Technical Analysis

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Technical Analysis – USDCNH plunges to new 4-month low

Posted on July 7, 2020 at 2:22 pm GMT

USDCNH plummeted to a fresh four-month low of 6.9947 earlier today after the strong bearish rally on Monday. The market is in the process to cover some of the losses, approaching the 50.0% Fibonacci retracement level of the up leg from 6.8433 to 7.1944 at 7.0201 again. The momentum indicators are contradicting each other as the RSI is rebounding on the oversold region, while the MACD is declining beneath its trigger line in the near term. Also, the 20- and [..]

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Technical Analysis – EURCHF’s pullback adopts a sideways bearing

Posted on July 7, 2020 at 11:43 am GMT

EURCHF appears to be crawling sideways in the latest sessions, after the plunge from the 1.0914 high reversed ahead of the horizontal 100-day simple moving average (SMA), currently at 1.0606. The MACD and the RSI are not signalling any strong directional moves as they both hover slightly below their neutral marks. Additionally, the mostly flattened 100-and 200-day SMAs indicate the weakness in price in setting a stronger course for now. However, the rising 50-day SMA promotes some strength in the [..]

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Technical Analysis – USDCAD sustains neutral picture; indicators suggest bullish move

Posted on July 7, 2020 at 11:38 am GMT

USDCAD rebounded on the significant 23.6% Fibonacci retracement level of the down leg from 1.4170 to 1.3315 at 1.3518, trying to erase some losses in the very short-term. The upside tendency in the technical indicators are giving some optimism for fresh gains. The stochastic is moving towards the overbought territory, while the RSI is touching the 50 level with strong momentum. Should buyers drive above the 40-period simple moving average (SMA) at 1.3592, they could encounter initial strengthened resistance from [..]

Technical Analysis – EURJPY bulls keep the lead; need to clear 122.00 first

Posted on July 7, 2020 at 7:24 am GMT

EURJPY has been showing full compliance to the supportive ascending trendline since the rebound near the 200-day simple moving average (SMA), with the price rising as high as 121.95 on Monday. While there is still some way to go towards June’s peak of 124.42, the momentum indicators suggest that the bulls may not give up efforts in the short-term; the RSI is comfortably strengthening above its 50 neutral mark, while the MACD, within the positive area, is ready to move [..]

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Technical Analysis – WTI futures hold slightly bullish in short term

Posted on July 7, 2020 at 7:02 am GMT

WTI crude oil futures are in a positive movement since June 25, however, the RSI indicator points lower. Currently, the market is heading beneath the mid-level of the Bollinger band and the MACD oscillator slipped under its trigger line in the 4-hour chart. A continuation of the negative move could see immediate support come from the lower Bollinger band which overlaps with the 40-period simple moving average (SMA) at 39.72, before flirting with the 23.6% Fibonacci retracement level of the upward move from 30.57 to 41.61 at 38.93. [..]

Technical Analysis – GBPUSD’s positive drive wanes, directional pressures disappear

Posted on July 7, 2020 at 6:35 am GMT

GBPUSD’s lack of momentum has frozen the pair around the mid-Bollinger band and above the 1.2462 mark, that being the 50.0% Fibonacci retracement of the down leg from 1.3514 to 1.1410. Despite the recent improvement from the lower Bollinger band, the short-term oscillators reflect a state of evaporated directional momentum. The MACD and its red trigger line are flat at the zero mark, while the RSI is hovering marginally above the 50 threshold. The stochastic lines have stalled just above [..]

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Technical Analysis – JP 225 index maintains horizontal mode

Posted on July 6, 2020 at 3:18 pm GMT

JP 225 stock index (Cash) may prolong its sideways crawl as the price stalled underneath the 22,825 upper bound of the range. Although the price found some footing on the 200-period simple moving average (SMA), the Ichimoku lines, the 50- and 100-period SMAs continue to indicate unclear direction and conflicting views. Conflicting signals are also suggested in the short-term oscillators. The MACD is above its red trigger and zero lines, while the RSI has marginally weakened under the 80 level. [..]

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Technical Analysis – CADJPY recovers some losses with weak momentum

Posted on July 6, 2020 at 1:49 pm GMT

CADJPY is in the process to recover some of its aggressive losses that posted at the beginning of the previous month. The 50-day simple moving average (SMA) acted as a crucial support level for the price, while the RSI and the stochastic are moving slightly higher. However, the red Tenkan-sen line is holding beneath the blue Kijun-sen line, suggesting possible losses in the short-term. In case that the price remains above the moving averages it could challenge the 79.95 resistance, [..]

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Technical Analysis – AUDUSD hits a snag at the ceiling of the range

Posted on July 6, 2020 at 12:17 pm GMT

AUDUSD appears to be struggling to break above the roof (0.6976) of the sideways market that commenced in mid-June. Currently, the 50- and 100-period simple moving averages (SMAs) sustain a mostly neutral tone, while the Ichimoku lines and the cloud reflect some improvement in price action. Further backing the positive picture are the short-term oscillators as well as the 200-period SMA. The MACD, in the positive region, is strengthening above its red trigger line, while the RSI is attempting to [..]

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Technical Analysis – US 500 index touches 1-month peak but outlook remains neutral-to-bullish

Posted on July 6, 2020 at 11:48 am GMT

The US 500 cash index was promoting a bullish signal as it touched the 3,181 in the preceding session, but then it created a bearish doji candle. The technical indicators are mixed as the MACD is rising above its trigger line in the positive territory, while the RSI is sloping south around the 70 region. Moreover, the simple moving averages (SMAs) are suggesting a neutral-to-bullish mode as they give some optimism for upside tendency in the 4-hour chart. Hence, the short-run risk is looking neutral-to-positive at the moment and [..]

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