Technical Analysis / Page 125

Technical Analysis – USDJPY eases after hitting upper limit of ascending channel

Posted on June 7, 2023 at 7:51 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 has been trading sideways in the past few sessions after its advance got rejected in the upper end of the bullish pattern. The momentum indicators currently suggest that buying forces are subsiding. Specifically, the RSI is ticking downwards but remains above its 50-neutral mark, while the MACD dropped beneath its red signal line in the positive territory. [..]

Technical Analysis – Is EURJPY losing its shine?

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

EURJPY has been declining over the past three days, stopping at the 148.58 zone that has been preventing upside and downside movements since April. The 23.6% Fibonacci retracement of the 138.81-151.60 upleg is adding extra credibility to the region. Spring’s upward structure seems to be cracking given the lower high of 151.00 that preceded the latest bearish correction. That said, the rising simple moving averages (SMAs) have yet to reflect a weakening trend. Meanwhile, the momentum indicators remain negatively charged, with the RSI [..]

Technical Analysis – Intel in risk of sizeable correction if another breakout proves false

Posted on June 7, 2023 at 7:32 am GMT

Intel managed to record a strong day yesterday, trying desperately to join the AI frenzy that has been driving the market aggressively higher. However, it remains stuck inside the wide 24.63-31.27 rectangle that has formed since September 2, 2022. Three false upward breakouts have taken place up to now, increasing the importance and the difficulty in breaking this range-trading pattern. Market participants are anxiously looking for some signal from the momentum indicators. However, the Average Directional Movement Index (ADX) has returned below [..]

Technical Analysis – EURCHF on the retreat as rebound falters

Posted on June 6, 2023 at 2:26 pm GMT

EURCHF had been in a steady downtrend since its latest rebound got rejected just shy of the parity level in late March. Even though the pair attempted a recovery after bouncing off the seven-month low of 0.9670, its advance got rejected at 0.9761, which has held its ground multiple times in the past few months. The momentum indicators currently suggest that bearish forces are holding the upper hand. Specifically, the RSI is flatlining below its 50-neutral mark, while the stochastic oscillator [..]

Weekly Technical Analysis: 06/06/2023 – USDCAD, AUDUSD, Oil

Posted on June 6, 2023 at 11:48 am GMT

After a surprise rate hike by the Reserve Bank of Australia (RBA), the spotlight will fall on the Bank of Canada (BoC) on Wednesday. The central bank is expected to keep rates steady, while Friday’s Canadian jobs data could generate fresh volatility in USDCAD. Australian GDP growth figures may challenge AUDUSD earlier on Wednesday. Meanwhile in commodity markets, oil prices could not sustain OPEC-led gains. USD/CAD–> BoC rate decision The BoC will review its rate policy on Wednesday at 14:00 [..]

Technical Analysis – Tesla stock jumps to fresh 7-month high

Posted on June 6, 2023 at 11:27 am GMT

Tesla’s stock has been in a sustained uptrend since late April when it found its feet at the 152.00 support zone. Moreover, in the last daily session, the price jumped to its highest levels since November 2022 before paring some gains. The momentum indicators currently suggest that buying forces are strengthening despite being in overbought territories. Specifically, the MACD is posting consecutive multi-month highs above both zero and its red signal line, while the RSI is positively charged within the 70-overbought mark. [..]

Technical Analysis – US 100 cash index at new high for 2023 but correction is overdue

Posted on June 6, 2023 at 7:54 am GMT

The US 100 index is trading a tad above the 14,346-14,382 range, close to the highest level for almost 14 months. The pace of the recent rally remains very aggressive, pleasing the bulls but opening the door for a sizeable correction towards the March 13, 2023 upward sloping trendline. The bulls are probably feeling confident the rally will continue since the Average Directional Movement Index (ADX) is currently trading at its highest level since November 2021, confirming the aggressive upleg. However, [..]

Technical Analysis – GBPUSD battles with crucial technical level

Posted on June 6, 2023 at 7:37 am GMT

GBPUSD had been in a downside correction after peaking at the one-year high of 1.2678 on May 10. However, the pair retraced back higher when it found support at the long-term ascending trendline, while it is currently challenging a fortified zone that includes the 50-day simple moving average (SMA), the upper end of the Ichimoku cloud and a historical resistance level near 1.2445. The momentum indicators currently suggest a neutral near-term bias. Specifically, the RSI is hovering around the 50-neutral [..]

Technical Analysis – Gold breaches trendline as sentiment sours

Posted on June 5, 2023 at 9:24 am GMT

Gold has breached its ascending trendline and could soon drop below the Ichimoku cloud as well, as the short-term momentum indicators are pointing down. The %K and D% lines of the stochastic oscillator have posted a bearish crossover, while the RSI is heading lower after failing to climb above the 50 neutral threshold. Immediate support is likely to come at the cloud bottom just above 1,926, while the crucial 1,900 barrier is not that far below and is being reinforced [..]

Technical Analysis – EURUSD slips below 1.07 again as rebound falters

Posted on June 5, 2023 at 7:27 am GMT

EURUSD is back under selling pressure as the rebound from last week’s two-month low of 1.0634 has suffered an early setback. The 1.0700 handle is in danger of being surrendered again as the momentum indicators aren’t looking very encouraging right now. The fast stochastic oscillator (%K) is about to cross below the slow stochastic (%D), while the MACD has slid back below its red signal line. If the bearish bias persists in the short term, the 38.2% Fibonacci retracement of [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms

How to Access

Telegram Chat Terms

Technical Analysis