Technical Analysis


Technical Analysis – EURCHF creeps up to 23-month low; sellers push down below the border

Posted on July 19, 2019 at 1:51 pm GMT

EURCHF continued southbound from a 6-month high of 1.1475 on April 23, breaking out of an 8-month period sideways move to push towards a 23-month low of 1.1055. Presently, sellers are fracturing the support trying to continue the bearish bias. The 14-day simple moving average (SMA) is beginning a bearish cross of the 21-day SMA, whereas the long-term SMAs coincide with the down move. The MACD has crossed below the trigger line and the RSI approaches the 30 level, both in [..]


Technical Analysis – Gold drops after flying to more than 2-year high

Posted on July 19, 2019 at 11:21 am GMT

Gold advanced to a more than two-year high of 1,452.87 earlier today, but quickly reversed lower near the previous highs of 1,438. The technical indicators seem to be overstretched in the daily timeframe as the RSI is reversing lower after it touched the 70 level, while the MACD has found obstacle at the trigger line. If the price successfully surpasses the two-year high (1,452.87), it could prove a trigger point for another bullish round towards the 1,475 mark, registered on [..]


Technical Analysis – USDTRY pulls back from 4-month low; bearish in short term

Posted on July 19, 2019 at 9:34 am GMT

USDTRY has been in a downtrend over the last two months following the pullback on the seven-month high of 6.2440. The pair is holding beneath the 20- and 50-simple moving averages (SMAs), however, the momentum indicators are signaling for some gains in the short-term. The RSI is pointing marginally up in the negative zone, while the MACD posted a bullish crossover with its trigger line below the zero line. In case of another step lower and a penetration of the [..]


Technical Analysis – GBPCAD tumbles from congested areas; buyers try to gain some control

Posted on July 19, 2019 at 9:21 am GMT

GBPCAD slipped aggressively from the May 6 top of 1.7727, breaking through the congested support lines formed during the August 2018-March 2019 up leg, with buyers only seeming to make progress in stalling this down push yesterday. The short-term simple moving averages (SMAs) of 14- and 21-days still agree with the south move, and furthermore, the 14-day SMA paused the buyer’s effort to start a pullback. The long-term SMAs of 50-, 100- and 200-days also concur, with a bearish cross [..]

Technical Analysis – USDCAD death cross points to more bearish breakouts

Posted on July 19, 2019 at 7:00 am GMT

USDCAD experienced an uneventful week, moving sideways between the 20-day simple moving average (SMA) and its new ten-month low of 1.3015. In Ichimoku indicators, the red Tenkan-sen is flattening well below the blue Kijun-sen, while the RSI and the MACD keep gaining ground in the bearish territory, all signaling a neutral bias for the short-term. The 20-day SMA at 1.3084 could act as immediate resistance if the price corrects to the upside. Breaking that line, the bullish action may likely continue until the previous [..]

Technical Analysis – GBPJPY shows signs of fading descending move; indicators increase

Posted on July 19, 2019 at 6:58 am GMT

GBPJPY is still facing signs of a fading descending move as the RSI and the MACD keep moving higher, posting a positive divergence at a time when price seems to be edging lower in the daily timeframe. Currently, the pair is finding strong resistance at the red Tenkan-sen line of the Ichimoku cloud after it recorded a new six-month low of 133.80 on Thursday. In case of an end of the bearish structure, the price needs to complete a strong [..]


Technical Analysis – Silver records new high, advancing above descending triangle

Posted on July 18, 2019 at 12:36 pm GMT

Silver is having one of its best trading sessions of this year, gaining strong momentum above the descending triangle that was holding since April 2017. This week the price continues to attract buying interest, with the price registering a fresh five-month high of 16.10. The technical indicators are still located in bullish area, with the MACD stretching further above its red trigger line and the RSI moving above 70. Yet the latter could also be an indication that the rally [..]


Technical Analysis – EURZAR breaks above downtrend line; wrestles with 50-SMA and Ichimoku cloud

Posted on July 18, 2019 at 12:12 pm GMT

A short-term buyer’s pullback from a 5-month low generated a few days ago, of 15.5395, had the pair move north to tackle the heavyweight 50-day simple moving average (SMA), coupled with the cloud of the Ichimoku indicator. Nevertheless, some consolidation seems to have come in the last sessions. The MACD crossed above the zero line and is pointing up, whilst the RSI seems to have hit previous highs and turned slightly down after the previous positive divergence that helped to [..]


Technical Analysis – US 500 index retreats below record high of 3,020

Posted on July 18, 2019 at 9:03 am GMT

The US 500 stock index has pulled back somewhat after touching an all-time high of 3,020 in the prior week, reversing back below the red Tenkan-sen line. Momentum indicators now suggest that the market sentiment might get worse before getting better as the RSI is approaching the neutral area again and the MACD dived below its trigger line in the daily timeframe. Should bearish dynamics dominate in the very short-term, the market might revisit the 2,964 support and move even [..]


Technical Analysis – NZDCHF’s 100-SMA and 50.0% Fibonacci become a double opponent obstacle

Posted on July 18, 2019 at 8:25 am GMT

NZDCHF saw some positive divergence in the last several weeks on the RSI which helped it to bounce back from a three-month high tumble from 0.6913 to an eight-month low of 0.6423. Since yesterday the price is trading above the 38.2% Fibonacci retracement level of the down-leg from 0.6913 to 0.6423, of 0.6614 and is heading towards the 50.0% Fibo coupled with the 100-day simple moving average (SMA) at 0.6673. The short-term SMAs of 21- and 40-days have crossed bullishly suggesting [..]

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