Technical Analysis / Page 105

Technical Analysis – BTCUSD retreats below ascending 50-day SMA

Posted on August 3, 2023 at 1:43 pm GMT

BTCUSD (Bitcoin) has been rangebound in the last few daily sessions following a mild pullback from its recent highs. Moreover, the king of cryptos has been gradually forming a structure of lower highs similar to the one observed during the April-June period, with the decline beneath the 50-day simple moving average (SMA) further darkening the outlook. The momentum indicators currently suggest that the near-term risks are tilted to the downside. Specifically, the RSI is descending below the 50-neutral threshold, while [..]

Technical Analysis – JP225 cash index correction to gain pace with a new lower low

Posted on August 3, 2023 at 12:10 pm GMT

The JP225 cash index is recording another decent red candle as it is trying to register a lower low. Since reaching the 2023 high of 34,006 on June 16, 2023, the JP225 index has been under significant bearish pressure. However, today’s move has finally broken the March 15, 2023 upward sloping trendline, potentially opening the door to a more sizeable pullback. The momentum indicators have not been overly impressed by the recent price action with only the RSI dropping aggressively [..]

Technical Analysis – AUDUSD extends retreat below rectangle, 2023 lows in sight

Posted on August 3, 2023 at 8:16 am GMT

AUDUSD has been in a steady decline after its latest bullish breakout from the rectangle encountered resistance at 0.6898, validating a double top pattern. Moreover, in the near term, the pair has exited the sideways pattern to the downside, while its break beneath both the 50- and 200-day simple moving averages (SMAs) has painted a gloomy technical picture. The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the RSI is negatively charged below its 50-neutral mark, while the MACD [..]

Technical Analysis – EURGBP has a nice setup for a bullish reversal

Posted on August 3, 2023 at 7:50 am GMT

EURGBP keeps on maintaining a positive mood for the third consecutive day while confirming a higher low at 0.8543 ahead of the Bank of England’s rate decision today at 11:00 GMT. Specifically, the pair seems to be building the right shoulder of an inverse head and shoulders pattern (H&S), which theoretically is an encouraging sign that the previous downtrend to a ten-month low of 0.8503 is nearing its end. The 20- and 50-day simple moving averages (SMAs) are set to post their [..]

Technical Analysis – NZDUSD bears attempt another breakout

Posted on August 3, 2023 at 7:03 am GMT

NZDUSD is recording another red candle as the bears are again trying to stage a breakout from the rectangle that has been in place since February 2023. This is actually the third breakout attempt since early June 2023. Interestingly, the first target of the bears appears to be to register a lower low, breaking the recent series of higher highs and higher lows developing since the May 31 local trough, and then stage a decisive downleg. Maybe, the continued convergence [..]

Technical Analysis – Wheat futures muted despite supply concerns

Posted on August 2, 2023 at 1:41 pm GMT

Wheat futures (September delivery) have been experiencing another round of weakness after forming a double top pattern in July. In today’s session, the price has failed to capitalize on news that Russia attacked Ukraine’s main inland port across the Danube River, raising significant concerns over the supply outlook. The momentum indicators are also endorsing the bearish technical picture. Specifically, the MACD is softening below its red trigger line and approaching zero, while the RSI has flatlined below its 50-neutral mark. To [..]

Technical Analysis – GER 40 index gets bearish vibes after record high

Posted on August 2, 2023 at 12:49 pm GMT

The German 40 index (cash) unlocked a new record high of 16,530 last Friday before charting a bearish doji candlestick. Monday’s downfall confirmed the negative pattern, with the price further retreating to a three-week low of 15,949 earlier today. The technical oscillators took a negative turn too, flagging more weakness ahead. If the price closes below its 20- and 50-day simple moving averages (SMAs) at 16,000, the tentative support trendline from the October lows could provide another opportunity for a rebound nearby [..]

Technical Analysis – Amazon stock erases pullback as earnings announcement looms

Posted on August 2, 2023 at 12:06 pm GMT

Amazon’s stock has been in a steady uptrend since the beginning of the year, attempting to erase part of its 2022 decline. In the short term, the stock experienced a pullback after posting a fresh 2023 peak of 136.30, but quickly found its footing around the 50-day simple moving average (SMA). The momentum indicators are currently reflecting a divergence. On the one hand, stochastics are ascending near the overbought territory, whereas the MACD has retreated below its red signal line in [..]

Technical Analysis – Apple stock pauses rally ahead of earnings

Posted on August 2, 2023 at 9:52 am GMT

Apple’s stock has been in a steep uptrend since the beginning of the year, posting consecutive multi-year peaks. However, in the past two weeks, the price appears to be consolidating near its recent record high of 198.08 ahead of the Q2 earnings call on Thursday. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is ascending near its 80-overbought zone, while the RSI is flatlining above its 50-neutral mark. Should earnings surprise [..]

Technical Analysis – EURJPY flirts with summer highs

Posted on August 2, 2023 at 8:17 am GMT

EURJPY is flirting with its 15-year high of 157.94 again that it registered in July, thanks to strong buying interest over the past three days. The pair bounced up with strong momentum following the nosedive to a six-week low of 151.39 last Friday, forming a bullish channel in the medium-term picture. More fuel is needed to continue the rally above 158.00, but the negative trend in the RSI and MACD cast doubt on a major change happening soon. Note that the stochastic oscillator is nearing its 80 overbought level [..]

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