Technical Analysis

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Technical Analysis – Copper futures crawl near 6-month high; indicators seem overbough

Posted on July 2, 2020 at 12:46 pm GMT

Copper is trading around the vicinity of the six-month top of 2.7644, achieved earlier today, continuing the buying interest that started on March 19. Looking at the short-term oscillators, the stochastic and the RSI signal a slight decrease around their overbought marks as they are losing momentum. However, the MACD oscillator is still showing some improvements above its trigger line. Should buyers drive above the six-month peak of 2.7644, they could encounter initial strengthened resistance from the 2.8800 barrier, taken [..]

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Technical Analysis – US 100 index is greedy for more all-time highs

Posted on July 2, 2020 at 12:24 pm GMT

The US 100 stock index (cash) is calling new all-time highs ahead of the Nonfarm payrolls report due later today as the price has yet to reach the edge of the overbought zone in the daily chart; the RSI has yet to peak above 70 and the Stochastics keep strengthening towards the 80 level. The next stop could be near the 10,650 level taken from the 161.8% Fibonacci extension of the latest negative correction (from 10,346 to 9,820). Alternatively, the [..]

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Technical Analysis – GBPAUD stands near 9-month trough; remains in bearish mode

Posted on July 2, 2020 at 11:39 am GMT

GBPAUD has been heading considerably lower over the last four months, touching a new nine-month low of 1.7860. Currently, the price is edging slightly higher, approaching the 20-day simple moving average (SMA) and the MACD oscillator is moving above its trigger line. Also, the RSI is ticking up in the negative territory, suggesting a potential pullback. A rally above the 20-day SMA could challenge the 40-day SMA near 1.8363 and the 1.8430 resistance. Slightly higher, the 23.6% Fibonacci retracement level [..]

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Technical Analysis – CHI 50 stock index accelerates to 2020 highs

Posted on July 2, 2020 at 11:13 am GMT

China’s 50 stock index (cash) is recording another stunning green day, rallying by more than 5% since the latest rebound on the 20-day simple moving average (SMA) to re-challenge the 2020 high of 14,678. The sharp move drove the pair to overbought territory according to the RSI, which pierced above 70. However, the indicator has yet to reverse lower and the stochastics seem ready to return above 80, so the rally may still have some fuel to burn. Above the [..]

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Technical Analysis – EURJPY cautiously positive above SMAs

Posted on July 2, 2020 at 10:15 am GMT

EURJPY appears somewhat optimistic despite the recent consolidation in price above the 200-period simple moving average (SMA). Positive signals include the price having moved above the SMAs and the Ichimoku cloud, while the Ichimoku lines stall their positive tone. Furthermore, a nearing bullish crossover of the 100-period SMA by the 50-period one could boost positive sentiment too. Additionally, the oscillators are leaning slightly towards a positive outcome in the short-term, despite paused positive momentum. The MACD, in the positive region, [..]

Technical Analysis – WTI futures weaken their bullish move above SMAs

Posted on July 2, 2020 at 7:55 am GMT

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the bullish region. In case of more upside pressures and a successful climb above the immediate resistance of 41.60, the next hurdle would come from the 61.8% Fibonacci retracement level of [..]

Technical Analysis – AUDUSD holds within bullish channel; golden cross registered

Posted on July 2, 2020 at 7:51 am GMT

AUDUSD has been on the sidelines over the past three weeks, but is still within the three-month old ascending channel, keeping hopes alive that the positive pattern may continue. In other bullish trend news, the 50- and 200-day simple moving averages (SMAs) managed to post a golden cross after more than two years, further brightening the medium-term outlook. A decisive close above the 0.7030-0.7080 restrictive area which the pair failed to successfully overcome this month could bring new buyers to the market, with [..]

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Technical Analysis – EURUSD’s positive picture consolidates

Posted on July 2, 2020 at 6:30 am GMT

EURUSD has been in a range for a couple of weeks now with the price currently capped by the 100-period simple moving average (SMA) and the 1.1268 level, that being the 23.6% Fibonacci retracement of the up leg from 1.0773 to 1.1421. The stalled Ichimoku lines and the flattened state within the 40- and 100-period SMAs further sponsor a horizontal picture. Although the short-term oscillators are skewed marginally to the upside, it is on the back of weak momentum for [..]

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Technical Analysis – Tesla takes off like a rocket, prints new records

Posted on July 1, 2020 at 2:11 pm GMT

Tesla’s stock levitated to a new all-time high of 1086 yesterday, and today it overcame that too, continuing its relentless uptrend. The picture is overwhelmingly positive, with the structure of higher peaks and higher troughs being reinforced by all the simple moving averages (SMAs) sloping upwards and the price trading above an upside support line drawn from the March lows. Even short-term momentum oscillators are with the bulls, as the RSI just touched its 70 line while the MACD just [..]

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Technical Analysis – GBPJPY edges sideways below 200 moving average

Posted on July 1, 2020 at 11:35 am GMT

GBPJPY appears restrained within the Ichimoku cloud by the 50- and 100-period simple moving averages (SMAs) over the previous sessions. The price has found difficulty in maintaining a jump back above the 200-period SMA and thus has adopted a sideways move over the last week. Backing this view are the unclear directional signals reflected in the Ichimoku lines as well as the conflicting slopes of the 50- and 100-period SMAs. Looking at the MACD and the RSI indicators, they reflect [..]

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