Technical Analysis

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Technical Analysis – Silver jumps above 18.00 and into overbought zone

Posted on February 19, 2020 at 8:21 am GMT

Silver staged a remarkable rally beyond the 18.00 number after closing above the 200-period simple moving average (SMA) on the four-hour chart on Tuesday. With the RSI signaling overbought conditions and the price currently testing a former resistance area which is near the 23.6% Fibonacci of the long upleg from 13.87 to 19.63 (November 2018- September 2019), there is an increasing possibility of a downside correction. In this scenario, the price is expected to retreat to 18.13, where it recently [..]

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Technical Analysis – AUDUSD could see further weakness near 11-year low

Posted on February 19, 2020 at 7:30 am GMT

AUDUSD is moving sideways within the 23.6% Fibonacci retracement level of the downward wave from 0.7030 – 0.6661 near 0.6750 to the eleven-year low of 0.6661. The latest level was reached on February 7 and acted as a reversal mark ahead of three consecutive green days. Technically, the RSI is in bearish territory below 50 but is clearly pointing up, while the MACD is gaining some ground above the trigger line in the negative area. Moreover, the 20- and 40- [..]

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Technical Analysis – USDSEK aiming to continue bullish run

Posted on February 18, 2020 at 4:26 pm GMT

USDSEK’s appreciation in price appears to be here to stay as it is currently tackling the 9.763 resistance from November 13. Further enhancing the price above the simple moving averages (SMAs) and the Ichimoku cloud, are the rising Tenkan-sen and Kijun-sen lines, which reflect the increase in positive momentum. The MACD, in the positive region, has moved back above its red trigger line, while the increasing RSI, has just climbed into the overbought territory. Worth mentioning, is the recent bullish [..]

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Technical Analysis – USDSEK aiming to continue bullish run

Posted on February 18, 2020 at 4:08 pm GMT

USDSEK’s appreciation in price appears to be here to stay as it is currently tackling the 9.763 resistance from November 13. Further enhancing the price above the simple moving averages (SMAs) and the Ichimoku cloud, are the rising Tenkan-sen and Kijun-sen lines, which reflect the increase in positive momentum. The MACD, in the positive region, has moved back above its red trigger line, while the increasing RSI, has just climbed into the overbought territory. Worth mentioning, is the recent bullish [..]

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Technical Analysis – USDNOK finds the tools to overrun 18-year peak

Posted on February 18, 2020 at 2:05 pm GMT

USDNOK appears to have gained confidence and is currently pushing above the 18-year high of 9.3036. The current up move seems to be maintained by the upward sloping Ichimoku lines and the distancing of the red Tenkan-sen line above the blue Kijun-sen one. The short-term oscillators also suggest a pickup in positive momentum. The MACD, deep in the positive region, is barely below its red trigger line but looks to return above it, while the rising RSI has reclaimed the [..]

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Technical Analysis – EURNZD increases within Ichimoku cloud; broader picture is negative

Posted on February 18, 2020 at 1:19 pm GMT

EURNZD has gained little today but it managed to hold within the Ichimoku cloud and the 20- and 40-day simple moving averages (SMAs), with the technical indicators feeding prospects for a possible upside move. The RSI indicator is sloping upwards and is approaching the bullish zone, while the stochastic continues to strengthen after the bullish cross within the %K and %D lines. If the 20-day SMA at 1.6915 proves easy to get through, the spotlight will turn to the 38.2% [..]

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Technical Analysis – US 500 index looks to be in the process of a minor bearish pullback

Posted on February 18, 2020 at 12:06 pm GMT

The US 500 index (Cash) is retreating after pivoting from the all-time high of 3,392.21 reached on Monday. The long-term picture remains strongly bullish, however, in the very short-term, the technical indicators are suggesting a possible downside correction. The MACD is heading south in the positive territory, while the RSI is sloping down above the 50 level. In the wake of negative pressures, the market could meet support at the 50-day simple moving average (SMA) currently at 3,270 before it heads lower to the 23.6% Fibonacci retracement level [..]

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Technical Analysis – WTI futures fail to conquer neckline of looming double bottom

Posted on February 18, 2020 at 8:57 am GMT

WTI oil futures yesterday – as positive momentum evaporated – were unable to decisively overrun the neckline and complete a possible double bottom pattern. The commodity today has declined to the nearby Ichimoku cloud’s upper band around 51.30, with backing from the technical indicators and the easing in the red Tenkan-sen line. The short-term oscillators suggest an increase in negative momentum for now. The MACD, in the positive region, has slipped below its red trigger line, while the falling RSI [..]

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Technical Analysis – GBPUSD retreats below 1.3000 and short-term SMAs

Posted on February 18, 2020 at 7:22 am GMT

GBPUSD is losing momentum below 1.3000, within a range that has been holding since the jump to a 14-month high of 1.3515 on December 13. Currently, the cable is developing beneath the 20- and 40-day simple moving averages (SMAs) confirming the weakening move in the market. The RSI indicator is marginally below the 50 level, while the MACD, having posted a bullish cross with its trigger line, keeps fluctuating in the bearish territory. More downside pressure could drive the pair towards the immediate support of 1.2960 and the [..]

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Technical Analysis – AUDCAD approaches lower levels of multi-month range

Posted on February 17, 2020 at 3:46 pm GMT

AUDCAD is pushing under the 0.8900 handle, after holding below the downtrend line and being capped by the 50- and 100-day simple moving averages (SMAs). The pair appears to be heading for a revisit of the more than 9-year low of 0.8834 – this being the lower boundary of a six-month trading range. The short-term oscillators seem to agree with the negative outlook. The MACD, although above its red trigger line in the negative region, is looking to move back [..]

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