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WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50
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AUD/USD slips marginally below 20-period SMA and 23.6% Fibonacci. AUD/USD has been underperforming in the past two days, breaking back below the 23.6% Fibonacci retracement level of the down leg from 0.6685 to 0.5506 at 0.5783. When looking at the bigger picture, the pair has a clear downside trend and has been
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Gold appears to have found some support around the November 2019 lows from 1,446 to 1,455 – pivoting from this region – and is currently capped by the 200-day simple moving average (SMA). Both the declining Tenkan-Sen line and the MACD are continuing to back the drop, with the Tenkan-Sen line
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USD/JPY develops in an upward sloping channel in the short term. USD/JPY has been creating an upward sloping channel since the bounce off the more than the three-year bottom on 101.15, achieved on March 9, in the 4-hour chart. Currently, the price is capped by the red Tenkan-sen line and finds support at the
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EUR/GBP retraces from an 11-year high, crawls below 23.6% Fibonacci. EUR/GBP seems to be correcting from the 11-year high of 0.9498 after a phenomenal two-day aggressive rally sent the pair to historic highs not seen since 2009. The move down past the 0.9148 support is currently encountering some hindrance from the upward
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USD/JPY bulls may not give up battle yet; look for support near the trendline. USD/JPY reversed its massive sell-off near a familiar support level of 101.17, which was active during the 2013-2016 period, and accelerated above its simple moving averages (SMA) and back towards the 111.00 area. On Thursday, the pair also
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GBP/JPY’s downside risks intact, reaching multi-year low. GBP/JPY’s nearly one-month decline, out of a consolidation phase, appears to have just about touched a 41-month low of 123.97, assisted by the declining Ichimoku lines and the recent bearish crossover in the downward sloping 50- and 100-day simple moving averages (SMAs). The short-term technical
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GBP/USD posts heavy falls; new low since 1985. GBP/USD has been gradually tumbling over the last couple of weeks, dropping to levels not seen in several decades. The price is flirting with the fresh low last seen in 1985 that posted on Wednesday at 1.1450. The sharp selling interest was confirmed by the long-term momentum indicators that slipped in
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CAD/JPY falls to 2011 low, posts death cross. CAD/JPY has sold off aggressively in the past few weeks, with the pair falling to 73.85 – a zone is last seen in 2011 – before rebounding somewhat. The outlook, therefore, seems to have turned negative, something endorsed by the 200-day simple moving average (SMA)
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EUR/CHF loses steam marginally above 5-year low and below SMAs. EUR/CHF has been declining over the last eleven months, driving the pair towards the almost five-year bottom of 1.0540 on March 12. The market is remaining well below the descending trend line and close to the 20- and 40-period simple moving averages
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