Technical Analysis

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Technical Analysis – NZDUSD makes corrective bounce and pauses downward trajectory

Posted on November 23, 2017 at 10:03 am GMT

NZDUSD is on a continuous downward trajectory since falling from the September 20 peak of 0.7434, making a series of lower highs and lower lows. The bearish market structure is still in place, although in the near-term prices are pulling back. Short-term charts are indicating a slight reversal. On the 4-hour chart, there was a corrective bounce off the 5-month low of 0.6780. The market has reached a critical area and is testing a key Fibonacci level. The 50% retracement of the [..]

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Technical Analysis – USDJPY enters bearish phase after break below 200-day moving average

Posted on November 23, 2017 at 7:04 am GMT

USDJPY has been bearish since October 16 and has now reversed around half of the rally that took place from 107.31 to 114.73. The market is testing two-month lows at the 50% Fibonacci (111.04) of the September 8 to November 6 upleg. A move above 112.00 would help ease downside pressure but a rise above 113.00 (23.6% Fibonacci) would invalidate the current bearish bias. The market is expected to be supported at current levels as it trades in a critical zone between [..]

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Technical Analysis – AUDJPY oversold below 200-day moving average; bearish in short and medium-term

Posted on November 22, 2017 at 11:10 am GMT

AUDJPY followed a downtrend after it posted a two-year high at 90.28 in September, going all the way down to a five-month low of 84.74 and crossing below the Ichimoku cloud and the exponential moving average lines (EMA). Risk to the downside remains in the short and medium-term according to technical indicators. The pair is currently bearish and is likely to extend its downleg in the short-term. The RSI is also located in bearish territory below 50 but has entered [..]

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Technical Analysis – EURJPY falls back to lower end of range; decline loses momentum

Posted on November 22, 2017 at 10:43 am GMT

EURJPY has fallen back down to the lower end of its 2-month range. The pair is in a bearish phase in the short-term but neutral in the medium term, trapped between 131.50 and 134.50 since late September. The sharp drop from the November 15 high of 133.87 appears to have become exhausted and the market looks a little oversold. But since RSI has not quite reached below the 30 (oversold) line there is room for further weakness towards 131.50 and [..]

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Technical Analysis – AUDUSD drops to 5-month lows; bearish outlook stronger

Posted on November 22, 2017 at 7:17 am GMT

AUDUSD has fallen to its lowest level in five months and has turned increasingly bearish after breaking below its 200-day moving average. The slide from the 0.8124 peak is still in progress and shows no sign of reversing yet. The market has retraced over 61.8% of the rise from 0.7328 to 0.8124. The break below the key 0.7600 level has strengthened the bearish outlook. This is now acting as an immediate resistance level. Breaking above it will help ease downside pressure and [..]

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Technical Analysis – US 500 index looking bullish in the short- and medium-term, trades not far below all-time high

Posted on November 21, 2017 at 11:22 am GMT

The US 500 index has been rising over the last two days and currently trades not far below the all-time high of 2,596.50 recorded on November 7. The positive alignment with the Tenkan-sen line being above the Kijun-sen line is painting a bullish picture in the short-term. Notice though that both lines are flat at the moment. This could be an indication of positive momentum losing steam. The very-short term picture though remains positive as indicated by the stochastics: the [..]

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Technical Analysis – WTI oil futures pause rally and shifts to neutral; room for further strength

Posted on November 21, 2017 at 10:50 am GMT

WTI oil futures have been rising steadily and closing above the 200-day moving averages since mid-September. The bullish technical picture was confirmed by the crossover of the 50-day MA above the 200-day MA but the rally lost steam at 57.89 and subsequently, the near-term trend has shifted to neutral. The market is now trapped between the key round figure of 57.00 and the 23.6% Fibonacci retracement level (54.96) of the latest rise from 45.56 to 57.89. These levels will act [..]

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Technical Analysis – GBPUSD maintains short-term neutral trend; trades above key 1.30 support

Posted on November 21, 2017 at 7:26 am GMT

GBPUSD continues trading within the last few months’ range and has been respecting the key 1.3000 support level. The upward trajectory from multi-decade lows is still in progress and there are no signs of a trend reversal yet. The intra-day bias is to the upside. The short-term neutral trend has been ranging between 1.3026 and 1.3337 following a decline from 1.3656. Recent gains have stalled below the 50-day moving average which is now acting as resistance. Prices have not traded [..]

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Technical Analysis – Gold bullish above 1290 in near term

Posted on November 20, 2017 at 11:55 am GMT

Gold has shifted to a more bullish bias in the near-term after strong upside momentum last Friday pushed the metal above a key Fibonacci level. On the 4-hour chart, a bullish signal was given by the crossover of the 50-period moving average above the 200-MA. On Friday, prices rallied after a break above the 23.6% Fibonacci (1283.47) of the downleg from 1357.47 to 1260.59. Momentum faded when the market reached overbought levels. The 4-hour RSI crossed above the 70 level [..]

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Technical Analysis – EURUSD bearish in the short-term but little changed in the big picture

Posted on November 20, 2017 at 7:07 am GMT

EURUSD is bearish in the short-term but is little changed in the big picture with little signs of a reversal in the underlying bull trend. The market is currently testing the 50-day moving average after breaking below the 23.6% Fibonacci retracement level of the rise from 1.0820 to 1.2091. The intra-day bias is tilted to the downside with scope to target the 38.2% Fibonacci at 1.1603 and then support at the 50% retracement at 1.1453. A further extension lower from [..]

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