Technical Analysis / Page 119

Technical Analysis – NZDUSD retreats after hitting wall at descending trendline

Posted on June 21, 2023 at 2:25 pm GMT

NZDUSD appears to have found its feet around the 200-day simple moving average (SMA) following the pullback from the June top of 0.6246. But the fact that the latest upleg was unable to breach the medium-term descending trendline casts into doubt the prospect for a bullish break in the near term. The momentum indicators are sending mixed signals about the short-term picture. The stochastic oscillator continues to point down but the RSI suggests the selling pressure is easing as it [..]

Technical Analysis – Bitcoin breaks downward sloping resistance line

Posted on June 21, 2023 at 2:05 pm GMT

BTCUSD (Bitcoin) entered a rally mode on Tuesday, breaking above the resistance (now turned into support) barrier of $27,400, which coincides with the 23.6% Fibonacci retracement level of the September 2022 – April 2023 up leg. The rally also took the crypto above the downward sloping resistance line drawn from the peak of April 14, a move likely signaling the continuation of the prevailing uptrend, marked by the upside support line taken from the low of December 30. The RSI [..]

Technical Analysis – The calm before the storm for Visa stock?

Posted on June 21, 2023 at 1:07 pm GMT

Visa stock has recovered from the May 31, 2023 dip but has failed to make significant gains. It remains under pressure despite the overall bullish market sentiment, and it is hovering inside the 228.44-225.96 range. There is a sense of anticipation in the market as both the simple moving averages’ (SMAs) convergence and the tightening Bollinger bands point to an imminent move. The momentum indicators are on the fence at this stage. The Average Directional Movement index (ADX) is pointing to [..]

Technical Analysis – Silver experiences another bearish breakout

Posted on June 21, 2023 at 8:46 am GMT

Silver recorded a very strong bearish move yesterday and it is now hovering around the 23.00 area and the lower boundary of its December 2022-February 2023 rectangle. It is ready to record another bearish breakout with the bears hoping that this endeavor will be more successful than their May 25 attempt, when silver quickly rebounded higher. The bears are keen on a strong sell-off as most momentum indicators appear to be on their side. The RSI remains below its 50-midpoint [..]

Technical Analysis – USDJPY stalls after testing November 2022 peak

Posted on June 21, 2023 at 7:52 am GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair seems to be consolidating in the near term after failing to breach the November 2022 high of 142.24. The momentum indicators currently suggest that the bullish forces are in control. Specifically, the RSI has flatlined just shy of the 70-overbought mark, while the MACD is holding above its red signal line in the positive territory. If bullish pressures [..]

Technical Analysis – EURGBP at the bottom of a falling tube

Posted on June 21, 2023 at 7:42 am GMT

EURGBP marked a 10-month low of 0.8517 at the bottom of the four-month-old bearish channel on Monday, fully reversing its December-February ascent ahead of the Bank of England’s policy announcement due on Thursday. The 61.8% Fibonacci retracement of the 0.8200-0.9249 uptrend has been cooling downside pressures since the start of the week as well. Still, traders may remain hesitant until the price rises above 0.8590. If the bulls successfully breach the latter point, they could initially take a breather around the [..]

Technical Analysis – Citigroup stock under increasing bearish pressure

Posted on June 21, 2023 at 7:37 am GMT

Citigroup is stuck in the middle of the 42.81-53.90 rectangle that has been dominating the price action since March 2022. It is currently below the February 2, 2023 downward sloping trendline and hovering around the various simple moving averages (SMAs) used, pointing to a delicate balance due to increased indecisiveness from market participants. The bears have been more active, but their bearish breakouts have repeatedly failed. However, it looks like they will probably be given the chance for another sell-off as [..]

Technical Analysis – Where will Apple stock’s rally halt?

Posted on June 20, 2023 at 2:57 pm GMT

Apple’s stock has been in a steep uptrend since late December, smashing historical resistance levels and posting a fresh all-time high of 186.37 on Thursday. The big question that lies ahead though is whether the rally can resume without a sizable pullback and at which level will the stock price peak. The momentum indicators currently suggest that the recent rally could be overstretched as both the RSI and the stochastic oscillator are within their overbought territories, while the price is trading near the upper [..]

Technical Analysis – USDJPY rally stumbles but finds support at 20-period SMA

Posted on June 20, 2023 at 1:38 pm GMT

USDJPY has come under selling pressure after hitting a seven-month high of 142.24 earlier today. Caution likely set in as the pair approached the 61.8% Fibonacci retracement level of the October 2022-January 2023 downtrend at 142.49. But whilst the stochastic oscillator is indicating further losses in the short term as it has gone into a sharp downside reversal, heading for the oversold region below 20.0, the RSI is showing signs of stabilization just above the 50 neutral level. The price [..]

Technical Analysis – Gold stuck in range, downside risks rise

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

Gold experienced a pullback after peaking at the all-time high of 2,079 in early May, falling beneath its 2,000 psychological mark and the 50-day simple moving average (SMA). Although bullion has been stuck within a tight range for the past month, the formation of a structure of lower highs is hinting at a deteriorating technical picture. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is set to post a bearish cross, while the RSI [..]

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