Technical Analysis / Page 122

Technical Analysis – JPMorgan Chase just below 2023 high but the upleg lacks momentum

Posted on June 14, 2023 at 10:50 am GMT

JPMorgan (JPM) stock has almost erased the mid-March drop as it is currently hovering around the 142 area, not far from the 2023 high of 144.21. It has been a difficult rally from the March lows, with the 141.01 level proving a noteworthy resistance area and the March 23,2023 upward sloping trendline acting as strong support. The interesting fact is that the latest upleg has occurred with the Average Directional Movement index (ADX) pointing to a trendless market as it remains stuck [..]

Technical Analysis – USDJPY in rangebound ahead of FOMC rate decision

Posted on June 14, 2023 at 8:17 am GMT

USDJPY was trading muted within a short-term range and marginally above the 140.00 level prior to the FOMC policy announcement. The pair bounced on the 20-day exponential moving average (EMA) once again on Tuesday, increasing optimism that the bulls could take charge in the short-term. The RSI is still hovering above its 50 neutral mark, reflecting a positive bias. Though, its falling trend is witnessing persisting caution in the market. In other warning signals, the MACD remains below its red signal line, while [..]

Technical Analysis – NZDUSD bulls hold the upper hand after the false bearish breakout

Posted on June 14, 2023 at 7:37 am GMT

NZDUSD has returned inside the rectangle that has been dictating the price action since February 2023 as the recent bearish breakout proved to be false. This move has clearly dented the NZD bears’ confidence, but they have to react quickly in order to contain the bullish pressure. NZDUSD is currently hovering around the 200-day simple moving average (SMA) as the momentum indicators are tentatively supporting the current upleg. The Average Directional Movement Index (ADX) is edging higher, signaling a decent [..]

Technical Analysis – Boeing rally could have legs if key levels are broken

Posted on June 13, 2023 at 2:11 pm GMT

Boeing has managed to record a new 2023 high, just above the February 14, 2023 high of 221.01. The most recent move appears to be a product of both the convergence of the 50- and 100-day simple moving averages (SMAs) and the symmetrical triangle, which has formed over the past three months. Actually, the stock is on an aggressive bullish long-term trend and it is currently 85% higher than the October 3, 2022 low of 120.59. Disappointingly for the bulls, the Average [..]

Technical Analysis – Google slides but finds buy orders near 122.20

Posted on June 13, 2023 at 12:15 pm GMT

Google fell sharply last Wednesday, after hitting resistance at 129.40. However, the decline stopped near the 122.20 zone, where the stock found buying interest just yesterday. Overall, Google continues to trade above the tentative uptrend line drawn from the low of March 13 and also above all three of the plotted moving averages. This keeps the near-term picture positive. The RSI, although it recently exited its above-70 zone, remained above 50 and turned up again. However, the MACD, despite still [..]

Technical Analysis – EURAUD getting closer to key area

Posted on June 13, 2023 at 8:59 am GMT

EURAUD’s drop continues, cancelling out most of the upward move recorded since the March 6, 2023 bullish breakout. The pair is hovering just above the 1.5831 level as a pattern of lower higher and lower lows is in place. This raises the possibility of a small upleg from current levels, setting the scene for an even more aggressive sell-off afterwards. The recent price action continues to enjoy the support of the momentum indicators. The Average Directional Movement Index (ADX) is pointing [..]

Technical Analysis – EURGBP rebounds but stays in downtrend

Posted on June 13, 2023 at 7:59 am GMT

EURGBP rebounded yesterday after triggering some buy orders near the 0.8545 zone, marked as support by the low of December 1. That said, the pair remains below the upward sloping line drawn from the low of March 7, which implies that yesterday’s recovery may be just a corrective bounce within the broader downtrend. Both the RSI and the MACD reflect the rebound and suggest that it could extend for a while longer, perhaps until the pair tests the aforementioned uptrend line. [..]

Technical Analysis – EURJPY tests restrictive trendline near 15-year peaks

Posted on June 13, 2023 at 7:43 am GMT

EURJPY had been in a strong uptrend, which ceased at a fresh 15-year high of 151.60 in early May before the pair corrected lower. Although it quickly found its feet and attempted a rebound, the price failed to revisit its recent multi-year peak, potentially forming a structure of lower highs but also higher lows. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the RSI is ascending above its 50-neutral mark, while the stochastic oscillator is approaching its [..]

Technical Analysis – US 100 cash index rally continues; how high can it go?

Posted on June 13, 2023 at 7:24 am GMT

The US 100 index has recorded a new 2023 high and it is currently hovering around the highest level since April 6, 2022. The rally since the March 13, 2023 low has been almost exponential, but similar to the increases seen in other stock indices. The bears are clearly hoping for a correction, but their expectations have been proven false up to now. The bulls are probably feeling confident the rally will continue but some cracks have appeared at the [..]

Technical analysis – GBPUSD gets trendline rejection, but bulls still in play

Posted on June 13, 2023 at 7:18 am GMT

GBPUSD turned red on Monday after marking a one-month high of 1.2598 near the long-term resistance trendline, which has been capping bullish actions since the June 2021 high. The pair switched back to recovery mode early on Tuesday, with the technical indicators reflecting appetite for a bullish breakout. The RSI is trending higher and is above its 50 neutral mark, while the MACD is gradually strengthening within the positive region and above its red signal line. The fact that the price has avoided [..]

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