Technical Analysis

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Technical Analysis – EURAUD continues climbing; near two-month high recorded today

Posted on March 27, 2017 at 10:55 am GMT

EURAUD is up from the day’s open while it recorded a near two-month high earlier in the day. Should the pair finish the day higher, it would be the fifth straight trading day it would do so. The RSI indicator is hinting to a bullish short-term bias as it is currently at 64, a point which is comfortably above the 50 threshold that tends to distinguish positive from negative near-term sentiment. The stochastics are painting a similar picture as well [..]

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Technical Analysis – Gold bullish bias; price at four-week high

Posted on March 27, 2017 at 7:11 am GMT

Gold has edged higher since the day’s open with the price recording a four-week high as it approaches the 200-day moving average (MA). Both the RSI and MACD indicators are pointing to a short-term bullish bias as RSI is well above the 50 neutral level at 66, while the MACD histogram is positive and above the red signal line. Note though that RSI is relatively close to the 70 overbought level. The 200-day MA at 1260.13 is expected to provide [..]

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Technical Analysis – EURUSD turns neutral after rally loses steam

Posted on March 24, 2017 at 8:49 am GMT

EURUSD maintains a positive bias in the short term after rising from the key 1.0500 area to peak just above 1.0800. This proved to be a strong resistance area and the market failed to move higher after peaking at a one-month high of 1.0823 on Wednesday.  The RSI has levelled off, suggesting some consolidation in the near term. Key support for downside moves comes in at 1.0700, which is also the 38.2% Fibonacci retracement level of the upleg from 1.0493 [..]

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Technical Analysis – AUDJPY turns bearish after fall below cloud

Posted on March 23, 2017 at 2:18 pm GMT

AUDJPY is bearish in the short term after falling below the Ichimoku cloud and breaking through the key 85.00 level. The pair was in a neutral phase after the long-term uptrend from September 2016 to February 2017 lost steam and prices peaked at a fresh 2017 high of 88.16. From there, the market reversed lower. RSI has fallen below 50 into bearish territory. It is trending down and suggests a further fall in prices is probable. Downside targets consist of [..]

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Technical Analysis – AUDUSD extends weekly losses; finds support at 50-DMA

Posted on March 23, 2017 at 12:06 pm GMT

AUDUSD reversed sharply lower after hitting a 4-month high of 0.7749 on Monday. It has since fallen by around 1.5% but managed to stabilize after finding support at the 50-day moving average earlier today. RSI is neutral at 50 but a drop into bearish territory is possible given that it is sloping down. If the downtrend continues and the pair breaches the 50-day moving average at 0.7623, the near-term bias would turn bearish. This would clear the way towards the 200-day [..]

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Technical Analysis – USDJPY maintains short-term bearish bias; challenging key 111.00 level

Posted on March 23, 2017 at 9:14 am GMT

USDJPY maintains a bearish bias in the short term. The pair is currently trading close to the key 111.00 level after falling from 115.00.  This is an important support level which was breached briefly on Wednesday before staging a recovery to 111.57 today. A daily close below 111.00 could bring further weakness, opening the way towards the 110.00 level. The RSI is currently near oversold territory at 30 so this could indicate that prices may stabilize. A bounce higher from [..]

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Technical Analysis – USDCHF bearish bias as the pair hits one-and-a-half month low

Posted on March 22, 2017 at 11:46 am GMT

USDCHF hit a fresh one-and-a-half month low in today’s trading while it is also currently down for the day. Looking at the Ichimoku analysis, the Tenkan-sen line (red) recently crossed below the Kijun-sen (blue). This is a short-term negative alignment which is reinforced by the fact that the RSI indicator is currently in bearish territory at 37. The current level of the Tenkan-sen and the cloud bottom, which roughly coincide with the key parity level, are likely to act as [..]

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Technical Analysis – GBPUSD bullish; Records one-month high

Posted on March 22, 2017 at 8:12 am GMT

GBPUSD extended yesterday’s high for a new one-month high and is currently up for the day, though only marginally. The RSI is bullish at 60 while the MACD histogram is positive and above the red signal line. All these point to a bullish short-term bias. The area around 1.25 has been a congested one in the recent past and could act as resistance to upside movements in price. A move above this area would shift the focus to the February [..]

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Technical Analysis – US 30 index bullish above both moving averages

Posted on March 21, 2017 at 1:13 pm GMT

The US 30 stock index is currently up from the day’s open and relatively close to the 21000 level. The short-term bias as shown by the RSI is bullish as the indicator well exceeds the 50 neutral level. Specifically, it is at 66 after coming off from overbought levels in early March. Turning to the Ichimoku analysis, the positive alignment when the Tenkan-sen line (red) crossed above the Kijun-sen (blue) is still in place. This reinforces the positive short-term signal [..]

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Technical Analysis – EURJPY regains upside momentum as it jumps above 121

Posted on March 21, 2017 at 11:26 am GMT

EURJPY is significantly higher today as the pair attempts to regain some positive momentum following a week long slide. Prices rose sharply above the 50-day moving average but met resistance at the 61.8% Fibonacci retracement level of the December-February downleg from 124.08 to 118.23. Further upside moves in the near term are possible as the RSI rose back into bullish territory above 50, though at around 53, the positive bias is not very strong. Should prices extend today’s gains, a [..]

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