Technical Analysis / Page 114

Technical Analysis – Deutsche Bank again lower today; bleak outlook

Posted on July 6, 2023 at 10:25 am GMT

Deutsche Bank is desperately trying to find its direction after the March 2023 correction. The recently completed symmetrical triangle is still affecting the price action despite the fact that the first bearish breakout on June 16 did not meet the 10% target. Busted patterns tend to favour a move in line with the prevailing trend, which in the Deutsche Bank’s case is mildly bullish since the March 2023 episode, but the stock opened lower again today. In this environment, the momentum indicators are similarly confused. With the Average [..]

Technical Analysis – WTI oil settles higher again, but will it break the range?

Posted on July 6, 2023 at 9:31 am GMT

WTI oil futures are again targeting the upper boundary of the almost one-year-old bearish channel seen at 73.80, having pivoted for the fifth time around the 67.00 floor last week. Previous attempts were unsuccessful, and another failure cannot be ruled out as the stochastic oscillator is entering the overbought territory and the MACD remains subdued around its zero and signal lines. That said, the odds for a bullish breakout seem to be higher now as the RSI is marking new higher highs above [..]

Technical Analysis – US 30 cash index might be close to a new bearish move

Posted on July 6, 2023 at 7:28 am GMT

The US 30 cash index is edging lower today, testing the support set by the December 1, 2022 downward sloping trendline. Interestingly, a bearish double-top pattern is gradually forming with the neckline standing at the June 26 low of 33,606. A move below this neckline is needed for this structure to be deemed as valid, with the primary target then set at the 32,600 area. The momentum indicators are not ready to support this developing structure. The RSI remains above [..]

Technical Analysis – AUDUSD remains suppressed by 200-day SMA

Posted on July 6, 2023 at 7:26 am GMT

AUDUSD has been on a wild ride during the past two months, posting a false bearish breakout from its rangebound pattern which was followed by a false bullish breakout. In the past few sessions, the pair has been repeatedly held down by the 200-day simple moving average (SMA), but the bulls have not surrendered yet. This inability to claim the congested region that includes both the 50- and 200-day SMAs is also reflected in the short-term oscillators. Specifically, the RSI [..]

Technical Analysis – Gold in recovery mode but bearish structure holds

Posted on July 5, 2023 at 12:14 pm GMT

Gold has been losing ground since mid-June, dropping below the 1,900 handle for the first in more than three months. However, the commodity managed to regain traction and jump above its 50-period simple moving average (SMA), while it is set to challenge the upper boundary of the Ichimoku cloud. The momentum indicators currently suggest that bullish forces are in control. Specifically, the RSI is ascending above its 50-neutral mark, while the MACD is strengthening above its red signal line in the [..]

Technical Analysis – NZDUSD’s next battle at 0.6300

Posted on July 5, 2023 at 8:45 am GMT

NZDUSD turned green after printing a doji candlestick around 0.6050 last Thursday, currently aiming to extend its winning strike above the 0.6200 round level. The latest rebound in the price has confirmed a higher low in the short-term picture, increasing hopes for a bullish trend reversal. The RSI has bounced back above its 50 neutral mark and the MACD has ticked above its signal and zero lines, both revealing improving market sentiment. Yet, whether the pair has enough fuel in the [..]

Technical Analysis – USDJPY trades sideways, momentum ready to turn bearish

Posted on July 5, 2023 at 7:03 am GMT

USDJPY has been trading sideways over the past five sessions as the aggressive rally that started on March 24, 2023 appears to have halted. There are a few reasons for the latest move, including the intervention talk, but the bears are still not satisfied. They are desperately looking for a small pullback to recover part of their recent losses and dent the bulls’ confidence. It is fair to say that the momentum indicators are finally showing some rally exhaustion signs. [..]

Technical Analysis – AUDUSD recovers after finding support at 0.6594

Posted on July 4, 2023 at 2:44 pm GMT

AUDUSD has been in a recovery mode since June 28, when it hit support at 0.6594, slightly above 0.6575, which is the lower boundary of the sideways range that’s been containing the price action since February 24. As long as the pair is trading within that range, the near-term outlook remains neutral, but the fact that the current recovery started from the lower bound suggests that some further recovery within the range may be possible. Both the RSI and the [..]

Technical Analysis – Wells Fargo jumps to 4-month high after dividend hike

Posted on July 4, 2023 at 2:04 pm GMT

Wells Fargo’s stock has been in a short-term uptrend after finding its feet at the two-year low of 36.44 during the recent banking turmoil in March. In addition, the price recently jumped above its 200-day simple moving average (SMA), while posting a fresh four-month high of 43.53 in the latest daily session. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the MACD has jumped above its red signal line in the positive territory, while the RSI is at [..]

Technical Analysis – USDCHF flattens, but stays within downtrend channel

Posted on July 4, 2023 at 9:39 am GMT

USDCHF has been trading in a sideways manner since June 16, between the 0.8900 support zone and the 50-day exponential moving average (EMA). That said, in the bigger picture, the pair remains within the downward sloping channel that’s been containing the price action since November 10, which keeps the risk of another leg south firmly on the table. Both the RSI and the MACD indicate a lack of directional speed, corroborating the latest sideways action above 0.8900. The former is [..]

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