Technical Analysis

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Technical Analysis – Brent futures reverse quickly lower after touching 8-month peak

Posted on January 9, 2020 at 1:37 pm GMT

Brent futures extended their Wednesday losses and are currently trading far below the eight-month high of 71.30, slipping beneath the 20-day simple moving averages (SMAs) and the blue Kijun-sen line.  However, in the medium-term the price has a bullish view confirmed by higher highs and higher lows. The RSI turned lower after entering the bearish area. At the moment, it continues to head lower in support of a negative short-term picture. The bias in the very-short-term also looks bearish as [..]

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Technical Analysis – US 100 rallies to fresh record highs again

Posted on January 9, 2020 at 12:05 pm GMT

The US 100 index has been in a flying mode since yesterday, recording again a fresh all-time high around 8974.27 after it hit the 8660 support, which overlaps with the short-term 20-day simple moving average (SMA). According to the RSI, the market could maintain positive momentum in the short-term as the indicator is positively sloped above its 70 level, though the fast Stochastics suggest that the market is located in overbought territory and therefore some weakness is possible; the blue [..]

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Technical Analysis – GER 30 index reactivates long-term uptrend; eyes record high

Posted on January 9, 2020 at 10:59 am GMT

The German 30 stock index opened positive this week after hitting support at 12,946, which is where the price bottomed in December and peaked in October. The bulls are currently pushing efforts to extend the uptrend off 10,276 towards the record high of 13,600 registered on January 2018 and while the upward slope in the RSI endorses the positive move, the MACD has yet to comfortably rise above its red signal line, suggesting that some caution remains in the market. A [..]

Technical Analysis – NZDUSD’s decline off 2019 high turns sideways at 23.6% Fibonacci

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

NZDUSD looks to have turned flat, confined between 0.6680 and 0.6616 over the last week, following the decline from the five-month high of 0.6754 for the end of 2019. The pair has found support within this range from the 0.6634 area, which is the 23.6% Fibonacci retracement of the up leg from 0.6239 to 0.6754 and where the 100-period simple moving average (SMA) currently is located. That said, the short-term oscillators suggest that negative momentum may be picking up. The [..]

Technical Analysis – USDJPY returns higher; lacks clear direction in short-term

Posted on January 9, 2020 at 7:20 am GMT

USDJPY ended the day in green after the sharp sell-off on Wednesday, erasing intraday’s losses and surpassing the mid-level of the Bollinger Band (20-day simple moving average) and the 40-day SMA as well. The price rebounded on the 38.2% Fibonacci retracement level the of upleg from the 17-month low of 104.45 to the seven-month high of 109.70, near 107.70. The momentum indicators are pointing to a positive bias in the very short-term with the RSI just above the 50 level [..]

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Technical Analysis – GBPNOK turns horizontal after tumble from highs is halted by 100-MA

Posted on January 8, 2020 at 2:44 pm GMT

GBPNOK’s aggressive decline from the fourty-two-month high of 12.2105 looks to have turned flat around the 11.54 to 11.51 levels, finding support where the lower band of the Ichimoku cloud has merged with the 100-day simple moving average (SMA). Further backing this view, is the weakening negative momentum in the technical indicators and the flattened Kijun-sen line. The short-term oscillators suggest negative momentum is wavering. The MACD, in the negative area has climbed above its red trigger line, while the [..]

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Technical Analysis – Gold returns lower after surpassing 1,600 in near term

Posted on January 8, 2020 at 1:09 pm GMT

Gold looks to be overbought as it returns the significant gains that it posted in the preceding days. Earlier today, the price jumped to a fresh almost seven-year high of 1,611. The technical indicators seem to be overstretched in the 4-hour chart. The RSI slipped below the oversold area and the 70 level and continues to slope down, while the MACD fell beneath the trigger line but is still moving in the positive zone. Both are indicating a possible downside [..]

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Technical Analysis – EURGBP tests downtrend line; bearish outlook intact

Posted on January 8, 2020 at 10:30 am GMT

EURGBP is moving slightly lower over the last ten days, following the pullback on the 0.8590 resistance and the descending trend line, which has been holding since the ten-year peak of 0.9324 last August. Currently, the price is developing within the 20- and 40-simple moving averages (SMAs) in the daily timeframe, which act as support and resistance respectively. The MACD oscillator is flattening below the zero line, while the RSI is moving slightly lower below the 50 level, signaling a [..]

Technical Analysis – EURJPY loses steam; confined below 200-MA

Posted on January 8, 2020 at 10:06 am GMT

EURJPY appears to be curbed by the 200-period simple moving average (SMA) currently at 120.95, succeeding a second push off the 120.16 support, which resulted in buyers keeping the pair above a supportive trendline drawn from 3 September 2019. The short-term oscillators suggest a slight strengthening in negative momentum. The MACD has slipped back below its red trigger line in the negative zone, while the RSI, has turned back down in the bearish region. Furthermore, boosting a retest of the [..]

Technical Analysis – AUDUSD pauses bearish move near 0.6850; remains in bullish channel

Posted on January 8, 2020 at 7:12 am GMT

AUDUSD found a strong resistance obstacle on the six-month high of 0.7030 on December 31 and subsequently completed four consecutive red days. The price dropped towards the 20-day simple moving average (SMA) and the 50.0% Fibonacci retracement level of the upleg from 0.6670 to 0.7030, near 0.6850. Furthermore, the pair remains within the upward sloping channel, created from the bottom on October 1. Looking at the technical indicators, the RSI and the stochastic seem to be flat in the negative [..]

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