Technical Analysis

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Technical Analysis – AUDUSD bullish in the near-term after hitting a fifteen-week high

Posted on February 24, 2017 at 8:14 am GMT

AUDUSD is currently more or less unchanged from the day’s open. Yesterday it recorded a fifteen-week high of 0.7740. Looking at the Ichimoku analysis, the positive alignment when the Tenkan-sen line (red) crossed the Kijun-sen (blue) in mid-January is still in place. This bullish short-term signal is reinforced by the RSI indicator, which is at currently at 64, well above the 50 neutral level. On the upside, yesterday’s high (0.7740) is expected to provide resistance. A successful break above it [..]

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Technical Analysis – USDJPY neutral in the short- and medium-term

Posted on February 23, 2017 at 8:04 am GMT

USDJPY has been experiencing some minor losses since the day’s open after closing lower the day before. The RSI indicator is currently below but close to the 50 neutral level at 48. It has been around 50 over the last number of days of mostly sideways movement and relatively low intra-day volatility. The MACD histogram is painting a similar picture as it is slightly negative, but above the red signal line. The current level of the 50-day moving average (MA) [..]

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Technical Analysis – USDMXN bearish bias persists under 50-day moving average

Posted on February 22, 2017 at 11:14 am GMT

USDMXN weakness persists below the 50-day moving average. After consolidating just above support at 20.2007, the pair fell sharply below this level on Monday to reach a low of 19.9230. Since RSI is in bearish territory below 50, there is scope for further losses to target 19.5036, which is where the 200-day moving average currently lies. This 19.5036 level was tested as a resistance level back in October. A break of this support area would pressure USDMXN lower, towards 18.1518 [..]

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Technical Analysis – GBPUSD looking neutral in the short-term

Posted on February 22, 2017 at 8:04 am GMT

GBPUSD is up from the day’s open. Should it finish the day higher it will mark the third straight day of gains for the pair. The RSI indicator is currently close to the 50 neutral level at 52. It’s been hovering in this area throughout the last number of days of relatively low intra-day volatility for the pair. The middle Bollinger line (a 20-day moving average) comes into view as immediate resistance to upside moves. Should this level be breached, [..]

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Technical Analysis – NZDUSD decline halted at 200-day moving average; outlook neutral

Posted on February 21, 2017 at 3:32 pm GMT

NZDUSD has come under significant downside pressure since touching a 3-month high of 0.7375 on February 7. The two-week downtrend has seen the pair retrace almost 50% of the December-February upleg from 0.6861 to 0.7375. After a sharp drop earlier in the day, prices found support just below the 200-day moving average, which is currently at 0.7130. The RSI and the MACD are giving out mixed signals about the near-term bias, with the RSI looking bearish around 43 and the [..]

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Technical Analysis – Gold falling, more than offsetting yesterday’s gain

Posted on February 21, 2017 at 8:10 am GMT

Gold has been falling in today’s trading so far with the decline more than offsetting yesterday’s rise. The RSI indicator is at 60, well above the 50 threshold distinguishing positive from negative short-term sentiment. As regards the stochastics, the %K line is in bullish territory as well. A note of caution though as it has just crossed below the slow %D line. This might hint that the intra-day down movement could continue. The February 8 fifteen-week high of 1244.58 could [..]

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Technical Analysis – EURAUD bearish in downward channel

Posted on February 20, 2017 at 10:15 am GMT

EURAUD was in a downward channel since late December January when prices fell from the peak of 1.4721. The market reached oversold levels, (as indicated by the RSI falling below 30), and touched a multi-month low of 1.3723 on February 15. Support was provided at this level and prices bounced higher. Only a move above resistance at 1.4090 (support turned resistance) would shift the bias to a neutral one. A break above the peak at 1.4721 would turn the outlook [..]

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Technical Analysis – EURUSD bearish to neutral in both the short- and medium-term

Posted on February 20, 2017 at 8:23 am GMT

EURUSD has been posting some gains in today’s trading so far and remains above the 1.06 level. The RSI indicator is below but close to the 50 neutral level at 47, suggesting a bearish to neutral near-term outlook. The MACD histogram, which is barely negative and below the red signal line, depicts a similar picture to RSI. The key 1.07 level is likely to act as resistance to upside moves. Should the price break above it, the February 2 ten-week [..]

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Technical Analysis – EURGBP tests key resistance at 50-day moving average

Posted on February 17, 2017 at 9:17 am GMT

EURGBP has been neutral since mid-January and pivoting around the 50-day moving average and trading between 0.8455 and 0.8650. In the past week, the pair has been capped at the 50-day moving average, which is providing resistance at 0.8540. This is giving a bearish bias in the near-term, as long as the market remains below this resistance level. RSI is below 50, indicating further downside in EURGBP is possible. MACD is below zero, also giving a bearish signal. Given this, a deeper fall [..]

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Technical Analysis – USDJPY bearish to neutral in the near-term

Posted on February 17, 2017 at 8:29 am GMT

USDJPY is currently up from the day’s open, roughly recovering one-fifth of yesterday’s decline in price. Looking at the stochastics, the %K line is in bearish territory. Adding to this negative near-term signal is the fact that it (%K) has crossed below the slow %D line. The RSI indicator is theoretically bearish as well, but it is in close proximity to the 50 neutral level at 48. This perhaps indicates that the strength of this short-term bearish signal is not [..]

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