Technical Analysis / Page 123

Technical Analysis – USDJPY battles with 50-SMA within symmetrical triangle

Posted on June 12, 2023 at 2:46 pm GMT

USDJPY has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 140.92 in late May. In the near term, the price has been trading sideways as the 50-period simple moving average (SMA) and the upper end of the Ichimoku cloud have repeatedly capped its upside. The short-term oscillators currently suggest that bullish forces are intensifying. Specifically, the MACD jumped above its red signal line but remains in the negative territory, while the RSI crossed aggressively [..]

Technical Analysis – EURUSD faces tough barrier near 1.0800

Posted on June 12, 2023 at 12:50 pm GMT

EURUSD has been experiencing a downside correction after peaking at the 13-month high of 1.1094 in late April. In addition, the pair sliced through both its 50-day simple moving average (SMA) and the ascending trendline that connected its lows since September 2022, while its latest attempts for recovery have been repelled just shy of the 1.0800 region. The momentum indicators are reflecting a cautiously bullish near-term bias. Specifically, the stochastic oscillator is ascending steeply near its 80-overbought zone, while the RSI [..]

Technical Analysis – JP225 cash index ready for higher high but overall move looks overstretched

Posted on June 12, 2023 at 12:46 pm GMT

The JP225 cash index is hovering a tad below the all-time high of 32,705 as the bulls have successfully managed to limit the bearish pressure. It has been an explosive 32% rally from the March 15, 2023 low with almost no corrections taking place. The move appears to be overstretched and maybe a small pullback could be welcomed by both sides. The stochastic oscillator is confirming this overstretched nature as it continues to trade at its overbought (OB) territory, hovering [..]

Weekly Technical Analysis: 12/06/2023 – US 500, EURUSD, USDJPY

Posted on June 12, 2023 at 12:44 pm GMT

It will probably be the most important week of June as the Federal Reserve (Fed), the European Central Bank (ECB), and the Bank of Japan (BoJ) will review their rate policy amid an uncertain global macroeconomic environment. The decision might be a close call between a pause or another rate hike for the Fed if Tuesday’s CPI inflation figures surprise to the upside. On the other hand, investors are certain that the ECB will deliver another rate hike, while the [..]

Technical Analysis – Gold extends sideways move below 2,000

Posted on June 12, 2023 at 8:04 am GMT

Gold experienced a mild 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 managed to halt its retreat at the 2½-month low of 1,932, it has been trading sideways for the past three weeks. The momentum indicators currently suggest that bearish forces are subsiding. Specifically, the MACD jumped above its red signal line but remains in negative territory, while the stochastic oscillator is ticking upwards [..]

Technical Analysis – EURCHF downside breakout might not have legs

Posted on June 12, 2023 at 7:16 am GMT

EURCHF is hovering around the 0.9706 level, a tad below the rectangle that has been dominating the price action since October 13, 2022. However, as the price move following the recent bearish breakout has been very weak, there are increased chances of a rebound back inside the rectangle. That would potentially be significant from a short-term momentum perspective. With the Average Directional Movement Index (ADX) stuck below its 25-threshold and signaling an entirely range-trading market, the focus turns to the [..]

Technical Analysis – Gold loses pace near key barrier

Posted on June 9, 2023 at 10:49 am GMT

Gold got stuck around the resistance trendline that has been blocking bullish actions over the past month at 1,963 following another strong bounce near the 1,938 floor. The technical indicators in the four-hour chart provide no clear direction. Hence, traders may wisely wait for the price to close above the trendline and the 23.6% Fibonacci retracement level of the latest downfall near 1,965 before they target the 200-period simple moving average (SMA) at 1,985. A greater rally could challenge the 2,000 psychological mark. [..]

Technical Analysis – GBPJPY at 7-year high; bulls look tired

Posted on June 9, 2023 at 7:50 am GMT

GBPJPY picked up steam to extend its uptrend towards the 2016 high of 175.00 and further above its exponential moving averages (EMAs) early on Friday. The RSI and the stochastic oscillator are hinting at overbought conditions in all timeframes, warning that the bullish wave in the price is nearing a peak. The pair also seems to be trading within a rising wedge triangle, increasing the risk of a bearish correction. Nevertheless, the clear positive trajectory in the price might keep buyers active in the [..]

Technical Analysis – USDCAD challenges symmetrical triangle’s base

Posted on June 9, 2023 at 7:48 am GMT

USDCAD has been generating a structure of lower highs but higher lows after peaking at the 2023 high of 1.3860 in mid-March. Even though the price broke below the base of the symmetrical triangle pattern following the unanticipated rate hike by the BoC, it failed to decisively close below it and post a lower low. The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI descends below the 50-neutral mark, while the MACD is softening [..]

Technical Analysis – AUDJPY rally reaches key resistance area

Posted on June 9, 2023 at 7:44 am GMT

AUDJPY is continuing its journey higher, moving within the March 24, 2023 upward trend channel. It is currently testing the resistance set by the 23.6% Fibonacci retracement of the August 20, 2021 – September 13, 2022 downtrend at 93.63. This is the highest price recorded since December 1, 2022 and a full 9% higher from the March 2023 lows. The interesting fact about the recent rally is that it has been developing with the Average Directional Movement Index (ADX) signaling [..]

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