Technical Analysis

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Technical Analysis – ETHUSD lacks direction in near term; positive profile in medium term

Posted on May 21, 2019 at 1:04 pm GMT

ETHUSD has been on the sidelines over the last week as the price struggle near the 20-simple moving average (SMA). Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and is moving towards its 50 neutral mark, while the stochastics are creating a bearish cross within %K and %D lines. A rebound on the 20-day SMA should drive the price towards the 263.60 resistance level. Higher up, the eight-month high of 279.20 could attract attention. [..]

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Technical Analysis – EURNZD flirts with 4-month peak; bullish rally continues

Posted on May 21, 2019 at 11:53 am GMT

EURNZD is hovering above the 50.0% Fibonacci retracement level of the downleg from 1.7925 to 1.6885 around 1.7110 and is approaching the four-month high of 1.7150. The RSI is growing distance above the 50 level and is standing near the overbought zone, while the MACD is holding well above the zero line, increasing speculation for more upside pressure in the short-term. In case the pair maintains its short-term direction to the upside after the bounce off the 18-month bottom of 1.6885, the bulls will probably [..]

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Technical Analysis – WTI crude futures stands above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 9:00 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart.  The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

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Technical Analysis – GBPJPY strictly capped below 20-period SMA

Posted on May 21, 2019 at 7:20 am GMT

GBPJPY continued with losses for the second week in a row, dropping to a four-month low of 139.53 last Friday and near a key support area before turning neutral. The RSI in the four-hour chart continues to lack direction while remaining in bearish area and the red Tenkan-sen keeps flattening below the blue Kijun-sen line, reducing chances for a meaningful recovery in the short-term. However, should the price close comfortably above the 20-period moving average (SMA) (140.23), which has not been broken over the past two-weeks, traders could push the pair up to 141.19; the 23.6% Fibonacci of the [..]

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Technical Analysis – GBPUSD drifts to 4-month low; is strongly bearish

Posted on May 21, 2019 at 6:49 am GMT

GBPUSD sank to a fresh four-month low of 1.2708 today, creating a strong negative rally after the pullback on 1.3175. The negative bias in the near term is supported by the deterioration in the momentum indicators. The %K line of the stochastic oscillator has fallen sharply into oversold levels and is attempting a bullish crossover with the %D line. However, the MACD is strengthening its bearish momentum. If prices continue to head lower, support should come from the 1.2665 barrier, [..]

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Technical Analysis – US 30 index eases inside Ichimoku cloud; fails to improve

Posted on May 20, 2019 at 1:01 pm GMT

The US 30 index is trading below the six-month high of 26,712, struggling within the Ichimoku cloud and the between the 50- and 200-simple moving averages (SMAs). The index is on the back foot and the technical indicators suggest that the market could ease a little bit in the short-term; the MACD is flattening in the negative zone, while the stochastic looks be losing momentum. In case of a correction lower, preliminary support may be initially found near 25,500 which is where the 23.6% Fibonacci retracement [..]

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Technical Analysis – GBPCAD hovers near 3-month low

Posted on May 20, 2019 at 12:12 pm GMT

GBPCAD plunged below the 50.0% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 and the 200-day moving average. Currently, the price is developing beneath the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) are turning lower. The RSI indicator is flattening just above 30 oversold level while the MACD is strengthening its negative momentum. In case of more decreases, the price could meet the 61.8% Fibonacci of 1.7050, posting a new three-month low. A break lower, could [..]

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Technical Analysis – USDCHF rebounds on 1.0050; risks still to the upside

Posted on May 20, 2019 at 9:03 am GMT

USDCHF rebounded on the 1.0050 support level in the preceding week, jumping above the 23.6% Fibonacci retracement level of the upward movement from 0.9540 to 1.0235, around 1.0070. The RSI has come off from negative levels and the stochastic oscillator posted a bullish cross within its %K and %D lines in the oversold zone, pointing to some upside risks. However, the red Tenkan-sen line of the Ichimoku cloud is still sloping down despite the latest upside moves. If the pair gains [..]

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Technical Analysis – Gold eyes key support around 1,266

Posted on May 20, 2019 at 8:18 am GMT

Gold made another lower high last week after finding resistance at 1,303. The market action is currently taking place at the bottom of the symmetrical triangle and both the RSI and the MACD signal that the next move in the price is more likely to be on the downside as the former is negatively sloped below its 50 neutral mark and the latter continues to weaken slowly towards its red signal line. While a cross under the triangle (1,274) could be discouraging, a decisive close under the previous low of [..]

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Technical Analysis – EURUSD tumbles within descending channel; 23-month low in sight

Posted on May 20, 2019 at 6:33 am GMT

Since its deep fall towards a two-week low in early May, EURUSD slipped beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe, remaining in a descending channel of its drop from 1.1570. The technical picture supports that the 1.1260 resistance is likely to continue to hold in the short-term. Looking at momentum indicators, the MACD declined below its trigger line and zero line, suggesting that the market could keep losing momentum in the near term. The stochastic also supports [..]

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