Technical Analysis

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Technical Analysis – EURGBP violates key borders; bearish near oversold zone

Posted on September 10, 2019 at 7:27 am GMT

EURGBP registered losses for the fourth consecutive week and bearish signals became stronger as the price failed to return above the upward support line, crossing instead under its shorter-term simple moving averages (SMA) and the Ichimoku cloud. The 50% Fibonacci of the upleg from 0.8470 to 0.9323 managed to confidently curb downside movements on Monday and although the Stochastics are currently preparing to exit the oversold territory, the short-term bias remains skewed to the downside as the MACD maintains negative momentum under its red signal [..]

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Technical Analysis – AUDJPY extends correction, flirts with 50-SMA

Posted on September 9, 2019 at 3:43 pm GMT

AUDJPY plotted five days of gains after a four-month decline to a 10 1/2-year low of 69.94. The bulls are currently facing some downside pressure from the 50-day simple moving average (SMA) as well as the near downtrend line. The indicators are reflecting an increasing bullish momentum, with the MACD rising in negative territory, distancing itself above its red trigger line, while the upward sloping RSI has inclined into bullish areas. If the bulls manage to surpass the 50-day SMA [..]

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Technical Analysis – USDMXN bears gather ammunition below the 200-SMA

Posted on September 9, 2019 at 2:39 pm GMT

USDMXN slashed in half the gains it earned from July 31 in four days, with the price diving under the eight-month peak of 20.251 and through all the simple moving averages (SMAs) and the Ichimoku cloud. The technical indicators are suggesting a revival of the down move, with the MACD falling back beneath its trigger in negative territory and the RSI pointing downwards below its 30 oversold mark. More importantly the 42-period SMA seems to be headed for a bearish [..]

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Technical Analysis – GBPCHF searches for more gains above 50-day SMA

Posted on September 9, 2019 at 1:07 pm GMT

GBPCHF is looking for more buyers to sign up in the short-term as the MACD tries to grow in positive territory for the first time since April and the RSI is picking up steam in the bullish area. The market is currently making efforts to pierce July’s troughs around 1.2238, though only a bullish explosion above the previous high of 1.2367 would bring the four-month old downtrend in speculation. A step above 1.2535, which is the 50% Fibonacci of the [..]

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Technical Analysis – US500 index exits neutral zone to look at 3,000

Posted on September 9, 2019 at 12:04 pm GMT

The US 500 stock index (cash) is eyeing the 3,000 mark again after the violation of the tough 2,940 resistance-turned-support level put the market back into the bullish game. Yet, traders could reduce buying exposures in the short-term as the RSI signals overbought conditions for the fourth consecutive day and the MACD loses momentum below its red signal line. It is also worth noting that the 50- and the 200-period simple moving averages in the four-hour chart have already established a golden cross [..]

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Technical Analysis – EURUSD pullback denied by bears and 50.0% Fibonacci level

Posted on September 9, 2019 at 9:24 am GMT

EURUSD plotted a twenty-eight-month low of 1.0925 after a fall from June 25. The bulls tried for a correction up to the downtrend line, but their efforts were ceased by the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 1.1249 to 1.0925, of 1.1086. The sellers took control at the level and pushed down the price, rejuvenating the prior downward sentiment. The momentum indicators are signaling that the down move could pause [..]

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Technical Analysis – Gold unable to lift 1,560 barrier; upward channel sustains confidence

Posted on September 9, 2019 at 7:33 am GMT

Gold gave up some ground after failing to cross the 1,560 border, with the sellers currently eyeing the 1,493 noisy support area as the technical indicators warn over a neutral-to-bearish session in the short-term; the RSI is attached at its 50 neutral mark following last week’s decline and the MACD continues to lose momentum below its red signal line. The market, however, keeps a positive trend inside an ascending channel and unless the price breaches it on the way down, any weakness could [..]

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Technical Analysis – WTI oil futures test the 38.2% Fibonacci multiple times

Posted on September 6, 2019 at 2:16 pm GMT

WTI oil futures rallied from a seven-month low on August 7, but the gains were halted at 56.68 and around the 38.2% Fibonacci retracement level of the down wave from 66.57 to 50.58. After multiple failed attempts to close above the 56.68 resistance level over the last couple of weeks, the 20-, 50- and 200-day simple moving averages (SMAs) have converged, encapsulating the price of the commodity. More importantly, the bull’s endeavor, to move above the downward sloping 100-day SMA [..]

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Technical Analysis – BTCUSD exposed to downside corrections

Posted on September 6, 2019 at 1:59 pm GMT

BTCUSD (Bitcoin) staged a stunning upside reversal around the 9,300 support area, with the price surging back above the 100-period exponential moving average (EMA) and towards two-week highs. Buyers are currently pushing efforts to overcome the 38.2% Fibonacci of 10,837 of the downleg from 13,809 to 9.011, a break of which could see the retest of the 11,130 barrier. Moving higher, the 50% Fibonacci of 11,398 could next captivate trader’s attention and trigger another bullish action towards the 61.8% Fibonacci [..]

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Technical Analysis – GBPJPY completes double bottom pattern after 5-month downtrend

Posted on September 6, 2019 at 9:02 am GMT

GBPJPY’s bulls accelerated the price up to hover around the 131.80 level, which is the 23.6% Fibonacci retracement level of the down leg from 148.86 to 126.53. The rally yesterday completed a double bottom pattern after breaking above the neckline of 130.68, and now price has possibly paused for the very-short-term, between 131.60 and 132.15. The 50- and 100-period simple moving averages (SMAs), with their upward slopes, are headed to the 200-period SMA, whilst the MACD and RSI reflect bullish [..]

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