Technical Analysis

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Technical Analysis – CHI50 index remains positive; bulls falls short of the April 2019 high

Posted on October 14, 2019 at 3:35 pm GMT

CHI50 stock index seems to have lost some momentum as sellers reversed the index back down to the previous peak of 14,068 from July 1. The rally from the low of 13,373, failed to reach the April 2019 high of 14,239, but persisting positive signals keep it intact. The short-term oscillators reflect a stall in price. The MACD is deep in positive territory and has started to turn down, towards its red trigger line. The RSI, although having declined marginally [..]

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Technical analysis – Gold consolidates, capped by SMAs

Posted on October 14, 2019 at 10:10 am GMT

Gold buyers are attempting to tackle the converging simple moving averages (SMAs) in the sideways market. The 20-day SMA, from a flattened state deflected off the horizontal 100-day SMA completing a bearish crossover of the 50-period SMA, suggesting that the commodity is leaning more towards a short-term negative outlook. The short-term oscillators reflect weakening negative momentum. The MACD although below its red trigger line in the negative zone, looks to cross above it, while the RSI beneath its 50-level, points [..]

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Technical Analysis – EURUSD remains in a downtrend despite rally

Posted on October 14, 2019 at 7:17 am GMT

EURUSD rose as high as 1.1062 following the breach of the four-month-old downward-sloping line but the technical indicators signaled overbought conditions, with the price correcting slightly lower and towards the key 1.1025 barrier. The short-term bias is looking bullish to neutral in the four-hour chart as the RSI is heading towards its 50 neutral mark and the MACD is losing momentum towards its red signal line. In terms of market trend, the bullish crossover between the 20- and the 200-period [..]

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Technical Analysis – GER30 index rallies above 200-period SMA

Posted on October 11, 2019 at 1:46 pm GMT

GER30 stock index extended higher as the bulls overcame the key resistance of 12,150, where the 50- and 200-period simple moving averages (SMAs) crossed each other. The bulls seem to still be in control as backed by the upward sloping 200-period SMA and the recent turning up of the 50- and 100-period SMAs. The short-term oscillators reflect positive momentum is intact. The MACD is ascending and has distanced itself above its red trigger line and into the positive region, while [..]

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Technical Analysis – USDCAD bears reverse below 200-day SMA and 50.0% Fibonacci

Posted on October 11, 2019 at 9:33 am GMT

USDCAD trades between the converging simple moving averages (SMAs) with the sellers attempting to move underneath the 50-day SMA, after a deflection off the upper band of a two-month trading range. The signals from the tangled SMAs are indistinct. However, the MACD, although marginally above its red trigger line in the positive zone, looks to cross beneath it, while the RSI is flirting with the uptrend line, which has presently merged with the neutral 50 mark. Despite a near term [..]

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Technical Analysis – GBPCHF looks overbought after steep rally

Posted on October 11, 2019 at 7:22 am GMT

GBPCHF staged an impressive rally on Thursday, recouping most of the losses recorded since mid-September and rising well above its simple moving averages (SMA) and the Ichimoku cloud on the four-hour chart. The forceful upside correction, however, looks fragile as the fast-stochastics and the RSI signal overbought conditions, indicating that the bullish action is running out of steam and downside pressures may occur in the short-term. To keep the bulls in play, the price needs to hold above 1.2380 and more importantly on top of [..]

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Technical Analysis – USDSEK decline ceases at swing low and 38.2% Fibonacci

Posted on October 10, 2019 at 3:39 pm GMT

USDSEK attracted buyers around the 9.82 – 9.83 support region denying the bears further losses. Buyers are attempting to keep the positive picture in place, something also backed by the upward sloping simple moving averages (SMAs) and the uptrend line. The short-term oscillators reflect weakening negative momentum. The MACD has distanced itself under its red trigger line, and holds slightly above the zero line, while the RSI is in bearish territory and has turned back up before reaching the 30-level. [..]

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Technical Analysis – AUDNZD looks neutral-to-bearish in short-term; long uptrend in focus

Posted on October 10, 2019 at 2:38 pm GMT

AUDNZD erased part of the August rebound after hitting a 10-month high of 1.0837, with the momentum indicators pointing now to a neutral-to-bearish short-term tendency. Τhe MACD keeps losing ground under its red signal line and the RSI has dropped marginally under its 50 neutral threshold and is flattening. The bigger picture, on the other hand, provides some positive trend signals for thought, as the pair is pushing efforts to escape the downward pattern it started two years ago, printing higher highs [..]

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Technical Analysis – EURUSD rallies above 4-month-old downtrend line

Posted on October 10, 2019 at 12:37 pm GMT

EURUSD finally managed to rally above the four-month descending trendline and stretch towards a three-week high of 1.1033 on Thursday. On the four-hour chart, the short-term oscillators are all pointing upwards, suggesting that the bullish forces could stay intact. Despite that, traders should  treat the upside correction carefully as the RSI and the Stochastics approach overbought territory at a time when the price is also flirting with the upper Bollinger band. A decisive close above 1.1025 could see the price rising until the 1.1070 [..]

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Technical Analysis – EURJPY holds a bull flag near key resistance area

Posted on October 10, 2019 at 10:27 am GMT

EURJPY picked up steam on Thursday and hit two-week highs above the Ichimoku cloud in the four-hour chart, with the positive momentum in the RSI and the MACD painting a bright picture for the short-term. The area around 118.43, where the 38.2% Fibonacci of the upleg from 115.85 to 120.00 lies, is currently blocking the bullish action. If this resistance holds, the rally may take a breather around the 118.60 barrier before heading up to the 119.00 level and the [..]

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