Technical Analysis

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Technical Analysis – GBPJPY hovers near 2 ½-month lows; risk tilted to the downside

Posted on February 16, 2018 at 3:47 pm GMT

GBPJPY has been indecisive since its plunge to a 2 ½-month low of 147.95 on Wednesday, moving sideways between 149-150. The market, however, lacks positive sentiment as technical indicators suggest that a move to the downside is a more likely outcome in the near future. The Relative strength index (RSI) seems to be gathering negative momentum as it has started to increase its rate of drop below the neutral zone of 50, while Stochastics are moving lower to meet oversold levels below 20. Moreover, the [..]

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Technical analysis – USDCAD looking neutral in short term; bearish in medium term

Posted on February 16, 2018 at 7:31 am GMT

USDCAD attempted several times to cross above the 50% Fibonacci of the downleg from 1.2919 to 1.2248 but its efforts were fruitless as it finally reversed direction to test resistance at the 38.2% Fibonacci. The technical indicators now support that the short-term bias is neutral, while in the medium-term the outlook is seen bearish. The 20-day simple moving average (SMA) has flattened, suggesting that the pair might consolidate for a while. However, if prices manage to fell below this line, [..]

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Technical Analysis – GBPAUD seen neutral in short-term; could maintain uptrend in medium-term

Posted on February 15, 2018 at 3:20 pm GMT

GBPAUD has been making higher highs over the last number of months. In the short-term, the market seems to have lost direction after the pair touched a 1 ½-year peak of 1.7997 on February 8 and now the technical indicators suggest the continuation of the consolidation phase. The Relative Strength Index (RSI) is moving sideways above 50. The red Tenkan-sen line has been flat the past two days above the blue Kijun-sen line which has also no specific direction, indicating a trendless situation in the short-term. The 20-day simple [..]

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Technical Analysis – NZDUSD follows bullish tendency; next level up at 0.7420

Posted on February 15, 2018 at 2:06 pm GMT

NZDUSD is moving lower over the last couple of hours after the bullish run it created in the previous days. However, the aggressive buying interest pushed the price above the key level of 0.7350 and posted a 2-week high of 0.7410, indicating further upward tendency. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is near the 70-overbought level at 64, suggesting that the latest upswing may be running out of steam and [..]

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Technical Analysis – Apple stock returns to gains; posts 2-week high

Posted on February 15, 2018 at 1:22 pm GMT

Apple stock price reached a 2-week high of 167.41 during Wednesday’s US session as the price extends its bullish run, following the rebound on the 150.00 critical psychological level. Also, the stock completed the third straight green day hitting the 20-day simple moving average, which overlaps with the current 167.30 resistance level. In the daily timeframe, from the technical point of view, technical indicators are endorsing the scenario for further gains. The MACD oscillator is rising in the negative territory [..]

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Technical Analysis – USDJPY edges sharply lower below symmetrical triangle; records fresh 15-month low

Posted on February 15, 2018 at 7:24 am GMT

USDJPY dipped sharply lower on Wednesday, while it posted the third red day in a row and created a new 15-month low of 106.29 during today’s Asian session. The aggressive bearish rally started after the fall below the 50.0% Fibonacci retracement level near 108.80 of the up-leg with the low of 98.96 and the high of 118.60 and drove the price below the symmetrical triangle, which has been holding since May 2015. A weekly close below the triangle could reinforce [..]

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Technical Analysis – EURGBP penetrates above downward sloping channel

Posted on February 14, 2018 at 3:02 pm GMT

EURGBP has jumped above the downward sloping channel which was holding since October 2017. The price broke the 0.8900 handle and is trading above the 20 and 40 simple moving averages in the short-term timeframe. When looking at the bigger picture the pair lacks a clear tendency and the next days could be significant in case of a continuation of the slight upward movement. In the daily timeframe, prices rebounded on the 0.8730 support level and based on the technical indicators, momentum [..]

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Technical Analysis – Japan 225 stock index finds support at 200-DMA after slumping to 4-month low

Posted on February 14, 2018 at 11:25 am GMT

The Japan 225 stock index has suffered a sharp sell-off over the past three weeks, tumbling by around 15% from its 26-year high of 24191 on January 23 to a 4-month low of 20547 on February 9. The index appears to have found support around the 200-day moving average, with prices so far managing to close above it. Momentum indicators are mixed with the RSI flat just above the 30 oversold level, suggesting that the next near-term trend could move [..]

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Technical Analysis – EURJPY bears take the lead; 23.6% Fibonacci support level still holding

Posted on February 14, 2018 at 10:25 am GMT

EURJPY has been trading sharply lower since the previous week, following the pullback from the more than a 2-year high of 137.50. Prices broke below the 133.00 handle over the last couple of sessions in the 4-hour chart and are trading below their moving averages. The bearish picture in the short-term is further supported by the technical indicators. Looking at the 4-hour chart, momentum indicators are also pointing to a continuation of the bearish bias despite that the pair is [..]

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Technical Analysis – AUDUSD bearish correction pauses; further gains are expected

Posted on February 14, 2018 at 7:30 am GMT

AUDUSD has reversed back up again after finding support at the 0.7755 barrier, near the lower Bollinger Band. The price climbed above the 23.6% Fibonacci retracement level at 0.7826 of the up-leg with the low of 0.6820 and the high of 0.8100 in the medium-term timeframe. Moreover, the downside pressure seems to be weakening, while the technical indicators are endorsing the bullish scenario. From the technical point of view, in the short-term timeframe, the RSI indicator is approaching the positive [..]

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