Technical Analysis

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Technical Analysis – AUDJPY loses steam towards supportive trendline; positive picture questioned   

Posted on January 23, 2020 at 2:22 pm GMT

AUDJPY is cautiously positive in the very short-term as the lower high throws into question the improving outlook. The pair is being supported by the 50-day simple moving average (SMA) keeping optimism on the table. Additionally, the nearing bullish crossover of the 200-day SMA by the 100-day one – around 74.50 – and the supportive trendline below, could sustain the ascent from the low of 69.94. The short-term oscillators suggest that positive momentum may be picking up, despite the recent [..]

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Technical Analysis – NZDUSD fails to overcome SMAs; remains in bearish channel

Posted on January 23, 2020 at 10:34 am GMT

NZDUSD has been developing within a downward sloping channel over the last three weeks, remaining slightly below the short- and long-term moving averages. The price is in a downward correction move and more losses are expected if it fails to overcome the 0.6615 resistance level. The RSI is pointing slightly down in the negative territory, however, the MACD is still standing above the trigger line in the near term. Immediate support is coming from the 38.2% Fibonacci retracement level of [..]

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Technical Analysis – Palladium futures non-stop rally shows no sign of fading 

Posted on January 23, 2020 at 10:00 am GMT

Palladium futures are staging an extraordinary rally over the past three weeks and technically, there is no convincing signal at the moment that the uptrend could soon hit a strong turning point. Even though the RSI and the Stochastics have bounced back into the overbought territory, increasing the odds for a downside correction, the MACD has yet to show signs of reversing at a time when the price is still trading comfortably above the Ichimoku cloud and its simple moving averages [..]

Technical Analysis – USDJPY remains bullish despite recent correction

Posted on January 23, 2020 at 8:45 am GMT

USDJPY’s positive picture seems to be losing some fuel in the recent push up from the 107.76 level. The short-term oscillators suggest that the negative momentum is picking up. The MACD, in the positive region is only just above its red trigger line, while the RSI has dropped to its neutral mark. The Stochastics look bearish with the declining %K line distancing itself below its %D line and into the oversold region. That said, the fresh bullish crossover of the [..]

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Technical Analysis – GBPCAD rallies towards one-month peak; could rise further

Posted on January 23, 2020 at 7:56 am GMT

GBPCAD posted an aggressive upside session on Wednesday, surpassing the 20- and 40-simple moving averages (SMAs) in the daily timeframe and gaining more than 200 pips. The price hit an almost one-month high today of 1.7295. Looking at momentum indicators, the RSI is moving north in the positive territory, approaching the 70 level, while the %K line of the stochastic entered the overbought zone. The MACD also supports this view as it is holding in the negative area but is [..]

Technical Analysis – GBPJPY supported by ascending trendline; neutral in short-term

Posted on January 23, 2020 at 7:44 am GMT

GBPJPY has been on the sidelines since mid-December but has been refusing to enter the Ichimoku cloud, with the RSI and the MACD suggesting that the indecisive mood may stretch into the short-term as both indicators appear muted near their neutral levels. The pair, however, also seems to be well supported by an ascending trendline drawn from the 3-year low of 126.53 and any decisive close below it could initiate fresh selling pressure, probably towards the 140.70 restrictive level, which is also [..]

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Technical Analysis – US 30 Index consolidates; remains cautiously positive

Posted on January 22, 2020 at 2:33 pm GMT

The Wall Street 30 stock index’s (cash) positive directional momentum appears to have weakened as it has eased slightly from the new all-time-high of 29,401. The index looks to be a bit flat – something also backed by the Ichimoku lines. Moreover, the short-term oscillators reflect a stall in the positive move, with the MACD declining below its red trigger line in the positive zone, and the RSI falling in bullish territory below its latest trendline. That said, the upward [..]

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Technical Analysis – WTI futures may have more weakness in store in short term

Posted on January 22, 2020 at 1:19 pm GMT

WTI crude oil futures with delivery in March, are declining below the three-month ascending trend line, creating a bearish-to-neutral view. Momentum indicators are pointing to a negative bias in the short term with the RSI just below 50 and the stochastic oscillator is heading towards the bearish territory. The MACD oscillator is strengthening its downward movement below the trigger and zero line. In addition, the 40-day simple moving average (SMA) is pointing down and approaching the 20-SMA for a possible [..]

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Technical Analysis – Dollar index futures may lengthen bearish trend

Posted on January 22, 2020 at 11:12 am GMT

US dollar index futures are exposed to downside risks as regards the market trend. The first clue is the lower high and the lower lows registered below the 2 ½-year peak of 99.30 and second is the death cross created between the 50- and 200-day simple moving averages (SMA) after more than a year – if sustained. In terms of momentum, the short-term bias is currently viewed as neutral-to-positive as the RSI is moving sideways above its 50 neutral mark and the MACD [..]

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Technical Analysis – US 100 stock index remains near new highs but momentum fades

Posted on January 22, 2020 at 10:41 am GMT

The US 100 stock index is continuing the strong upside rally, creating new record intraday highs every single day over the last four sessions. Today, the price hit the 9222.80 level, remaining well above the short- and long-term simple moving averages (SMAs). The technical indicators are supposing a potential downside correction as both, the RSI and the stochastic, are developing in overbought areas, suggesting the end of the significant gaining period. The RSI is losing momentum above the 70 level [..]

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