Technical Analysis / Page 106

Technical Analysis – USDJPY near the midpoint of recent upward channel

Posted on August 2, 2023 at 7:23 am GMT

USDJPY is edging lower today following the good move recorded since the latest BoJ meeting. The pair remains near the midpoint of the upward trending channel that has been in place since the March 2023 banking sector-induced pullback and a tad below the 2023 high, thus keeping the recent rhetoric about a likely intervention alive. The bulls are trying to register a series of higher highs and higher lows and reestablish their control over the market but the momentum indicators [..]

Technical Analysis – CHFJPY extends rally to record highs

Posted on August 1, 2023 at 2:50 pm GMT

CHFJPY has been steadily marching higher this year, reaching its highest levels in at least four decades, since official records began. The pair is currently challenging those record highs near the 164.00 area, a violation of which would propel the market into uncharted waters. On the weekly chart, momentum oscillators signal overbought conditions. The weekly RSI has flatlined but remains above the 70 level, while the weekly MACD is at its highest point in at least three decades. These readings [..]

Technical Analysis – US 100 index safeguards 2023 upleg

Posted on August 1, 2023 at 1:24 pm GMT

The US 100 stock index (cash) rotated higher around its 20-day simple moving average (SMA) at 15,450 last Friday and above June’s high of 15,280, retaining confidence in its 2023 uptrend. Although the bearish doji at the top of the uptrend remains worrisome, the latest upturn keeps the focus on July’s 1½-year high of 15,896. The bulls could even attempt to mark a new higher high near the resistance line from February at 16,140 if the 20-day SMA at 15,460 holds firm. Running [..]

Technical Analysis – AUDUSD tumbles and revisits the low of July 28

Posted on August 1, 2023 at 12:40 pm GMT

AUDUSD tumbled on Tuesday after the RBA decided to refrain from lifting interest rates, with the pair falling all the way down to the low of July 28 at around 0.6620. Overall, the price structure remains of lower highs and lower lows below the downtrend line drawn from the peak of July 14, which keeps the short-term outlook bearish. Both the RSI and the MACD are detecting negative momentum, corroborating the view that the pair may be poised to continue [..]

Technical Analysis – Gold has a good support zone but patience needed

Posted on August 1, 2023 at 8:07 am GMT

Gold has been forming lower lows and lower highs over the past two weeks, with the 50-day simple moving average (SMA) preventing major declines once again along with the 20-day SMA near 1,945 last Friday. The price maintained its position above the broken bearish channel, which is a good sign for July’s upleg continuation. The progressing bullish cross between the 20- and 50-day SMAs is endorsing that case as well. Yet, the negative trajectory in the RSI and the MACD is [..]

Technical Analysis – EURCHF current upleg could have legs

Posted on August 1, 2023 at 8:01 am GMT

EURCHF is trading sideways today, a tad above the new 2023 low of 0.9521 recorded on July 27. This was the lowest print of the pair since September 29, 2022 as the bears finally staged their much-anticipated breakout from the 10-month-old rectangle. However, the good news for the bears appears to stop here as the momentum indicators are gradually turning in favour of the bulls. More specifically, the Average Directional Movement Index (ADX) traded to the highest level since December 2021, but it [..]

Technical Analysis – GBPUSD consolidates as pullback fades

Posted on August 1, 2023 at 7:20 am GMT

GBPUSD has been in a prolonged uptrend since October 2022, storming to a fresh 15-month high of 1.3141 on July 14. Since then, the pair has been experiencing a mild downside correction, which seems to be faltering as the price has been directionless in the past few daily sessions. However, the momentum indicators suggest that bearish forces continue to hold the upper hand. Specifically, the MACD remains below its red signal line in the positive zone, while the RSI is hovering slightly [..]

Weekly Technical Outlook – USDJPY, GBPUSD, AUDUSD

Posted on July 31, 2023 at 2:54 pm GMT

Central bank meetings will stay in the limelight for another week, with the Reserve Bank of Australia (RBA) and the Bank of England (BoE) expected to follow their European and US pears in raising interest rates. On the data front, the US employment report might cause fresh swings in rate expectations as the Fed indicated a more data-dependent approach. RBA policy meeting –> AUD/USD The RBA has been raising interest rates with some breaks since March, skipping a rate increase in July for the [..]

Technical Analysis – EURUSD correction halts as overall technical picture unclear

Posted on July 31, 2023 at 10:07 am GMT

EURUSD is edging higher today as it is trying to find its footing following an eventful week. The pair is hovering a tad below the busy 1.1032-1.1095 area and remains comfortably below the September 28, 2022 upward sloping trendline. The convergence of the 50- and 100-day simple moving averages (SMAs) persists and thus keeps the door open to a sizeable move soon. In the meantime, most momentum indicators appear to have reset following their recent decent moves. The Average Directional [..]

Technical Analysis – USDCAD hopes for a new bullish correction

Posted on July 28, 2023 at 8:19 am GMT

USDCAD has been in a range for the second consecutive week, unable to extend its rebound off a nine-month low of 1.3115 above the nearby resistance of 1.3225. The odds for a bullish extension are increasing, given the positive slope in the momentum indicators. But with the RSI fluctuating below 50 and the MACD remaining within the negative zone, any improvement may be brief. If the price sustains today’s bullish move above the 20-day SMA and 1.3225, the falling 50-day simple moving [..]

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