Technical Analysis


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 [..]


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 [..]


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 [..]


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 [..]


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 [..]


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 [..]


Technical Analysis – EURCAD downside risk after break below 50-day moving average; medium-term bullish picture intact

Posted on June 20, 2017 at 1:07 pm GMT

EURCAD has been in a downtrend since falling from the June 2 high of 1.5257. There is risk to the downside since the momentum indicators are bearish. RSI is below 50 but not yet oversold, so there is a possibility of a move lower. The MACD is falling and approaching close to zero. Other bearish signals were given when prices broke below the 50-day moving average in mid-June. Meanwhile, the tenkan-sen has crossed below the kijun-sen line, giving a bearish [..]


Technical Analysis – GBPAUD focus to the downside; testing 200-day moving average

Posted on June 20, 2017 at 8:09 am GMT

GBPAUD bias is to the downside after a break below the 50-day moving average and below the key psychological 1.7000 level on June 9. Momentum oscillators are showing that the downside bias is gathering momentum. RSI is trending down and is below 50 in bearish territory, while MACD is also showing bearishness as it is below zero and falling. Prices are currently testing the 200-day moving average at 1.6654. It is expected to provide support but a daily close below [..]


Technical Analysis – Gold short-term bearish at 3-week low

Posted on June 19, 2017 at 10:38 am GMT

Gold continued declining in today’s trading, retracing more than 50% of the May 9 to June 6 upleg while extending the downtrend that started after the first week of June. Today’s down movement has led the precious metal to fall to the more than three-week low of 1249.13. The short-term sentiment as indicated by the RSI is negative as the indicator is in bearish territory below the 50 neutral-perceived threshold at 43. Moreover, RSI is currently downward sloping. The 50% [..]


Technical Analysis – GBPNZD bearish in descending channel; capped by 200-day moving average

Posted on June 19, 2017 at 4:19 am GMT

GBPNZD has been in a downtrend since the May 11 high of 1.8958 and prices have been falling in a descending channel to reach a low of 1.7438 last week. Immediate support levels can be found at the June 14 low of 1.7438, followed by 1.7140 (March 1) and then at an important swing low at 1.6827. A break above the 200-day moving average and a sustained move above the range high of 1.7766 (June 12) would target resistance provided [..]

Cookie Policy: XM.COM uses cookies, and by continuing to use the website you consent to this. For more information please read our Cookie Disclosure.