Technical Analysis

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Technical Analysis – USDZAR trades below downtrend line; outlook cautiously negative

Posted on November 16, 2018 at 1:56 pm GMT

USDZAR has been printing lower highs and lower lows on the daily chart, below a downtrend line drawn from the highs of September 6. The pair has also recently fallen below its 50-day simple moving average (SMA), which has turned the near-term outlook cautiously negative. Short-term oscillators are hovering in bearish territory, albeit not decisively so. The RSI is only marginally below its neutral 50 line and pointing sideways. Likewise, although the MACD is below zero, it still lies fractionally [..]

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Technical Analysis – CADJPY struggles inside Bollinger Band levels; positive view in long-term

Posted on November 16, 2018 at 12:55 pm GMT

CADJPY is back in bullish mode in the daily timeframe over the last eight months that helped the market to head higher and peak at 89.25 on October 3. While the MACD suggests that the market could maintain the neutral movement near the zero line and the RSI moves slightly below the 50 level, as the price has failed to provide strong direction during the past month. Moreover, the Bollinger Band is squeezing indicating sideways movement. Should the price head lower, traders [..]

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Technical Analysis – Amazon stock recovers from seven-month lows, but still bearish

Posted on November 16, 2018 at 12:22 pm GMT

Amazon’s stock price rebounded after touching a seven-month low on October 30, but continues to trade below its 200-day simple moving average (SMA). Additionally, the price structure on the daily chart consists of lower highs and lower lows. Combined, these imply the outlook remains bearish in both the short- and medium-terms. Momentum oscillators are hovering in negative territory, enhancing the argument. The RSI is already below 50, but is sloping up, while the MACD seems ready to challenge its red [..]

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Technical Analysis – Platinum futures stand in bullish correction within long-term’s negative structure

Posted on November 16, 2018 at 11:18 am GMT

Platinum futures delivered on January 2019 are moving higher over the last three months, following the bounce off the 753 support level. The price seems to be in a bullish correction mode as it surpassed the first significant level of Fibonacci barriers, the 23.6% level, taken from the downleg from 1030 to 753, near 818. From the technical point of view, the RSI indicator looks neutral near the 50 level, while the MACD oscillator holds below the trigger line but [..]

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Technical Analysis – GBPNZD breaks below trendline, turns negative in medium-term

Posted on November 16, 2018 at 10:44 am GMT

GBPNZD crossed below a medium-term uptrend line taken from the lows of June in recent sessions, and also below its 200-day simple moving average (SMA), recording a ten-month low yesterday. These suggest the medium-term outlook has turned firmly negative. Short-term oscillators support this concept. The MACD lies both in negative territory and beneath its red trigger line. That said, the RSI is already in oversold territory, which may be a signal that a short-term rebound may be in store before [..]

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Technical Analysis – GBPJPY holds above 2-week trough; neutral in medium-term

Posted on November 16, 2018 at 9:46 am GMT

GBPJPY has declined considerably over yesterday’s trading session, diving to a two-week low near the 144.20 level. In the very short-term the price seems to be strongly negative, while in the daily chart the pair remains in a consolidation area over the last two months. The RSI indicator is flattening in the negative territory while the MACD oscillator holds in the bearish zone below the zero and trigger lines. Immediate support is coming from the 144.20 support level, which it reached on Thursday, while even lower [..]

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Technical Analysis – USDCAD loses some ground in very short-term; upside structure holds in long-term

Posted on November 16, 2018 at 7:25 am GMT

USDCAD has been underperforming since yesterday, remaining below the four-month high of 1.3265. Currently, the price holds above the very short-term rising trend line, but in case of a penetration it would move even lower in the near term. Also, when looking at the bigger picture the pair has a clear upside trend after its rebound on the 1.2060 support level. Momentum indicators in the daily timeframe, are too weak to provide a sustained move higher as the RSI is sloping to [..]

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Technical Analysis – US 500 index drifts lower, crosses back below 200-day SMA

Posted on November 15, 2018 at 4:28 pm GMT

The US 500 index fell sharply in recent sessions, crossing decisively back below its 200-day simple moving average (SMA) on November 12, which has turned the near-term bias to negative. Short-term oscillators support the notion. The RSI is below 50 and pointing lower, detecting accelerating negative momentum. The MACD, already below zero, is currently testing its red trigger line; a move below it would be a bearish signal. Further declines in the index could stall initially near the 2632 level, [..]

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Technical Analysis – CHFJPY bearish risks alive in short and medium term

Posted on November 15, 2018 at 4:13 pm GMT

CHFJPY lost significant ground after the spectacular rally towards the pair’s highest since February of 118.05, falling as low as 111.54. Even though it attempted to recoup losses early this month, the pair somewhat reentered bearish mode this week,  with the RSI flagging further weakness ahead; the indicator is currently heading south in bearish territory below 50 -notice though that it does not maintain a steep negative slope. A leg lower could meet support from the area around 112.14, where the 200-day simple moving average (SMA) and the 61.8% Fibonacci retracement of the upleg [..]

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Technical Analysis – NZDJPY around 5-month high; rally could be overstretched

Posted on November 15, 2018 at 2:59 pm GMT

NZDJPY is trading not far below Wednesday’s five-month high of 77.44. The pair has staged a remarkable recovery from early October’s low of 72.25, this being only marginally above September’s more than two-year nadir of 72.24. The Tenkan- and Kijun-sen lines are positively aligned, attesting to the bullish short-term bias that is in place. However, notice that the Chikou Span may be signaling an overextended rally, the implication being that a near term pullback could take place. The RSI, which [..]

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