Technical Analysis

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Technical Analysis – AUDUSD portrays brief horizontal tone after bounce on 200-MA

Posted on September 21, 2020 at 1:07 pm GMT

AUDUSD is tackling the lower Bollinger band coupled with the 200-period simple moving average (SMA) after recently dipping below the 50- and 100-period SMAs. The price seems temporarily stalled between the boundaries of 0.7246 and 0.7344, though sustaining a broader positive structure. The rising SMAs still convey a progressing picture despite a snag in the 50-period SMA. The short-term oscillators reflect fragile negative directional momentum, mirroring the recent fading in the price. The MACD has retraced below its red trigger [..]

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Technical Analysis – US 500 index erases some gains; could weaken further in short-term

Posted on September 21, 2020 at 10:06 am GMT

The US 500 (Cash) index is diving towards the 23.6% Fibonacci retracement level of the up leg from the 39-month low of 2,183.95 to the record high of 3,588.24 at 3,260. The declining move over the last three consecutive days drove the market beneath the 50-day simple moving average (SMA) and the technical indicators are confirming the recent bearish mode. The MACD is falling slightly below the zero level, while the RSI is slipping below the 50 level. Steeper movements [..]

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Technical Analysis – USDJPY struggles with critical support; negative pressures persist

Posted on September 21, 2020 at 9:24 am GMT

USDJPY has pierced below the vital 104.18 trough after the price plunged underneath its simple moving averages (SMAs), breaking the constraints of a short-term sideways market. The diving Ichimoku lines now maintain a strong bearish tone while the falling 50- and 100-period SMAs hold a dictating negative bearing, both suggesting further losses. The short-term oscillators are reflecting mixed signals in directional momentum. The MACD, far beneath zero, has nudged under its flattened red trigger line, while the RSI has bounced [..]

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Technical Analysis – EURUSD returns inside the channel; neutral in short-term

Posted on September 21, 2020 at 7:48 am GMT

EURUSD opened with a soft positive tone on Monday, refusing to abandon the ascending channel that directed the price to a fresh 17-month high of 1.2009 earlier this month. The rebound near the 50-day simple moving average (SMA) and the 1.1750 level last week signaled that the bulls are still in play, but the momentum indicators have yet to show strength. The RSI, although above its 50 neutral mark, remains around a descending trendline, while the MACD continues to weaken below [..]

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Technical Analysis – Gold maintains weak bias in near term; broader trend is bullish

Posted on September 21, 2020 at 6:55 am GMT

Gold prices have been underperforming in the past month, hovering around the 20- and 40-day simple moving averages (SMAs) and slightly above the Ichimoku cloud. When looking at the bigger picture the price has a clear upside tendency despite the latest sideways movement after the pullback on the all-time high of 2,074.89. In the daily timeframe, momentum is too weak to provide a sustained move higher. The RSI is moving horizontally marginally above the 50 level, while the MACD is [..]

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Technical Analysis – NZDUSD battles resistance band; bullish bias persists  

Posted on September 18, 2020 at 11:54 am GMT

NZDUSD is clashing with the 0.6789 to 0.6800 resistance band following its latest climb from 0.6600, which produced a 17½-month high. The recent pickup in the 50- and 100-period simple moving averages (SMAs) suggest further appreciation in the pair, while the merging Ichimoku lines continue to aid the positive drive in price. The short-term oscillators point to a slight weakness in positive sentiment. The RSI and the stochastic oscillator reflect the struggle in the price to overcome the resistance trench. [..]

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Technical Analysis – US 30 index rebounds on 50-day SMA; bullish mode still active

Posted on September 18, 2020 at 8:53 am GMT

The US 30 index has rebounded somewhat after falling to THE 50-day simple moving average (SMA) but momentum indicators now suggest that market sentiment might get worse before getting better again as the RSI is flattening near the neutral threshold of 50 and the MACD is holding below its trigger line near the zero level. If the price manages to hold above 27,324 the index may rest around the 29,210 resistance. A decisive close above the latter could reach the [..]

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Technical Analysis – USDCAD conveys a dominant negative bias

Posted on September 18, 2020 at 8:16 am GMT

USDCAD has somewhat paused after the pullback from the near 8-month low of 1.2993. The rebound in the price appears to be resting on the mid-Bollinger band at 1.3131, shadowed by a governing bearish structure. The dictating downward sloping 50- and 100-day simple moving averages (SMAs) and the recently completed bearish crossover of the 200-day SMA, may deliver an extra boost to a southward result. Negative signals continue to reign within the short-term oscillators, backing a deteriorating picture. The stochastic [..]

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Technical Analysis – USDCAD conveys a ruling negative forecast

Posted on September 18, 2020 at 7:57 am GMT

USDCAD has somewhat paused after the pullback from the near 8-month low of 1.2993. The rebound in the price appears to be resting on the mid-Bollinger band at 1.3131, shadowed by a governing bearish structure. The dictating downward sloping 50- and 100-day simple moving averages (SMAs) and the recently completed bearish crossover of the 200-day SMA, may deliver an extra boost to a southward result. Negative signals continue to reign in the short-term oscillators, backing a deteriorating picture. The stochastic [..]

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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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