Technical Analysis

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Technical Analysis – WTI crude oil futures struggle below 64.20; bullish move is expected

Posted on January 23, 2018 at 2:59 pm GMT

WTI crude oil futures have been trading slightly higher over the last few hours and touched the 64.20 resistance level. Having a look at the bigger picture the price is endorsing the scenario for further gains, while the short-term timeframe indicates a pause of the downward correction. In the 4-hour chart, the price jumped above the 20 and 40 simple moving averages while the technical indicators are confirming the recent bullish phase. The RSI indicator is pointing to the upside in the positive territory. [..]

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Technical Analysis – GBPUSD hits fresh 19-month high of 1.40 handle

Posted on January 23, 2018 at 8:04 am GMT

GBPUSD surged to a fresh 19-month high during today’s Asian session and hit the strong psychological level of 1.4000. The bullish strength remains intact as the price climbed higher on Monday and successfully surpassed the significant obstacle of 1.3940. The price is developing above its short-term ascending trend line, which has been holding since March 2017. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is well above the 70-overbought level, suggesting that the latest upswing may [..]

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Technical Analysis – US 100 index trades near record high; RSI overbought

Posted on January 22, 2018 at 2:21 pm GMT

The US 100 index is currently trading close to its all-time high of 6,844.45 hit during Friday’s trading. Rising prices in recent weeks are setting a bullish picture for the index in the short-term. The RSI, which has been heading higher throughout this period, is supporting the view for a positive market bias. The indicator though has crossed above the 70 overbought level; this being interpreted as increased risk for a pullback in the short-term. The area around last week’s [..]

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Technical Analysis – Gold makes corrective move lower after challenging new 4-month high

Posted on January 22, 2018 at 10:41 am GMT

Gold moved lower over the previous week following the pullback from the 4-month high of 1344. The price snapped the five weekly winning sessions and posted a negative week as it lost momentum. The short-term technical indicators seem to be turning negative and point to more weakness in the market. In the 4-hour chart, the RSI indicator is pointing slightly to the upside near the 50 level, whilst the MACD oscillator lost its momentum and is flattening near the zero line. Moreover, the 40-simple [..]

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Technical Analysis – EURUSD loses momentum; holds below 3-year high

Posted on January 22, 2018 at 7:51 am GMT

EURUSD challenged a fresh 3-year high above the 1.2300 price level during the previous week but currently, the price is holding below the aforementioned level. The price jumped to 1.2320 for the first time since December 2014, after extending a strong rally that started from the low of the 1.1900 handle. Looking at the daily timeframe, it is worth mentioning that the Asian session has started with a gap up and the price pared those gains in the last hours. In addition, over the last five [..]

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Technical Analysis – GBPAUD remains bearish as recent sessions runs out of steam

Posted on January 19, 2018 at 3:46 pm GMT

GBPAUD remains under pressure and risk is still to the downside as prices continue to trade below the 1.7430 resistance level. The price had a strong sell-off following the rebound near the 1.8000 strong psychological level. The short-term technical are holding near their neutral levels. The RSI indicator is flattening near its 50 level, whilst the MACD oscillator has a slight upward movement below near its zero line. Looking at the daily chart, prices are trading within the 20 and [..]

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Technical Analysis – EURGBP approaches 38.2% Fibonacci mark; bullish move is expected in short-term

Posted on January 19, 2018 at 10:01 am GMT

EURGBP appears poised for further losses and slipped beneath the 0.8850 barrier in the prior couple of days. Currently, in the short-term timeframe, the pair is developing between the 38.2% and the 50.0% Fibonacci retracement levels of the last significant upward movement with the low at 0.8690 and the high at 0.8923. The aforementioned levels are holding near the 0.8833 resistance level and the 0.8805 support level respectively. In addition, the pair posted two positive days in a row following [..]

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Technical Analysis – WTI crude oil futures maintain weak upside bias in near-term; broader trend is bullish

Posted on January 19, 2018 at 9:55 am GMT

WTI crude oil futures have traded lower in the prior three days following the pullback on the fresh three-year high of 64.80. When looking at the bigger picture the price is endorsing the scenario for further gains, however, in the short-term timeframe a bearish correction is possible. The price slipped below the 161.8% Fibonacci retracement level at 63.65 of the last big downward movement with the high at 55.40 and the low at 42.00. If price action remains below 63.65, [..]

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Technical Analysis – GBPJPY stalls rally at 1½-year highs; remains in bullish phase

Posted on January 19, 2018 at 7:41 am GMT

GBPJPY remains in a bullish phase but has stalled its recent rally after reaching its highest level since mid-June 2016. On the 4-hour chart, the market became overbought and subsequently made a corrective move lower. This is indicated by the RSI reaching above 70 after GBPJPY surpassed the prior peak of June 8 (153.70) and moved higher. Immediate support is now at 153.70 and resistance at yesterday’s high of 154.57. The outlook remains bullish on the short and medium-term time frames. So [..]

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Technical Analysis – USDCAD remains neutral after failing to regain 1.25 handle

Posted on January 19, 2018 at 7:15 am GMT

USDCAD remains neutral on the daily chart, pivoting around the key 1.2500 level since the start of January. The pair has been unable to sustain gains after a break of this level last week and consequently, the market has been stuck in a multi-week range roughly between 1.2350 and 1.2600. Technical indicators that were strongly bearish are now turning neutral, suggesting that downside momentum is fading at least in the near term. The 50, 100 and 200-day moving averages are [..]

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