Technical Analysis / Page 104

Technical Analysis – GBPUSD stays resilient above crucial support

Posted on August 8, 2023 at 8:12 am GMT

GBPUSD closed higher than its 50-day SMA and the resistance trendline from October 2022 on Monday, indicating a higher chance for more positive sessions. Moreover, the doji candlestick printed at the bottom of the bearish channel on August 3 was followed by two green candlesticks, promoting an extension towards the channel’s upper boundary at 1.2855. The 20-day SMA and the broken ascending trendline from May are within a breathing distance too, at 1.2880 and 1.2925 respectively, while in the weekly chart, the [..]

Technical Analysis – EURJPY just below the 16-year high but lacks momentum

Posted on August 8, 2023 at 7:34 am GMT

EURJPY is edging higher as it appears ready to retest the 16-year high of 157.99. The move prior to the July 28 BoJ meeting has been almost completely erased with the bulls confirming their dominance in this market. However, they have yet to make a new higher high, thus giving some hope to the bears that the recent series of lower lows and lower highs could still play a role. Turning to the momentum indicators, the overall picture does not [..]

Weekly Technical Outlook – EURUSD, GBPUSD, AUDUSD

Posted on August 7, 2023 at 2:21 pm GMT

After a mixed US employment report, traders will assess CPI inflation readings on Thursday for clues on the Fed’s next interest rate decision in September. The UK will report GDP growth figures on Friday, while in Asia, China’s CPI inflation and trade figures might deliver new hints on Beijing’s stimulative policy on Tuesday and Wednesday, respectively. Hence, this week’s calendar events could make EURUSD, GBPUSD and AUDUSD worthy to watch. US CPI inflation –> EUR/USD The US employment growth slowed surprisingly to [..]

Technical Analysis – EURUSD muted bearish pressure in place

Posted on August 7, 2023 at 1:07 pm GMT

EURUSD is edging lower today as it appears to be affected by the summer lull. The pair is actually hovering a tad above the 1.0921-1.0940 area and currently battling with the May 31, 2023 upward sloping trendline. In the meantime, the continued convergence of the 50- and 100-day simple moving averages (SMAs) has yet to play a role. Amidst this environment, most momentum indicators confirm the presence of bearish pressure. The Average Directional Movement Index (ADX) is slightly above its [..]

Technical Analysis – Gold glides lower; has the summer lull taken over?

Posted on August 7, 2023 at 7:22 am GMT

Gold is trading lower today, a tad below its 50-day simple moving average (SMA). Gold has actually been on a downward path since the May 4, 2023 high of 2,079 with the bears most likely trying to achieve a new low, below the June 29, 2023 trough of 1,893, and hence continue the recent bearish series of lower lows and lower highs. The momentum indicators are still mostly on the bears’ side. The RSI is hovering below its midpoint again, [..]

Technical Analysis – EURAUD trades sideways as market participants take stock of the recent upleg

Posted on August 4, 2023 at 11:34 am GMT

EURAUD is moving sideways today as the bears are trying to find their footing following the recent upleg that allowed this pair to test the 2023 high at 1.6785. The long-term trend remains bullish as evident by the August 26, 2022 upward sloping trendline with a muted series of higher highs and higher lows still favouring the bulls at this stage. In the meantime, the current higher print in EURAUD is supported by a higher high recorded in the stochastic [..]

Technical Analysis – WTI oil forms bullish continuation pattern

Posted on August 4, 2023 at 8:56 am GMT

WTl oil futures (September delivery) won back Wednesday’s loss to retest the 82.00 resistance area after pivoting at the bottom of a tight bullish channel. Oil prices are on the rise for the sixth consecutive week and a downside correction cannot be excluded, as the RSI and the Stochastic oscillator are showing signs of weakness following their peaks in their overbought zones. Still, with the RSI standing comfortably above its 50 neutral mark and the MACD holding above its red signal [..]

Technical Analysis – USDCAD rebounds strongly, crucial trendline in sight

Posted on August 4, 2023 at 7:52 am GMT

USDCAD had been in a steady downtrend since early March, generating a clear structure of lower lows. However, the pair found its feet at the 10-month bottom of 1.3091 and attempted to recoup some losses, with the price testing the ascending trendline that connects the pair’s higher lows from November 2022 until early May. The momentum indicators are endorsing this latest rebound. Specifically, the MACD is strengthening above zero and its red signal line at its highest level since June 1, [..]

Technical Analysis – GBPJPY holds near highs amid weakening bullish bias

Posted on August 3, 2023 at 2:51 pm GMT

GBPJPY has been consolidating over the past month after reaching a 7½-month high of 183.99 on July 5, but the negative risks appear to be accumulating. The worsening short-term bias is supported by the momentum oscillators. The RSI is sloping downwards, dipping slightly below the 50 neutral level, while the MACD remains below its red signal line, though above zero, having declined considerably from its June highs. Moreover, the price has just breached the 20-day simple moving average (SMA) and [..]

Technical Analysis – GBPUSD hits one-month low after BoE

Posted on August 3, 2023 at 2:08 pm GMT

GBPUSD slumped below 1.2700 on renewed selling pressure on Thursday after failing to climb back above the broken support trendline from October 2022 at 1.2740. The Bank of England’s policy announcement during today’s session added more pressure on the market, sending the price as low as 1.2619. Despite that, the pair recouped a sizeable portion of its earlier losses and stood again around the 1.2665 level and the lower boundary of the bearish channel. The RSI and the stochastic oscillator are hinting [..]

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