Technical Analysis

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Technical Analysis – AUDUSD hovers near falling trend line; indicators signal bullish retracement

Posted on September 26, 2018 at 6:34 am GMT

AUDUSD has edged aggressively higher over the previous couple of weeks following the rebound on the 31-month low of 0.7084. The price reached the 0.7300 strong psychological level and hit the long-term descending trend line, which has been holding since January 26. The technical picture supports that the upside momentum is likely to continue in the short-term. From the technical point of view, in the daily timeframe, the MACD oscillator is strengthening its movement above its trigger line and below [..]

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Technical Analysis – WTI crude oil futures trade around 2-month high; strongly bullish in long-term

Posted on September 25, 2018 at 12:47 pm GMT

West Texas Intermediate (WTI) futures reached a fresh more than two-month high of 72.70 in Monday’s session. Price action is at the moment taking place not far below this peak, while it is holding well above the simple moving averages (SMAs) in the 4-hour chart. In the short-term, the MACD oscillator is moving slightly higher in the positive zone, while the blue %K line of the stochastic oscillator posted a bullish cross with the red %D line, signaling upside tendency in the [..]

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Technical Analysis – GBPUSD finds support near 23.6% Fibonacci erasing some losses

Posted on September 25, 2018 at 6:22 am GMT

GBPUSD erased some of Friday’s significant losses yesterday and still remains above the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2660. The buying interest following the rebound on the 1.2660 support level has shifted the bearish outlook to a neutral one. Moreover, the 20-day simple moving average (SMA) created a bullish crossover with the 40-day SMA in the near-term, indicating a continuation of the upside correction move. However, the momentum indicators are losing their positive momentum. The RSI indicator [..]

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Technical Analysis – EURAUD advances above 20-day SMA; outlook is bullish

Posted on September 24, 2018 at 1:33 pm GMT

EURAUD recorded a stunning rally today, advancing above the 20-day simple moving average (SMA). The RSI is currently increasing positive momentum as it stands above its threshold of 50, hinting that the next move in prices could be on the upside rather than on the downside. The bullish signals are even stronger from the stochastic oscillator as the blue % K line has finally formed a bullish cross with the red %D line and both are heading higher. If the pair continues the bullish rally, [..]

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Technical Analysis – USDCHF looking bearish in the short and medium term

Posted on September 24, 2018 at 10:09 am GMT

USDCHF lost 4.8% after reaching its highest since May 2017 of 1.0067 around mid-July. It is currently trading not far above a five-and-a-half-month low of 0.9541 tracked on Friday. The Tenkan- and Kijun-sen lines are negatively aligned in support of a bearish short-term bias for the pair. Should USDCHF extend lower, support may come around the 61.8% Fibonacci retracement level of the upleg from 0.9187 to 1.0067 at 0.9523; last week’s five-and-a-half-month nadir of 0.9541 is also part of the [..]

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Technical Analysis – Gold retains narrow range in short-term; lacks direction

Posted on September 24, 2018 at 8:45 am GMT

Gold prices have been developing within a narrow range over the last month with upper boundary the 1212.50 resistance level and lower boundary the 1187.55 support barrier. Also, the price still trades below the 20- and 40-period simple moving averages (SMAs) on the 4-hour chart. Notice that the RSI is mostly moving sideways below the 50 level and the MACD remains below both its trigger and zero lines. If price action jumps above the SMAs, there is scope to test the upper boundary of 1212.50, taken from the high on September [..]

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Technical Analysis – EURUSD bounces off 1.1800; inverse head and shoulders pattern remains in play

Posted on September 24, 2018 at 6:38 am GMT

EURUSD has traded lower after the bounce off the 1.1800 strong psychological level on Friday, while it opened with a small negative gap in Monday’s European session. However, the pair remains in the inverse head and shoulders pattern with the neck line now being the aforementioned handle. In the short-term, the negative bias is likely to stay in place as the RSI continues to slope down around its 50 neutral level and the stochastic oscillator is in progress to post a bearish cross within [..]

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Technical Analysis – US 500 index achieves new all-time high; holds in upward sloping channel

Posted on September 21, 2018 at 11:39 am GMT

The US 500 index reached a fresh all-time high of 2939.20 earlier today and has been stuck in a channel titled to the upside since April 2. The bullish picture seems to be overstretched as the RSI indicator is flattening near the 70 level, however, the MACD oscillator posted a bullish crossover with its trigger line in the positive zone. More upside movements and a surpass above the aforementioned all-time high could challenge the next strong psychological level of 3000. [..]

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Technical Analysis – USDCAD pauses downside pressure; finds obstacle at 38.2% Fibonacci

Posted on September 21, 2018 at 8:55 am GMT

USDCAD dipped aggressively over the previous consecutive three days, which have taken the pair below the 20- and 40-simple moving averages (SMAs). The sharp sell-off, drove the pair below the 23.6% Fibonacci retracement level of the upleg from 1.2060 to 1.3385, near 1.3072. The momentum indicators are supportive of the bearish picture in the short-term, with the RSI holding in the negative territory below 50 but is sloping slightly to the upside. The MACD has dropped below the trigger line and is strengthening its negative [..]

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Technical Analysis – GBPJPY bullish but overbought above 200-SMA

Posted on September 21, 2018 at 7:06 am GMT

GBPJPY recorded an impressive rally on Thursday, closing above the 200-day (simple) moving average (MA) for the first time since May. The pair continues its bullish run today, printing fresh highs above the previous peak of 149.29. An indication that the rebound off 139.88 could hold for longer in case the price manages to finish the day substantially above the aforementioned peak. Technically, the market is located in overbought territory given that the RSI has climbed above 70 and the Stochastics are [..]

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