Technical Analysis / Page 11

Technical Analysis – NZDUSD recoups post-NFP slide

Posted on June 12, 2024 at 8:23 am GMT

NZDUSD surges to its highest since March 8 But undergoes a setback after strong NFP report Oscillators ease but remain in positive zones NZDUSD has been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April, posting a fresh three-month high last week. Although the pair came under severe selling pressure on Friday due to a stronger-than-expected NFP report, it has been trying to erase its losses in the past couple of sessions. Should the bulls attempt to push the [..]

Technical Analysis – EURGBP prints new 22-month low

Posted on June 12, 2024 at 6:56 am GMT

EURGBP continues to fall after bearish gap Price shifts neutral outlook to negative MACD and RSI hold in oversold regions EURGBP opened with a significant bearish gap on Monday after the European elections on Sunday, sending the pair towards a fresh 22-month low of 0.8416. The pair is holding well below the medium-term trading range of 0.8495-0.8620, switching the outlook to negative. Technically, the RSI is standing in the oversold region, while the MACD is looking extremely bearish as it [..]

Technical Analysis – ETHUSD declines sharply towards 50-day SMA

Posted on June 11, 2024 at 2:38 pm GMT

ETHUSD posted 2-month high following ETF approval But retraced lower after a consolidation period Momentum indicators drop to negative territories ETHUSD (Ethereum) experienced a strong rally in May, advancing to its highest levels since mid-March. However, after a period of rangebound trading, the price inched lower as the short-term oscillators retreated to their negative zones. Should the pullback extend, initial support could be found at the March-April support of 3,260. Slicing through that barrier, the price might test the March bottom of 3,060. [..]

Technical Analysis – EURJPY trades sideways ahead of key events

Posted on June 11, 2024 at 11:16 am GMT

EURJPY is hovering below the recent 171.56 high Yen failed to benefit from Monday’s euro weakness Momentum indicators point to weakening bullish pressure EURJPY is trading sideways today as the yen has failed to benefit from the euro’s weakness following Sunday’s European parliamentary election results. The pair is still hovering close to its recent 171.56 high with Japanese officials probably feeling a bit more relaxed compared to the end-April market pressure. This week’s BoJ meeting could prove critical for the [..]

Technical Analysis – EURCHF creates aggressive bearish move near 2-month low

Posted on June 11, 2024 at 9:51 am GMT

EURCHF holds beneath uptrend line 200-day SMA acts as strong support level MACD and RSI indicate more losses EURUSD is on course for further losses after the bearish move to an almost two-month low of 0.9624 on Monday. The sharp sell-off, especially in the previous week, has shifted the near-term bias from bullish to neutral, and if there is a plunge beneath the 200-day simple moving average (SMA) at 0.9595, that could change the outlook to strongly negative. The momentum [..]

Technical Analysis – GBPUSD retreats from almost 3-month high

Posted on June 11, 2024 at 7:21 am GMT

GBPUSD advances to its highest level since March 13 But then reverses lower as rally got overstretched Momentum indicators ease but remain in positive zones GBPUSD has been in a steady recovery following its bounce off the 2024 bottom of 1.2298, with the price violating both the 50- and 200-day simple moving averages (SMAs). In the near term, although the pair surged to an almost three-month high, it sustained some losses probably due to some profit taking. Should the pullback extend, the recent [..]

Technical Analysis – FRA 40 index slumps to four-month low

Posted on June 10, 2024 at 3:11 pm GMT

French 40 index falls to the lowest in four-months after Macron calls snap elections Support holds at 7,840 but market structure deteriorates The French 40 stock index dived to a four-month low of 7,775 on Monday after the French president called a snap legislative election following a humiliating defeat from Le Pen’s far-right party in the European parliamentary election. The index has been trading within a wide range, unable to post new higher highs since hitting an all-time high above 8,200 in March. Despite finding support at the lower [..]

Weekly Technical Outlook – EURUSD, US dollar index, USDJPY

Posted on June 10, 2024 at 9:32 am GMT

Euro area elections drives EURUSD sharply lower Fed decision and US inflation would have strong impact at US dollar index Will BoJ decision affect USDJPY? Euro area elections –> EURUSD The European elections resulted in significant setbacks for German Chancellor Olaf Scholz and French President Emmanuel Macron. The euro had a significant decline on Monday due to political uncertainty caused by French President Emmanuel Macron’s announcement of a sudden legislative election. Marine Le Pen’s National Rally; France’s most prominent far-right political movement, received 32% [..]

Technical Analysis – Gold could be poised for a continuation lower

Posted on June 10, 2024 at 8:29 am GMT

Gold violates bullish structure; prints a head and shoulders pattern Short-term risk is negative; confirmation signal awaited below 2,285 Gold has stabilized near May’s floor of 2,285 after losing more than 3.0% on Friday to mark its biggest daily loss in two years. The price’s current lackluster performance indicates a probable bearish continuation, given its drop below the 20- and 50-day SMAs and beneath the significant trendline zone at 2,325. The technical indicators align with this narrative, as the RSI has dipped [..]

Technical Analysis – GBPJPY marches towards 200

Posted on June 7, 2024 at 1:25 pm GMT

GBPJPY postsan almost 16-year peak of 200.73 But then reverses lower due to overbought conditions RSI and MACD ease but remain in positive territories GBPJPY has been in a prolonged uptrend since early 2024, posting an almost 16-year high of 200.73 on May 29 before experiencing a setback. However, in the past couple of sessions, the pair managed to halt its decline and retraced back higher towards its recent multi-year peak. Considering that the short-term oscillators remain tilted to the upside, the price [..]

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