, as indicated by the RSI which reached well into overbought levels above 70 in early May. Support was found at 143.34, which is the 38.2% Fibonacci retracement level of the upleg from 135.58 to 148.09. From here, prices rebounded on Thursday [..]


Technical Analysis – GBPUSD maintains bullish bias; needs daily close above 1.30

Posted on May 18, 2017 at 8:41 am GMT

GBPUSD is neutral in the near term after the recent sharp rally from the 1.2600 area is taking a pause and the market is consolidating gains around 1.2900. The 1.300 level has proven to be strong resistance as prices failed to cross this barrier after coming close to it a few times this month. Upside momentum faded at the end of April to early May and RSI reached overbought territory at 70, suggesting that consolidation or a pullback was due. [..]


Technical Analysis – EURJPY pauses rally but bullish picture remains

Posted on May 17, 2017 at 8:25 am GMT

EURJPY rose to as high as 125.80 this week but lost upside momentum as the market reached overbought levels. This was indicated by the RSI which rose above 70. While the medium-term bias for EURJPY remains bullish, the flattening out of the RSI suggests that some consolidation or even a pull-back in prices is due in the near-term. Immediate support lies at the key 124.00 level, which was an area of congestion recently and also acted as resistance in the past [..]


Technical Analysis – USDJPY holds above cloud but positive momentum weakens

Posted on May 16, 2017 at 2:15 pm GMT

USDJPY has retreated from last week’s 2-month highs as the positive momentum driving the pair higher from mid-April subsides. However, the near-term bias remains bullish with prices trading above the Ichimoku cloud and the RSI holding comfortably above the 50 neutral mark, even though it has come off overbought levels. Should the upside momentum strengthen again, prices will likely meet resistance in the 113.80 area, which has proved a major barrier in recent days. A successful challenge of this level [..]


Technical Analysis – EURUSD regains bullish momentum to break above 1.10

Posted on May 16, 2017 at 7:31 am GMT

EURUSD has regained its near-term bullish momentum. The pair rose for a third day today, breaking above the key 1.1000 level. A daily close above this level would strengthen the medium-term bullish market structure that has been in place since the January 3 low of 1.0340. The market has been making higher highs and higher lows since the beginning of the year when it bounced off the 14-year low. EURUSD could be carving out another top above 1.1000. RSI is [..]


Technical Analysis – AUDUSD corrects higher; remains bearish in descending channel

Posted on May 15, 2017 at 8:20 am GMT

AUDUSD is in a downtrend when looking at the medium-term picture. After hitting a high of 0.7748 on March 21, prices fell in a downward channel and turned bearish after breaking below the 200-day moving average and then below the key 0.7400 level. In the near-term, the bias turned bullish after prices rebounded from the 0.7330 area to break above 0.7400. However, clearer signals are needed in order to see if this move is just a short-term correction or if [..]

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