Technical Analysis

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Technical Analysis – Facebook slips near 50-day SMA; holds in narrow range in near term

Posted on March 19, 2019 at 2:12 pm GMT

Facebook stock price pulled back from the seven-month high of 174.29, registered on March 11, resting slightly above the 50-day simple moving average (SMA) and the 38.2% Fibonacci retracement level of the downleg from 218.44 to 123.30, around 160.00. The price has been developing within a narrow range after the jump above the 38.2% Fibonacci over the last one-and-a-half months. Technically, the stochastic is detecting downside momentum as it is approaching the oversold zone, while the MACD is losing momentum [..]

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Technical Analysis – GBPCAD on a slippery mode; stays positive in medium term

Posted on March 19, 2019 at 1:30 pm GMT

GBPCAD is losing momentum after finding a strong resistance obstacle around the nine-month high of 1.7795 in the preceding week. The technical indicators are slowing down, mirroring the market’s behavior over the last days as the RSI is flattening in positive territory. The MACD is also holding in the bullish area, however, it slipped below the trigger line, creating a bearish crossover. In case the pair changes its short-term direction to the downside, the bears would probably challenge the 20-day simple moving average (SMA) currently [..]

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Technical Analysis – WTI oil futures reach 4-month high; strongly positive in short term

Posted on March 19, 2019 at 10:04 am GMT

WTI crude oil futures have been in a flying mode since yesterday’s trading session, recording a new four-month high around 59.32 today. The price is set to touch overbought levels according to the RSI indicator which is holding a shy below the 70 level, while the MACD is ready to post a bullish crossover with its trigger line in the 4-hour chart. Moreover, the price is hovering well above the Ichimoku cloud. Another positive extension could find resistance at the 61.45 barrier, where the market topped on November [..]

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Technical Analysis – AUDJPY tops at 2-week highs; key resistance remains at 79.80

Posted on March 19, 2019 at 8:00 am GMT

The four-hour AUDJPY established another higher high in the uptrend it started recording on March 8. Trading under the two-month peak of 79.39 now the short-term risk looks neutral to negative as long as the RSI hovers around 50 and the MACD keeps losing strength below its red signal line. A southward extension below the 61.8% Fibonacci of 78.89 of the downleg from 79.63 to 77.71 would likely target the 200-period moving average currently at 78.80 . Another leg lower [..]

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Technical Analysis – GBPUSD erases some losses; bullish in near term

Posted on March 19, 2019 at 7:38 am GMT

GBPUSD has been moving higher since the rebound on the 21-month low of 1.2390 on January 3, creating a bullish tendency in the daily timeframe. After touching the nine-month high of 1.3380, cable returned lower but is hovering above the 20- and 40-simple moving averages (SMAs). The market could maintain upside momentum as the RSI remains in a positive area and the MACD has jumped above its trigger line in the bullish zone. An extension to the upside and above the 1.3350 – 1.3380 key area could meet the 1.3475 resistance [..]

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Technical Analysis – BTCUSD holds above uptrend line; bullish in near term

Posted on March 18, 2019 at 2:39 pm GMT

BTCUSD is currently developing below the two-month high of 3994.20 and back near the flat red Tenkan-sen line.  According to the momentum indicators some weakness could emerge as both the RSI and the Stochastics are losing steam after a peak in the overbought territory. Should the price extend higher, it could find immediate resistance at the 3994.20 level before touching the 4085 barrier, taken from the peak on January 8. Also, an advance above this region would increase speculation that a bullish move is in progress towards 4210, where [..]

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Technical Analysis – US 30 index stands above ‘golden cross’; indicators signal weakness

Posted on March 18, 2019 at 12:32 pm GMT

The US 30 index recorded a bullish signal in the previous week, completing a golden cross within the 50- and the 200-simple moving averages (SMAs) in the daily timeframe. Today, though, the index is on the backfoot and the technical indicators suggest that the market could ease a little bit in the short-term. The stochastic oscillator is ready for a bearish cross in the overbought zone, while the MACD remains below trigger line. In case of a correction lower, preliminary support may [..]

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Technical Analysis – Gold pares some losses; RSI looks slightly bullish in short term

Posted on March 18, 2019 at 8:28 am GMT

Gold is posting notable gains over the last 4-hour session, successfully surpassing its 20- and 40-simple moving averages (SMAs). While the price continues to trade within the Ichimoku cloud over the last week and the MACD oscillator keeps lacking momentum around its trigger and zero lines, the RSI is trying to frame a more positive picture for the short term as the indicator has started to slope to the upside again above its 50 neutral mark. Immediate resistance would likely come from the [..]

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Technical Analysis – EURUSD runs higher near descending trend line

Posted on March 18, 2019 at 7:22 am GMT

EURUSD has advanced considerably over the preceding week after the rebound on the 21-month low of 1.1175, challenging again its simple moving averages (SMAs) in the daily timeframe. The price surpassed the 23.6% Fibonacci retracement level of the downleg from 1.1570 to 1.1175, near 1.1325, but it continues to trade within a downward sloping channel. Technically, the RSI indicator is confirming the recent upside movement as it is sloping slightly higher. In Stochastics, the %K and %D lines have posted a bullish crossover in the overbought zone. The [..]

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Technical Analysis – NZDUSD latest rebound may stall in short-term

Posted on March 15, 2019 at 1:22 pm GMT

NZDUSD corrected below two-week lows after the RSI reached overbought territory, with the price launching slightly above the 50-period moving average in the four-hour chart on Thursday. On Friday the market resumed bullish momentum, but with the RSI reversing towards its 50 neutral threshold and the MACD moving under its red signal line, the recovery may probably not continue in the short term. The 50% Fibonacci of 0.6822 of the downleg from 0.6900 to 0.6743 could act as support in case selling pressure strengthens. Another leg [..]

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