Technical Analysis

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Technical Analysis – USDCHF turns slightly bullish in short term after dramatic slump

Posted on April 8, 2020 at 10:08 am GMT

USDCHF found some footing at the 0.9500 handle on March 30, extending its bullish action towards the 0.9800 key level. Also, earlier today, the pair touched the 20-day simple moving average (SMA) at 0.9680 and turned higher again. In the short-term, the market could retain the slightly bullish trading as the RSI holds marginally above its 50 neutral mark and the MACD remains above zero and close to its red trigger line.  The upside move could stay in place given [..]

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Technical Analysis – Gold snaps an improving pose ahead of the uptrend line

Posted on April 8, 2020 at 7:52 am GMT

Gold appears to have found some footing at the 1,643 level from March 26 as it creeps towards a very short-term uptrend line drawn from the 1,455.17 low of March 20. Although the simple moving averages (SMAs) are not giving the strongest and clearest trend signals, they do lean slightly to the positive picture, specifically the 50- and 100-period SMAs. That said, the short-term oscillators are suggesting that positive directional momentum may be starting to pick up. The MACD, in [..]

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Technical Analysis – AUDUSD finds wall above 0.6200; negative in long term

Posted on April 8, 2020 at 7:40 am GMT

AUDUSD rebounded on the 17½-year low of 0.5506 on March 19 and sent the price slightly above the 0.6200 psychological mark, surpassing the 20-day simple moving average (SMA). The MACD oscillator is moving higher in the negative territory, holding well above the trigger line, however, the RSI indicator paused its positive momentum near its 50 level. If the price successfully climbs above the 0.6213 barrier, it may find at the 50.0% Fibonacci retracement level of the downward wave from 0.7030 to 0.5506 [..]

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Technical Analysis – WTI oil futures draw a bullish inverted head and shoulders pattern

Posted on April 8, 2020 at 7:39 am GMT

WTI oil futures (May delivery) appear to be forming an inverted head and shoulders pattern in the four-hour timeframe in a possible signal for a positive trend reversal. In the latest upturn, the price failed to overcome its previous high of 28.45 and reversed south to build the right shoulder. The bullish cross between the 20- and 50-period simple moving averages (SMAs) is also encouraging for a trend improvement. A decisive rebound above the 29.00 level, where the formation’s neckline is standing, could indicate the start of [..]

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Technical Analysis – GER 30 index exits neutral zone but new barrier pops up

Posted on April 7, 2020 at 2:50 pm GMT

The German 30 stock index escaped from an almost three-week old range on the four-hour chart but quickly found new resistance near the 200-period simple moving average (SMA) on the way up. According to the RSI and the Stochastics, there is not much upside left as the indicators are reversing southwards after peaking in the overbought area. In the event of a downside reversal, the 38.2% Fibonacci retracement of the bearish wave from 13,826 to 7,961 at 10,200, could come to rescue in scope to push the price [..]

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Technical Analysis – Brent futures complete double bottom at 24.55; surpass SMAs

Posted on April 7, 2020 at 12:09 pm GMT

Brent has gained some of its positive momentum after the creation of a double bottom pattern at 24.55 on March 18 and on April 1. In the short-term the market could retain range-bound trading as the RSI is moving sideways above the 50 level and the MACD remains near the trigger line and above its zero line. Should the pair stretch north, the 35.38 level could provide immediate resistance before the price touches the area within the gap that posted [..]

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Technical Analysis – EURJPY rises slightly but retains neutral outlook

Posted on April 7, 2020 at 9:14 am GMT

EURJPY has been on the sidelines since July 2019 with upper boundary the 122.90 resistance and lower boundary the 116.10 support level. However, the RSI is continuing its bullish move towards the 50 level and the stochastic is heading up after the bullish cross within its %K and %D lines in the oversold zone. Over the last couple of days, the pair is edging north following the rebound on the 116.35 barrier and is moving towards the next immediate level, [..]

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Technical Analysis – USDCAD tilts negative after Bollinger bands squeeze

Posted on April 7, 2020 at 8:04 am GMT

USDCAD appears to be following the lower Bollinger band around 1.4060 after fading beneath the capping 50-period simple moving average (SMA) and the mid-Bollinger band around the 1.4140 threshold. The recent negative price action is also reflected in the short-term oscillators and seems to be aided by the recent bearish crossover of the 100-period SMA by the downward sloping 50-period one. The MACD has marginally declined into the negative region and below its red trigger line, while the RSI continues [..]

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Technical Analysis – EURGBP may have more downside ahead

Posted on April 7, 2020 at 7:36 am GMT

EURGBP landed nicely near the 200-day simple moving average (SMA) last week, retracing 61.8% of the 0.8281- 0.9497 bullish rally. The pair, however, continues to look bearish despite the stabilization as the RSI seems unable to rise above its 50 neutral mark, the MACD continues to decelerate towards the negative area, while from the Ichimoku indicators, the falling red Tenkan-sen line has already forcefully crossed below the blue Kijun-sen line. A break below the 61.8% Fibonacci of 0.8745 could bring the bears back into play, shifting [..]

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Technical Analysis – USDCAD tilts negative as Bollinger bands squeeze

Posted on April 7, 2020 at 7:14 am GMT

USDCAD appears to be following the lower Bollinger band around 1.4060 after fading beneath the capping 50-period simple moving average (SMA) and the mid-Bollinger band around the 1.4140 threshold. The recent negative price action is also reflected in the short-term oscillators and seems to be aided by the recent bearish crossover of the 100-period SMA by the downward sloping 50-period one. The MACD has marginally declined into the negative region and below its red trigger line, while the RSI continues [..]

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