Technical Analysis

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Technical Analysis – EURJPY downslide accelerates, eyes 117 level

Posted on April 1, 2020 at 11:09 am GMT

EURJPY has reversed sharply lower, having rallied above the 61.8% Fibonacci retracement level of the January-March downtrend only a week ago. The sell-off continues today, with prices tumbling below the 23.6% Fibonacci of 117.71. According to momentum indicators, the selling pressure is likely to persist in the near term as the RSI is trending lower in bearish territory, while the MACD has just turned negative and is attempting to cross below its red signal line. The bearish bias means EURJPY [..]

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Technical Analysis – AUDUSD rebound loses steam after hitting wall at 0.62

Posted on April 1, 2020 at 5:59 am GMT

AUDUSD has recovered by more than 11% after plunging to a 17-year low of 0.5506 on March 19 but the rally is at risk of faltering after prices failed to get past the 0.62 level. The momentum indicators are sending mixed signals as the rising MACD above its red signal line reinforces the improving near-term sentiment for AUDUSD, but the stochastic oscillator suggests a possible downside correction. The %K line has crossed below the %D line in overbought territory, so [..]

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Technical Analysis – CADJPY’s grasp on positive picture slips through its fingers

Posted on March 31, 2020 at 1:14 pm GMT

CADJPY is currently trading around the 76.36 level, that being the 23.6% Fibonacci retracement of the down leg from 84.73 to 73.78. The price action, although finding some footing from the 75.96 low for upside corrections, is capped by the mid-Bollinger band. That said, aiding the negative picture are the declining 50- and 100-day simple moving averages (SMAs) and the recent bearish crossover of the 200-day SMA by the 100-day one. Furthermore, the short-term oscillators suggest negative momentum is picking [..]

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Technical Analysis – EURAUD’s selling interest may change the positive outlook

Posted on March 31, 2020 at 12:54 pm GMT

EURAUD has been in a downside correction mode following the sharp decline from the eleven-year peak of 1.9800 on March 19, dropping beneath the 20-period simple moving average (SMA) and the 38.2% Fibonacci retracement level of the upward wave from 1.5340 to 1.9800 at 1.8100. Technically, the Stochastic is heading towards the oversold zone as the %K and %D lines completed a bearish crossover. Moreover, the MACD oscillator, standing in the positive zone, is holding below the trigger line and [..]

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Technical Analysis – WTI futures flirt with short-term downtrend line after bounce off multi-year low

Posted on March 31, 2020 at 9:25 am GMT

WTI crude oil futures rebounded on the multi-year low of 19.25 on Monday, struggling beneath the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, the RSI is pointing upwards in the negative territory, approaching the 50 level, while the stochastic is flirting with the overbought zone. Immediate resistance, in case of some gains above the near-term trend line, could come from the 20- and 40-period SMAs currently at 21.76 and 22.88 respectively. More upside pressure could drive the market [..]

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Technical Analysis – USDCAD forms a bullish flag pattern; 1.4200 nearby resistance eyed

Posted on March 31, 2020 at 8:21 am GMT

USDCAD has been congested within a downward-sloping channel on the four-hour chart over the past two weeks that seems to be part of a bullish flag formation. Technically, the pattern is a positive trend signal that the price will resume its upward direction once it breaks above the flag. The fact that the price has jumped above the middle Bollinger band which is also the 20-period simple moving average (SMA) suggests that the market could push towards the upper band [..]

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Technical Analysis – GBPUSD cautiously positive tackling the 50.0% Fibonacci

Posted on March 31, 2020 at 7:49 am GMT

GBPUSD’s recent ascent from the historic bottom of 1.1409 seems to be struggling at the 1.2461 border – that being the 50.0% Fibonacci retracement of the down leg from 1.3514 to 1.1409 – and the restrictive trend line. The short-term oscillators suggest that positive momentum is wavering. In the negative region, the MACD’s move above its red trigger line looks to be slowing, while the RSI has also lost positive strength reclaiming its 50 mark. Moreover, the stochastics appear to [..]

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Technical Analysis – EURGBP extends sell-off from 11-year peak

Posted on March 31, 2020 at 6:33 am GMT

EURGBP finally found some footing near the 50.0% Fibonacci retracement level of the up leg from 0.8275 to the eleven-year high of 0.9500 at 0.8890 and questions are rising whether the market can sustain the dive from the multi-year peak.   The negative slope in the MACD, which runs comfortably below its trigger line, is painting a negative story for the short-term trading. However, with the RSI aiming for a jump above the 50-neutral level, it is reasonable to believe [..]

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Technical Analysis – Silver maintains negative signals after pullback

Posted on March 30, 2020 at 3:43 pm GMT

Silver reversed from an 11-year low of 11.62 and a key support region which includes the 150.0% Fibonacci extension of the up leg from 14.28 to 19.63 – where buyers pushed the price back up to the area of troughs from late 2018 and mid-2019. Despite this, the Ichimoku lines continue to reflect a bearish picture in the price action with a flattened blue Kijun-sen line and the red Tenkan-sen distancing itself below. Additionally, this is also starting to be [..]

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Technical Analysis – US Dollar index recoups some strong losses; neutral in very short term

Posted on March 30, 2020 at 12:26 pm GMT

US dollar index futures have been recouping some of the preceding days’ losses following the plunge from the three-year peak of 103.80. The price is currently hovering above the 20- and 40-day simple moving averages (SMAs), while the RSI is turning higher near the 50 level. However, the MACD oscillator is still moving beneath the trigger line, continuing the sell-off on price action. To the upside, immediate resistance could come from the 50.0% Fibonacci retracement level of the up leg [..]

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