Technical Analysis

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Technical Analysis – CHI50 stock index set for more upside; strong resistance around 14,058

Posted on September 13, 2019 at 12:34 pm GMT

China’s 50 stock index (CHI50)  made a U-turn near the 50-period simple moving average (SMA) in the four-hour chart and is building momentum to reclaim strong resistance around 14,060. According to the RSI and the MACD there is more upside in store as both indicators point upwards in the bullish area, while in Ichimoku indicators, the red Tenkan-sen is ready to surpass the blue Kijun-sen line, embracing the positive spirit as well. It is also worth mentioning that the RSI [..]

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Technical Analysis – USDCAD forced back below the 200-SMA & 100-SMA

Posted on September 13, 2019 at 9:42 am GMT

USDCAD bulls shot above the 200-day simple moving average (SMA) on September 3, but it seems that the bullet was a dud. The bears reversed underneath the 1.3355 resistance, which is the 61.8% Fibonacci retracement level of the down move from 1.3564 to 1.3015, and more importantly the 200- and 100-day SMAs. It seems like a cease fire is developing, as the SMAs and the Kijun-sen are adopting a horizontal picture, with buyers driving back into the Ichimoku cloud. The [..]

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Technical Analysis – NZDUSD runs out of steam after snapping 200-SMA

Posted on September 13, 2019 at 7:56 am GMT

NZDUSD managed to tick above the 200-period simple moving average (SMA) in the four-hour chart for the first time since July but the bulls were soon rejected around 0.6449, with the price resuming its weekly neutral status. While the RSI is pushing efforts to return above its 50 neutral-mark, the falling MACD and the convergence of the red Tenkan-sen and Kijun-sen lines signal that the bullish action may be running out of steam. The 20-period SMA turned discouraging as the line which [..]

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Technical Analysis – JP225 index fiercely rallies, recouping recent losses

Posted on September 12, 2019 at 3:40 pm GMT

Japans’ 225 stock index returned to the levels where losses began one-and-a-half-months ago. The index plotted gains starting on September 2, after intensely rallying out of a sideways market that commenced on August 6. Despite the upward slopes in the 50- and 100-period simple moving averages (SMAs) -reflecting a positive bigger picture-, as well as their bullish cross of the 200-period SMA, the bears are attempting to reverse the price down. Although the MACD has dropped below its red trigger [..]

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Technical Analysis – WTI oil futures ease volatility within symmetrical triangle

Posted on September 12, 2019 at 3:26 pm GMT

WTI oil futures for October delivery saw volatility drying up within the boundaries of a symmetrical triangle over the past four months. Any breakout at the lines of the triangle could determine the directional bias, though since the RSI and the MACD keep fluctuating around neutral levels, the current consolidation phase is likely to continue for now. A remarkable move above the downward resistance line and more importantly above the 50% Fibonacci of 59.81 of the downleg from 76.87 to 42.53 could [..]

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Technical Analysis – GER30 index completes another bullish week near overbought zone

Posted on September 12, 2019 at 2:12 pm GMT

GER30 stock index had two constructive weeks and is completing another one above the Ichimoku cloud and its simple moving averages (SMAs) in the daily chart. Technically, the market may run for more gains in the short-term as the MACD and the RSI strengthen to the upside in the positive area. The latter, however, should warrant some caution for bullish traders as the indicator is ready to crawl above its 70 overbought mark. Above the 12,450 resistance level, the market [..]

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Technical Analysis – USDJPY’s steam dries up at 100-SMA

Posted on September 12, 2019 at 9:37 am GMT

USDJPY rallied through the 21- and 42-day simple moving averages (SMAs), as well as the 107.50 resistance, which is the 38.2% Fibonacci retracement level of the down move from 112.39 to 104.45. The move up started on September 3, ending a three-week consolidation period and propelling the price up to the 100-day SMA. In an attempt to make more gains, the bulls are accompanied by signals of increasing positive momentum, as the MACD has distanced itself from its red trigger [..]

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Technical Analysis – GBPJPY looks to rally above Ichimoku cloud

Posted on September 12, 2019 at 7:33 am GMT

GBPJPY has successfully overcome the downward resistance line drawn from May’s peak of 146.49 and rallied above the 50-day simple moving average (SMA) to test the 133.00 mark and the upper surface of the Ichimoku cloud after four months. The positive momentum in the MACD and the RSI reflects a strong bullish bias for the short-term. Yet, overbought signals look to be appearing on the horizon as the price is flirting with the upper Bollinger band for almost a week and the distance between the RSI [..]

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Technical Analysis – NZDJPY overcomes 200-SMA; bullish crosses detected 

Posted on September 11, 2019 at 12:45 pm GMT

NZDJPY’s upside correction overcame the 200-period simple moving average (SMA) on September 9 following a rebound on the new formed base of 0.6670. Despite the MACD and the RSI moving in bullish territory, both indicators have slowed down recently, suggesting that the rally may take a breather in the short-term. The implied decreasing positive momentum in the price is drawing some caution as bullish crosses have occurred between the 21- and 200-period SMAs, as well as between the 50- and [..]

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Technical Analysis – AUDUSD fails to break multi-year lows; rallies to 50.0% Fibonacci

Posted on September 11, 2019 at 8:59 am GMT

AUDUSD has rallied above the 21- and 42-day simple moving averages (SMAs), up to the Ichimoku cloud, after the bears were unable to capitalize from the multi-year lows it re-tested earlier this month. Tackling 0.6880, which is the 50.0% Fibonacci retracement level of the down leg from 0.7081 to 0.6676, buyers are looking to take back more losses from the drop which started on July 19. The MACD has distanced itself from its red trigger line moving marginally into the [..]

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