Technical Analysis

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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 [..]

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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 [..]

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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 [..]

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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 [..]

Technical Analysis – USDJPY tests key support; stochastics oversold

Posted on July 18, 2019 at 7:12 am GMT

USDJPY attempted to cross above the 50-day simple moving average (SMA) and reach the 109 level last week but efforts proved fruitless, with the price resuming negative momentum towards the key 61.8% Fibonacci retracement level of the upleg from 104.64 to 112.39. The downward-sloping RSI suggests a weaker short-term trading. Yet, with the Stochastics flashing oversold conditions in the market, upside corrections cannot be ruled out. Should the 61.8% Fibonacci of 107.58 fail to halt downside pressure, the bears could next rest near [..]

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Technical Analysis – NZDUSD violates double bottom pattern; bulls back into play

Posted on July 18, 2019 at 6:57 am GMT

NZDUSD successfully surpassed the long-term 200-day simple moving average (SMA), gaining some ground and is holding near the three-month high of 0.6745 that it posted on Wednesday. The double bottom formation that was created around the 0.6480 – 0.6490 support levels with a neckline at the 0.6725 barrier, was completed with today’s break to the upside. From the technical point of view, the Relative Strength Index (RSI) is rising in the positive territory, approaching the overbought zone, while the MACD [..]

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Technical Analysis – EURNZD persists with the sell-off towards weekly uptrend line; sellers dominate in short-term

Posted on July 17, 2019 at 2:13 pm GMT

EURNZD kept up the downwards move after surpassing the previous swing low of 1.6795 to flirt next with the 23.6% Fibonacci of the down move from 1.7926 to 1.6285, of 1.6675. Although the price fell below the coupled 100- and 200-day simple moving averages (SMAs), the 100-SMA has slightly crossed above the 200-SMA, suggesting maybe a pullback could be coming. The bearish momentum is confirmed by the MACD moving south in the negative area and the RSI accelerating down to [..]

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Technical Analysis – GBPAUD continues sell-off near 6-month bottom

Posted on July 17, 2019 at 12:44 pm GMT

GBPAUD extended its losses towards a new six-month low of 1.7630 on Tuesday, recording five straight red days. The selling interest started after the pullback on the almost three-year high of 1.8880, pushing the pair beneath the short-term moving averages and the Ichimoku cloud. The RSI indicator is hovering in the oversold zone; however, the stochastic oscillator is in process to post a bullish crossover within its lines, indicating weaker bearish movement than before. Further declines may meet support at [..]

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Technical Analysis – US dollar index surpasses 50-day SMA, suggesting more gains

Posted on July 17, 2019 at 9:07 am GMT

The US dollar index had a successful daily close above the 50-simple moving average (SMA) suggesting remarkable gains, during yesterday’s trading session. The stochastic oscillator is moving higher after it completed a bullish crossover within the %K and %D lines, while the MACD is trying to strengthen its bullish momentum above zero line. Should the price stretch north and clear the 97.20 resistance, the two-year high of 98.25 could come in focus. If the buying interest extends, attention could then [..]

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Technical Analysis – EURJPY descends into a symmetrical triangle; nears lower boundary

Posted on July 17, 2019 at 8:45 am GMT

EURJPY slid down in the last week to near the lower boundary of a symmetrical triangle, that began almost two months ago on May 21, where the seller’s momentum evaporated. Today sellers are pushing down again heading for a retest. Following the price decline from the upper boundary to the lower boundary, the MACD moved to the negative area where both the MACD and trigger line flattened out. The RSI trended down and is currently flat but pointing slightly south [..]

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