Technical Analysis

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Technical Analysis – EURCHF returns to bearish mode; eyes multi-year low

Posted on November 14, 2019 at 3:22 pm GMT

EURCHF sellers continue to drive the pair down, pushing it back towards multi-year low levels. During October, buyers’ efforts were unsuccessful in breaching the capping 1.1064 resistance level, which is the 38.2% Fibonacci retracement of the down leg from 1.1475 to 1.0810, with the price eventually piercing below the simple moving averages (SMAs) and Ichimoku cloud. The technical indicators reflect increasing negative momentum. The MACD has distanced itself below its red trigger line, while the RSI is at the 30-level, [..]

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Technical Analysis – GER30 index loses steam after fresh 23-month high; uptrend intact

Posted on November 14, 2019 at 12:50 pm GMT

The GER30 stock index paused its rally after registering a fresh-month high of 13,307. The falling RSI, which is trying to exit the overbought area above 70, suggests that the bullish action may be overstretched and it’s time for a downward correction. The easing momentum in the MACD is endorsing the move as well. Yet, in terms of trend, the fact that the price is above its upward-sloping simple moving averages (SMAs) and the Ichimoku cloud hints that the market may likely maintain its upward pattern. The 13,140 [..]

Technical Analysis – AUDUSD held below downtrend line; lower Bollinger band tests sellers

Posted on November 14, 2019 at 11:05 am GMT

AUDUSD is in the process of pushing past the 0.6810 level, an area where the swing low, 50-day simple moving average (SMA) and lower-Bollinger band are presently located. The pair’s latest drop to the lower band comes after unsuccessful efforts to breach a fortified region around 0.6925 to 0.6936, which encompasses various resistance obstacles. The short-term oscillators suggest strengthening negative momentum and are reinforced by the medium-term downtrend line and the declining 40-, 100- and 200-day SMAs. The MACD, in [..]

Technical Analysis – USDJPY to hold between upward-sloping trendlines

Posted on November 14, 2019 at 8:11 am GMT

USDJPY erased a portion of last week’s gains after failing to close above 109.50, which is the 61.8% Fibonacci of the downleg from 112.39 to 104.44 and a threshold the pair needs to breach to resume positive direction in the three-month picture (medium-term). Technically, the pair could record a neutral session in the short-term as the RSI has almost reached its 50 neutral mark, while the MACD is extending its sideways move around its signal line. On the downside, the ascending [..]

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Technical Analysis – AUDCHF pivots at the 50.0% Fibonacci; tackles the 40- and 100-day MA

Posted on November 13, 2019 at 4:25 pm GMT

AUDCHF is currently attempting to push below the coupled 40- and 100-day simple moving averages (SMAs) at 0.6755. The pair deflected off the 0.6885 resistance, which is the 50.0% Fibonacci retracement of the down leg from 0.7272 to 0.6499, before managing to reach the 200-day SMA above. The short-term oscillators suggest strengthening negative momentum. The MACD, in the positive region, has slipped below its red trigger line. The RSI has broken below its neutral mark and is declining in the [..]

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Technical Analysis – USDTRY flirts with 40-day MA and 38.2% Fibonacci within a sideways market

Posted on November 13, 2019 at 2:56 pm GMT

USDTRY sellers are trying to push below the 5.75 mark, which is the 38.2% Fibonacci retracement of the down leg from 6.24 to 5.45 and where the 40-day simple moving average (SMA) is currently located. The pair seems to be bound within the region of 5.94 to 5.64, which coincides with the 61.8% and 23.6% Fibo respectively. The short-term oscillators reflect indistinct signals – trading around their neutral marks – suggesting that directional momentum has disappeared. The RSI is implying [..]

Technical Analysis – EURJPY gains negative momentum; 200-day MA in its grasp

Posted on November 13, 2019 at 10:16 am GMT

EURJPY is losing ground after succeeding to move below the key support level of 120.34, setting lower highs and lows in place as it approaches the 200-period simple moving average (SMA). Supporting the move is the bearish cross of the 100-period SMA by the 40-period one and the recent turn lower in their slopes. The technical indicators are reflecting conflicting views, as the Stochastics are climbing out of the oversold territory, while the MACD and RSI remain in the bearish [..]

Technical Analysis – NZDUSD sharply up but cautiously bullish

Posted on November 13, 2019 at 8:24 am GMT

NZDUSD skyrocketed overnight after the Reserve Bank of New Zealand surprisingly decided not to cut interest rates. The price stepped on the ascending trendline drawn from the October 1 troughs and overcame all its simple moving averages (SMAs) before stopping near the 23.6% Fibonacci of the upleg from 0.6239 to 0.6464 and slightly above the surface of the Ichimoku cloud. The momentum indicators followed the price higher too, turning the short-term bias into a bullish one, with the MACD rising into [..]

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Technical Analysis – GBPNZD holds its positive picture despite some easing in its ascent

Posted on November 12, 2019 at 3:12 pm GMT

GBPNZD looks to be in the process of pushing higher to re-test the fresh multi-year high of 2.0557. The pair seems to have taken a breather consolidating along the 2.0020 level. The short-term oscillators reflect a pause in the market but imply some improvement in positive momentum. The RSI is pointing up mid-way in the bullish territory. Additionally, the MACD, although currently below its red trigger line in the positive zone, is looking to climb back above it. Moreover, the [..]

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 [..]

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