Technical Analysis

Technical Analysis – USDJPY 200-day SMA just about holds bulls at bay  

Posted on November 7, 2019 at 9:16 am GMT

USDJPY’s further gains seem to be restricted by the 200-day simple moving average (SMA) and the upper Bollinger band around the 109.00 resistance level. Yet, the upward sloping mid-Bollinger band and 40-day SMA back an improving picture. Despite this, the 200- and 100-day SMAs have moved horizontal, implying that a sideways move may endure. Furthermore, the technical indicators suggest that positive momentum has weakened, something also reflected in the squeezing of the Bollinger bands. The MACD is in the positive [..]

Technical Analysis – GBPJPY in consolidation phase near a five-month high

Posted on November 7, 2019 at 7:52 am GMT

GBPJPY is stuck between the 200-day simple moving average (SMA) and the 140.70 resistance, which is also the 61.8% Fibonacci of the downleg from 149.47 to 126.53. Downside pressures seem to be strengthening as the RSI is heading down to meet its 50 neutral mark and the MACD continues to slip under its red signal line in the positive area. The bears, though, need to drive under the 38.2% Fibonacci of 135.50, where the price previously topped, to bring into question the upward pattern that started from the 3-year [..]

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Technical Analysis – EURAUD breaks below 200-day moving average

Posted on November 6, 2019 at 4:09 pm GMT

EURAUD penetrated below the 200-day simple moving average (SMA) after turning back down from 1.6431 and clearing below the noisy area of previous supports and the SMAs around 1.6200. The short-term oscillators reflect a freeze in momentum but lean towards the negative picture. The MACD is distancing itself below its red trigger line in the negative zone, while the RSI, slightly above the 30 level has turned marginally up. Further backing the negative outlook, are the downward slopes of the [..]

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Technical Analysis – EURNZD hold above support region after false break; is capped by 50-SMA

Posted on November 6, 2019 at 3:05 pm GMT

EURNZD is being restricted by the 50-period simple moving average (SMA), after a false break below the structure support on November 4 reversed the price back inside it. The short-term oscillators suggest that the directional momentum has dried up. The MACD, in the negative zone, has moved above its red trigger line and near to zero, while the RSI is hovering around its neutral mark. The mostly horizontal SMAs are limiting advances while the support section holds, keeping the price in a neutral mode. Moreover, [..]

Technical Analysis – AUDNZD remains bullish, upper boundary of range in reach

Posted on November 6, 2019 at 9:36 am GMT

AUDNZD buyers are nearing the upper boundary of a one-month range following an uptrend which commenced on August 6, from the seven-month low of 1.0262. The pair transitioned into a sideways move as bullish momentum eased but it seems the bulls are now at the wheel again. The short-term oscillators are picking up, reflecting improving positive directional momentum. The MACD, remaining in the positive region, has moved above its red trigger line, looking to increase further. The RSI and the [..]

Technical Analysis – US500 index prints fifth week of gains; bias positive overall

Posted on November 6, 2019 at 8:19 am GMT

The US 500 stock index (cash) is recording its fifth week of gains within an ascending channel. Having reached a fresh record high of 3,087, the market may experience some weakness in the short-term as the price touches the upper Bollinger band and the RSI reverses lower just below its 70 overbought mark. Yet, with the latter holding well above its 50 neutral mark and the market trend showing no signs of reversing as the index keeps printing higher lows and higher [..]

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Technical Analysis – GBPNOK remains positive; sellers halt further advances

Posted on November 5, 2019 at 4:07 pm GMT

GBPNOK buyers have reemerged and are pushing higher again after gains were frozen by sellers who reversed the price back down off a forty-month high of 11.97. Despite the positive momentum slightly weakening, the positive outlook still looks to be intact, something also backed by the upward slopes in the simple moving averages (SMAs). The MACD, although remaining deep in the positive region, has slipped below its red trigger line, while the RSI, having dropped out of the overbought area, [..]

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Technical Analysis – USDCHF gains bullish traction, but still below descending trendline

Posted on November 5, 2019 at 11:39 am GMT

USDCHF rebounded forcefully after failing to cross under the October trough of 0.9839, with the price running as high as 0.9907 on Tuesday. On the four-hour chart, the upward-sloping RSI which is comfortably above its 50 neutral mark and the improving MACD endorse the positive momentum in the price. Should the bullish action stretch above the bottom of the Ichimoku cloud and the 38.2% Fibonacci of 0.9911 of the downleg from 1.002 to 0.9839, the focus will shift straight to [..]

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Technical Analysis – EURGBP short-term bias weaker, nearby resistance keeps pressuring

Posted on November 5, 2019 at 9:57 am GMT

EURGBP is trading in a tight narrow range of 0.8574-0.8676 which is part of the three-month-old bear trend. The soft upward move in the RSI and the MACD reflects a weaker short-term bearish bias but a closing price above the 0.8676 resistance could attract some buying interest towards 0.8753, which is the 23.6% Fibonacci retracement of the downleg from 0.9324 to 0.8574. Slightly higher, a breach of the 0.8800-0.8860 noisy area, where the 38.2% Fibonacci and the longer-term SMAs are [..]

Technical Analysis – GBPUSD’s positive signals remain intact despite consolidating

Posted on November 5, 2019 at 9:27 am GMT

GBPUSD looks to have lost some steam transitioning into a sideways move, with the short-term oscillators reflecting a stall in momentum. The pair may be in the process of forming a pennant – valid on a break of the upper or lower lines – after the rally from October 8, which pushed the price aggressively above all the simple moving averages (SMAs). The MACD, deep in the positive region, has moved slightly below its red trigger line, while the stochastics [..]

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