Technical Analysis

11 December 2018
  • 10:29

    SP500 Posts Bullish Pin Bar


    Yesterday’s session started with another selling pressure, but bulls managed to save the day and push the price sharply higher as the index rose around 40 points from daily lows to close slightly higher on the day. It was consolidating on Tuesday and was down briefly, trading at around 2,635 USD during the London session.

    Monday’s daily candle looks like a big bullish pin bar, which is a reversal pattern. This candle could suggest that bears lost control of the market and retreated, which could mean further bullish behaviour is likely over the next few days, if this pattern is confirmed. The price needs to rise above 2,650 USD to confirm this candle.

    The next target could be at 2,650 USD and then probably at 2,675 USD.

    On the other hand, should the bullish breakout fail to materialise, the support now stands at around 2,625 USD and if not held, the price could decline back to 2,608 USD, where October lows are seen.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

     

  • 10:12

    EURUSD: Pair Still Stuck in a Triangle Pattern



    The EURUSD pair remains very calm, despite big volatility on stocks and commodities. It was trading at 0.25 percent stronger on Tuesday, hovering at around 1.1380 during the London session, while it was stuck in a bigger triangle pattern.

    The upper line of this triangle is near the 1.14 level and if broken, the bullish momentum could accelerate further, and the next target could be at November highs at 1.15, where the 100-day moving average is also located.

    On the downside, the lower line of the triangle is seen near 1.1330 and if broken to the downside, the next stronger support could be at 1.13 and then it could move to the current cycle lows at 1.1210.

    Volatility has been minimal lately, which could change when this triangle pattern is broken to either side. The RSI indicator is not showing any help at the moment, as it also remains stuck in a narrow range.

    The Dollar index rose strongly on Monday and it is now nearing the short-term bearish trend line at 97.25. If bulls manage to conquer this level, the EURUSD pair will most likely drop below the mentioned lower trend line of the triangle.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

11 December 2018
Market Focus
  • BOJ keeps policy steady, signals chance of easing in October
  • UK retail sales fell slightly in August
  • Fed lowers interest rates by 25 basis points, as expected
  • SNB leaves policy rate unchanged at -0.75%

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