Technical Analysis / Page 108

Technical Analysis – NZDUSD at range midpoint but bullish pressure rising

Posted on July 26, 2023 at 7:17 am GMT

NZDUSD is hovering a tad below the midpoint of the rectangle that has been in place since February 2023, as market participants have been unable to stage a sustained move up to now. However, since the failed late-May bearish breakout, a series of higher highs and higher lows has been in place with the bulls aiming for the next peak to occur above the July 14 high of 0.6411. Maybe, the continued convergence of the simple moving averages (SMAs) could play [..]

Technical Analysis – Microsoft stock sustains positive trend

Posted on July 25, 2023 at 3:33 pm GMT

Microsoft stock opened mildly higher on Tuesday, edging up to 347.97 as investors eagerly awaited the company’s Q2 earnings and its outlook on artificial intelligence after the market close. The price has been in a bearish corrective mode during previous sessions following the peak at a new record high of 366.49 last Wednesday, but the long-term uptrend from the November low of 213.17 is still well intact. The technical indicators are currently sending mixed signals, providing little direction about the next move in [..]

Technical Analysis – Mastercard stock sets new record high; a correction is long overdue

Posted on July 25, 2023 at 3:29 pm GMT

Mastercard is edging lower today after recording a new all-time high of 404.51 in yesterday’s session, just a few days before the scheduled earnings release for the second quarter of 2023. The rally since the October 13, 2022 low has been impressive, with the latest leg from the May 31 low being almost exponential and the pattern of higher highs and higher lows remaining intact. This situation is reflected in the stochastic oscillator as this indicator continues to trade at [..]

Technical Analysis – Google’s stock lacks buying appetite ahead of earnings

Posted on July 25, 2023 at 10:45 am GMT

Google’s summer trading in stock markets has been lacklustre compared to its spring rocket rally to a more-than-a-year high of 129.46. The stock has been swinging to the downside for more than a month now, but the support trendline from March has been protecting the market from a bearish trend reversal. The price bounced on the line last week, with the 23.6% Fibonacci retracement of the 83.27-129.46 upleg cementing that floor at 118.55. That said, buying interest remains muted according to the technical [..]

Technical Analysis – US 100 cash index bears want a lot more than just a small correction

Posted on July 25, 2023 at 10:19 am GMT

The US 100 index is edging higher today as a small correction is underway after the index registered its highest level of 15,931 since January 13, 2022. With a 32% rally in place since the March lows, the bulls are probably taking a breather at this juncture as they prepare for another upleg. However, the momentum indicators are not sharing the bulls’ complacency. The Average Directional Movement Index (ADX) is close to returning below its 25-threshold and thus preparing to signal a range-trading market. [..]

Technical Analysis – Will GBPUSD repeat July’s bull race?

Posted on July 25, 2023 at 7:58 am GMT

GBPUSD is having a déjà vu of its trendline bounce on June 30, which helped the pair to advance towards a 15-year high of 1.3141 after a tick below the 20-day simple moving average (SMA). The pair paused its latest bear run near the short-term support trendline from June, but again the technical indicators cannot guarantee a sustained rebound. The RSI has extended its downtrend towards its 50 neutral mark and the MACD remains negatively charged below its red signal line. Hence, although the [..]

Technical Analysis – EURJPY retreats after testing 15-year high

Posted on July 25, 2023 at 7:22 am GMT

EURJPY has been in a strong uptrend since the beginning of the year, posting consecutive multi-year peaks. In the near term, the pair is experiencing some weakness after getting rejected at the 15-year high near the 158.00 region, potentially forming a double top pattern. The momentum indicators currently suggest a cautiously bearish near-term bias. Specifically, the MACD is holding below its red signal line in the positive territory, while the stochastics are descending after posting a bearish cross. Should the selling [..]

Technical Analysis – EURCHF bears’ patience rewarded for now

Posted on July 24, 2023 at 11:49 am GMT

EURCHF is trading at a new 2023 low as the breakout from the 10-month-old rectangle appears to be valid. This is the lowest EURCHF print since September 30, 2022 with the pair not being very far from the all-time low of 0.9403. Bearish pressure has been dominating the price action since mid-January 2023, with the bulls appearing unable to stage a significant recovery, particularly after the mid-March events. In the meantime, the Average Directional Movement Index (ADX) confirms the strength of [..]

Technical Analysis – USDJPY flat near 200-SMA as recovery falters

Posted on July 24, 2023 at 10:44 am GMT

USDJPY experienced a steep slump in early July, tumbling to a fresh two-month low of 137.23. Although the pair managed to erase a significant part of its decline, the rebound has stalled near the 200-period simple moving average (SMA). This loss of positive momentum is also reflected in the short-term oscillators. Specifically, the MACD is weakening but holds above its 50-neutral mark, while the RSI is ticking downwards in the positive territory. Should the rebound waver and the price reverse [..]

Weekly Technical Analysis – EURUSD, EURGBP, USDJPY

Posted on July 24, 2023 at 9:59 am GMT

Following a relatively quiet week in terms of economic data and events, the spotlight now turns to three major central banks: The Federal Reserve, the European Central Bank, and the Bank of Japan, which are all deciding on monetary policy on Wednesday, Thursday, and Friday, respectively. Therefore, we will take a look at how EURUSD, EURGBP, and USDJPY may perform. Fed rate decision -> EURUSD On Wednesday, the Fed is widely expected to deliver a 25bps hike. However, investors also [..]

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