Technical Analysis / Page 12

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 [..]

Technical Analysis – EURUSD struggles to close above 1.0900

Posted on June 7, 2024 at 11:56 am GMT

EURUSD constrained below May’s barrier of 1.0894 Technical signals reflect uncertainty Sellers could take control below 1.0830 Despite a false bullish breakout to 1.0915 earlier this week, EURUSD has been struggling to close above May’s bar of 1.0894. From a technical perspective, traders are indecisive as the RSI in the four-hour chart is lacking direction above its 50 neutral mark and the MACD has stabilized around its red signal line. On the upside, the price could re-examine the 1.0915 high if the 1.0894 [..]

Technical Analysis – USDCHF posts more than 2-month low

Posted on June 7, 2024 at 8:11 am GMT

USDCHF finds strong obstacle at 200-day SMA MACD endorses negative momentum; RSI near oversold region USDCHF plunged to a new more than two-month low of 0.8879 today but has found support at the 200-day simple moving average (SMA) in the 0.8895 area. The pair is currently in a bearish retracement with the 20- and the 50-day SMAs posting a negative crossover. According to the technical oscillators, the MACD is extending its negative momentum beneath its trigger and zero lines, while the RSI is moving [..]

Technical Analysis – USDCAD holds within recent range

Posted on June 7, 2024 at 8:04 am GMT

USDCAD constrained within a range as US & Canadian jobs data awaited at 12:30 GMT Bulls need a rally above 1.3775; bears could take control below 1.3578 USDCAD has been swinging sideways over the past two weeks between 1.3740 and 1.3600, unable to reverse the short-term downtrend from April’s peak of 1.3844. The technical signals are currently uncertain, lacking a clear indication as the RSI continues to hover near its neutral mark of 50 and the stochastic oscillator maintains a flat trajectory. Perhaps [..]

Technical Analysis – US dollar index needs to hold above 104

Posted on June 6, 2024 at 3:11 pm GMT

US dollar index pauses downleg near important support trendline Technical signals are uncertain; sellers wait below 104 The US dollar index is trading at an attractive level around the protective trendline that joins the lows from December 2023 and March 2024 near 104.00. The index could enter a new bullish phase, though the technical outlook cannot guarantee an immediate rebound. Although the stochastic oscillator is near its 20 oversold level, the RSI keeps fluctuating below its 50 neutral mark [..]

Technical Analysis – Silver pulls back from multi-year highs

Posted on June 6, 2024 at 12:54 pm GMT

Silver posteda 12-year high of 32.49 on May 20 But since corrects lower as rally got overstretched Oscillators ease but remain in positive areas Silver, which is considered a low volatility asset, has experienced a massive surge since early March, flying to its highest level since November 2012. However, the price retraced lower as its advance got extremely overdone from a technical perspective. Should selling pressures persist, the price could challenge 29.70, which is the 23.6% Fibonacci retracement of the 20.66-32.49 upleg. Lower, the attention [..]

Midweek Technical Look – EURGBP, US 500, WTI

Posted on June 6, 2024 at 10:24 am GMT

EURGBP near 2-year lows; still in trading range US 500 records another all-time high WTI crude oil rebounds off 4-month in bearish market [..]

Technical Analysis – ETHUSD consolidates as advance pauses

Posted on June 6, 2024 at 9:21 am GMT

ETHUSD posts fresh 2-month high following ETF approval But fails to extend its rally as bulls lift foot off the gas Momentum indicators ease from overbought conditions ETHUSD (Ethereum) had been on the rise after claiming the 50-day simple moving average (SMA) in mid-May, also helped by the regulatory approval of spot-Ethereum ETFs in the US. Although the price posted a fresh two-month peak of 3,974, it has been rangebound in the past few sessions due to approaching overbought conditions. Should the [..]

Technical Analysis – EURGBP tests a key support area

Posted on June 6, 2024 at 8:22 am GMT

EURGBP edges higher today ahead of crucial ECB meeting Strong downside pressure in place despite UK elections being in the spotlight Momentum indicators are mostly mixed at this juncture EURGBP is trading higher today, a tad above its lowest level since August 2022, and in an extremely important support area that has repeatedly acted as a floor and put a stop in the bears’ momentum. The market is preparing for the much-awaited ECB meeting that could deliver the first rate from [..]

Technical Analysis – GER 40 index in positive mood ahead of ECB rate decision

Posted on June 6, 2024 at 8:21 am GMT

German 40 index strives to exit bearish formation before a widely expected rate cut Short-term risk skewed to the upside, but confirmation signal could come above 18,672 The German 40 index started Thursday’s session on a positive note, aiming to extend its latest upturn above its 20-day simple moving average (SMA) and out of the short-term bearish channel at 18,672. All eyes will be on the ECB policy meeting today and particularly on the central bank’s guidance on future rate cuts [..]

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Technical Analysis