Technical Analysis

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Technical Analysis – USDJPY in consolidation phase, capped at 112-yen

Posted on May 26, 2017 at 7:38 am GMT

USDJPY remains stuck within the Ichimoku cloud after falling from a high of 114.36 hit on May 11. From here prices reversed lower due to reaching overbought levels as indicated by the RSI rising above 70. There is strong resistance in the area between the top of the cloud at 111.80 and the key 112-yen level. Support is being provided by the 50% Fibonacci retracement level of the upleg from 108.12 to 114.36. This level lies at 111.23 and is [..]

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Technical Analysis – USDCAD turns bearish after dip below 50-day moving average

Posted on May 25, 2017 at 7:58 am GMT

USDCAD has turned bearish in the medium-term, retracing more than half of the uptrend from 1.3222 (April 13 low) to 1.3792 (May 5 high). The break below the key 1.3500 level and below the 50-day moving average this week accelerated a decline to the 1.3400 area.  A top is now in place at the May 5 high of 1.3792 as the market reversed lower after reaching overbought levels when RSI rose above 70 in early May. RSI has now dipped [..]

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Technical Analysis – AUDUSD bearish below 0.75; needs to rise above 200-day MA

Posted on May 24, 2017 at 8:39 am GMT

AUDUSD maintains a downtrend that started from the March high of 0.7748. The bearish medium-term outlook has not changed as the market remains below the 200-day moving average. The crossover of the 50-day moving average below the 200-day MA earlier this week is supporting a bearish view. Meanwhile, MACD is below zero, also indicating bearishness in the market. The RSI indicator’s rise has stalled at 50, suggesting fading upside momentum in prices. The key 0.7500 level appears to be a [..]

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Technical Analysis – NZDUSD climbs to 4-week high but outlook still bearish

Posted on May 23, 2017 at 3:10 pm GMT

NZDUSD was up sharply for a third straight day on Tuesday as it climbed back into the Ichimoku cloud and hit a 4-week high of 0.7046. This week’s gains have taken prices above the 50-day moving average and the RSI has risen further into positive territory, indicating a strong bullish bias in the near term. If the positive momentum holds, immediate resistance will likely come from around the 0.7050 level, which has been a previous resistance area. It is also [..]

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Technical Analysis – Gold bullish above 200-day moving average

Posted on May 23, 2017 at 8:26 am GMT

Gold maintains a bullish outlook after the market carved out higher highs and higher lows since December 2016. The uptrend from the 1122.66 low to the 6-month high of 1295.38 hit on April 17 is still in progress. Prices are now above the 23.6% Fibonacci retracement level of this uptrend, and this Fibonacci will act as immediate support just under 1255. The crossover of the 50-day moving average with the 200-day MA on May 17 supports a bullish bias. The [..]

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Technical Analysis – WTI Oil Futures bullish at 1-month high

Posted on May 22, 2017 at 10:57 am GMT

WTI oil futures hit a one-month high of 51.22 earlier on Monday as the commodity continues its two-week rally. Prices today were capped by the 100-day moving average (MA) but overcoming this level should be possible given the positive near-term momentum. The RSI is rising and has yet to reach overbought territory, signalling room for further gains. However, the stochastics have already crossed into overbought levels, suggesting the rally may struggle to maintain momentum. Should prices get past the 100-day [..]

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Technical Analysis – EURUSD maintains bullish bias to target 1.13

Posted on May 22, 2017 at 8:27 am GMT

EURUSD maintains a bullish market structure, carving out higher highs and higher lows since bouncing off 1.0340 . The pair hit a fresh six-month high of 1.1211 last Friday but the rally stalled here as the market reached overbought levels. This was indicated by the RSI reaching 70. Today’s move lower will eye support at 1.1100. A breakdown of this level would open the way towards 1.1000 and then target the 200-day moving average, currently around 1.0816. A firm break [..]

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Technical Analysis – GBPJPY maintains bullish structure; rebounds after recent decline

Posted on May 19, 2017 at 8:17 am GMT

GBPJPY maintains a bullish market structure defined by the uptrend from the April 17 low of 135.58 to the May 10 high of 148.09. This was the highest level since December 15. The market turned lower after becoming over-extended, as indicated by the RSI which reached well into overbought levels above 70 in early May. Support was found at 143.34, which is the 38.2% Fibonacci retracement level of the upleg from 135.58 to 148.09. From here, prices rebounded on Thursday [..]

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Technical Analysis – GBPUSD maintains bullish bias; needs daily close above 1.30

Posted on May 18, 2017 at 8:41 am GMT

GBPUSD is neutral in the near term after the recent sharp rally from the 1.2600 area is taking a pause and the market is consolidating gains around 1.2900. The 1.300 level has proven to be strong resistance as prices failed to cross this barrier after coming close to it a few times this month. Upside momentum faded at the end of April to early May and RSI reached overbought territory at 70, suggesting that consolidation or a pullback was due. [..]

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Technical Analysis – GBPUSD neutral in near-term, finding strong resistance at 1.30

Posted on May 18, 2017 at 8:24 am GMT

GBPUSD is neutral in the near term after the recent sharp rally from the 1.2600 area is taking a pause and the market is consolidating gains around 1.2900. The 1.3000 level has proven to be strong resistance as prices failed to cross this barrier after coming close to it a few times this month. Upside momentum faded at the end of April to early May and RSI reached overbought territory at 70, suggesting that consolidation or a pullback was due. [..]

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