Technical Analysis

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Technical Analysis – US500 index exits neutral zone to look at 3,000

Posted on September 9, 2019 at 12:03 pm GMT

The US 500 stock index (cash) is eyeing the 3,000 mark again after the violation of the tough 2,940 resistance-turned-support level put the market back into the bullish game. Yet, traders could reduce buying exposures in the short-term as the RSI signals overbought conditions for the fourth consecutive day and the MACD loses momentum below its red signal line. It is also worth noting that the 50- and the 200-period simple moving averages in the four-hour chart have already established a golden cross [..]

Technical Analysis – EURUSD pullback denied by bears and 50.0% Fibonacci level

Posted on September 9, 2019 at 9:24 am GMT

EURUSD plotted a twenty-eight-month low of 1.0925 after a fall from June 25. The bulls tried for a correction up to the downtrend line, but their efforts were ceased by the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the down leg from 1.1249 to 1.0925, of 1.1086. The sellers took control at the level and pushed down the price, rejuvenating the prior downward sentiment. The momentum indicators are signaling that the down move could pause [..]

Technical Analysis – Gold unable to lift 1,560 barrier; upward channel sustains confidence

Posted on September 9, 2019 at 7:32 am GMT

Gold gave up some ground after failing to cross the 1,560 border, with the sellers currently eyeing the 1,493 noisy support area as the technical indicators warn over a neutral-to-bearish session in the short-term; the RSI is attached at its 50 neutral mark following last week’s decline and the MACD continues to lose momentum below its red signal line. The market, however, keeps a positive trend inside an ascending channel and unless the price breaches it on the way down, any weakness could [..]

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Technical Analysis – WTI oil futures test the 38.2% Fibonacci multiple times

Posted on September 6, 2019 at 2:15 pm GMT

WTI oil futures rallied from a seven-month low on August 7, but the gains were halted at 56.68 and around the 38.2% Fibonacci retracement level of the down wave from 66.57 to 50.58. After multiple failed attempts to close above the 56.68 resistance level over the last couple of weeks, the 20-, 50- and 200-day simple moving averages (SMAs) have converged, encapsulating the price of the commodity. More importantly, the bull’s endeavor, to move above the downward sloping 100-day SMA [..]

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Technical Analysis – BTCUSD exposed to downside corrections

Posted on September 6, 2019 at 1:55 pm GMT

BTCUSD (Bitcoin) staged a stunning upside reversal around the 9,300 support area, with the price surging back above the 100-period exponential moving average (EMA) and towards two-week highs. Buyers are currently pushing efforts to overcome the 38.2% Fibonacci of 10,837 of the downleg from 13,809 to 9.011, a break of which could see the retest of the 11,130 barrier. Moving higher, the 50% Fibonacci of 11,398 could next captivate trader’s attention and trigger another bullish action towards the 61.8% Fibonacci [..]

Technical Analysis – GBPJPY completes double bottom pattern after 5-month downtrend

Posted on September 6, 2019 at 9:02 am GMT

GBPJPY’s bulls accelerated the price up to hover around the 131.80 level, which is the 23.6% Fibonacci retracement level of the down leg from 148.86 to 126.53. The rally yesterday completed a double bottom pattern after breaking above the neckline of 130.68, and now price has possibly paused for the very-short-term, between 131.60 and 132.15. The 50- and 100-period simple moving averages (SMAs), with their upward slopes, are headed to the 200-period SMA, whilst the MACD and RSI reflect bullish [..]

Technical Analysis – USDCAD slips back to retest 50% Fibonacci under 200-SMA

Posted on September 6, 2019 at 7:28 am GMT

USDCAD has done little to recover Wednesday’s free-fall that led the price under the 200-period simple moving average (SMA) in the four-hour chart and slightly below the 1.3200 level. The momentum indicators, however, are currently favoring a bearish-to-neutral  picture for the short-term trading as the RSI is pointing towards its 30 oversold mark and the MACD is flattening under its red signal line. The steep negative slope in the red Tenkan-sen is another discouraging signal. The focus is now back [..]

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Technical Analysis – Silver moves to multi-year highs; bears correct back down

Posted on September 5, 2019 at 3:53 pm GMT

Silver’s bears erased the gains from the move up to a thirty-five-month high of 19.63. The pullback in the price of the metal moved through the 21-period simple moving average (SMA), which coincided with support from the November 2016 high of 18.98. The bears are now testing the 42-period SMA also residing with the swing high at 18.63. Momentum indicators reflect an increasing negative picture for the short-term. The MACD declined below its red trigger line in the positive region, [..]

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Technical Analysis – USDSEK collapses below the uptrend line

Posted on September 5, 2019 at 1:38 pm GMT

USDSEK’s weekly gains that peaked at 17-year highs evaporated as the bears showed up and plunged the pair through the 50- and 100-period simple moving averages (SMAs). The move engulfed up support levels bringing the price to test the uptrend line. The technical indicators reflect the increasing bearish momentum in the near picture. The MACD has distanced itself from its red trigger line and declines further in the negative region, whilst the RSI has entered the oversold territory moving lower too. Traders [..]

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Technical Analysis – GER30 index gains ground above 200-SMA; looks overbought

Posted on September 5, 2019 at 11:46 am GMT

The GER30 index stepped on the 200-period simple moving average (SMA) on Wednesday and accelerated to one-month highs. While the RSI’s peak in the overbought territory suggests that the rally is overstretched and is time for a downside correction, the positive momentum in the MACD and the upward direction in the red Tenkan-sen line signals that any weakness could be temporary.  Even more encouraging is the bullish cross between the 20- and the 200-period SMAs that foresees the continuation of [..]

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