Technical Analysis

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Technical Analysis – GBPJPY trapped below 136.00; short-term bias bearish

Posted on September 18, 2020 at 7:41 am GMT

GBPJPY gathered enough support around 134.55 and a former resistance trendline on Thursday to continue the intense battle with the 136.00 ceiling where the bottom of the Ichimoku cloud and the 38.2% Fibonacci retracement of the March rally coincide. The short-term bias, however, remains largely bearish as the red Tenkan-sen line maintains a negative slope below the blue Kijun-sen line. Also, the MACD continues to lose ground below its zero and signal lines, while the RSI seems unable to regain strength towards [..]

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Technical Analysis – GBPUSD dips after positive double top at 1.3525

Posted on September 18, 2020 at 6:58 am GMT

GBPUSD is in the process of recouping some of the previous couple of weeks’ losses, finding support at the 100-weekly simple moving average (SMA) and the 50-weekly SMA. Moreover, the pair posted a double top at the 1.3525 resistance level, penetrating the descending trend line to the upside on August 23. Technically, the RSI indicator is ticking north around the neutral threshold of 50 with weak momentum, while the MACD oscillator is slightly falling in the positive territory. If the price successfully moves above [..]

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Technical Analysis – EURJPY deteriorates, plunging below moving averages  

Posted on September 17, 2020 at 2:28 pm GMT

EURJPY has adopted a negative bearing after the pair withdrew from a fairly sideways one-month phase, below its simple moving averages (SMAs), and plummeting even past a formed support base of multiple lows. The Ichimoku lines hold an intact bearish demeanour, although they also reflect a pause in negative price action. However, the falling 50- and 100-period SMAs and the forthcoming bearish crossover of the 200-period SMA by the 100-period one, convey further weakness in the pair. That said, the [..]

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Technical Analysis – Pinterest stock’s upside rally is fading, still bullish in medium term

Posted on September 17, 2020 at 12:47 pm GMT

Pinterest’s stock has been moving sideways above the Ichimoku cloud over the past two months, but in the medium-term picture it is still holding an upward direction, having printed a fresh record high of 39.31 on September 2. According to the MACD, positive momentum is fading as the indicator seems unable to climb back above its red signal line. The RSI is turning to the downside in the bullish zone, backing this view as well. In the positive scenario, where the price continues to expand above today’s [..]

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Technical Analysis – EURGBP could provide the bulls a second chance

Posted on September 17, 2020 at 11:32 am GMT

EURGBP pulled back below the 0.9290 resistance for the second time this year but the bulls may have a second chance to retake control as the pair is exposed to a key supportive area. The 50% Fibonacci retracement of the 0.9497-0.8670 downleg is currently in action at 0.9080, blocking any additional negative correction. If it proves fragile, the descending trendline with the help of the 38.2% Fibonacci of 0.8980 could still keep the bulls on the surface if they manage to put [..]

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Technical Analysis – AUDUSD’s stamina preserves bullish bearing     

Posted on September 17, 2020 at 8:56 am GMT

AUDUSD, in spite of its recent stalling, maintains a sturdy positive structure above the simple moving averages (SMAs) and the Ichimoku cloud. Aiding the climb is the intact bullish drive in the Ichimoku lines and the robustness of the upward sloping 50- and 100-day SMAs. The short-term oscillators illustrate the recent pause in the pair, reflecting the reduction in positive momentum. The MACD, in the positive area, is carefully shadowing below its red trigger line, while the RSI is weakening [..]

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Technical Analysis – USDCHF exposed to a bullish trend reversal

Posted on September 17, 2020 at 7:44 am GMT

USDCHF’s sell-off seems to have found a bottom around its 5 ½-year low as the five-week old range looks to have transformed to an inverse head and shoulder pattern – a bullish signal that the price may change direction to the upside. However, this is not the only encouraging sign. In momentum indicators, the RSI has been printing higher highs and higher lows along an ascending trendline and is currently ready to cross back above its 50 neutral mark. Likewise, the MACD [..]

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Technical Analysis – EURUSD plummets to 1-month low; neutral in bigger picture

Posted on September 17, 2020 at 7:07 am GMT

EURUSD plunged to a new one-month low of 1.1737, posting a spike below the strong barrier of 1.1753. The selling interest started after the pull back from the 1.1900 handle and the price declined beneath the simple moving averages (SMAs). The MACD is falling below its trigger and zero lines, however, the RSI is trying to turn north in the bearish zone. Should the pair stretch south, 1.1695 could provide immediate support before the pair touches the 1.1625 inside swing [..]

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Technical Analysis – EURCHF retracts as negative sentiment sustains sideways pattern

Posted on September 16, 2020 at 3:02 pm GMT

EURCHF has recently receded below the 50-day simple moving average (SMA), determined to test the base of a near two-month persisting range. Negative sentiment appears to be prevailing in the short-term oscillators as well, despite the bullish bearing of the 50- and 100-day SMAs. The MACD is barely holding in the positive region but below its red trigger line, while the RSI has slipped into bearish territory. The stochastic lines appear tangled and remain in the oversold zone. If selling [..]

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Technical Analysis – GBPJPY jumps higher, but still negative in near term

Posted on September 16, 2020 at 1:23 pm GMT

GBPJPY is advancing above the 20-period simple moving average (SMA) in the 4-hour chart, moving towards the significant 136.62 resistance level. The technical indicators are endorsing the recent upside run, with the MACD gaining ground above its trigger line and the RSI pointing north. An extension above the 136.62 key level could meet the area between the 23.6% Fibonacci retracement level of the down leg from 142.70 to 136.38 at 137.10 ahead of the 40-period SMA at 137.53. Further up, resistance [..]

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