Technical Analysis

Technical Analysis – Gold retreats within Ichimoku cloud; bears take control in near term

Posted on January 13, 2020 at 7:32 am GMT

Gold has declined considerably over the last couple of trading days after the touch on the almost seven-year peak of 1,611 on January 8. The price entered the Ichimoku cloud and is capped by the bearish crossover within the short-term 20- and 40-period simple moving averages (SMAs), assuming a negative correction. The technical indicators in the 4-hour chart seem to be neutral to bearish. The RSI indicator has just dropped beneath the 50 level with nearly flat momentum, while the [..]

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Technical Analysis – Twitter stock gains ground from 10-Month low

Posted on January 10, 2020 at 1:37 pm GMT

Twitter stock’s recent improving picture looks to be assisted by the fresh bullish crossover of the 50-day simple moving average (SMA) by the 20-day one, as well as the strengthening momentum in technical indicators. The short-term oscillators reflect an improving outlook with the MACD slightly over zero, crossing above its red trigger line, while the RSI is rising in the bullish zone and nears its 70 level. However, the bearish overlap of the 200-day SMA by the 100-day one, and [..]

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Technical Analysis – AUDJPY set for golden cross in upward sloping channel

Posted on January 10, 2020 at 11:57 am GMT

AUDJPY continues to post higher peaks and higher troughs within an upward sloping channel since late August, which keeps the broader outlook positive. Moreover, the 50-day simple moving average (SMA) looks ready to cross above the 200-day one soon, which would be another bullish sign. That said, both seem to be flattening out, signaling that upside momentum may be gradually losing steam. Short-term oscillators concur with the mildly bullish picture. The RSI just entered its positive zone, while the MACD [..]

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Technical Analysis – Dollar Index futures bulls may face big challenge near the flat 200-day SMA

Posted on January 10, 2020 at 11:04 am GMT

The US dollar index futures rose above the short-term 20-day simple moving average (SMA) and is approaching the 40-SMA, creating the fourth green day in a row. The price is still developing within a downward sloping channel since October 2019. The fast Stochastics and the RSI, signal that the bearish action is running out of fuel and hence a rebound of the price off the line is likely as the indicators are moving up. Furthermore, the MACD oscillator surpassed the trigger line, completing a [..]

Technical Analysis – GBPJPY may realign with positive picture despite consolidation

Posted on January 10, 2020 at 9:03 am GMT

GBPJPY appears to have stalled below the flat lines of the Bollinger bands, but buyers are attempting to overtake the mid-band at 143.08, after the bounce off the lower-band. The fresh positive push seems to also be aided by the bullish crossover of the 200-day simple moving average (SMA) by the 100-day one. The short-term oscillators reflect the stall in the market but lean towards a positive view. The MACD, is slightly above the zero level but only just below [..]

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Technical Analysis – USDCNH extends downtrend to 5-month low; searches for a rebound

Posted on January 10, 2020 at 8:46 am GMT

USDCNH has been developing in a downtrend since the peak at an all-time high of 7.193 in early-September, with the price retreating below the 200-day exponential moving average (EMA) to touch a five-month low at 6.9156 on Thursday. The sell-off is looking overstretched according to the RSI which seems to be rebounding near its 30 oversold mark and the fact that the 50% Fibonacci of the 6.6686-7.193 upleg is in the neighborhood, further increases the case for an upside correction in the price. Yet [..]

Technical Analysis – USDCAD climbs higher but is capped by 20-SMA

Posted on January 10, 2020 at 7:18 am GMT

USDCAD recorded its third day of gains after a failed attempt to break significantly below the 21-month low of 1.2950 on Tuesday. In the longer-term timeframe, the pair is still moving in a bearish direction. Chances for a short-term reversal are increasing as the stochastic oscillator is approaching its overbought territory. Moreover, the MACD posted a bullish crossover with its trigger line in the bearish area, suggesting a possible upside correction. However, the pair hit the 20-period simple moving average [..]

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Technical Analysis – EURTRY loses ground with the retracement nearing the 50.0% Fibonacci

Posted on January 9, 2020 at 4:04 pm GMT

EURTRY’s recent correction stretched below 6.538, which is the 38.2% Fibonacci retracement of the up leg from 6.287 to 6.694 and is now testing the swing low of 6.509. The aggressive dive seems to be eyeing the 50.0% Fibo of 6.490 and looks to be aided by the bearish crossover of the 50-period simple moving average (SMA) by the 20-period one on the four-hour chart. The short-term oscillators suggest negative momentum may pick up, indicating that the decline could extend [..]

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Technical Analysis – Tesla’s crazy rally nears a make or break point

Posted on January 9, 2020 at 2:38 pm GMT

Tesla’s stock price skyrocketed to a fresh record high of 498.07 on Wednesday, increasing its weekly gains to 15% due to strong vehicle delivery numbers. The RSI, although well into the overbought territory, has yet to show signs of weakness, keeping the short-term bias strongly positive. Yet, with the indicator approaching a former resistance area, some caution should be taken unless the price clears the 500.00 level, shifting the spotlight next to the 520.00 and 540.00 psychological marks. Should the bears retake [..]

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Technical Analysis – Palladium futures sellers surface putting pressure on the ascent

Posted on January 9, 2020 at 1:41 pm GMT

Palladium futures sellers have emerged after the recent rally, which bounced off the 50-day simple moving average (SMA) at 1783 and stretched the commodity above the upper-Bollinger band plotting a fresh all-time-high of 2111.23. The upward sloping SMAs continue to paint an improving positive picture as do the technical indicators. That said, the slight decline in the RSI – in the overbought territory – suggests a slight weakening in the existing bullish view cautioning for a pullback towards the mid-level [..]

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