Technical Analysis

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Technical Analysis – Google’s gains slip through fingers as sellers correct back down

Posted on September 2, 2019 at 3:31 pm GMT

Google stock collapsed from 1264 to 1139 after nearly revisiting the high of 26 July 2018 of 1269, evaporating all gains from the bullish gap of July 26 of this year. The price moved into a sideways market with upper and lower boundaries of 1203 and 1146 respectively. Despite the latest correction and consolidation phase, the incline since June 3 has painted a positive picture, something also reflected by the momentum indicators remaining in bullish territory. Furthermore, the 50- and [..]

Technical Analysis – Gold takes a time-out after new high

Posted on September 2, 2019 at 10:13 am GMT

The yellow metal clocked a new 6 ½-year high of 1555.10 on August 26 and then pushed into a transition period for around a week with upper and lower boundaries around 1547 and 1516 respectively. It’s worth mentioning that the Bollinger bands are also squeezed in this short-term pause in direction. The MACD and the RSI suggest that negative momentum has started to increase. The MACD currently beneath its red trigger line, has declined into the negative zone, while the [..]

Technical Analysis – EURUSD revives bear trend at fresh 28-month lows

Posted on September 2, 2019 at 7:43 am GMT

EURUSD followed a series of bearish days after failing to breach the descending trend-line drawn from the 1.1411 peak, with the price dropping forcefully below the 1.1065 key support and into the 1.1000-1.0950 restrictive area. The fast-Stochastics have entered the oversold zone, while the RSI is ready to challenge its 30 oversold mark too, an indication that the bearish action could pause in the short-term. However, with the price trading comfortably below its moving averages, the market trend is likely to [..]

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Technical Analysis – Netflix stock collapses out of a 3-month trading range

Posted on August 30, 2019 at 2:22 pm GMT

Netflix stock plummeted out of a three-month sideways market breaching the lower boundary of 335.88, where the 200-day SMA also happened to lie. The stocks’ one-and-a-half-month plunge which started July 11, had the price retrace to around 287.09, slightly below 290.15, which is the 61.8% Fibonacci retracement level of the up leg from 230.78 to 386.00. The MACD suggests an increase in positive directional momentum as it has moved above its red trigger line in the negative zone. The RSI [..]

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Technical Analysis – EURNZD completes an asymmetrical triangle

Posted on August 30, 2019 at 1:34 pm GMT

EURNZD is likely to extend the sideways move in the short-term until it completes the asymmetrical triangle in the four-hour chart, with the RSI and the MACD backing this view as well as the indicators are lacking clear direction. The positive slope in the 20-period simple moving average (SMA) that recently crossed above the 50-period SMA suggests that the upward pattern will stay in place in the short-term. Should the price crawl above the triangle and the 1.7571 ceiling, the market could attract fresh buying interest, [..]

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Technical Analysis – Apple uptrend loses steam, may turn neutral soon

Posted on August 30, 2019 at 1:18 pm GMT

Apple’s stock touched a multi-month high at 221.5 at the end of July, but the price has retreated since then and recorded a lower high on the daily chart. This is an indication that the bigger uptrend may be losing steam. For the uptrend to resume, the bulls would need to push above 221.5. Short-term momentum oscillators are near their neutral levels, providing no clear directional signals. If buyers retake the driver’s seat, they may push towards 215.0 initially, this [..]

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Technical Analysis – LTCUSD still in a bearish hangover; crosses under 200-day SMA

Posted on August 30, 2019 at 12:26 pm GMT

LTCUSD (Litecoin), the fifth largest cryptocurrency by market cap, turned on a slippery road after hitting a one-year high of 143.61 in June, with the price crossing below the Ichimoku cloud, and recently under the 200-day simple moving average (SMA). The bearish cross of the 20- and the 50-day SMAs is more evidence that the downward pattern may stay in place for longer. Although the RSI is located in the oversold territory, the indicator has yet to show any sign [..]

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Technical Analysis – AUDJPY consolidates near 10-year lows

Posted on August 30, 2019 at 11:54 am GMT

AUDJPY fell to a fresh 10-year low of 69.90 earlier this week, before rebounding somewhat to re-enter the sideways range between 72.90 and 70.70 that it had been trading in since early August. The price structure still points to a clear downtrend, though a clear move below 69.90 is needed to signal that the consolidation phase is over and that the negative bias is back in force. Momentum oscillators paint a mixed picture, with the RSI still in bearish territory [..]

Technical Analysis – USDCAD trapped by SMAs near 50.0% Fibonacci; 1.3345 resistance endures

Posted on August 30, 2019 at 11:05 am GMT

USDCAD has been unable to overcome the 1.3345 barrier, despite breaching the 200-day simple moving average (SMA). The 1.3345 resistance is showing resilience as it was tested multiple times over the last two-weeks of consolidation. The price is slightly above the Ichimoku cloud between the 100- and 200-day SMAs increasing the odds that the sideways move may outstretch a while longer. Regarding momentum, the MACD is in positive territory and has moved below its red trigger line, reflecting weakening upside [..]

Technical Analysis – USDCHF bulls could become energized above Ichimoku cloud

Posted on August 30, 2019 at 7:27 am GMT

USDCHF inched up to test the 38.2% Fibonacci of the upleg from 1.0234 to 0.9658 after closing above the 50-day simple moving average (SMA) on Thursday. In momentum indicators, the RSI has entered bullish territory and is pointing up, while the MACD has further deviated above its red signal line and closer to zero. Both measures are therefore signalling a stronger bullish bias for the short-term. Nevertheless, traders could wait for a determined exit from the Ichimoku cloud, that blocked the [..]

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