Technical Analysis / Page 129

Technical Analysis – AUDUSD pauses decline but bears still in control

Posted on May 25, 2023 at 8:01 am GMT

AUDUSD plummeted to a six-month low on Wednesday to find support around the key 0.6525 area, which is the broken neckline of the inverse head and shoulders pattern registered last Autumn. From a technical perspective, the bearish wave has more room to run as the falling RSI has yet to reach its 30 oversold level, while the Stochastic oscillator has flipped backwards to re-enter the oversold region below 20. The MACD keeps decelerating within the negative zone, sending bearish vibes as well. [..]

Technical Analysis – JP225 index bulls want another all-time high but bearish pressure mounts

Posted on May 25, 2023 at 7:09 am GMT

The JP225 cash index is edging higher today, as the bulls are trying to recapture the 30,711 level and keep up the pressure. A short-term consolidation at the current levels could be beneficial for both sides following the steep increase since May 11. The bears though might be able to finally crack a smile when examining the momentum indicators. The Average Directional Movement Index (ADX) appears to have topped, signaling that the bullish trend in place since the March 15, [..]

Technical Analysis – WTI futures advance to fortified technical region

Posted on May 25, 2023 at 7:01 am GMT

WTI oil futures (July delivery) have been steadily gaining ground after bouncing off 69.40 in mid-March. However, the uptrend seems to have paused at the congested region that includes the 50-day simple moving average (SMA), the upper boundary of the descending channel and the lower end of the Ichimoku cloud. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the stochastic oscillator is ascending in the overbought zone, while the RSI jumped above its 50-neutral mark. Should the price manage [..]

Technical Analysis – EURGBP breaches new floor before rebounding

Posted on May 24, 2023 at 3:54 pm GMT

EURGBP briefly spiked below the floor of what is appearing to be a new trading range for the pair before sharply recovering higher. The upper limit of this range seems to be forming around the 61.8% Fibonacci retracement of the December 2022-February 2023 uptrend. If it holds, it would validate the short-term sideways pattern bound by the ceiling of 0.8711 and a floor around 0.8667. The momentum indicators support the picture of an improving near-term bias, as both the stochastics [..]

Technical Analysis – Kohl’s stock gaps higher but quickly loses steam

Posted on May 24, 2023 at 2:27 pm GMT

Kohl’s stock made a decisive jump above its 20- and 50-day simple moving averages (SMA) on Wednesday, but a sustained rebound is far from clear. The US retailer reported a surprise profit for the first fiscal quarter, but the stock has already skidded below its opening price. The momentum indicators have been pulled higher by today’s price move and the short-term bias is in the process of shifting from negative to positive, but this can only be confirmed if the [..]

Technical Analysis – Gold’s bears take the upper hand

Posted on May 24, 2023 at 9:04 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 2,079.19 record high. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are being capped by the 1,984 resistance and the 23.6% Fibonacci retracement level of the down leg from 2,079.19 to 1,952 at 1,982. The RSI is pointing down below the neutral threshold of 50, while the MACD [..]

Technical Analysis – NZDUSD plummets after RBNZ rate decision

Posted on May 24, 2023 at 7:41 am GMT

NZDUSD was steadily regaining ground after experiencing a pullback from its three-month peak of 0.6383. However, the pair retraced lower on the back of the RBNZ’s signal of a potential end to its monetary tightening cycle, with the price temporarily pausing its drop around the 200-day simple moving average (SMA). The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the MACD dropped beneath its red signal line but remains above zero, while the RSI is ticking downwards after crossing below its 50-neutral [..]

Technical Analysis – US 100 cash index edges below the 2023 high but correction could have legs

Posted on May 24, 2023 at 7:33 am GMT

The US 100 index is edging lower after reaching the 2023 high of 13,924. It has been an eventful year up to now with this index managing to overcome the mid-March rout caused by banking sector issues. Actually, since the October 13, 2022 low of 10,431, the US 100 index has been on an upwards path recording a series of higher highs and higher lows. The latest upleg enjoyed the support of the momentum indicators but the picture is more [..]

Technical Analysis – USDJPY remains above 200-SMA and within upward channel

Posted on May 24, 2023 at 6:56 am GMT

USDJPY is holding above the key 137.90 level and the 200-day simple moving average (SMA), suggesting that more bullish actions could come within the short-term upward sloping channel. However, the technical oscillators are showing some weakness as the RSI is pointing down, failing to jump above the 70 level and the stochastic oscillator is flattening in the overbought region, indicating an overstretched market. In trend indicators, the bullish crossover within the 20- and the 50-day SMAs remains in place. Should [..]

Technical Analysis – BTCUSD consolidates around 27,000

Posted on May 23, 2023 at 1:26 pm GMT

BTCUSD (Bitcoin) has been generating a structure of lower highs and lower lows after peaking at the 10-month high of 31,064 in mid-April. Even though the king of cryptos managed to halt its decline and recoup some losses, any attempts for further advances have been repelled around the 27,500 mark. The momentum indicators are reflecting a cautiously positive tone. Specifically, the stochastic oscillator is ascending steeply after posting a bullish cross, while the RSI has ticked up slightly below its 50-neural mark. [..]

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