Technical Analysis / Page 128

Technical Analysis – AUDUSD trades in bearish mode

Posted on May 30, 2023 at 7:58 am GMT

AUDUSD traded lower today after triggering some selling orders slightly below the downtrend line drawn from the high of May 10. In the bigger picture, the pair is not only trading below that line, but also below the key area of 0.6625, which acted as the lower boundary of the sideways range that contained most of the price action between February 24 and May 23. This paints a negative short-term outlook for now. Both the RSI and the MACD are [..]

Technical Analysis – US 500 index posts fresh 9-month peak

Posted on May 29, 2023 at 11:48 am GMT

The US 500 stock index (cash) has been in an uptrend since mid-March, slicing through crucial technical regions such as its 50- and 200-day simple moving averages (SMAs). In addition, the index jumped to a fresh nine-month high of 4,232 in today’s session before paring some gains. The short-term oscillators are endorsing the latest upside move. Specifically, the MACD jumped above its red signal line in the positive region, while the RSI is flatlining above its 50-neutral mark. Should the price attempt another [..]

Technical Analysis – Gold pauses decline but bearish bias holds

Posted on May 29, 2023 at 7:49 am GMT

Gold experienced a remarkable surge since early March, surpassing some crucial technical levels to peak near the all-time high of 2,079 in early May. However, bullion has been in a steady downtrend since then, falling beneath its 2,000 psychological mark and creating a bearish structure of consecutive lower lows. The momentum indicators currently suggest that bearish forces reign supreme. Specifically, the MACD is softening beneath zero and its red signal line, while the RSI has flatlined below its 50-neutral mark. [..]

Technical Analysis – EURUSD turns green but not bullish yet

Posted on May 29, 2023 at 7:29 am GMT

EURUSD switched to recovery mode after its bearish wave from a one-year high stabilized around a two-month low of 1.0700 on Friday. Interestingly, the 61.8% Fibonacci retracement zone of the previous bullish run cemented that floor. Technically, the pair needs to create a long green candlestick in order to confirm a bullish three-candle morning star pattern. Ideally, a close above Friday’s high of 1.0757 could boost recovery towards the key constraining zone of 1.0800 formed by September’s broken support trendline and the 50% [..]

Technical Analysis – USDCHF trims gains within bullish channel

Posted on May 26, 2023 at 11:00 am GMT

USDCHF drifted down to 0.9017 after facing resistance around the familiar long-term constraining zone of 0.9070. The negative slope in the RSI and the Stochastic oscillator on the four-hour chart suggests market sentiment may remain downbeat in the coming sessions. The MACD has slipped back below its red signal line, increasing the likelihood of another leg down too. Still, with the pair trading within a bullish channel and having marked new higher highs above the 0.9000 level recently, which looks to be the [..]

Technical Analysis – GBPJPY hovers around 7-year high

Posted on May 26, 2023 at 8:00 am GMT

GBPJPY has been stuck in an uptrend since the beginning of the year, generating a seven-year peak of 172.77 last Wednesday. However, the pair has been flat since then, appearing to be unable to extend its recent rally. The short-term oscillators currently suggest that bullish forces are waning but remain in control. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram is softening above both zero and its red signal line. Should buying pressures intensify, the [..]

Technical Analysis – AUDJPY remains above key area as bearish pressure intensifies

Posted on May 26, 2023 at 7:58 am GMT

AUDJPY is hovering around the 91 level, just a tad above a rather busy area that is key for market sentiment. This pair has actually been trading inside an aggressive upward sloping trend channel, but its upside is currently being capped by the 200-day simple moving average (SMA). Therefore, AUDJPY has failed to record a higher high, which means that the bearish pattern of lower highs and lower lows that started on September 13, 2022 remains in place. The momentum [..]

Technical Analysis – USDCAD in bullish mode; resistance at 1.3650

Posted on May 26, 2023 at 7:50 am GMT

USDCAD bounced off its 200-day simple moving average (SMA) and went as high as 1.3653, surpassing a resistance line that had been in effect since March. The technical picture is feeding optimism for a bullish continuation. The price has bottomed out twice around 1.3300 before drifting higher and beyond its simple moving averages (SMAs). Traders are currently waiting for a decisive close above the 1.3650 neckline to confirm the positive structure. In momentum indicators, the RSI has crossed above its 50 [..]

Technical Analysis – EURUSD in a bearish cycle; 1.0700 next in focus

Posted on May 25, 2023 at 2:47 pm GMT

EURUSD has been in a tight downward-sloping channel over the past three weeks, falling from nearly 1.1100 to a two-month low of 1.0713 on Thursday. The latest bearish correction followed the rejection near the 20-period exponential moving average (EMA) and the extension of the ascending trendline, which connects the lows from September and November. Some consolidation could emerge in the short term given the oversold signals from the RSI and the Stochastic oscillator. In this case, the 1.0700-1.0690 region, which [..]

Technical Analysis – EURAUD bulls’ confidence remains sky-high

Posted on May 25, 2023 at 2:20 pm GMT

EURAUD’s aggressive upleg since the early March breakout fell short of retesting the October 20, 2020 high of 1.6826. However, the bulls should feel pretty confident considering the 15% rally they have staged since the August 2022 lows. They are actually preparing the ground for another move higher as they are currently trying to record a daily close above the August 20, 2021 high at 1.6435. Despite the fact that the Average Directional Movement Index (ADX) is pointing to an [..]

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