Technical Analysis

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Technical Analysis – WTI oil futures flirt with supportive line; look oversold

Posted on January 14, 2020 at 10:42 am GMT

WTI crude oil futures recorded a significant downfall over the past six days after they found strong resistance at the eight-month high of 65.60 last week. Currently, the price is flirting with the ascending trend line around the 57.70 support level, supposing a possible rebound on it or a breakdown. The negative slope in the RSI, which falls comfortably below its 50 neutral mark, and the downfall of the MACD near its zero line, is painting a bearish picture for [..]

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Technical Analysis – CADJPY remains positive despite pressure from sellers

Posted on January 14, 2020 at 10:32 am GMT

CADJPY is fading following attempts to close a session above the 84.34 resistance from April 2019. Despite the overwhelming positive sentiment – reflected in the upward slopes of the Ichimoku lines and the 20-, 50- and 100-day simple moving averages (SMAs) – the technical indicators suggest a slight weakening in the positive direction. Technically, the MACD, in the positive zone, is flat above its red trigger line, while the RSI, in the bullish region has slightly subsided. Moreover, the Stochastics reflect [..]

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Technical Analysis – AUDCHF turns cautiously negative after multi-month low

Posted on January 14, 2020 at 8:52 am GMT

AUDCHF started the year on the back foot, breaking to the downside the range it had been trading in recent months to briefly touch 0.6620, a level last seen in August. Even though the pair later rebounded, the price structure now consists of lower highs and lower lows, so the outlook seems cautiously negative. A clear break below 0.6620 would turn it firmly negative. Short term oscillators concur with a mildly bearish picture, but also suggest some stabilization in the [..]

Technical Analysis – EURGBP enters bullish zone but key resistance ahead

Posted on January 14, 2020 at 8:16 am GMT

EURGBP is entering bullish territory as the price is deviating above its shorter-term moving averages (SMAs) at the same time the MACD is turning positive after 5 months. The RSI and the red Tenkan-sen line are resuming their positive momentum, backing this view as well. Before turning optimistic however,  the price should first clear the key 0.8600-0.8655 resistance area as any failure to surpass that region could shift the spotlight back to the 0.8470 support level. Lower, the December 9 trough of 0.8392 may [..]

Technical Analysis – GBPUSD holds bearish bias but strong support awaits near 1.2900

Posted on January 14, 2020 at 7:33 am GMT

GBPUSD has been negative from the beginning of the new year as the 1.3285 resistance seems to be a real struggle for the bulls. Technically, the price dropped beneath the 20- and 40-period simple moving averages (SMAs), challenging the Ichimoku cloud in the daily timeframe. The RSI is standing below its 50 neutral mark but is flattening, while the MACD oscillator is remaining below its trigger line and near the zero level, confirming the recent bearish view. Further declines could meet a [..]

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Technical Analysis – EURCHF bears face big challenge around 32-month low

Posted on January 13, 2020 at 1:42 pm GMT

EURCHF found some footing around the 32-month low of 1.0780 last week and returned inside the trading range from 1.0810 to 1.1055. The MACD seems to be losing momentum below its red trigger line, the RSI is still hovering around its 30 oversold mark and the red Tenkan-sen is sloping down as well, while the blue Kijun-sen is still flattening, all signaling a more cautious trading in the short-term. Should weakness extend below the 32-month low of 1.0780 mark, support to downside movements could be initially detected within [..]

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Technical Analysis – USDJPY rallies above long-term resistance trendline; 110 level in focus

Posted on January 13, 2020 at 10:50 am GMT

USDJPY finally climbed above the strong resistance trendline that has been capping upside corrections since mid-September 2018 and questions are rising now about whether the market can sustain the break in the coming sessions. The positive slope in the RSI, which runs comfortably above its 50 neutral mark is painting a rosy picture for the short-term trading. However, with the Stochastics searching for a bearish cross in the overbought area, it is reasonable to believe that the rally may appear [..]

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Technical Analysis – JPMorgan stock hovers below record high; bullish in medium-term

Posted on January 13, 2020 at 10:41 am GMT

JPMorgan stock price is slightly lower since the pullback on the record high of 141.00 on January 2. In the very short-term, the market could maintain the downside correction if the RSI keeps sloping down and the MACD continues to lose momentum below its trigger line. Currently, the stock price is hovering within the red Tenkan-sen and the blue Kijun-sen lines. An extension to the downside and below the blue Kijun-sen line could meet the area between the 50-day simple [..]

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Technical Analysis – GBPCAD loses ground; challenges supportive trendline

Posted on January 13, 2020 at 10:20 am GMT

GBPCAD at this time is challenging the 1.6960 level – a support where the pair had consolidated after a decline from the nine-month high of 1.7790 – where the uptrend line, drawn from the low on 3 September 2019 presently resides. The push down seems to be aided by strengthening negative momentum and the bearish crossover of the 50-day simple moving average (SMA) by the 20-day one. The short-term oscillators suggest negative momentum is picking up. The MACD, is declining [..]

Technical Analysis – EURUSD pushes for a rebound but bulls waiting above 1.1200

Posted on January 13, 2020 at 8:31 am GMT

EURUSD started the year on the negative side, closing with marginal losses for the second week. The pair, however, managed to pause its sell-off near the 50-day simple moving average (SMA) on Friday, where the 38.2% Fibonacci of the 1.1411-1.0878 downleg is located, retaining at the same time its upward direction off the 28-month low of 1.0878 alive. The 50% Fibonacci of 1.1144 is currently in target as the reversing RSI and the Stochastics are endorsing the recent positive correction [..]

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