Technical Analysis

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Technical Analysis – GBPAUD moves sharply lower; touches 2 ½-month lows

Posted on November 15, 2018 at 9:54 am GMT

GBPAUD is currently printing fresh 2 ½-month lows, extending the downtrend off 1.8724 below the Ichimoku cloud and the 200-day (simple) moving average (MA). The short-term bias is still negative as the MACD continues to fluctuate in bearish territory and below its red signal line, with the red Tenkan-sen line adding further bearish signals as the indicator points strongly to the downside. Yet the RSI suggests that the pair is near oversold levels and hence an upside correction could be around the [..]

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Technical Analysis – NZDUSD rallies to 4½-month high; positive sentiment in near term

Posted on November 15, 2018 at 9:20 am GMT

NZDUSD recorded a fresh four-and-a-half month high of 0.6821 on Thursday and is set to create the third bullish day in a row. The price surpassed the 61.8% Fibonacci retracement level of the downleg from 0.7060 to 0.6423, around 0.6818, suggesting that the bullish movement is strengthening in the near term. The RSI indicator entered the overbought zone with strong momentum, while the MACD oscillator is rising in the positive territory. If the bulls continue to have the upper hand, the price [..]

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Technical Analysis – USDJPY shows weakness but bias still positive

Posted on November 15, 2018 at 7:50 am GMT

USDJPY got rejected from the 114 area after touching the 114.20 mark early this week, with the pair reversing part of its recent rebound in the following days. The red Tenkan-sen line, however, is still above the blue  Kijun-sen line and has started to point to the upside again, while the RSI looks to be changing direction north as well, both hinting further improvement for the market. Yet the latter is not far below its 70 overbought threshold and the MACD continues to [..]

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Technical Analysis – AUDJPY positive momentum weakens; medium term outlook looks mostly bullish

Posted on November 14, 2018 at 4:11 pm GMT

AUDJPY’s remarkable recovery after hitting a two-year nadir of 78.55 in late October lost some steam when the pair touched a near three-and-a-half-month high of 83.04 last week. The Tenkan- and Kijun-sen lines remain positively aligned in support of a bullish bias in the short-term, though the fact that the Kijun-sen has flatlined is an indication of weakening positive momentum. Immediate resistance to gains may come around 82.23, the 61.8% Fibonacci retracement level of the downleg from 84.52 to 78.55; [..]

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Technical Analysis – BTCUSD tests key support at 6,073; bearish but oversold

Posted on November 14, 2018 at 3:53 pm GMT

BTCUSD is trading in a clear downtrend on the four-hour chart, printing lower highs and lower lows below the November 7 peak of 6,511, the highest mark registered since October 15. The MACD keeps increasing downside momentum in negative zone and below its red signal line, flagging further weakness ahead, though the RSI suggests that the bearish rally could soon come to an end as the market has already breached the 30 mark to enter the oversold territory. A rebound in the price may find [..]

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Technical Analysis – EURJPY maintains weak bias in near-term; broader trend is neutral

Posted on November 14, 2018 at 2:24 pm GMT

EURJPY has been trading within the 23.6% Fibonacci retracement level and the 38.2% Fibonacci mark of the downleg from 133.10 to 126.60, between 128.15 and 129.10 over the last 4-hour sessions. The MACD oscillator is moving higher in the negative zone, above its trigger line, and the RSI indicator is pointing up near the threshold of 50. If prices are able to continue to move higher and overcome 38.2% Fibonacci of 129.10 and the 129.20 resistance, the next obstacle for traders to watch is the 50.0% [..]

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Technical Analysis – AUDUSD remains above SMAs in narrow range

Posted on November 14, 2018 at 1:26 pm GMT

AUDUSD turned below the six-week high that posted in the preceding week and it currently stands above the 20- and 40-simple moving averages (SMAs), which are ready to post a bullish crossover. The stochastic oscillator is ready to tick higher near the oversold zone, while the MACD oscillator points marginally to the upside, above zero and trigger lines. If the market manages to pick up speed, the 23.6% Fibonacci retracement level of the downleg from 0.8135 to 0.7020, around the 0.7300 [..]

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Technical Analysis – USDCHF bullish, trades near 20-month high

Posted on November 14, 2018 at 11:46 am GMT

USDCHF is trading close to Tuesday’s high of 1.0128, the pair’s firmest since March 2017. The short-term bias is clearly bullish, with the pair having recorded a remarkable rally from late September when it touched a multi-month low of 0.9541. Also attesting to the bullish momentum are the positively aligned Tenkan- and Kijun-sen lines. The Chikou Span though may be suggesting an overextended rally; a pullback in the near-term is not to be ruled out. Further advances could meet resistance [..]

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Technical Analysis – UK100 stock index could see further weakness

Posted on November 14, 2018 at 9:35 am GMT

UK100 stock index (FTSE 100) has rebounded somewhat after falling to an 8-month low of 6,850 on October 26 but momentum indicators now suggest that the market sentiment might get worse before getting better as the RSI is reversing back to the downside after failing to break decisively  above its 50-neutral threshold. The MACD also looks to be changing direction, moving down to meet its red signal line in negative zone. Should bearish dynamics dominate, the market might revisit the 6,850 bottom before meeting [..]

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Technical Analysis – EURGBP hits 7-month lows; bearish outlook in place

Posted on November 14, 2018 at 7:50 am GMT

EURGBP continues to underperform for the third week in a row, touching a 7-month low at 0.8655 on Tuesday, a mark well below the Ichimoku cloud and its moving averages. In the short-term the pair could lose more as the red Tenkan-sen line points steeply to the downside beneath the blue Kijun-sen line, while the MACD keeps strengthening under its red signal line in negative territory. Still, with the RSI fluctuating near the 30 oversold limit, upside corrections cannot be ruled [..]

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