Technical Analysis

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Technical Analysis – GBPJPY retreats from 1 ½-month highs; 20-day MA strong support

Posted on July 13, 2018 at 1:28 pm GMT

GBPJPY formed a fresh top at the 1 ½-year high of 148.88 today in the four-hour chart before reversing lower to stop at the 20-period moving average which for once again stood a wall to bearish actions, holding the upward bias in play. The RSI and the MACD have both weakened, with the former dropping towards its neutral threshold of 50 and the latter easing below its red signal line. Still, upside risks have not been faded out yet as both indicators continue to fluctuate [..]

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Technical Analysis – USDCAD turns to consolidation but maintains upward pattern

Posted on July 13, 2018 at 6:50 am GMT

USDCAD turned neutral after its downfall from the 1-year high of 1.3385, finding support at the uptrend line it started building in mid- April. In the short-term, consolidation is likely to be continued as the RSI has flattened slightly above its neutral threshold of 50 and the MACD has paused its downward move near zero, while the 20-day moving average has lost steam as well. On the upside, the area between 1.3180 and 1.3203, outlined by the 23.6% Fibonacci retracement [..]

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Technical Analysis – USDJPY gains appeal above 112; golden cross eyed

Posted on July 12, 2018 at 3:40 pm GMT

USDJPY managed to resume its bullish pattern started at the end of March from 104.62, hitting a fresh six-month high of 112.61 on Thursday. The market will likely hold the uptrend line intact as long as the price continues to move above its moving averages and should the 50-day (simple) moving average (MA) successfully complete its bullish crossover with the 200-day MA, the upward movement could stretch into the longer term. Yet, the RSI supports that the rally is overdone as the index has [..]

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Technical Analysis – NZDUSD creates bullish doji candle but risks still on the downside

Posted on July 12, 2018 at 1:56 pm GMT

NZDUSD bounced higher once it printed a doji candle in the four-hour chart today, though the MACD points that risks remain to the downside as the indicator continues to expand in negative territory and below its red signal line. The red Tenkan-sen line sends bearish signals as well, distancing itself to the downside from the blue Kijun-sen line. A leg up could immediately visit the area formed by the 50-period simple moving average at 0.6783 and the 38.2% Fibonacci retracement of 0.6791 of the upleg from [..]

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Technical Analysis – WTI oil futures tumble nearly 5% but hold in bullish area

Posted on July 12, 2018 at 7:11 am GMT

WTI crude oil futures (August delivery) had their worst day in a year yesterday losing nearly 5% in the wake of new trade threats from the US to China. The price, however, managed to stay above 70 yesterday, finding support at the 20-day moving average (MA) despite the sharp fall from 74. Momentum indicators have weakened, with the RSI retreating towards its neutral threshold of 50 and the MACD distancing itself further below the red signal line, suggesting that weakness might persist in the [..]

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Technical Analysis – German 30 index eases following bounce off 12,645; neutral picture in medium term

Posted on July 11, 2018 at 1:25 pm GMT

The Germany 30 stock index has been plunging since yesterday after the significant pullback on the 12,645 resistance level. The sharp sell-off has driven the price below the mid-level of the Bollinger Band (20-day simple moving average), indicating further downside pressure. Looking at the daily timeframe, the RSI indicator holds slightly below the 50 level and is sloping down. Moreover, the stochastic oscillator posted a downward crossover – the %K line moved below the %D in the overbought zone, suggesting that the price action would continue to head lower in the [..]

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Technical Analysis – EURJPY advances above SMAs but trades below 7-week high

Posted on July 11, 2018 at 8:56 am GMT

EURJPY has advanced considerably over the last three weeks after the rebound on the 126.60 support level. During yesterday’s trading session, the pair hit a fresh seven-week high of 130.75 and then plummeted until the 20-simple moving average (SMA) in the 4-hour chart. Currently, the market is trying to erase earlier losses as it is set to create the second bullish session in a row. From the technical point of view, in the 4-hour chart, the indicators are currently supporting that the positive momentum is likely to [..]

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Technical Analysis – AUDUSD dives sharply in near term; next level to watch 18-month low of 0.7310

Posted on July 11, 2018 at 6:37 am GMT

AUDUSD retreated after the pullback on the 0.7475 resistance level on Tuesday which is slightly below the 40-simple moving average (SMA) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. Currently, the price touched the 20-day SMA, which acts as a strong support level for the bulls. However, the RSI indicator is sloping downwards and stands below the threshold of 50, while the %K line of the stochastic oscillator completed a bearish crossover [..]

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Technical Analysis – Microsoft stock climbs above SMAs; suggest further gains

Posted on July 10, 2018 at 1:16 pm GMT

Microsoft stock prices have been making higher highs and higher lows since the end of September 2017 when it touched the 73.00 psychological level in the medium-term. The technical indicators, continue to send bullish signals, suggesting that the strength in the market is not over yet. Technically, in the daily timeframe, the price has successfully surpassed the 20- and 40-simple moving averages (SMAs) last week increasing the chances for a new high in the near-term. The RSI indicator is rising in the positive [..]

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Technical Analysis – WTI oil futures drift sideways as rally eases

Posted on July 10, 2018 at 12:36 pm GMT

West Texas Intermediate (WTI) crude oil futures seem to have lost momentum since hitting the 75.24 multi-year high on July 3. Price action is at the moment taking place above the 20- and 40-simple moving averages in the 4-hour chart after they recorded a bearish cross but are currently pointing up. Looking at momentum indicators, the RSI is lacking direction slightly above it neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD also supports this [..]