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Technical Analysis

This is a discussion on Technical Analysis within the Forex Trading forums, part of the Trading Forum category; Today’s gains have helped offset a string of losses as fears over increasing oil output coupled with diminishing hopes that ...

          
   
  1. #761
    Senior Member TechnoMeter's Avatar
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    Oil Prices - Ranging near Bullish Reversal

    Today’s gains have helped offset a string of losses as fears over increasing oil output coupled with diminishing hopes that a US China trade deal will be reached. But, crude oil prices still remain above technical support at the 50.0 percent retracement level around $60.00/bbl drawn from October’s
    peak and December’s bottom last year. Positive sentiment from a technical perspective has waned, however, after bullish uptrend support from the latest 40-plus percent rally was broken earlier this month. Now, a short-term bearish downtrend has formed while a downward-sloping 34-day EMA both look to serve as headwinds to further upside in oil prices.

    Technical Analysis-brentcrud-w1-fx-choice-limited-2.png


    Focusing in on a closer perspective, it appears that the 78.6 percent Fibonacci retracement level drawn from the high and low recorded on April 23 and May 6 respectively serves as a new area of confluence around the $61.50/bbl price. Oil bulls will likely watch this level closely to see if technical support continues to hold with the 61.8 percent and 50.0 percent Fibs encompassing the $62.50-63.20/bbl price level eyed as short-term upside targets. Although, if prices fail to hold footing above $60.00/bbl, crude could quickly accelerate to the downside.

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  2. #762
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    USD/JPY: Bullish Pattern

    Technical Analysis-usdjpy-d1-metaquotes-software-corp-2.png


    We are tracking a bullish 5-3 wave pattern for USD/JPY. This is where you have a 5 wave motive wave to start a new trend followed by a three wave partial retracement.

    Technical Analysis-usdjpy-w1-metaquotes-software-corp.png


    The motive wave began on January 2, 2019 and carried to March 5, 2019. From there, a sideways flat pattern carved in three waves labeled (a)-(b)-(c). The wave structure from the May 13 low appears to be a leading diagonal pattern. If this interpretation is correct, then another large rally may begin soon.

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