Technical Analysis


Technical Analysis – Is EURJPY ready for an uptrend? bullish double bottom detected

Posted on March 26, 2020 at 3:15 pm GMT

EURJPY managed to hold above its recent low of 116.11 this week even though the 121.00 resistance area added some pressure. The positive performance in the market, however, is not the only good news. More importantly, the pair seems to be forming a double bottom pattern around 116.00 in the weekly chart which could be a bullish signal that the sell-off that started from the 2018 peak of 137.49 may have reached a bottom and it is time for the pair to change direction. A bullish cross [..]


Technical Analysis – Gold approaches 2-week high; recoups strong losses

Posted on March 26, 2020 at 2:10 pm GMT

Gold prices continue to rise above the simple moving averages (SMAs), towards the two-week high of 1,638, stretching its upward movement from the four-month trough of 1,451.  According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam near its overbought zone. The stochastic oscillator is also advancing, creating a bullish crossover within its %K and %D lines. Also, the 20-period SMA crossed above the 40- and 100-period SMAs, confirming the [..]


Technical Analysis – USDCHF turns increasingly negative as the latest low is breached

Posted on March 26, 2020 at 1:06 pm GMT

USDCHF is extending its downside correction off the 0.9900 peak past the fresh low of 0.9717 and into the Ichimoku cloud slightly underneath. Aiding this move is the recent bearish crossover within the declining Ichimoku lines and the strengthening negative demeanour in the short-term oscillators. The MACD is descending under its red trigger line and has slipped below the zero mark, while the RSI is weakening in the bearish region. Moreover, the stochastic lines are sinking in the oversold territory, [..]


Technical Analysis – NZDUSD struggles within Ichimoku cloud; bullish in short term

Posted on March 26, 2020 at 10:25 am GMT

NZDUSD continues to consolidate within the Ichimoku cloud over the last couple of sessions, following the pullback from the eleven-year low of 0.5468. The pair remains above the bullish crossover within the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart, confirming the recent upside tendency. Technically, the RSI is pointing up in the positive region with weak momentum, while the MACD is moving sideways above the zero line. In the positive scenario, where the price continues to [..]

Technical Analysis – USDJPY stalls at 111.70 resistance; trendline back into focus

Posted on March 26, 2020 at 8:39 am GMT

USDJPY opened on the bearish side on Thursday after failing to lift the 111.70 resistance in the previous session, with the price dropping back below the 111.00 number and into the Ichimoku cloud. The spotlight is now turning to the ascending trendline as the RSI and the Stochastics are retreating in the bullish area. The trendline had successfully supported the market over the past few sessions and if it manages to hold once again, the pair could retry to clear [..]

Technical Analysis – GBPJPY corrects from 41-month low, shows signs of frailty

Posted on March 26, 2020 at 8:36 am GMT

GBPJPY’s pullback from the multi-year low of 123.97 appears to be displaying symptoms of weakness after reaching back to the 133.13 level, which is the 38.2% Fibonacci retracement of the down leg from 147.95 to 123.97. Backing this view is the downward sloping blue Kijun-sen line and the intact bearish mode within the Ichimoku lines. Furthermore, the short-term oscillators hint of wavering positive momentum. The MACD, in the negative zone, although above its red trigger line looks to be slowing, [..]


Technical Analysis – AUDUSD rebounds on 17½-year low; negative momentum fades

Posted on March 26, 2020 at 7:26 am GMT

AUDUSD is unable to decisively overrun above the 38.2% Fibonacci retracement level of the bearish wave from 0.7030 to the 17½-year low of 0.5506 to post some significant gains, as positive momentum evaporates. The pair today has declined to the nearby red Tenkan-sen line and the 23.6% Fibonacci of 0.5865, with backing from the technical indicators and the easing simple moving average lines (SMAs). Most of the short-term oscillators suggest an increase in negative momentum for now. The slightly falling [..]


Technical Analysis – EURUSD recovery halted by downtrend line

Posted on March 25, 2020 at 11:45 am GMT

EURUSD recovered in recent sessions following an aggressive sell-off, but the bulls seem to be having trouble overcoming a downtrend line drawn from the March peak. The near-term outlook therefore remains negative for the time being, though a break above the downtrend line and more importantly above the 1.0890 zone, could turn it back to neutral. Short term momentum oscillators rest near their neutral levels, providing no clear directional signals. The RSI is currently testing its 50 zone while the [..]


Technical Analysis – EURGBP retreats from 11-year high, tests crucial support area

Posted on March 25, 2020 at 7:02 am GMT

EURGBP staged a powerful rally over the past month to touch an 11-year high near 0.9500, before retreating somewhat. The price structure still consists of higher highs and higher lows above an upside support line, as well as above the 50- and 200-day simple moving averages (SMAs), implying that the broader outlook remains positive. For that to change, the bears would need to pierce below the upside line and also drive the pair below the 0.9000 handle.   Short term [..]


Technical Analysis – GBPAUD continues to consolidate after second pullback from 2.0845

Posted on March 24, 2020 at 4:39 pm GMT

GBPAUD in the near-term appears to lack direction as the price trades between the 200- and 50-period simple moving averages (SMAs). Confirming this picture are the unclear signals from the Ichimoku lines and the stalled directional momentum reflected in the short-term oscillators. The MACD, in the negative region, is rising towards its red trigger line, while the RSI also in bearish territory is ascending to its neutral mark. Despite all SMAs holding their bullish bearing, they display some weakness in [..]

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