Technical Analysis

Technical Analysis – WTI oil futures resume uptrend but shift sideways as momentum dries

Posted on November 12, 2019 at 10:08 am GMT

WTI oil futures are trading around the 57.11 area, which is the 50.0% Fibonacci retracement of the down wave from 63.22 to 50.98, with an undecided direction in hand. Oil has realigned with the positive picture, climbing above 56.90 but then adopted a range (55.66 – 57.83) in the last week, something also viewed in all the Ichimoku lines as they have converged. The short-term oscillators suggest that directional momentum has disappeared but lean towards a positive outlook. The MACD [..]

Technical Analysis – GBPUSD looks mildly positive in short-term; resistance line in focus

Posted on November 12, 2019 at 8:13 am GMT

GBPUSD started the week in the green after falling slightly for three consecutive days. The rebound happened around the 1.2800 support level and the 23.6% Fibonacci of the upleg from 1.2200 to 1.3011, but the bullish action was not strong enough to pierce the 1.2900 mark. Although the RSI managed to bounce back into the bullish area, the indicator continues to hold a downward direction since mid-October, while in Ichimoku indicators, the red Tenka-sen is flattening above the blue Kijun-sen line, all signaling a [..]

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Technical Analysis – US30 stock index remains positive, ascent eases from all-time high

Posted on November 11, 2019 at 4:55 pm GMT

US30 stock index seems to be taking a breather as it corrected lower from the all-time high of 27,773 and looks to be heading towards the 50-period simple moving average (SMA), which is located currently at the recent swing low of 27,406. The short-term oscillators reflect weakening in the positive momentum and even possibly a shift into a sideways market. The MACD remains in the positive zone but has moved below its red trigger line. The RSI has reached its [..]

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Technical Analysis – Palladium futures’ correction looks to test 50-day moving average

Posted on November 11, 2019 at 3:30 pm GMT

Palladium futures’ sharp pullback suggests that negative sentiment may be increasing, as it approaches the 50-day simple moving average (SMA), presently at 1660. Noteworthy, is the easing in the 20-day SMA’s slope, which could be the spark for the negative scenario. The bearish picture follows a three-month ascent, which commenced on August 2 from the 1376 level. The short-term oscillators confirm that negative momentum is increasing. The MACD has distanced itself below its red trigger line in the positive zone, [..]

Technical Analysis – Gold looking neutral-to-bearish, support structure may disagree

Posted on November 11, 2019 at 10:18 am GMT

Gold rebounds off the support structure of 1459 – 1453 with buyers trying to push higher. The yellow metal deflected off the resistance structure of 1514 – 1520 last week and dropped underneath all simple moving averages (SMAs) and slightly below the 1459 trough of October 1. Furthermore, the downward slopes in the SMAs lean towards a negative outlook. Yet, the short-term oscillators suggest that negative momentum is starting to weaken. The MACD, deep in the negative region, has just [..]

Technical Analysis – Is EURUSD on a bearish trend reversal?

Posted on November 11, 2019 at 8:33 am GMT

EURUSD generated extra losses after breaking the neckline of the double top formation with a ceiling at 1.1174 in the four-hour chart – a signal that a trend reversal may be in progress. The price has breached the 200-period simple moving average (SMA) too on the way down and is currently consolidating around the 50% Fibonacci of the upleg from 1.0878 to 1.1178 as the RSI and the Stochastics are exiting the oversold areas. The MACD also looks to be [..]

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Technical Analysis – Silver turns bearish with bears pushing for further declines

Posted on November 8, 2019 at 2:29 pm GMT

Silver looks to be shifting to a bearish bias as it moves below the swing low of 16.85 from August 19. The commodity’s bearish state seems to be backed by the downward slopes in the Ichimoku lines and the 20- and 40-day simple moving averages (SMAs), with the 40-day SMA nearing a bearish cross of the 100-day one. Furthermore, the technical indicators reflect strong negative momentum in place, with the RSI currently in oversold territories, while the MACD is accelerating [..]

Technical Analysis – USDCAD returns above trendline, but rebound capped by 100-day MA

Posted on November 8, 2019 at 9:30 am GMT

USDCAD has been restricted by the 100-day simple moving average (SMA) in recent sessions, after buyers aggressively reversed the pair back above the uptrend line, reestablishing a neutral-to-bullish picture. Despite the bearish demeanor of the 20- and 50-day SMAs, the 200- and 100-day SMAs as well as the Tenkan-sen and Kijun-sen lines reflect a stall in momentum, which could have the price endure a sideways move towards the trendline. The MACD has risen above its red trigger line and nears [..]

Technical Analysis – AUDJPY unlocks fresh highs; next key resistance 76.26

Posted on November 8, 2019 at 8:24 am GMT

AUDJPY stretched to a fresh 3 ½-month high of 75.65 and near the 200-day simple moving average (SMA) on Thursday but it found hard to close comfortably above the 50% Fibonacci of the downleg from 80.70 to 69.94. The price is currently trading slightly lower and even though the RSI and the MACD are fluctuating at a softer pace, the bullish bias is still intact as long as the former holds well above its 50 neutral mark and the latter remains above [..]

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Technical Analysis – EURNOK’s decline from record high halts at 50-moving average

Posted on November 7, 2019 at 4:43 pm GMT

EURNOK’s aggressive push lower has ceased around the support region of 10.0619 to 10.0550 – the former being the 50.0% Fibonacci retracement of the up leg from 9.8146 to 10.3110 and the later, the 2018 high of 10.0550 – after tumbling from the all-time high of 10.3110. The technical indicators suggest that the negative momentum is snowballing. The MACD has slipped back below its red trigger line in the negative region, while the RSI and the stochastics have entered oversold [..]

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