Technical Analysis

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Technical Analysis – EURAUD bullish bias after 3-month high

Posted on April 28, 2017 at 7:25 am GMT

EURAUD is currently down but little changed from the day’s open. The pair posted a three-month high during yesterday’s trading. The RSI indicator is well into bullish territory, marginally crossing above its 70 overbought level. This is indicative of the bullish bias in place but also renders a near-term reversal a possibility. The MACD histogram adds to the positive short-term picture as it is positive and above its red signal line. The 1.46 potential psychological level combined with yesterday’s high [..]

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Technical Analysis – EURGBP short-term bearish; flat 50- and 200-day MAs underpin neutral outlook

Posted on April 27, 2017 at 7:21 am GMT

EURGBP has edged lower since the day’s open. Should the pair continue heading lower in the following days, this would mark a continuation of the downtrend that was in place before Monday’s jump with a gap. The crossing of the Tenkan-sen line (red) below the Kijun-sen (blue) at the end of March constitutes a negative short-term signal. The RSI being below 50, its neutral-perceived level, reinforces this signal. Notice though that RSI is currently close to 50 at 46 and [..]

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Technical Analysis – USDCAD pauses rally to dip back below 1.3600; bullish bias remains

Posted on April 26, 2017 at 12:33 pm GMT

USDCAD paused its rally after hitting a 14-month high of 1.3625. Prices moved back below the key 1.3600 level today. The short-term market structure remains bullish and the technical indicators are giving bullish signals. The market is above both the 50 and 200-day moving averages. RSI and MACD are in bullish territory. However, RSI has reached overbought levels at 70 which suggests some consolidation in the near term is likely, given the sharp rise in USDCAD recently. Only a break [..]

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Technical Analysis – GBPJPY bullish above cloud but looking overbought

Posted on April 26, 2017 at 11:34 am GMT

GBPJPY has turned bullish after a week-long rally that’s driven the pair above the Ichimoku cloud. The bullish bias in the near term is reinforced by the MACD, which climbed into positive territory last week for the first time since February. Prices hit a 2-month high of 143.03 earlier day, marking the 143 handle an immediate resistance area in the process. Should the positive momentum continue, a rise above 143 would bring into scope the January peak of 144.77 as [..]

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Technical Analysis – AUDUSD bearish bias below the 200-day moving average; posts 6-day low

Posted on April 26, 2017 at 7:10 am GMT

AUDUSD has fallen since the day’s open. The pair is on its third straight day of declines, while today’s fall constitutes a near one-week low. The RSI is pointing to a bearish short-term picture as it is currently at 42, below the 50 neutral-perceived level. The MACD histogram reinforces this view, as it is negative and below the red signal line. The current level of the 200-day moving average (MA) at 0.7552 could offer some intra-day resistance. Notice that today’s [..]

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Technical Analysis –USDJPY above 110; price in between 50- and 200-day moving averages

Posted on April 25, 2017 at 7:20 am GMT

USDJPY has climbed above the 110 handle after starting the day below this mark. The pair recorded a two-week high during yesterday’s trading. As regards the Ichimoku analysis, the negative short-term alignment that occurred when the Tenkan-sen line (red) crossed below the Kijun-sen (blue) in late March is still in place. The fact that Tenkan-sen is currently flat though, might indicate that the bearish bias is losing steam for a more neutral outlook. This is also evident from the RSI [..]

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Technical Analysis – EURUSD opens with a gap higher; exceeds 200-day moving average

Posted on April 24, 2017 at 10:43 am GMT

EURUSD started the day with a gap higher relative to Friday’s close, marking a five-and-a-half month high of 1.0919 and exceeding the 200-day moving average (MA) along the way. The pair has since eased off but is still significantly above the previous day’s close. Technical indicators, including the RSI and MACD, are depicting a bullish short-term picture for the pair. Specifically, the RSI is well above 50 -its perceived neutral level- at 67. The MACD histogram is positive and it [..]

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Technical Analysis – Gold bullish momentum fades; price further away from last week’s 5-½-month high

Posted on April 24, 2017 at 7:20 am GMT

Gold is down from the day’s open with the price further distancing itself from the five-and-a-half-month high hit last week. The short-term indicators are projecting a weakening positive momentum. In particular, the RSI indicator is bullish at 56 but has recorded a steep fall to reach the level it’s currently at. Looking at MACD, the histogram is on the one hand positive, but it has fallen below the red signal line. The area around the 1280 handle has been a [..]

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Technical Analysis – EURJPY out of bearish channel but capped by 200-day moving average

Posted on April 21, 2017 at 12:44 pm GMT

EURJPY has moved out of its one-month bearish channel to bounce towards the key psychological level of 118 this week. Prices turned lower just ahead of 118 as this proved to be an important resistance area. Just below it lies the 200-day moving average which converges with a Fibonacci level. The 38.2% Fibonacci retracement level of the recent downleg from 122.87 to 114.84 is found at 117.90. Upside momentum has faded as RSI appears to be turning lower and still [..]

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Technical Analysis – GBPAUD short-term bullish after break above 1.70

Posted on April 21, 2017 at 8:27 am GMT

GBPAUD turned bullish in the short-term after the pair jumped over 3% on Tuesday to rise above the 200-day moving average. The market has since had a daily close above the key 1.7000 level, which is now acting as support. The next target higher is the key 1.7200 level that was tested in January. But in the near-term, consolidation is expected as the RSI is above 70, which indicates that the market has reached overbought levels. The break above key [..]

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