Technical Analysis

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Technical Analysis – EURGBP bears come in play; aim for 3-year lows

Posted on February 13, 2020 at 2:28 pm GMT

EURGBP is heading south to meet its 3-year low of 0.8275 after an unsuccessful attempt to rise above the Ichimoku cloud in previous sessions. The main scenario is that selling pressure will persist in the short-term as the RSI and Stochastics are trending downwards in the bearish area but have yet to reach oversold levels, while the MACD is also moving with a stronger negative momentum below its red signal line. Possibly, the downfall may take a breather within the [..]

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Technical Analysis – USDCHF tests the bearish grasp in short-term picture

Posted on February 13, 2020 at 9:12 am GMT

USDCHF’s bounce from the 0.9628 low has stalled around the 0.9769 level, which is the 38.2% Fibonacci retracement of the down leg from 1.0022 to 0.9612. However, as positive momentum appears to be improving with the bullish stance displayed in the red Tenkan-sen line, an advance into the Ichimoku cloud may unfold. The MACD continues to increase above its red trigger line and the zero mark, while the RSI hovers above the 50 level. That said, traders need to be [..]

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Technical Analysis – USDJPY looks fragile near recent peaks

Posted on February 13, 2020 at 8:36 am GMT

USDJPY attempted to reach January’s 8-month high of 110.28 on Wednesday but efforts proved fruitless as the price pulled back into the 109.00 territory early on Thursday. The falling RSI, which failed to resume upward direction on Wednesday, suggests that momentum in the price may remain weak in the short-term. Yet, as long as the indicator continues to move above its 50 neutral mark, upside corrections cannot be ruled out. Currently, the 109.70 barrier is restricting the move down for [..]

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Technical Analysis – EURUSD plummets to 22-month low; indicators suggest upside reversal

Posted on February 13, 2020 at 8:21 am GMT

EURUSD came under renewed selling pressure on Wednesday, plunging to a fresh 22-month low of 1.0864. The 20-day simple moving average (SMA) has remained beneath the 40-day SMA over the last week, suggesting the continuation of the downside trend. However, the technical indicators are increasing chances for a possible reversal as the %K line of the stochastic oscillator completed a bullish cross with the %D line in the oversold zone, while the RSI is sloping north below the 30 level. [..]

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Technical Analysis – EURSEK looks increasingly negative at lower band of Ichimoku cloud

Posted on February 12, 2020 at 3:01 pm GMT

EURSEK is currently tackling the lower boundary of the Ichimoku cloud, which coincides with the support from January 9. The pair’s negative sentiment seems to be aided by the nearing bearish crossover between the Tenkan sen and Kijun-sen lines and the negative signals in the technical indicators. The MACD, in the positive region, has dropped below its red trigger line to stand just above the zero level, while the RSI continues to fall in the bearish zone. Moreover, with the [..]

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Technical Analysis – USDCNH’s attempt fails to remain above 7.0000; SMAs act as supports

Posted on February 12, 2020 at 1:19 pm GMT

USDCNH is retreating below the five-month descending trend line after pulling back from the 7.0126 resistance level in the preceding week. Earlier today, the pair touched the 40-day simple moving average (SMA) and erased its intraday losses so far. Technical indicators are moving sideways with the RSI holding near the neutral threshold of 50 and the MACD falling below its trigger line slightly above the zero level. If the 40- and 20-day SMAs prove easy to get through, the highlight [..]

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Technical Analysis – NZDUSD rebounds on 3-month low; bears look exhausted

Posted on February 12, 2020 at 10:24 am GMT

NZDUSD finally climbed above the short-term moving averages in the 4-hour chart but is still flirting with the 23.6% Fibonacci retracement level of the downward wave from 0.6754 to 0.6377 near 0.6466. The price after the plummet towards the new three-month trough of 0.6377 is getting ready to drive the market north until the one-and-half-month descending trend line. The positive slope in the RSI, which runs comfortably above its 50 neutral mark is painting a rosy picture for short-term trading. Moreover, [..]

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Technical Analysis – EURJPY reverses at 3-month low despite dominating bearish picture

Posted on February 12, 2020 at 9:44 am GMT

EURJPY reversed from a fresh three-month low of 119.59 but remains capped by the 50-period simple moving average (SMA). The move is backed by the improving momentum indicators and the flattening in the 50-period SMA. The MACD in the negative region is increasing above its red trigger line, while the rising RSI has reached its neutral mark. That said, traders need to be aware of the intact negative picture reflected within the SMAs, which may keep the outlook neutral-to-bearish. Persisting buyers [..]

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Technical Analysis – Alibaba stock seems to have found a floor at 50-SMA

Posted on February 12, 2020 at 8:17 am GMT

Alibaba stock price found some footing around the 50-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the up leg from 151.70 to 231.00 at 212.38 and is trying to return to a bullish trend after the rebound on the 38.2% Fibo of 201.00. Regarding the technical indicators, the RSI indicator is pointing up in the 50 level with weak momentum and the MACD is in progress to create a bullish cross with its trigger line in [..]

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Technical Analysis – AUDUSD bulls lose steam near trendline

Posted on February 12, 2020 at 8:14 am GMT

AUDUSD earlier this week escaped from a more-than-a-decade low of 0.6661 to bounce back into the 0.6700 territory. While the RSI and the MACD on the four-hour chart have entered bullish territory, both indicators have yet to show strong momentum above their neutral levels, bolstering the case of a neutral to-positive session in the short-term.  Besides, for the bulls to return to the game, the price should break above the resistance trendline stretched from the 0.7031 peak and pierce the bottom of [..]

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