Technical Analysis / Page 121

Technical Analysis – USDCAD faces new bearish risks

Posted on June 16, 2023 at 8:04 am GMT

USDCAD corrected sharply lower to a nine-month low of 1.3200 on Thursday, following the close below the support trendline, which had been buffering downside movements since November. The pair is in the third week of declines and could keep going down despite today’s lack of selling pressure. The RSI and stochastic oscillator are close to oversold levels, suggesting a sideways move or upside reversal, but they are not changing direction to the upside yet. The falling MACD is also reflecting [..]

Technical Analysis – AUDJPY reaches new 2023 high in exponential move since early June

Posted on June 16, 2023 at 7:25 am GMT

AUDJPY has been recording an exponential move since early June, registering nine consecutive green candlesticks. This is an undeniable confirmation of the underlying strength of the current upleg that pushed this pair to the highest level since September 14, 2022. AUDJPY is now hovering just above the 96.47 level with the bears trying to find an appropriate area to set up their defence. In the meantime, the Average Directional Movement Index (ADX) has risen to the highest level since mid-April, [..]

Technical Analysis – EURUSD kickstarts a bullish party after ECB

Posted on June 15, 2023 at 3:16 pm GMT

EURUSD skyrocketed to 1.0920 on headlines the ECB is not thinking of pausing rate hikes after raising interest rates to a 22-year high on Thursday as expected. The pair is experiencing one of its best daily sessions since the start of the year, but the bulls will need to reclaim the September support-turned-resistance trendline, which is currently under examination, in order to stay in power during the coming sessions. The 61.8% Fibonacci retracement of the latest downleg in the four-hour chart [..]

Technical Analysis – Will the CHFJPY rally ever halt?

Posted on June 15, 2023 at 11:34 am GMT

CHFJPY has made a fresh all-time high at 156.57 as the latest leg of the rally that started on March 20, 2023 does not appear to have an ending. This pair quickly overcame that previous high of 151.41 and it has not looked back since. Understandably, CHF bulls must be in dreamland and unwilling to accept that the technical picture is probably showing some very early signs of rally exhaustion. The RSI remains strongly bullish but the same cannot be [..]

Technical Analysis – US 30 cash index fails at 34,280 again; bearish pressure rises

Posted on June 15, 2023 at 7:53 am GMT

The US 30 cash index is edging lower today after failing again to close above the December 2, 2022 downward trendline and the 34,280 level. The bears appear determined to defend this area, hoping that they can take advantage of any exhaustion signs appearing on the bulls’ side. With the Average Directional Movement Index (ADX) hovering around its 25-threshold and signaling a range-trading market, the bears are betting on the stochastic oscillator for the much-awaited bearish signal. Indeed, this indicator is trading [..]

Technical Analysis – Will the nonstop rally in AUDUSD falter?

Posted on June 15, 2023 at 7:47 am GMT

AUDUSD has been enjoying an almost three-week nonstop rally, gaining around 5.0% since the bounce on the 0.6500 level at the end of May. On Wednesday, the pair reached its highest level since February and closed slightly above the 0.6780 ceiling, which has been capping bullish actions over spring. The impressive ascend could motivate some profit-taking as the RSI and the stochastic oscillator are hovering near overbought territory. Yet, the indicators have yet to show a clear downside reversal, suggesting some [..]

Technical Analysis – WTI futures pull back after bouncing off restrictive trendline

Posted on June 15, 2023 at 7:28 am GMT

WTI oil futures (July delivery) have been moving within their downward sloping channel for the last 10 months, creating a structure of lower highs and lower lows. In the near term, the price is trading flat slightly below the 70.00 region following a moderate pullback from the upper boundary of their long-term bearish channel. The momentum indicators currently suggest that bearish forces are strengthening. Specifically, the RSI has flatlined below its 50-neutral mark, while the MACD is softening below both zero [..]

Technical Analysis – BTCUSD trades sideways, bearish pattern remains intact

Posted on June 14, 2023 at 1:39 pm GMT

BTCUSD (Bitcoin) has been generating a structure of lower highs and lower lows after peaking at the 11-month high of 31,064 in mid-April. However, the price has been rangebound in the past week, waiting for developments that could provide fresh directional impetus. The momentum indicators are currently well within their negative territories, but they are also suggesting that positive momentum is picking up. Specifically, the stochastic oscillator posted a bullish cross just shy of the 20-oversold mark, while the RSI ticked up [..]

Technical Analysis – UK 100 cash index back inside a key range

Posted on June 14, 2023 at 1:13 pm GMT

The UK 100 cash index has tentatively returned inside its 7,601-7,687 rectangle that acted as strong resistance during the January-December 2022 period. The index has been trading mostly sideways over the past few sessions despite the fact other developed stock market indices have been recording higher highs for 2023. Despite the considerable white space, a tentative symmetrical triangle is gradually forming. This is an indication of market participants staying on the sidelines ahead of the key events in the UK [..]

Technical Analysis – Gold retains sideways move

Posted on June 14, 2023 at 1:04 pm GMT

Gold could not sustain its strength above the 1,965 bar on Tuesday, falling aggressively towards the 1,938 floor in the aftermath. The previous metal switched to recovery mode on Wednesday, though the mixed technical signals in the four-hour chart provide no clear direction. Traders would like to see a close above the constraining falling line at 1,950 before they again turn their attention to the 1,965 barricade. Notably, the 23.6% Fibonacci retracement of the 2,079-1,932 downtrend is placed here too. If that wall collapses, the [..]

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