Technical Analysis / Page 103

Technical Analysis – US 100 stock index takes a negative angle

Posted on August 11, 2023 at 12:43 pm GMT

The US 100 stock index (cash) is marking its second negative week, edging slightly below its 50-day simple moving average (SMA), which switched from support to a resistance area at 15,180. The bearish evening star candlestick pattern at the top of the uptrend makes the short-term picture look ugly, warning that the bearish wave might have just started. On the other hand, the stochastic oscillator raises optimism that the bears could soon take a breather as the indicator hovers around its [..]

Technical Analysis – USDCAD bullish reversal faces major test

Posted on August 11, 2023 at 8:20 am GMT

USDCAD has been fighting for a close above the 200-day simple moving average (SMA) at 1.3450 and the five-month-old bearish channel without success over the past few days despite the recent spike to 1.3500. The pair is exhibiting its best monthly performance since February, and this week’s bounce off 1.3370 helped the pair to stay in the green area. However, the chances of a market correction are now looking larger because the RSI is closer to its 70 overbought mark and the stochastic oscillator [..]

Technical Analysis – GBPJPY close to a new 2023 high as the bears appear powerless

Posted on August 11, 2023 at 7:41 am GMT

GBPJPY is trading higher again today, registering its fifth consecutive green candle. The bears tried to take advantage of the July 28 events, but the bulls quickly took control of the market and never looked back. They are currently trying to make a new 8-year high despite the mixed momentum indicators’ picture. In more detail, the Average Directional Movement Index (ADX) remains uninterested in the current upleg as it continues to trade below its 25-threshold, and thus signaling a range-trading market. [..]

Technical Analysis – Silver higher today but short-term trend remains bearish

Posted on August 10, 2023 at 2:01 pm GMT

Silver is edging higher as the market is digesting today’s data releases and the bulls are trying to make a stand, following the aggressive sell-off from the July 20 high of 25.25. With the 200-day simple moving average (SMA) broken, the bulls have pinned their hopes in defending the busy 22.24-22.50 area and preventing the formation of a lower low. In the meantime, the momentum indicators are tentatively on the bears’ side. The Average Directional Movement Index (ADX) is pointing to a muted [..]

Technical Analysis –WTI oil futures finally snap long-term barrier

Posted on August 10, 2023 at 7:37 am GMT

WTI oil futures snapped the 83.40 resistance on Wednesday, exiting marginally the long-term range area to reach a new high of 84.71 today. The RSI and Stochastic oscillator are in the overbought zone, indicating the short-term bullish trend may stall soon as the price nears the upper limit of the upward-sloping channel at 85.40. Should the bulls run above 85.40, claiming the 86.00 round level too, the door will open for the 88.20 barrier taken from the second half of 2022. The 92.50 bar, where the [..]

Technical Analysis – EURGBP downward trend might not have run its course

Posted on August 10, 2023 at 7:37 am GMT

EURGBP is edging higher today, battling with the 0.8635 level again. The aggressive sell-off from the February 2023 highs has probably halted as this pair has been hovering inside the 0.8504-0.8700 range for the past three months. The recent price action is giving rise to a plethora of patterns with the most prominent being a head-and-shoulders structure with the neckline currently residing at the 0.8580 area. The momentum indicators appear equally range-bound at this juncture. The Average Directional Movement Index (ADX) is hovering below [..]

Technical Analysis – US 500 cash index tries to find its footing

Posted on August 9, 2023 at 2:33 pm GMT

The US 500 cash index is in the red again today as it is trying to find its footing now that the earnings reporting season is coming to an end. It feels like the bulls are taking a well-deserved breather after recording a massive 32% rally from mid-October 2023 and a 21% advance since the March 13, 2023 low. However, they appear to be on high alert to stop the current correction from snowballing and potentially ruining the recent bullish [..]

Technical Analysis – USDJPY fights August’s bar again

Posted on August 9, 2023 at 8:19 am GMT

USDJPY recouped its latest pullback after finding strong support around the 141.50 level and near the 50-day simple moving average (SMA). The focus is now again on the 143.35 ceiling as investors are eagerly waiting for the US CPI inflation report to generate some extra volatility on Thursday at 12:30 GMT. There have been no successful attempts to cross the bar this month, but the bulls still have an advantage as long as the RSI is fluctuating above its 50 neutral [..]

Technical Analysis – NZDUSD bearish breakout might have run its course

Posted on August 9, 2023 at 7:27 am GMT

NZDUSD is recording a green candle today as the bulls are trying to halt the bearish breakout from the rectangle that has been in place since February 2023. This is actually the fourth breakout attempt since early June 2023, but similar to the previous ones, it seems to lack the necessary strength for a sizeable downleg. At least, the bears have managed to cancel the recent series of higher highs and higher lows that was developing since the May 31 [..]

Technical Analysis – AUDUSD sinks to two-month low; support at 0.6500.

Posted on August 8, 2023 at 2:21 pm GMT

AUDUSD fell by 1.0% to a new two-month low of 0.6498 due to China’s disappointing trade figures, becoming the worst performer among major pairs today. The 0.6500 level is being re-examined and there is hope that the pair could pivot at this point as it did last week. Nonetheless, the falling RSI and stochastic oscillators on the four-hour chart have yet to confirm oversold conditions, keeping the bias in the bearish area. Should the bears stay in charge, the focus will turn to [..]

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