Technical Analysis

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Technical Analysis – EURJPY gains negative momentum; 200-day MA in its grasp

Posted on November 13, 2019 at 10:16 am GMT

EURJPY is losing ground after succeeding to move below the key support level of 120.34, setting lower highs and lows in place as it approaches the 200-period simple moving average (SMA). Supporting the move is the bearish cross of the 100-period SMA by the 40-period one and the recent turn lower in their slopes. The technical indicators are reflecting conflicting views, as the Stochastics are climbing out of the oversold territory, while the MACD and RSI remain in the bearish [..]

Technical Analysis – NZDUSD sharply up but cautiously bullish

Posted on November 13, 2019 at 8:24 am GMT

NZDUSD skyrocketed overnight after the Reserve Bank of New Zealand surprisingly decided not to cut interest rates. The price stepped on the ascending trendline drawn from the October 1 troughs and overcame all its simple moving averages (SMAs) before stopping near the 23.6% Fibonacci of the upleg from 0.6239 to 0.6464 and slightly above the surface of the Ichimoku cloud. The momentum indicators followed the price higher too, turning the short-term bias into a bullish one, with the MACD rising into [..]

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Technical Analysis – GBPNZD holds its positive picture despite some easing in its ascent

Posted on November 12, 2019 at 3:12 pm GMT

GBPNZD looks to be in the process of pushing higher to re-test the fresh multi-year high of 2.0557. The pair seems to have taken a breather consolidating along the 2.0020 level. The short-term oscillators reflect a pause in the market but imply some improvement in positive momentum. The RSI is pointing up mid-way in the bullish territory. Additionally, the MACD, although currently below its red trigger line in the positive zone, is looking to climb back above it. Moreover, the [..]

Technical Analysis – WTI oil futures resume uptrend but shift sideways as momentum dries

Posted on November 12, 2019 at 10:08 am GMT

WTI oil futures are trading around the 57.11 area, which is the 50.0% Fibonacci retracement of the down wave from 63.22 to 50.98, with an undecided direction in hand. Oil has realigned with the positive picture, climbing above 56.90 but then adopted a range (55.66 – 57.83) in the last week, something also viewed in all the Ichimoku lines as they have converged. The short-term oscillators suggest that directional momentum has disappeared but lean towards a positive outlook. The MACD [..]

Technical Analysis – GBPUSD looks mildly positive in short-term; resistance line in focus

Posted on November 12, 2019 at 8:13 am GMT

GBPUSD started the week in the green after falling slightly for three consecutive days. The rebound happened around the 1.2800 support level and the 23.6% Fibonacci of the upleg from 1.2200 to 1.3011, but the bullish action was not strong enough to pierce the 1.2900 mark. Although the RSI managed to bounce back into the bullish area, the indicator continues to hold a downward direction since mid-October, while in Ichimoku indicators, the red Tenka-sen is flattening above the blue Kijun-sen line, all signaling a [..]

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Technical Analysis – US30 stock index remains positive, ascent eases from all-time high

Posted on November 11, 2019 at 4:55 pm GMT

US30 stock index seems to be taking a breather as it corrected lower from the all-time high of 27,773 and looks to be heading towards the 50-period simple moving average (SMA), which is located currently at the recent swing low of 27,406. The short-term oscillators reflect weakening in the positive momentum and even possibly a shift into a sideways market. The MACD remains in the positive zone but has moved below its red trigger line. The RSI has reached its [..]

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Technical Analysis – Palladium futures’ correction looks to test 50-day moving average

Posted on November 11, 2019 at 3:30 pm GMT

Palladium futures’ sharp pullback suggests that negative sentiment may be increasing, as it approaches the 50-day simple moving average (SMA), presently at 1660. Noteworthy, is the easing in the 20-day SMA’s slope, which could be the spark for the negative scenario. The bearish picture follows a three-month ascent, which commenced on August 2 from the 1376 level. The short-term oscillators confirm that negative momentum is increasing. The MACD has distanced itself below its red trigger line in the positive zone, [..]

Technical Analysis – Gold looking neutral-to-bearish, support structure may disagree

Posted on November 11, 2019 at 10:18 am GMT

Gold rebounds off the support structure of 1459 – 1453 with buyers trying to push higher. The yellow metal deflected off the resistance structure of 1514 – 1520 last week and dropped underneath all simple moving averages (SMAs) and slightly below the 1459 trough of October 1. Furthermore, the downward slopes in the SMAs lean towards a negative outlook. Yet, the short-term oscillators suggest that negative momentum is starting to weaken. The MACD, deep in the negative region, has just [..]

Technical Analysis – Is EURUSD on a bearish trend reversal?

Posted on November 11, 2019 at 8:33 am GMT

EURUSD generated extra losses after breaking the neckline of the double top formation with a ceiling at 1.1174 in the four-hour chart – a signal that a trend reversal may be in progress. The price has breached the 200-period simple moving average (SMA) too on the way down and is currently consolidating around the 50% Fibonacci of the upleg from 1.0878 to 1.1178 as the RSI and the Stochastics are exiting the oversold areas. The MACD also looks to be [..]

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Technical Analysis – Silver turns bearish with bears pushing for further declines

Posted on November 8, 2019 at 2:29 pm GMT

Silver looks to be shifting to a bearish bias as it moves below the swing low of 16.85 from August 19. The commodity’s bearish state seems to be backed by the downward slopes in the Ichimoku lines and the 20- and 40-day simple moving averages (SMAs), with the 40-day SMA nearing a bearish cross of the 100-day one. Furthermore, the technical indicators reflect strong negative momentum in place, with the RSI currently in oversold territories, while the MACD is accelerating [..]

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