Technical Analysis / Page 101

Technical Analysis – Gold drops to fresh 5-month low

Posted on August 21, 2023 at 8:16 am GMT

Gold had been experiencing a strong pullback following its recent peak at 1,987, with the price slicing through both its 50- and 200-day simple moving averages (SMAs). Moreover, in today’s session, bullion fell to a fresh five-month bottom as the bulls seem to be staying on the sidelines. The momentum indicators suggest that the recent decline might be overstretched. Specifically, the RSI is battling with its 30-oversold mark, while the stochastic oscillator has been hovering within its oversold territory for the [..]

Technical Analysis – USDCHF upleg extends to 50-SMA

Posted on August 18, 2023 at 11:10 am GMT

USDCHF is worth watching in the coming sessions as its recent upswing caught up to the 50-day simple moving average (SMA) and the 0.8800 level. Technical signals are mixed. The RSI and the MACD have moderately strengthened above their neutral levels for the first time in two months, increasing speculation that the bull run could develop higher. On the other hand, the stochastic oscillator has confirmed a lower high below its 80 overbought level, mirroring some caution among traders. If [..]

Technical Analysis – AUDJPY is in retreat, but this correction could gain further strength

Posted on August 18, 2023 at 9:55 am GMT

AUDJPY is enjoying another red candle, hovering inside the busy 92.78-93.63 range. The bears are staging the first significant pullback following the strong upward move that commenced in March 2023, breaking below the March 24, 2023 upward trend channel, while religiously observing the June 19, 2023 downward sloping trendline. The momentum indicators are not yet supportive of the bears’ intentions despite this current downleg. The Average Directional Movement Index (ADX) seems uninterested in the recent move as it continues to [..]

Technical Analysis – GBPJPY switches to losses near 8-year high

Posted on August 18, 2023 at 8:00 am GMT

GBPJPY turned red after its one-week-old 3.2% rally reached an 8-year high of 186.45 near a trendline area. The longer-term ascending line from May 2021 and the shorter-term upward-sloping trendline from October 2022 cemented that ceiling, sending the price slightly lower on Thursday. The pair continued to weaken during Friday’s early European trading hours, heading towards the former resistance of 184.00. The 20- and 50-day simple moving averages (SMAs) could also come to the rescue slightly lower. If the SMAs allow more declines [..]

Technical Analysis – USDCAD extends steep advance to 2-month peak

Posted on August 18, 2023 at 7:52 am GMT

USDCAD had been trending higher in the short term after finding its feet at the 10-month low of 1.3091 in mid-July. Moreover, the pair has sliced through important technical zones such as both the 50- and 200-day simple moving averages (SMAs), while posting a fresh 2-month high in today’s session. The momentum indicators currently suggest that the recent rally could be overstretched. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since March, while the [..]

Technical Analysis – BTCUSD drops to 2-month low

Posted on August 17, 2023 at 8:50 am GMT

BTCUSD (Bitcoin) has been rangebound for almost a month following a mild pullback from its recent 2023 highs. However, the king of cryptos has been gradually forming a structure of lower highs and lower lows similar to the one observed during the April-June period, with the price posting a fresh two-month bottom in today’s session. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, both the RSI and the stochastic oscillator are negatively charged just shy of [..]

Technical Analysis – GBPNZD heads for the 2020 top

Posted on August 17, 2023 at 8:49 am GMT

GBPNZD brought the pandemic’s four-year high of 2.167 back under the limelight after an impressive performance over the past six months. The ongoing bullish run, which snapped the 50% Fibonacci retracement of the 2015-2016 freefall last week, shows no signs of weakness in the weekly chart. Hence, buyers could stay active in the market, though some profit taking cannot be ruled out as the price is a short distance below its 2020 top. Moreover, the stochastic oscillator has reached its previous highs [..]

Technical Analysis – AUDUSD sinks to fresh 2023 low, looking oversold

Posted on August 17, 2023 at 7:35 am GMT

AUDUSD has been in an aggressive decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. In the near-term, the pair is posting consecutive lower lows, with the price appearing to have approached oversold conditions as it is trading very close to the lower Bollinger band. The momentum indicators currently suggest that the recent selloff could be overstretched. Specifically, the MACD is softening below both zero and its red signal line at its lowest [..]

Technical Analysis –WTI oil dips again as sellers take control

Posted on August 17, 2023 at 7:34 am GMT

WTI oil futures got hammered after the peak at a nine-month high of 84.89, breaking out of the tight bearish channel that had been navigating the market over the past two months. The price has re-entered the broad neutral area below 83.40, closing significantly below the 20-day simple moving average (SMA) and the 80.00 round level on Wednesday. The latter is a negative warning that the sell-off could gain extra impetus and the technical indicators are in line with this narrative. [..]

Technical Analysis – JP225 cash index bulls reappear in the market

Posted on August 17, 2023 at 7:32 am GMT

Following four red candles, the JP225 cash index is today recording an interesting candlestick called hammer that is usually interpreted as a bullish sign. The bulls would probably like to be given the chance for a rebound as the JP225 index has been on a downward trend since the June 16, 2023 high, and they are currently facing a bearish series of lower lows and lower highs. Therefore, a potential upleg needs to be sizeable to negate this structure and [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis