Technical Analysis

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Technical Analysis – USDJPY maintains short-term bearish bias; challenging key 111.00 level

Posted on March 23, 2017 at 9:14 am GMT

USDJPY maintains a bearish bias in the short term. The pair is currently trading close to the key 111.00 level after falling from 115.00.  This is an important support level which was breached briefly on Wednesday before staging a recovery to 111.57 today. A daily close below 111.00 could bring further weakness, opening the way towards the 110.00 level. The RSI is currently near oversold territory at 30 so this could indicate that prices may stabilize. A bounce higher from [..]

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Technical Analysis – USDCHF bearish bias as the pair hits one-and-a-half month low

Posted on March 22, 2017 at 11:46 am GMT

USDCHF hit a fresh one-and-a-half month low in today’s trading while it is also currently down for the day. Looking at the Ichimoku analysis, the Tenkan-sen line (red) recently crossed below the Kijun-sen (blue). This is a short-term negative alignment which is reinforced by the fact that the RSI indicator is currently in bearish territory at 37. The current level of the Tenkan-sen and the cloud bottom, which roughly coincide with the key parity level, are likely to act as [..]

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Technical Analysis – GBPUSD bullish; Records one-month high

Posted on March 22, 2017 at 8:12 am GMT

GBPUSD extended yesterday’s high for a new one-month high and is currently up for the day, though only marginally. The RSI is bullish at 60 while the MACD histogram is positive and above the red signal line. All these point to a bullish short-term bias. The area around 1.25 has been a congested one in the recent past and could act as resistance to upside movements in price. A move above this area would shift the focus to the February [..]

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Technical Analysis – US 30 index bullish above both moving averages

Posted on March 21, 2017 at 1:13 pm GMT

The US 30 stock index is currently up from the day’s open and relatively close to the 21000 level. The short-term bias as shown by the RSI is bullish as the indicator well exceeds the 50 neutral level. Specifically, it is at 66 after coming off from overbought levels in early March. Turning to the Ichimoku analysis, the positive alignment when the Tenkan-sen line (red) crossed above the Kijun-sen (blue) is still in place. This reinforces the positive short-term signal [..]

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Technical Analysis – EURJPY regains upside momentum as it jumps above 121

Posted on March 21, 2017 at 11:26 am GMT

EURJPY is significantly higher today as the pair attempts to regain some positive momentum following a week long slide. Prices rose sharply above the 50-day moving average but met resistance at the 61.8% Fibonacci retracement level of the December-February downleg from 124.08 to 118.23. Further upside moves in the near term are possible as the RSI rose back into bullish territory above 50, though at around 53, the positive bias is not very strong. Should prices extend today’s gains, a [..]

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Technical Analysis – Gold neutral outlook, records two-week high during yesterday’s trading

Posted on March 21, 2017 at 8:11 am GMT

Gold’s recent rally from sub-1200 levels to a 2-week high of 1235 on Monday took a pause today. It’s experiencing a correction after upside momentum lost steam, as indicated by the RSI which turned back down. The RSI indicator is at 53, a level close to the 50 neutral threshold. It is currently trending towards 50. On the upside, yesterday’s high of 1235.38 could offer some resistance. If the price continues advancing, the current level of the 200-day moving average [..]

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Technical Analysis – EURCAD bullish; Attempts a close above the 200-day moving average

Posted on March 20, 2017 at 11:13 am GMT

EURCAD has edged higher since the day’s open while it has crossed above the 200-day moving average (MA). The short-term bias as depicted by the RSI is bullish as the indicator is well above the 50 neutral mark at 66. This is reinforced by the stochastics as the %K line is bullish and it has crossed above the slow %D line. Should the price manage to close above the 200-day MA, then the March 13 four-month high of 1.4416 would [..]

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Technical Analysis – EURUSD bullish bias; Price approximately at 6-week high

Posted on March 20, 2017 at 8:00 am GMT

EURUSD is currently up for the day and roughly at the level of the six-week high of 1.0782 recorded on Thursday. The RSI indicator is pointing to a bullish short-term bias as it is well above the 50 neutral level at 61. The MACD histogram adds to the signal as it is positive and above the red line. The 1.08 handle could serve as a psychological barrier to up movements in price. If the price crosses above, the current level [..]

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Technical Analysis – EURGBP bullish phase threatened as prices challenge 0.8700

Posted on March 17, 2017 at 3:09 pm GMT

EURGBP rallied to a high of 0.8786 on March 13 but reversed lower as RSI reached overbought levels at 70. The pair has been consolidating just above the key 0.8700 level since then and is challenging this level today. The near-term bias remains neutral but a daily close below 0.8700 will shift the bias to bearish. This level coincides with the 23.6% Fibonacci retracement level of the recent uptrend from 0.8401 to 0.8786. A further decline would target the 0.8600 [..]

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Technical Analysis – USDJPY looking bearish in the short-term after yesterday’s 2-week low

Posted on March 17, 2017 at 8:08 am GMT

USDJPY posted a two-week low during yesterday’s trading. The pair is currently at a point where it covered a bit less than half of yesterday’s fall. The RSI is bearish at 45 with the stochastics also painting a bearish short-term picture. Specifically, the %K line is in negative territory and below the slow %D line. Note though that %K has hit oversold levels as it is currently below 20. The 50-day moving average (MA) at 113.70 comes into view as [..]

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