Technical Analysis

Technical Analysis – US 500 index softly up after upbeat retail sales

Posted on July 16, 2024 at 3:36 pm GMT

US 500 stock index maintains muted positive tone Short-term bias on the bullish side; eyes on 5,680 Unlike the US 30 index, the US 500 index could not renew its record rally on Tuesday, retaining a muted positive tone around 5,650. The bulls, however, might still have their chance, especially after the close above the one-year-old resistance line at 5,600. If that floor holds, the price might attempt to push above the short-term ascending line at 5,683 and towards [..]

Technical Analysis – Have USDJPY bulls lost the game?

Posted on July 16, 2024 at 8:19 am GMT

USDJPY finds support near 158.00 after rapid downfall Short-term risk remains in the bearish zone; eyes on 155.00 level US retail sales due for release at 12:30 GMT USDJPY set a strong foothold near its 50-day simple moving average at 157.90 after last week’s brutal exit out of the 161.00 territory. Note that the pair made a double top pattern near its 38-year high of 161.94 before descending, which typically indicates a bearish continuation. Despite the recent crash in [..]

Technical Analysis – EURJPY pulls back from 32-year high

Posted on July 16, 2024 at 7:38 am GMT

EURJPY jumped to its highest since January 1992 last week But corrected lower after suspected Japanese intervention Oscillators weaken but remain above neutral zones EURJPY has been in a steep uptrend since the beginning of the year, storming to consecutive multi-year highs. In the near term, the pair experienced a strong pullback following a suspected currency intervention from Japan last week but already seems on track to erase that latest downward spike. Should the upward trajectory resume, the pair could meet resistance [..]

Weekly Technical Outlook – EURUSD, GBPUSD, Gold

Posted on July 15, 2024 at 1:23 pm GMT

EURUSD tests June’s peak as ECB rate decision looms GBPUSD pauses impressive rally near 1.3000 ahead of CPI data Gold resumes weak momentum after closing above 2,400 US retail sales –> Gold It was a shocking weekend of a failed assassination attempt against Donald Trump, which caused a heated moment in the US political landscape. Despite that, the US dollar gained only moderately on safety bits, leading the non-yielding gold slightly to the downside as Biden and Trump called for [..]

Technical Analysis – Gold’s rally stalls at 7-week high

Posted on July 15, 2024 at 10:01 am GMT

Gold jumped to its highest level since May 22 last week But fails to extend rally, trading flat in past couple of sessions Despite latest weakness, oscillators remain positively tilted Gold has been experiencing solid gains since late June, with the break above its 50-day simple moving average (SMA) and restrictive trendline brightening the short-term technical outlook. However, the rally seems to be on pause in the latest sessions as indicators have approached overbought conditions. Should the advance falter, the price could [..]

Technical Analysis – EURUSD jumps to a fresh 1-month high

Posted on July 15, 2024 at 7:58 am GMT

EURUSD edges higher after break above SMAs The pair advances to its highest level since June 4 Oscillators suggest that bullish forces are strengthening EURUSD has been in a steady uptrend after the bullish breakout from its downward sloping trendline in place since December 2023. Moreover, the pair conquered both its 50- and 200-day simple moving averages (SMAs), surging to a fresh one-month peak on Friday. Should the latest upleg strengthen, the price could initially challenge the June peak of 1.0915. [..]

Technical Analysis – USDCAD trades sideways as 200-SMA provides support

Posted on July 12, 2024 at 7:47 am GMT

USDCAD is rangebound in the past few sessions The 200-day SMA caps the pair’s downside Momentum indicators are negatively tilted USDCAD had been hovering around its 50-day simple moving average (SMA) for the past two months, appearing incapable of clearing this hurdle. This repeated inability triggered a decisive break below the 50-day SMA on July 3, with the pair trading undecided since then, supported by the 200-day SMA. Should the bears continue to apply downside pressures, the pair might challenge the recent [..]

Technical Analysis – GBPJPY hits 20-day SMA after multi-year high

Posted on July 12, 2024 at 7:41 am GMT

GBPJPY may start bearish correction Stochastics move down; RSI ticks up GBPJPY suffered significant losses following an aggressive rally to the multi-year high of 208.10. The pair found immediate support at the 20-day simple moving average (SMA) of 203.80, keeping the bias bullish for now. Technically, the stochastic oscillator is diving from the overbought region; however, the RSI is ticking up above the neutral threshold of 50. If there are steeper declines, immediate support could come from the 201.60 barrier ahead of the 50-day [..]

Technical Analysis – WTI oscillates between 50.0% and 61.8% Fibos

Posted on July 11, 2024 at 2:58 pm GMT

WTI futures pull back from 2-month high But meet strong support at 50.0% Fibonacci Momentum indicators ease but remain positive WTI oil futures (August delivery) have been in a steady uptrend since early June, posting a fresh two-month high last week. Although the price experienced a pullback from its recent high, it quickly found support at 81.50, which is the 38.2% Fibonacci retracement of the 95.02-67.97 downleg. Should selling pressures persist, the bears have to initially push the price below the 50.0% Fibo [..]

Technical Analysis – BTCUSD is held down by 200-day SMA

Posted on July 11, 2024 at 2:45 pm GMT

BTCUSD dropped to a fresh 4-month low last week Attempts for recovery hit a wall at 200-day SMA Oscillators improve slightly, but still negatively tilted BTCUSD (Bitcoin) has been experiencing a strong selloff since the beginning of June, retreating to its lowest level since February 27. Although the price managed to find its feet and attempted to recoup some losses, the 200-day simple moving average (SMA) has been acting as an impenetrable ceiling. Should Bitcoin violate that crucial hurdle, immediate resistance could [..]

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