Technical Analysis

Technical Analysis – GBPUSD’s retracement turns sideways; nears ascending trendline

Posted on January 21, 2020 at 9:22 am GMT

GBPUSD looks to be a bit flat around the 1.3010 level, which is the 38.2% Fibonacci retracement of the up leg from 1.2194 to 1.3514. With the recent lower highs and higher lows, the pair could extend its sideways nature further into the Ichimoku cloud and possibly down towards the lower band of the cloud and the supportive trendline. The technical indicators suggest that directional momentum has evaporated but favor a very short-term negative move. The MACD is below its [..]

Technical Analysis – EURCHF tumbles to 33-month low; rebound likely in short-term

Posted on January 21, 2020 at 8:36 am GMT

EURCHF paused its 21-month old downtrend near a 33-month low of 1.0726 on Monday. With the RSI and the Stochastics rebounding deep in the oversold area, the MACD stabilizing below its red signal line and the price deviating slightly above the lower Bollinger band, the odds for an upside correction seem to be elevated. A forceful rally above the September low of 1.0810 and the middle Bollinger band could generate additional buying interest, sending resistance probably near 1.0900 which the bulls [..]

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Technical Analysis – EURAUD looks flat as momentum has vanished

Posted on January 20, 2020 at 3:37 pm GMT

EURAUD is consolidating around the 1.6103 level, which is the 76.4% Fibonacci retracement of the up leg from 1.5893 to 1.6784. With directional momentum nonexistent and the simple moving averages (SMAs) converging around 1.6170, the sideways market may drag on for a while longer, holding the pair between 1.6340 and 1.5964. The MACD, although in the negative zone, is above its red trigger line and approaching zero, while the RSI is hovering at its neutral mark. To the upside, immediately [..]

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Technical Analysis – GBPAUD inches sideways towards supportive trendline

Posted on January 20, 2020 at 12:59 pm GMT

GBPAUD has shifted sideways after a pullback from the multi-year peak of 1.9521. Directional momentum has evaporated, and the pair is approaching a supportive trendline drawn from the low of 30 July 2019. The MACD is marginally above its red trigger line and barely below zero, while the RSI is at its neutral mark, both reflecting an unclear short-term direction. Noteworthy is the 100-day SMA that has joined with the supportive trendline and with the 200-day SMA, which back a [..]

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Technical Analysis – Netflix stock may hold neutral before extending uptrend

Posted on January 20, 2020 at 11:23 am GMT

Netflix saw its stock trending up to a 5-month high of 352.97 in January after bottoming out at 252.13 in late-September. From a technical perspective, the upward direction could strengthen as the 20- and the 200-day simple moving averages (SMAs) have recently registered a bullish cross. Meanwhile in the short-term, the market’s momentum could remain muted as the RSI keeps flattening above its 50 neutral mark and the MACD seems to be softening slightly below its red signal line. A downside reversal [..]

Technical Analysis – EURUSD drops below 200-day SMA; focus on supportive trendline

Posted on January 20, 2020 at 8:46 am GMT

EURUSD’s pullback from the 1.1238 top has again been interrupted by the 50-day simple moving average (SMA). That said, a bearish crossover of the Kijun-sen line by the falling Tenkan-sen line backs a negative view. The pair is currently flirting with a key support area around 1.1092 to 1.1082 involving the 50-day SMA and 38.2% Fibonacci retracement of the down leg from 1.1411 to 1.0878. The short-term oscillators reflect a pause in the market but lean towards a negative picture. [..]

Technical Analysis – Gold bulls could stay in charge within January’s range

Posted on January 20, 2020 at 8:10 am GMT

Gold came under pressure following the peak at a 7-year high of 1,611 but the 1,535 level rejected the downside move, sending the price slightly up. The upside reversal in the RSI and the rebound in the Stochastics suggest that there is still some room for improvement in the short-term, though with the MACD having recently reached a peak and eased its momentum below the red signal line, the price could probably gain ground only within this month’s range. Heading higher, the price could [..]

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Technical Analysis – NZDJPY cautiously positive in short-term; golden cross registered

Posted on January 17, 2020 at 11:26 am GMT

NZDJPY restored positive momentum after diving as low as 71.22 last week and is now approaching the 73.51 top registered in late-December. The upward-sloping RSI is endorsing the positive move, but some caution could be justified as the Stochastics have already posted a bearish cross above the 20 oversold level, while the MACD, although somewhat improving, has yet to reach its red signal line. Therefore, questions are rising whether the price can overcome its previous peak of 73.51. If it successfully [..]

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Technical Analysis – USDZAR posts ‘death cross’ in medium term downtrend

Posted on January 17, 2020 at 11:21 am GMT

USDZAR peaked during the summer after touching 15.50 and has been posting consecutive lower highs and lower lows on the daily chart ever since. What’s more, the 50-day simple moving average (SMA) recently crossed below the 200-day one, completing a so-called ‘death cross’, which is another bearish sign. The picture is therefore negative, and for that to change, the bulls would need to push the price above 14.85. Momentum oscillators – the RSI and the MACD – are mixed, and [..]

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Technical Analysis – Brent futures rebound on supportive uptrend line; bullish view remains

Posted on January 17, 2020 at 11:16 am GMT

Brent futures bounced off the short-term ascending trend line on Wednesday, failing to extend the downward move. Currently, the commodity is trying to overcome the 40-day simple moving average (SMA) and the 64.85 resistance level. The RSI turned higher but is still the near 50 level, while the stochastic oscillator is gaining momentum after the bullish cross within its %K and %D lines in the daily timeframe. The bulls would probably challenge the 38.2% Fibonacci retracement level of the upleg from 56.10 to 71.30 near 65.48. [..]

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