Technical Analysis / Page 107

Technical Analysis – GBPJPY battles with 50-SMA after violating crucial trendline

Posted on July 28, 2023 at 7:18 am GMT

GBPJPY had been stuck in a prolonged uptrend since the beginning of the year, generating a structure of consecutive multi-year highs. However, the pair has been experiencing a downside correction in the short term after posting a fresh 7½-year peak of 183.99, with the price breaching a crucial ascending trendline. The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the RSI dipped below its 50-neutral mark. If selling [..]

Technical Analysis – LTCUSD pauses decline in crucial territory

Posted on July 27, 2023 at 12:12 pm GMT

LTCUSD (Litecoin) experienced a massive surge on June 30, gaining more than 28% in a single session before posting a fresh 15-month peak of 114.90 three days later. However, the digital coin has been in a downside correction since then, forming a structure of lower highs, which has paused for now around the converging 50- and 200-day simple moving averages (SMAs). This latest pullback is also endorsed by the momentum indicators. Specifically, the stochastic oscillator dipped in the 20-overbought zone, [..]

Technical Analysis – EURUSD cheers up before ECB rate decision

Posted on July 27, 2023 at 10:37 am GMT

EURUSD jumped into the 1.1100 area ahead of the ECB policy announcement early on Thursday, exiting its bearish channel on the four-hour chart. The 50-period simple moving average (SMA) is currently keeping the bulls busy around 1.1145 and if it proves tough to surpass, the pair could switch into corrective mode. The 61.8% Fibonacci retracement of the latest downfall is adding extra importance to that region, while slightly higher at 1.1170, the resistance line, which links the highs from February and April 2022, could [..]

Technical Analysis – WTI oil futures consolidate near 3-month peak

Posted on July 27, 2023 at 8:26 am GMT

WTI oil futures (September delivery) have been in a steady uptrend since late June, crossing above both the 50- and 200-day simple moving averages (SMAs) as well as the descending trendline that connects their lower highs since September 2022. However, in the last couple of daily sessions, oil has shown signs of consolidation near its three-month peak of 79.90. The momentum indicators currently suggest that bullish forces are holding the upper hand. Specifically, the RSI has flatlined slightly below its 70-overbought [..]

Technical Analysis – AUDUSD poised for an upturn

Posted on July 27, 2023 at 7:59 am GMT

AUDUSD seems to have secured a strong foothold near 0.6735 and around its 20- and 200-day simple moving averages (SMAs), increasing optimism that the next bull run to 0.6900 could happen soon. From a technical perspective, the pair could recoup some extra ground in the short term as the RSI has avoided a drop below its 50 neutral mark, turning softly higher in the aftermath. Likewise, the stochastic oscillator has changed direction to the upside. Still, traders could maintain some caution as [..]

Technical Analysis – Meta stock pauses 2023 rally ahead of earnings

Posted on July 26, 2023 at 1:54 pm GMT

Meta’s (Facebook) stock has been in a steep uptrend since it bottomed out in October 2022, attempting to erase its 2022 slump. However, in the past few daily sessions, the price has experienced a pullback just shy of the 78.6% Fibonacci retracement of the downtrend drawn from the record high observed in 2021 until last year’s bottom. The short-term oscillators are reflecting this loss of positive momentum. Specifically, the RSI fell steeply but managed to hold above its 50-neutral mark, [..]

Technical Analysis – BTCUSD steady near 50-SMA; bias negative

Posted on July 26, 2023 at 1:31 pm GMT

BTCUSD (Bitcoin) switched to silent mode after Monday’s plunge to a one-month low of 28,842, with the price trading almost flat over the past two days. The latest pullback followed a rejection near the 30,000 psychological mark and the 20-day simple moving average (SMA) but the 50-day SMA managed to minimize losses around 29,136. Nevertheless, the technical indicators keep favoring the bears at the moment, promoting a continuation lower as the RSI is extending its downtrend below its 50 neutral mark [..]

Technical Analysis – US 30 cash index sets new 2023 high, but current upleg too aggressive

Posted on July 26, 2023 at 1:23 pm GMT

The US 30 cash index is edging lower today as the latest rally appears to have halted at the busy 35,091-35,496 range. The US 30 index actually registered a new 2023 high and its highest print since April 2022, finally overcoming the December 13, 2022 peak. The momentum indicators remain mostly supportive of the current upleg. More specifically, the RSI has reached its highest point since the August 2022 rally, but it appears to have peaked. Similarly, the Average Directional Movement [..]

Technical Analysis – Gold spikes higher after mild consolidation

Posted on July 26, 2023 at 11:39 am GMT

Gold has posted solid gains in July after bouncing off the four-month low of 1,892 in late June. Although bullion experienced a pullback following a fresh two-month peak of 1,984 on July 20, it stormed back higher in the last couple of four-hour sessions, claiming the 50-period simple moving average (SMA). The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD turned positive after being below zero for two [..]

Technical Analysis – USDJPY faces new struggle as FOMC decision looms

Posted on July 26, 2023 at 8:13 am GMT

USDJPY bulls took a breather after a constructive week, which saw the pair bouncing from a low of 137.23 to a high of 141.94. The pair recouped half of July’s freefall, but the 20-day simple moving average (SMA) has been a struggle so far this week, pushing the price softly to the downside. Encouragingly, the 50-day SMA managed to limit losses around 140.80 along with the 23.6% Fibonacci retracement of the 127.21-145.00 uptrend but buying interest seems to be negligible at [..]

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