Technical Analysis / Page 127

Technical Analysis – Has Nvidia’s rocket rally peaked?

Posted on May 31, 2023 at 2:54 pm GMT

Nvidia stock skyrocketed to a record high of 418.59, cashing in on the Artificial Intelligence frenzy and making the company the first chipmaker company to hit a $1 trillion valuation. The stock’s price has almost quadrupled since October’s low of 107.90 and some profit taking could be possible after the extraordinary rally. The formation of a bearish shooting star candlestick flags a reversal to the downside, though traders will wait to see what the next candlestick will be. If the stock gaps [..]

Technical Analysis – EURGBP back in bearish mode

Posted on May 31, 2023 at 10:43 am GMT

EURGBP resumed its bearish direction after a short period of trading sideways, falling to a new five-month low of 0.8624 on Wednesday. Market sentiment weakened following the rejection near the 20-day simple moving average (SMA) and there might be more selling activity in the short term given the negative trajectory in the momentum indicators. Still, with the price trading near the lower Bollinger band at 0.8630 and the RSI testing its 2022-2023 lows, a pause in the ongoing bearish action or an [..]

Technical Analysis – USDJPY looks overbought but still supported

Posted on May 31, 2023 at 8:16 am GMT

USDJPY came under weak selling pressure after peaking at a six-month high of 140.91 on Monday, with the pair set to close in negative territory for the first time in three weeks. The RSI and the stochastic oscillator are warning that the bulls are running out of fuel as the indicators are changing direction below their overbought levels. That said, traders may not engage in additional selling activities, unless the current support area around the 50% Fibonacci retracement level of the 151.93-127.21 [..]

Technical Analysis – JP225 cash index correction could morph into a bearish trend

Posted on May 31, 2023 at 7:51 am GMT

The JP225 cash index is on a streak of downward moves, dropping from the all-time high of 31,664 and it is currently a tad above the 30,711 level. This correction was not unexpected considering the aggressive nature of the recent upleg. However, the momentum indicators might point to a stronger downwards move, and not just a short-term correction. The Average Directional Movement Index (ADX) is edging lower from its highest peak since the September 2021 rally. Usually, a drop from [..]

Technical Analysis – Apple stock opens with positive gap, eyeing all-time highs

Posted on May 30, 2023 at 2:38 pm GMT

Apple’s stock has been in a steep uptrend since late December, generating a structure of higher highs and higher lows. In today’s session, the stock had a gap up opening, jumping to its highest levels since March 2022 and battling with its upper Bollinger band. The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the RSI is approaching its 70-overbought zone. Should the rally resume, the March 2022 peak [..]

Weekly Technical Analysis – USDJPY, EURJPY, AUDUSD

Posted on May 30, 2023 at 1:46 pm GMT

The ongoing US debt ceiling talks will keep everyone on their toes until the deal is passed, but USDJPY may get extra volatility on Friday if nonfarm payrolls shed more light on what the Fed’s June policy decision will be. Eurozone’s CPI inflation figures might challenge the exciting bull run in EURJPY, while Australia’s monthly inflation report and China’s business PMI surveys could make AUDUSD important to watch as well. US Nonfarm payrolls –> USDJPY The US labor market [..]

Technical Analysis – BTCUSD gets rejected by 50-day SMA

Posted on May 30, 2023 at 11:11 am GMT

BTCUSD (Bitcoin) had been generating a structure of lower highs and lower lows after peaking at the 10-month high of 31,064 in mid-April. Nevertheless, after two weeks of consolidation, the king of cryptos spiked to the upside, with the price temporarily jumping above its 50-day simple moving average (SMA) before paring some gains. The momentum indicators are reflecting a cautiously positive tone. Specifically, the stochastic oscillator is ascending near the 80-overbought zone, while the RSI crossed above its 50-neutral mark. If the [..]

Technical Analysis – UK 100 cash index back inside key range

Posted on May 30, 2023 at 10:37 am GMT

The UK 100 cash index has been trading sideways over the past few trading sessions, as it has returned inside the 7,599-7,689 range that acted as strong resistance during the January-December 2022 period. This area was eventually broken forcefully in January 2023, but it has now come into play again. In addition, a series of lower highs and higher lows is supporting the current index move. The momentum indicators appear to be mixed at this stage. The Average Directional Movement [..]

Technical Analysis – EURJPY fails to retest 15-year peak

Posted on May 30, 2023 at 8:23 am GMT

EURJPY had been in a strong uptrend, which ceased at a fresh 15-year high of 151.60 in early May and the pair corrected to the downside. Even though it quickly found its feet and stormed back higher, the latest rebound seems to have faltered just shy of the recent high, potentially forming a double-top pattern. The short-term oscillators currently reflect a loss of positive momentum. Specifically, the RSI lost some ground but still holds above its 50-neutral mark, while the MACD [..]

Technical analysis – GBPUSD stays under sellers’ control despite pause

Posted on May 30, 2023 at 8:17 am GMT

GBPUSD opened the week on a neutral note, consolidating its bearish correction from a one-year high within the 1.2300 zone. According to the technical picture, the sideways move could be temporary within the bearish wave. The downfall below the 20- and 50-day simple moving averages (SMAs) and beneath the former 1.2445 ceiling could motivate more selling in the short term. The negative trajectory in the RSI and the MACD is another sign that the sell-off has not bottomed out yet. An upside [..]

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