Technical Analysis

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Technical Analysis – EURJPY plummets to 9-month low near 128.46; loses more than 200 pips 

Posted on May 23, 2018 at 8:35 am GMT

EURJPY plummeted over today’s early European session, losing more than 200 pips after finding resistance at the 38.2% Fibonacci retracement level of the downleg from 133.50 to 129.2, near 130.85. This week, the pair is on the backfoot, creating a new nine-month low at 128.46 and the technical indicators in the 4-hour chart suggest that the market could ease more in the short-term. Technically, in the 4-hour chart, the RSI is currently increasing negative momentum towards its oversold zone after the rebound on the neutral threshold, [..]

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Technical Analysis – AUDUSD erases upward rally; could weaken further in short-term

Posted on May 23, 2018 at 6:43 am GMT

AUDUSD ended Tuesday’s session in the red after an aggressive bullish rally as it found strong resistance at the 0.7600 handle and at the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.7410, around 0.7580. The price challenged a new one-month high of 0.7604 and approached the 40-day simple moving average (SMA). The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen before [..]

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Technical Analysis – Facebook stock holds below 3-month highs; outlook still positive

Posted on May 22, 2018 at 1:15 pm GMT

Facebook stock prices have reversed back down again after finding resistance at the three-month high of 188.23 achieved May 11. The neutral picture in the very short-term outlook looks to last for a while longer after prices failed to break above the aforementioned high. The price is struggling below the 185.60 level and the technical indicators are moving with weak momentum. The resistance that was met at 188.23 is forcing the price to reverse lower. In the daily chart, the RSI indicator is sloping slightly [..]

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Technical Analysis – WTI futures stand near multi-year high of 72.70; strong bullish mode

Posted on May 22, 2018 at 8:11 am GMT

West Texas Intermediate (WTI) crude oil futures are edging higher, recording a new multi-year high of 72.70 during Tuesday’s early European session. The price jumped above the previous peak of 72.30 and the short-term technical indicators are endorsing the bullish scenario. From the technical point of view, the MACD oscillator climbed above its trigger line and is rising with strong momentum, while the ROC oscillator stands above the neutral area and is sloping to the upside. Moreover, the 20- and [..]

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Technical Analysis – GBPUSD drops to lowest in 5 months; outlook still bearish

Posted on May 22, 2018 at 6:38 am GMT

GBPUSD had a deep fall during Monday’s trading period as it dropped below the narrow range of 1.3450 to 1.3600, which had been holding over the previous two weeks. The price plunged to a new five-month low of 1.3389, however, price action is at the moment taking place not far above this trough. In the daily timeframe based on technical indicators, momentum is too weak to provide a sustained move higher. The RSI indicator is flattening in the oversold level near the 30 [..]

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Technical Analysis – NZDJPY rebounds on 75.60 and is set to post another green day; holds in descending triangle in long-term

Posted on May 21, 2018 at 1:13 pm GMT

NZDJPY has reversed back up again after finding support at the 11-month low of 75.60, achieved on March 23. This low is the lower boundary of the descending triangle in the long-term timeframe and currently, the pair is set to record the fourth consecutive green day. Momentum indicators are pointing north to a positive bias in the short-term with the RSI indicator just above the 50 threshold. The stochastic oscillator is moving strongly upwards as the %K line entered the overbought zone and [..]

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Technical Analysis – Gold posts new trough near 1282; bearish in short and medium-term

Posted on May 21, 2018 at 8:24 am GMT

Gold is on course to post a strong trading day of losses, which have taken the price towards a fresh five-month low of 1281.96. The sharp sell-off, especially in the past week, has shifted the near-term bias from neutral to negative. The momentum indicators are supportive of the bearish picture in the 4-hour chart. The RSI is currently increasing negative momentum towards its 30 level and is approaching the oversold level, while the MACD oscillator is moving lower below the [..]

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Technical Analysis – EURUSD tumbles to new 5-month low; could weaken further in short-term

Posted on May 21, 2018 at 6:34 am GMT

EURUSD has come under renewed selling pressure over the last five trading days, slipping below the 1.1820 key level. The price remains under pressure and risk is still to the downside as prices continue to drift lower, hitting a new 5-month low of 1.1739. The short-term technical indicators are bearish, pointing to more weakness in the market. Having a look at the daily timeframe, the single currency is developing well below the 20- and 40-simple moving averages (SMAs) versus the [..]

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Technical Analysis – Japan 225 index runs bullish and overbought at 3 ½-month highs

Posted on May 18, 2018 at 1:49 pm GMT

Japan 225 stock index has been fairly bullish over the past two months, printing higher highs and higher lows during the period to peak at levels last seen in early February. The bullish trend is expected to stretch into the short-term as long as the price manages to stay above the Ichimoku cloud and its moving averages which are all positively sloped. Momentum, however, could weaken according to the RSI which is currently flirting with overbought levels. Yet, the MACD [..]

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Technical Analysis – GBPJPY facing negative movements in near term after rising to 150

Posted on May 18, 2018 at 12:18 pm GMT

GBPJPY is paring some of Friday’s gains as over the last hours it is moving below its intraday high around 150.00. The price reached a new two-week high and is creating a bullish correction after the rebound on the 147.00 psychological level. In the 4-hour chart, the technical indicators are pointing to a neutral to positive bias with the RSI just below the 70 level, while the MACD oscillator is flattening above its trigger line. In case of further losses, the price could challenge [..]

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