Technical Analysis

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Technical Analysis – AUDUSD bullish bias; pair records one-week high

Posted on June 27, 2017 at 1:17 pm GMT

AUDUSD has been edging higher over the last three days. In its up movement today, the pair managed to break above the 0.76 handle to reach 0.7624 at its highest, a one-week high. Technical indicators including the RSI and stochastics are projecting a bullish short-term picture for the pair. Specifically, the RSI is comfortably above its 50 neutral-perceived level at 61 and is currently trending upwards. As regards the stochastics, the %K line is in bullish territory while it has [..]

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Technical Analysis – EURUSD attempts close above 1.12; bullish in the medium-term

Posted on June 27, 2017 at 7:26 am GMT

EURUSD hit 1.1219, a near two-week high, in yesterday’s trading. Nevertheless, it failed a successful close above the 1.12 handle. After briefly rising above 1.12 in today’s trading, it remains below this key level. The RSI indicator has been hovering around neutral levels in previous days but has recently picked up a bit. It is currently above the 50 neutral-perceived level at 55, while it is positively sloped (albeit not steeply), suggesting there’s positive short-term momentum for the pair. On [..]

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Technical Analysis – GBPUSD looking less bearish but remains below 50-DMA

Posted on June 26, 2017 at 2:16 pm GMT

GBPUSD has rebounded from last week’s 2-month low of 1.2588 and is on track to make a fourth straight session of gains today. The RSI has risen steadily over the past week to climb close to the 50-neutral level but remains below it, pointing to a neutral to bearish bias in the near term. If the pair continues to build on the past week’s upside momentum, resistance will likely come at around the 1.2775 level, which has been a previous [..]

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Technical Analysis – GBPJPY advances for fourth consecutive day, exceeds 142.00 handle

Posted on June 26, 2017 at 7:33 am GMT

GBPJPY continued advancing today after closing higher for three days in a row. Today’s movement has led the pair to record a near one-week high of 142.22. The RSI is close to the 50 neutral level but it has risen considerably in recent days in order to reach its current level at 51. The indicator’s movement, which is also upward sloping at the moment, is hinting to a bullish momentum in place for the pair. The stochastics are painting a [..]

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Technical Analysis – US 30 index declines to reach one-week low; medium-term outlook remains bullish

Posted on June 23, 2017 at 10:53 am GMT

The US 30 index is on its fourth day of declines after reaching an all-time high of 21,539.10 on Monday. Today’s decline has led the index to record a one-week low of 21,340.70. Technical indicators such as the RSI and stochastics are pointing to a change in short-term momentum for the index. The RSI is theoretically in bullish territory at 60, but it has steeply fallen from overbought territory to reach its current level. In addition, the indicator remains downward [..]

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Technical Analysis – USDCAD short-term bearish below 200-day MA; neutral in medium-term

Posted on June 23, 2017 at 7:08 am GMT

USDCAD has been in a downtrend since falling from the May 5 high of 1.3792. There is risk to the downside since the momentum indicators are bearish. RSI is below 50 and MACD is below zero and trending down. Other bearish signals were given when the tenkan-sen crossed below the kijun-sen on May 24. Trend indicators are also showing a bearish picture, as the market is below the Ichimoku cloud and below the 200-day moving average. Major resistance is now [..]

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Technical Analysis – EURAUD records one-week high; short-term bias looks neutral

Posted on June 22, 2017 at 10:37 am GMT

EURAUD has posted gains in the previous two days after the significant decline it recorded since the beginning of June that threw the pair from the one-year high of 1.5226 to as low as 1.4626. In today’s trading the pair touched a one-week high of 1.4803 and currently trades close to the day’s open. The RSI is currently hinting to a neutral short-term picture. The indicator recorded a rise in recent days but is flat at the moment and close [..]

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Technical Analysis – NZDUSD in consolidation phase; recent uptrend remains in place

Posted on June 22, 2017 at 8:00 am GMT

NZDUSD maintains the uptrend that started from the May 11 low of 0.6816 to the June 14 high of 0.7318. The bias turned bullish after prices rose above the 200-day moving average at the key psychological level of 0.7100 in early June. However, after RSI reached overbought levels above 70, the oscillator slipped back down and NZDUSD is now consolidating just above the 0.7200 handle since peaking at 0.7318. A decline in prices would find support at 0.7170 before approaching [..]

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Technical Analysis – EURUSD maintains neutral bias between 1.11 and 1.13; bullish market structure intact

Posted on June 21, 2017 at 8:00 am GMT

EURUSD maintains a neutral bias in the short-term, as the pair continues to trade between 1.1100 and 1.1300. In recent days, there has been some downward momentum following the failure to break above major resistance at 1.1300 after prices came very close to this level on June 14. There was a subsequent fall below 1.1200. This support-turned-resistance level is also close to the tenkan-sen line, making it an important resistance area. Momentum indicators like the RSI and MACD are showing [..]

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Technical Analysis – WTI oil bearish at 7-month lows; further downside expected

Posted on June 21, 2017 at 6:39 am GMT

WTI oil futures (August 2017 contract) touched a 7-month low of $42.91 on Tuesday. Prices have been showing persistent signs of weakness since falling from the February 21 high of $55 a barrel and have retreated into bear-market territory after a 20% drop from this peak. Looking at the technical indicators, the short-term 50-day moving average crossed below the longer-term 200-day MA on May 16, giving a bearish signal. The 50-day MA is falling. Momentum indicators are bearish and are [..]

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