Technical Analysis / Page 109

Technical Analysis – EURUSD backs off after new 2023 high

Posted on July 24, 2023 at 9:28 am GMT

EURUSD has been on a downward path since registering on July 18 a new 2023 high, which is also the highest print since February 25, 2022. Seven consecutive red candles reveal the euro bulls’ inability to hold onto the impressive gains recorded during the first half of July. In addition, the convergence of the 50- and 100-day simple moving averages (SMAs) could be seen as a sign that the elevated market volatility is not close to abating soon. In the meantime, the [..]

Technical Analysis – Gold pulls back after testing upper bound of rectangle

Posted on July 24, 2023 at 7:14 am GMT

Gold had been in recovery mode after posting a false bearish breakout from its recent rangebound pattern. Even though the price sliced through the descending trendline that connects a series of lower highs since early June and the 50-day simple moving average (SMA), it retraced lower after failing to claim the upper end of the rectangle. The short-term oscillators are endorsing this latest correction but there are still no signs of a sustained downtrend. Specifically, the MACD lost some ground but [..]

Technical Analysis – GBPCAD upleg vanishes as bearish pressure remains potent

Posted on July 21, 2023 at 10:19 am GMT

GBPCAD is experiencing its fifth consecutive red candle today as the bears are trying to cancel out the strong upleg that pushed GBPCAD to the highest level since February 23, 2022. They appear to be in control of the market at this stage with the pair hovering a tad above the rectangle that has been affecting the price action since December 2022. The momentum indicators are firmly on the bears’ side at this juncture. The Average Directional Movement Index (ADX) is edging [..]

Technical Analysis – GBPJPY neutral outlook unchanged for now

Posted on July 21, 2023 at 7:51 am GMT

GBPJPY drifted back higher to retest its 20-day simple moving average (SMA), which capped last week’s recovery attempt around 182.00. The price gained positive momentum early on Friday after touching the lower boundary of the one-month-old range and the broken 2023 resistance line. The upside reversal in the RSI is currently endorsing the current bullish mood in the market, though the falling MACD suggests that the bulls will need to do some extra work to eliminate downside risks. If the [..]

Technical Analysis – USDCAD downward trend continues; a new 2023 low is on the cards

Posted on July 21, 2023 at 6:47 am GMT

USDCAD is moving sideways today, trading a tad above the 2023 low. The bearish trend that commenced since the March 10, 2023 peak remains dominant in this currency pair. In addition, a series of lower lows and lower highs is currently in place with the bears aiming for the next trough to take place below the June 27, 2023 low of 1.3116. With the Average Directional Movement Index (ADX) confirming the presence of a muted bearish trend in the market, [..]

Technical Analysis – Could the current Visa stock pullback morph into a proper downleg?

Posted on July 20, 2023 at 2:35 pm GMT

Visa stock is hovering above the busy 235.75-237.30 area, after climbing to 245.14 on July 17, the highest level since August 2, 2021. It has been an impressive period for Visa bulls since the October 13, 2022 trough with a bullish pattern of higher highs and higher lows developing over this timeframe. The market, though, is now preparing for Tuesday’s Q2 earnings report. However, the positive news for the bulls appears to stop here. The Average Directional Movement index (ADX) is [..]

Technical Analysis – BTCUSD sustains monthly neutral status

Posted on July 20, 2023 at 10:21 am GMT

BTCUSD (Bitcoin) has been range bound between 31,450 and 29,550 for a month now. This is a familiar range territory, which the popular crypto used to visit occasionally during the previous two years. The Stochastic oscillator is looking to pivot northwards in the oversold region, flagging a potential upside reversal. That said, the RSI and MACD are sustaining a negative trajectory, keeping optimism for an upside correction low after the price dropped below the 20-day SMA. The bulls will need [..]

Technical Analysis – The next leg in AUDUSD lies in the hands of a downtrend line

Posted on July 20, 2023 at 9:02 am GMT

AUDUSD bulls are staging another breakout as they desperately try to move away from the recent rectangle. However, the February 2, 2023 downward sloping trendline is proving too strong for them, halting twice their advance. This is the bulls’ third attempt to overcome this resistance trendline in the past 35 days. Gradually, the market momentum is shifting away from the bulls. The Average Directional Movement Index (ADX) appears to be uninterested in the bulls’ efforts and is stuck below its 25-threshold. Similarly, the [..]

Technical Analysis – JP225 cash index correction could persist if the next trough is below 31,767

Posted on July 20, 2023 at 7:36 am GMT

The JP225 cash index is trading lower today as the bulls are finding it difficult to regain control of the market. A series of lower highs and lower lows is already in place with the bears aiming for the next trough to occur below the latest low of 31,767, which coincides with a key support level. While the medium-term trend remains bullish, the current short-term downleg has managed to reset the momentum indicators. The Average Directional Movement Index (ADX) is edging [..]

Technical Analysis – NZDUSD defends summer uptrend

Posted on July 20, 2023 at 7:34 am GMT

NZDUSD drifted higher on Thursday after four negative days, defending its summer uptrend above the 2022 resistance trendline and June’s high of 0.6246. The RSI and the MACD have lost strength within the positive area, though they are still fluctuating above their neutral levels, keeping the risk skewed to the upside. Some optimism is also rising due to the double bullish crosses between the 20-day SMA and the longer-term SMAs, but traders will see if the crosses are lasting. Should the [..]

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