Technical Analysis

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Technical Analysis – CADJPY consolidates after correction off 6-month high

Posted on December 10, 2019 at 3:23 pm GMT

CADJPY seems to be trading around the 82.07 level, in a vicinity where the 20-, 50- and 200-day simple moving averages (SMAs) have converged around. The pair looks unsure and may continue a sideways market, something also backed by the flatness and convergence of the SMAs. Further aiding this view, is the dry up in directional momentum reflected from the short-term oscillators. The MACD and the RSI are only just in the bearish region, barely below their neutral marks. If [..]

Technical Analysis – Gold remains neutral as negative sentiment takes a breather

Posted on December 10, 2019 at 9:50 am GMT

Gold’s recent push lower has come to a standstill at the 1459 level while at the same time the ADX indicates an absence of a trend. The loss in steam – in the still neutral-to-bearish picture – is also reflected by the flattening of the 50- and 100-period simple moving averages (SMAs) and the short-term oscillators. The oscillators reflect a stall in negative momentum. The MACD, is in the negative region and below its red trigger line but has eased [..]

Technical Analysis – EURUSD rally above 1.1100 likely to resume bullish appetite

Posted on December 10, 2019 at 8:30 am GMT

EURUSD slipped back into the 1.1000 region after the 23.6% Fibonacci of 1.1108 of the upleg from 1.0878 to 1.1178 ceased last week’s rally that surpassed the neckline of the double top bearish formation in the four-hour chart. The 50-period simple moving average (SMA) is keeping sellers under control this week, though the momentum indicators have yet to enter the bullish territory to signal improvement in the market. With the RSI hovering around its 50 neutral mark and the MACD [..]

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Technical Analysis – Apple stock reaches new milestone in unrelenting uptrend

Posted on December 9, 2019 at 3:56 pm GMT

Apple’s stock price soared to 270.9 last week, marking a new record high and reinforcing the long term uptrend in the market. Almost everything is painting a positive picture, with price action consisting of higher peaks and higher troughs, safely above the 50- and 200-day simple moving averages (SMAs), and also above a longer term upside support line drawn from the June low. The only naysayer in all this is the RSI, which met resistance near its 70 line and [..]

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Technical Analysis – EURGBP slumps to 2 ½-year low; may pause selling in short-term

Posted on December 9, 2019 at 12:58 pm GMT

The negative momentum in the MACD that returned below its signal line shifts the spotlight to the 0.8300 level. Yet, the RSI and the Stochastics suggest that selling pressure may ease before the pair heads lower as the indicators are already fluctuating in overbought territory. An upside correction in the price should continue above 0.8470 and more importantly beyond the 20-day simple moving average (SMA) that has been quite restrictive recently to increase buying confidence. Then, the rally could get new legs [..]

Technical Analysis – GBPUSD runs to 8-month high; overbought near key resistance

Posted on December 9, 2019 at 8:41 am GMT

GBPUSD closed significantly above the tentative descending trendline stretched from the 2018 high of 1.4375 that looked to be part of a bullish pennant formation. The price inched up to an eight-month high of 1.3179 on Monday but remained close to the key 1.3175 resistance mark, with the RSI and the Stochastics hinting that buying pressure is overloaded and downside corrections are likely in the short-term. Still, overbought signals would only be confirmed if the indicators show a clear downside reversal. In case sellers [..]

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Technical Analysis – EURSEK remains bearish, testing troughs from July

Posted on December 6, 2019 at 2:26 pm GMT

EURSEK continues to look negative in the short-term with sellers attempting again to break below the 10.514 support. Negative momentum seems to be returning with the nearing of a bearish cross of the 100-day simple moving average (SMA) by the 50-day SMA around 10.700. The technical indicators also reflect the improving negative momentum. The MACD, deep in the negative zone looks to fall further below its red trigger line, while the RSI, just above the 30 level is sloping downwards [..]

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Technical Analysis – NZDCHF approaches 200-MA as positive picture improves

Posted on December 6, 2019 at 12:19 pm GMT

NZDCHF is nearing the 200-day simple moving average (SMA) after buyers drove the price up from the 0.6280 level – which is the 23.6% Fibonacci retracement of the down leg from 0.6670 to 0.6161 – and past various restricting obstacles. The recent climb seems to be backed by positive signals from the technical indicators and the bullish crossovers of the 100-day SMA by the upward sloping 20- and 50-day SMAs. The MACD, in the positive zone, is increasing above its [..]

Technical Analysis – USDCAD sellers retake control in a range bound market

Posted on December 6, 2019 at 9:04 am GMT

USDCAD looks to be pushing lower with sellers trying to form a clear-cut direction. The recent ascent from 1.3041 failed to reach the resistance structure and sellers reversed the price back down from the 1.3289 area – which is the 50.0% Fibonacci retracement of the down leg from the 1.3564 to 1.3015 – and below the swing low of 1.3190. The short-term oscillators reflect mixed signals with the MACD indicating strengthening negative momentum, while the RSI in bearish territory is [..]

Technical Analysis – GER 30 index gives up recent highs; looks neutral in short-term

Posted on December 6, 2019 at 8:29 am GMT

The GER30 stock index gave up some ground after stubbornly and unsuccessfully testing the 13,300 region for almost a month. The short-term bias is now viewed as neutral, as the red Tenkan-sen has slowed to meet the blue Kijun-sen line, while the RSI is struggling to hold above its 50 neutral mark. A closing price below Tuesday’s trough of 12,924 and the 50-day exponential moving average (EMA) could encourage more selling, though only a significant decline below 12,660 would put [..]

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