Technical Analysis / Page 117

Technical Analysis – CHFJPY hits fresh record high as yen falls apart

Posted on June 28, 2023 at 11:25 am GMT

CHFJPY hit its highest levels in at least four decades this week, since official records began. The pair is flying higher and higher into uncharted territory as the relentless uptrend has gone into overdrive. That said, most indicators suggest CHFJPY is increasingly overbought and might be subject to a correction before the rally resumes. Momentum oscillators such as the RSI have risen to extreme levels on the weekly chart, and there seems to be some divergence forming, as the pair [..]

Technical Analysis – USDJPY unlocks new 7-month high

Posted on June 28, 2023 at 8:24 am GMT

USDJPY continues to build its uptrend comfortably above its exponential moving averages (EMAs), closing on Tuesday near a fresh seven-month high of 144.16. The next obstacle could be the 145.00-145.40 area, with the RSI and the stochastic oscillator suggesting that some congestion could emerge in this neighborhood as the price seems to be trading within overbought waters. Interestingly, the extension of the March resistance line is positioned in the same territory. Therefore, a decisive step higher is expected to boost buying [..]

Technical Analysis – NZDUSD spikes lower to extend its pullback

Posted on June 28, 2023 at 8:23 am GMT

NZDUSD had been steadily regaining ground after finding its feet at the 2023 low of 0.5984 in early June. However, the latest rebound faltered after challenging the upper boundary of the Ichimoku cloud, with the price reversing lower and dropping below both its 50- and 200-day simple moving averages (SMAs) The momentum indicators currently suggest that the bearish forces are intensifying. Specifically, the RSI is retreating further below its 50-neutral mark, while the stochastic oscillator is sloping downwards near its 20-oversold zone. If the selling interest intensifies, the [..]

Technical Analysis – AUDUSD bounces off 200-period SMA but struggles to maintain momentum

Posted on June 27, 2023 at 3:07 pm GMT

AUDUSD managed to hit the brakes on its slide as it landed on the 200-period simple moving average (SMA), bouncing somewhat higher in the aftermath. But the victory was a hard-fought battle for the bulls and the rebound is already looking shaky in the four-hour chart. The stochastic oscillator suggests the near-term bias has turned negative again as the %K line has dipped below its slower-moving counterpart. The RSI is also edging lower but not by much and it remains [..]

Technical Analysis – US 100 index forms bearish channel

Posted on June 27, 2023 at 1:42 pm GMT

The US 100 stock index (cash) rotated southwards after touching the crucial 15,280 zone, where it peaked in February and March 2022 before it changed direction to the downside. Getting rejected for the third time around that same region, the index might be exposed to another stormy session ahead. The price is currently trading at the lower boundary of the short-term descending channel in the four-hour chart, suggesting a potential upside move before the bearish wave continues. For that to happen, the [..]

Technical Analysis – Amazon stock surges to fresh 9-month high

Posted on June 27, 2023 at 1:38 pm GMT

Amazon’s stock has been in a steady uptrend since the beginning of the year, posting consecutive multi-month peaks. In the latest daily session, the price posted a fresh 9-month high of 131.36 but quickly pared some gains as the bulls seem to be exhausted. This loss of positive momentum is also reflected in the short-term oscillators. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the MACD dropped beneath its red signal line but remains positive. Should the [..]

Technical Analysis – EURJPY jumps to a fresh 15-year high

Posted on June 27, 2023 at 8:19 am GMT

EURJPY has been in a strong uptrend since the beginning of the year, posting a fresh 15-year high of 157.43 in today’s session. However, this rally appears to have reached overbought conditions, thus a potential downside correction might be on the cards. The momentum indicators currently suggest that bullish forces could be running out of juice. Specifically, both the RSI and the stochastic oscillator are flat within their overbought territories, hinting towards a rally exhaustion. Should bearish pressures emerge, the price could [..]

Technical Analysis – GBPUSD still threatened despite soft upturn

Posted on June 27, 2023 at 7:25 am GMT

GBPUSD closed Monday’s session with marginal gains around 1.2700 after receiving strong protection from the 1.2680 base for the third consecutive trading day. Bulls tried to increase the price on Tuesday, but the technical outlook stayed weak, casting doubt on whether there was enough strength for an upsurge. The pair seems to be trapped below a tough resistance trendline at 1.2740 and beneath the red Tenkan-sen line. Moreover, the MACD has slid below its red signal line and the RSI, although above its [..]

Technical Analysis – USDJPY eases from 7-month high as upside momentum wanes

Posted on June 26, 2023 at 1:46 pm GMT

USDJPY has started the week on the backfoot after hitting a fresh seven-month peak of 143.86 on Friday. Early warnings of a looming negative correction were provided from the upper Bollinger band when the price kept popping above it, as well as the stochastic oscillator, as the higher high in the price action corresponded with a lower high by the %K and %D lines. The stochastics continue to point lower in the four-hour chart, although they are some distance from [..]

Technical Analysis – EURUSD technical picture turns bearish

Posted on June 26, 2023 at 9:40 am GMT

EURUSD is edging lower today as the short-term uptrend that started in early June appears to have halted. The September 28, 2022 upward sloping trendline has acted as strong resistance, pushing EURUSD towards the 50-day simple moving average at 1.0874. The current correction could also be a product of the bearish divergence that has formed between the stochastic oscillator and the recent EURUSD price action. In addition, the remaining momentum indicators appear to be more balanced at this juncture. The [..]

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