Technical Analysis

Technical Analysis – WTI futures retain bearish picture in long term

Posted on April 3, 2020 at 7:12 am GMT

WTI futures look to be mostly bearish after a descent rally from the 65.61 resistance on January, driving the commodity down to a multi-year trough of 19.32. In the preceding days, the price reversed slightly higher, touching the 20-day simple moving average (SMA). The short-term oscillators reflect a rise in the positive momentum. The MACD, in the negative area, has moved above its trigger line and is approaching the zero line. Additionally, the stochastics, which are moving towards the overbought [..]

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Technical Analysis – USDCHF’s appreciation finds some footing from supportive trend line

Posted on April 2, 2020 at 2:31 pm GMT

USDCHF appears to be breaking above the upper Bollinger band and the inside swing low of March 24 at 0.9717, after the climb from the 0.9500 trough was aided by the very short-term supportive trend line, just above the 0.9647 low. The short-term oscillators reflect a pickup in positive momentum as the RSI is improving above its neutral mark and the MACD, above its red trigger line, ascends over the zero level. Moreover, the stochastic oscillator has reclaimed the 80 [..]

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Technical Analysis – Copper futures on sidelines move in ascending triangle

Posted on April 2, 2020 at 1:45 pm GMT

Copper futures with delivery in May have been trading within an ascending triangle over the last couple of weeks, with strong resistance at the 2.2345 barrier. The short-term moving average lines are flattening near the 38.2% Fibonacci retracement level of the negative move from 2.5268 to 1.9683 at 2.1815. Technically, the MACD, holding near the zero level, is heading sideways in the 4-hour chart while the RSI is turning marginally lower at the 50 level, trying to enter in the bearish area. These signals [..]

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Technical Analysis – EURUSD slips near 1.0900; SMAs seem ready for bearish cross

Posted on April 2, 2020 at 9:35 am GMT

EURUSD is falling lower again near 1.0900, below the 20- and 40-period simple moving averages (SMAs) and the 38.2% Fibonacci retracement level of the down leg from 1.1495 to 1.0636 at 1.0962 over the last days. The pullback on the confronted 1.1150 level appeared to be a strong resistance for the bulls as the short-term trading is shifting bearish again. The stochastic oscillator is turning lower again, while the RSI is sliding below the 50 level and the MACD oscillator is extending its negative momentum below the zero line. [..]

Technical Analysis – USDJPY although briefly frozen, sustains a bearish tilt

Posted on April 2, 2020 at 9:03 am GMT

USDJPY has sunk aggressively following the latest slide that commenced on March 24, falling past all simple moving averages (SMAs) and under the 107.69 hurdle, that being the 38.2% Fibonacci retracement of the up leg from a 41-month low of 101.17 to 111.71. Currently, upside corrections seem limited by the mid-Bollinger band and the flattened and congested SMAs above. Backing a stalled negative phase are the short-term oscillators, which suggest a paused state of directional momentum. The MACD, below its [..]

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Technical Analysis – Gold bulls to stay in charge until trendline breaks

Posted on April 2, 2020 at 8:01 am GMT

Gold found strong footing near 1,450 and the upper surface of the Ichimoku cloud on the weekly chart and reversed north again, retaining its bullish structure in the long-term picture. Currently, the price is eating a portion of the bold gains it earned last week and the RSI and the MACD are providing little hope of another rocky rally in the short-term as the indicators are lacking positive momentum. Still, the market seems to be well supported by the ascending trendline [..]

Technical Analysis – GBPJPY looks for some recovery after strong drop-off

Posted on April 2, 2020 at 6:41 am GMT

GBPJPY is retreating from the 50.0% Fibonacci retracement level of the downward move from 144.95 to 124.00 at 134.48 but has been developing in an upside correction wave over the last two weeks. The price has had a successful attempt above the mid-level of the Bollinger Band as the three-and-a-half year low of 124.00 acted as a crucial support for the bears. From a technical viewpoint, the MACD oscillator, which is still below the zero line, is hovering above its [..]

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Technical Analysis – EURJPY downslide accelerates, eyes 117 level

Posted on April 1, 2020 at 11:09 am GMT

EURJPY has reversed sharply lower, having rallied above the 61.8% Fibonacci retracement level of the January-March downtrend only a week ago. The sell-off continues today, with prices tumbling below the 23.6% Fibonacci of 117.71. According to momentum indicators, the selling pressure is likely to persist in the near term as the RSI is trending lower in bearish territory, while the MACD has just turned negative and is attempting to cross below its red signal line. The bearish bias means EURJPY [..]

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Technical Analysis – AUDUSD rebound loses steam after hitting wall at 0.62

Posted on April 1, 2020 at 5:59 am GMT

AUDUSD has recovered by more than 11% after plunging to a 17-year low of 0.5506 on March 19 but the rally is at risk of faltering after prices failed to get past the 0.62 level. The momentum indicators are sending mixed signals as the rising MACD above its red signal line reinforces the improving near-term sentiment for AUDUSD, but the stochastic oscillator suggests a possible downside correction. The %K line has crossed below the %D line in overbought territory, so [..]

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Technical Analysis – CADJPY’s grasp on positive picture slips through its fingers

Posted on March 31, 2020 at 1:14 pm GMT

CADJPY is currently trading around the 76.36 level, that being the 23.6% Fibonacci retracement of the down leg from 84.73 to 73.78. The price action, although finding some footing from the 75.96 low for upside corrections, is capped by the mid-Bollinger band. That said, aiding the negative picture are the declining 50- and 100-day simple moving averages (SMAs) and the recent bearish crossover of the 200-day SMA by the 100-day one. Furthermore, the short-term oscillators suggest negative momentum is picking [..]

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