Technical Analysis

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Technical Analysis – AUDJPY bounces off 11-year low, but recovery fizzles

Posted on March 27, 2020 at 1:06 pm GMT

AUDJPY fell aggressively in recent weeks to touch an 11-year low of 59.85, where the pair found fresh buy orders and subsequently rebounded. That said, the price structure on the daily chart still points to a broader downtrend, something reinforced by the ‘death cross’ of the 50-day simple moving average (SMA) below the 200-day one. Moreover, the inability of the bulls to pierce above 67.70 suggests that upside momentum is fading. Short term oscillators paint a mixed picture. Whereas the [..]

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Technical Analysis – JP 225 index flirts with 20-SMA after sharp rebound; bearish bias intact

Posted on March 27, 2020 at 1:01 pm GMT

Japan’s 225 stock index barely surpassed the 2019 support-turned-resistance level of 19,239 as the blue Kijun-sen line stood tall. Nevertheless, it managed to close slightly above the 20-day simple moving average (SMA). The RSI and the Stochastics reflect that downside risks remain in place as the former seems to be losing momentum before even touching its 50 neutral level, while the latter is ready to post a bearish cross above its 80 overbought mark. Still, if the index holds above the [..]

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Technical Analysis – EURCAD undecided after pullback from 2-year high  

Posted on March 27, 2020 at 12:44 pm GMT

EURCAD is currently trading between the 50-period simple moving average (SMA) and the lower Bollinger band, with directional momentum evaporating. The consolidation of the price comes after a drop from the 2-year high of 1.5991. Backing this neutral view is the squeeze in the Bollinger bands and the convergence within the 50- and 100-period SMAs. Moreover, the technical oscillators suggest a neutral market for now, with dried up momentum. The RSI is flirting with its neutral mark, while the MACD [..]

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Technical Analysis – US 30 stock index death cross completed due to aggressive sell-off

Posted on March 27, 2020 at 10:40 am GMT

The US 30 cash index is retracing higher following the rebound on the 40-month trough of 18,145 on Monday. However, the price found resistance near the 38.2% Fibonacci retracement level of the down leg from the all-time high of 29,582.61 to the multi-month low of 18,145 at 22,518. The 50- and 200-day simple moving averages (SMAs) posted a ‘death cross’ in the preceding sessions, as the strong sell off drove the market steeper lower. The RSI is pointing down after [..]

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Technical Analysis – USDCAD’s pullback from 50-month high stalls at mid-Bollinger band

Posted on March 27, 2020 at 9:06 am GMT

USDCAD is currently finding some footing at the mid-Bollinger band, which is encapsulated between the 1.4013 level – that being the 38.2% Fibonacci retracement of the up leg from 1.2951 to 1.4667 – and the inside swing high of 1.3994, after pivoting from a multi-year high of 1.4667. Despite the short-term oscillators displaying a negative mode for now, the negative momentum backing the retracement in the price seems to have weakened, with the RSI stalling above its neutral mark and [..]

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Technical Analysis – GBPUSD finds strong wall near 1.2300; bullish correction on the cards

Posted on March 27, 2020 at 8:46 am GMT

GBPUSD looks to be creating a floor above the Ichimoku cloud and slightly below the 50.0% Fibonacci retracement level of the downward wave from 1.3200 to 1.1409, near 1.2307. The bullish crossover of the 20- and 40-period simple moving averages (SMAs) is confirming the recent upside correction in the 4-hour chart after the aggressive dive towards the 35-year low of 1.1409. Technically, the RSI indicator is turning slightly lower after it visited the 70 level in the near-term and the [..]

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Technical Analysis – WTI oil futures poise for another bearish session; completing descending triangle

Posted on March 27, 2020 at 8:36 am GMT

WTI oil futures for May delivery have been in quite a sideways trade since the plunge to an 18-year low of 20.50 last week on the four-hour chart. While a neutral trading is better than a negative one, in this case the market seems to be developing within an almost fulfilled bearish descending triangle that usually gets dissolved on the downside. In other words, technically, another sell-off seems to be a more likely outcome in the near future, as the [..]

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Technical Analysis – GBPCHF attempts to shift negative bias with new found confidence

Posted on March 26, 2020 at 4:18 pm GMT

GBPCHF’s recent pullback seems to be struggling to decisively close above the area from the 1.1671 inside swing low – from August 2019 – to the fresh highs of 1.1717, after plotting an all-time low of 1.1109. The short-term oscillators reflect increasing positive momentum for now. The MACD, in the positive zone, has improved slightly above its red trigger line, while the rising RSI is eyeing the 70 level. Further backing this near-term view are the stochastic lines, which are [..]

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Technical Analysis – Is EURJPY ready for an uptrend? bullish double bottom detected

Posted on March 26, 2020 at 3:15 pm GMT

EURJPY managed to hold above its recent low of 116.11 this week even though the 121.00 resistance area added some pressure. The positive performance in the market, however, is not the only good news. More importantly, the pair seems to be forming a double bottom pattern around 116.00 in the weekly chart which could be a bullish signal that the sell-off that started from the 2018 peak of 137.49 may have reached a bottom and it is time for the pair to change direction. A bullish cross [..]

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Technical Analysis – Gold approaches 2-week high; recoups strong losses

Posted on March 26, 2020 at 2:10 pm GMT

Gold prices continue to rise above the simple moving averages (SMAs), towards the two-week high of 1,638, stretching its upward movement from the four-month trough of 1,451.  According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam near its overbought zone. The stochastic oscillator is also advancing, creating a bullish crossover within its %K and %D lines. Also, the 20-period SMA crossed above the 40- and 100-period SMAs, confirming the [..]

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