Technical Analysis

Technical Analysis – AUDUSD fails to break multi-year lows; rallies to 50.0% Fibonacci

Posted on September 11, 2019 at 8:59 am GMT

AUDUSD has rallied above the 21- and 42-day simple moving averages (SMAs), up to the Ichimoku cloud, after the bears were unable to capitalize from the multi-year lows it re-tested earlier this month. Tackling 0.6880, which is the 50.0% Fibonacci retracement level of the down leg from 0.7081 to 0.6676, buyers are looking to take back more losses from the drop which started on July 19. The MACD has distanced itself from its red trigger line moving marginally into the [..]

Technical Analysis – EURJPY in recovery mode but descending channel holds the “bull flag”  

Posted on September 11, 2019 at 7:22 am GMT

EURJPY is prolonging the rebound off the 2 ½-year low of 115.85 as the RSI and the MACD are signaling mounting buying interest, with the former surpassing its 50 neutral mark and the latter improving above its signal line. Questions however remain about whether the bullish forces are strong enough to violate the descending channel to the upside. Should the price close comfortably above the channel, piercing the lower surface of the Ichimoku cloud and resistance around 119.86 as well, the rally could [..]

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Technical Analysis – EURCAD logs a 2-year low, touching a weekly uptrend line

Posted on September 10, 2019 at 2:45 pm GMT

EURCAD descended over the last month from the peak of 1.4994, after failing to close above the 100-day simple moving average (SMA), with the bears eyeing the weekly uptrend line drawn from 1.2127 on the 12 of August 2012. They failed to penetrate below, only managing to produce a 2-year low of 1.4502 and reversed after finding support on the line. The MACD has distanced itself from its red trigger line in the negative zone, reflecting an increase in bearish [..]

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Technical Analysis – EURCHF’s buyers correct to the 23.6% Fibonacci level

Posted on September 10, 2019 at 12:50 pm GMT

EURCHF, after a four-month decline, had bulls emerge to propel the price upwards to the 1.0970 resistance looking for further gains. The level is the 23.6% Fibonacci retracement of the down move from 1.1475 to 1.0810, and where the 50-day simple moving average (SMA) currently lies. Failing to breach, the current stalling price at the 23.6% Fibo of 1.0970, coupled with the downward sloping SMAs, suggests that the rally higher may be off the table for now. Additionally, the MACD [..]

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Technical Analysis – Could Apple stock break out of asymmetrical triangle ahead of products launch?

Posted on September 10, 2019 at 10:18 am GMT

Apple stock is edging higher ahead of the anticipated unveiling of new products later on Tuesday, including an updated iPhone. The company’s share price is trading around the upper boundary of an asymmetrical triangle and although the RSI and the MACD both reflect a bullish bias, the Stochastics are ready to print a bearish cross above the 80 overbought mark, signaling that a downside correction could be around the corner. Should the bulls close comfortably above the 215.00 ceiling and hence [..]

Technical Analysis – GBPUSD bulls trying to gain ground as 50-SMA breached

Posted on September 10, 2019 at 9:43 am GMT

GBPUSD met a roadblock at 1.2380 after a recent one-week drive up from a thirty-one-month low of 1.1957. The price climbed above the 50-day simple moving average (SMA) and the 1.2293 resistance, which is the 23.6% Fibonacci retracement level of the down move from 1.3381 to 1.1957. Dwindling positive momentum suggests that the price could adopt a short-term sideways approach as the MACD has risen slightly above zero into the positive territory, after distancing itself from its red trigger line, [..]

Technical Analysis – EURGBP violates key borders; bearish near oversold zone

Posted on September 10, 2019 at 7:27 am GMT

EURGBP registered losses for the fourth consecutive week and bearish signals became stronger as the price failed to return above the upward support line, crossing instead under its shorter-term simple moving averages (SMA) and the Ichimoku cloud. The 50% Fibonacci of the upleg from 0.8470 to 0.9323 managed to confidently curb downside movements on Monday and although the Stochastics are currently preparing to exit the oversold territory, the short-term bias remains skewed to the downside as the MACD maintains negative momentum under its red signal [..]

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Technical Analysis – AUDJPY extends correction, flirts with 50-SMA

Posted on September 9, 2019 at 3:43 pm GMT

AUDJPY plotted five days of gains after a four-month decline to a 10 1/2-year low of 69.94. The bulls are currently facing some downside pressure from the 50-day simple moving average (SMA) as well as the near downtrend line. The indicators are reflecting an increasing bullish momentum, with the MACD rising in negative territory, distancing itself above its red trigger line, while the upward sloping RSI has inclined into bullish areas. If the bulls manage to surpass the 50-day SMA [..]

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Technical Analysis – USDMXN bears gather ammunition below the 200-SMA

Posted on September 9, 2019 at 2:39 pm GMT

USDMXN slashed in half the gains it earned from July 31 in four days, with the price diving under the eight-month peak of 20.251 and through all the simple moving averages (SMAs) and the Ichimoku cloud. The technical indicators are suggesting a revival of the down move, with the MACD falling back beneath its trigger in negative territory and the RSI pointing downwards below its 30 oversold mark. More importantly the 42-period SMA seems to be headed for a bearish [..]

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Technical Analysis – GBPCHF searches for more gains above 50-day SMA

Posted on September 9, 2019 at 1:07 pm GMT

GBPCHF is looking for more buyers to sign up in the short-term as the MACD tries to grow in the positive territory for the first time since April and the RSI is picking up steam in the bullish area. The market is currently making efforts to pierce July’s troughs around 1.2238, though only a bullish explosion above the previous high of 1.2367 would bring the four-month old downtrend in speculation. A step above 1.2535, which is the 50% Fibonacci of [..]

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