Technical Analysis / Page 130

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. [..]

Technical Analysis – US 500 index hovers around 9-month highs

Posted on May 23, 2023 at 11:58 am GMT

The US 500 stock index (cash) has been steadily gaining ground 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 peak of 4,214 last Friday and has been rangebound since then. Despite the recent consolidation, the short-term oscillators remain tilted to the bullish side, hinting that the index could extend its uptrend. Specifically, the MACD is strengthening above both zero and its red signal line, while the RSI [..]

Weekly Technical Analysis – NZDUSD, EURUSD, GBPUSD

Posted on May 23, 2023 at 9:37 am GMT

This week the focus of attention will be on the Reserve Bank of New Zealand policy meeting, the UK CPI data and the US Core PCE figures and the highlight would be to how NZDUSD, EURUSD and GBPUSD may react. RBNZ decision → NZDUSD This week, only the Reserve Bank of New Zealand will be having a policy meeting among the world’s major central banks. On Wednesday, most investors expect it to decide to increase interest rates by 25 basis [..]

Technical Analysis – EURJPY regains traction, eyeing multi-year highs

Posted on May 23, 2023 at 7:57 am GMT

EURJPY had been in a prolonged uptrend, which ceased at a fresh 15-year high of 151.60 in early May. Even though the pair experienced a mild pullback from its recent peak, it quickly found its feet and stormed back higher in an effort to extend its bullish medium-term structure. The momentum indicators are endorsing this latest advance, with the RSI flatlining way above its 50-neutral mark and the MACD crossing above its red signal line in the positive region. If the [..]

Technical Analysis – GBPUSD moves with weak momentum within SMAs

Posted on May 23, 2023 at 7:24 am GMT

GBPUSD is moving with weak momentum within the 20- and the 50-day simple moving averages (SMAs), indicating that a sideways move may be on the cards in the short-term timeframe. The recent outlook is also confirmed by the technical oscillators as the MACD is standing below its trigger line and near the zero level, while the RSI is flattening beneath the neutral threshold of 50. Any bullish actions above the 20-day SMA could open the way for the next key [..]

Technical Analysis – EURCHF retreats to its lowest levels since October 2022

Posted on May 22, 2023 at 7:33 am GMT

EURCHF has been trending lower since its latest rebound got rejected just shy of the parity level in late March. In today’s session, the pair posted a fresh seven-month low of 0.9703 before recouping some losses, indicating that this recent downtrend could resume. The momentum indicators currently suggest that bearish forces are holding the upper hand. Specifically, the MACD is softening below both zero and its red signal line, while the RSI is flatlining near its 30-oversold zone. If the price [..]

Technical Analysis – Gold stuck below the 2,000 mark as bulls try to mount their defense

Posted on May 22, 2023 at 6:53 am GMT

Gold remains comfortably below the 2,000 psychological level, a significant drop from the May 4, 2023 high of 2,079. This is probably the bulls’ first serious defeat since the start of the strong upleg in October 2022. They are currently trying to recover some of their recent losses and appear to have heavily invested in holding the 1,959 level. This is key for market sentiment. The momentum indicators are mostly still on the bears’ side. The Average Directional Movement Index (ADX) [..]

Technical Analysis – EURUSD extends retreat below key trendline

Posted on May 22, 2023 at 6:22 am GMT

EURUSD has been stuck in a clear downtrend after peaking at the 13-month high of 1.1094 in late April. In addition, the pair has sliced through crucial technical levels such as the 50-day simple moving average (SMA) and the ascending trendline that connected its higher lows since September 2022. The short-term oscillators are endorsing this bearish near-term bias. Specifically, the MACD is retreating further below both zero and the red signal line, while the RSI has flatlined below its 50-neutral mark. [..]

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