Technical Analysis / Page 131

Technical Analysis – AUDUSD in tight range; decisive breakout needed

Posted on May 19, 2023 at 9:06 am GMT

AUDUSD is edging higher today but remains well inside the rectangle that has formed since February 24. This recent range-trading is a depiction of the indecisiveness of market participants to commit to a specific move. As the direction of the breakout is unknown ahead of time, the focus turns to the momentum indicators for valuable information. However, the subdued Average Directional Movement Index (ADX) confirms the current range-trading theme, and the RSI is just a tad below its 50-threshold. In addition, [..]

Technical Analysis – USDCAD is range-trading; the next break is key for market sentiment

Posted on May 19, 2023 at 6:46 am GMT

USDCAD is edging lower today but it appears to be in a delicate balance. It is hovering inside the rather busy 1.3482-1.3536 area, as the pair seems to be taking a breather from the downward move that commenced on March 10, 2023. The aggressive convergence of the simple moving averages (SMAs) employed here and the trendless Average Directional Movement Index (ADX) confirm the current range-trading phase. The stochastic oscillator could offer a potential way out of the current deadlock. It is hovering [..]

Technical Analysis – Silver bears ride the curve, ready to test key support level

Posted on May 18, 2023 at 8:40 am GMT

Silver is edging lower today, a continuation of last week’s downleg. The recent double top pattern seems to be encouraging this move lower after the break of its neckline at 24.48 on May 11. With this pattern’s target being at around 22.9, the bears could remain confident. In the meantime, the overall technical picture remains bearish. The Average Directional Movement Index (ADX) is edging higher, confirming the presence of a muted bearish trend in silver, and the RSI has sunk below [..]

Technical Analysis – WTI futures stuck in range after bounce off 17-month low

Posted on May 18, 2023 at 8:05 am GMT

WTI oil futures (July delivery) had been in recovery mode, but the 200-day simple moving average (SMA) recently rejected their latest advance. Since then, the price plummeted to a fresh 17-month low of 64.20 before recouping some losses. The momentum indicators currently suggest that bearish forces are subsiding but remain in control. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the MACD jumped above its trigger line in the negative area. Should buyers re-emerge and push [..]

Technical Analysis – Is the downtrend over for USDCHF?

Posted on May 18, 2023 at 7:01 am GMT

USDCHF has been building a base in the form of an inverse head and shoulders (H&S) pattern around a two-year low of 0.8850 over the past month, boosting hopes for a bullish trend reversal. Traders are currently waiting to see whether the pair will find enough buyers to confirm the bullish structure above the 0.9000 neckline, and more importantly, mark a new higher high above the crucial 2023 constraining zone of 0.9070. Notably, the descending trendline, which connects the highs from November 2022, is located [..]

Technical Analysis – EURGBP trades flat near 5-month low

Posted on May 17, 2023 at 2:48 pm GMT

EURGBP had been trading sideways since the beginning of the year before its range broke to the downside and the pair recorded a fresh five-month bottom of 0.8659 in mid-May. However, the paid failed to extend its retreat, with the price trading flat in the past week. The momentum indicators currently suggest that bearish forces are in control. Specifically, the RSI is flatlining below its 50-neutral mark, while the MACD histogram is softening beneath zero and its red signal line. [..]

Technical Analysis – BTCUSD remains suppressed by 50-SMA

Posted on May 17, 2023 at 11:32 am GMT

BTCUSD 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 digital coin found its feet at the May bottom of 25,785 and attempted a rebound, it has been repeatedly held down by its 50-period simple moving average (SMA). The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI has flatlined beneath its 50-neutral mark, while the stochastic oscillator is [..]

Technical Analysis – Will gold have another bearish round?

Posted on May 17, 2023 at 9:49 am GMT

Gold attempted to recover some lost ground earlier in the day, but its bullish efforts proved short-lived around 1,993 in the four-hour chart as the broken support trendline switched to resistance. The focus has turned back to the key support region of 1,976, which overlaps with the 38.2% Fibonacci retracement of the 1,804-2,079 uptrend. Given the oversold signals coming from the RSI and the Stochastic oscillator, there is a potential for an upside correction or some consolidation near that level. [..]

Technical Analysis – JPMorgan Chase at a critical point

Posted on May 17, 2023 at 8:33 am GMT

JPMorgan’s (JPM) recovery since the March 24, 2023 low of 122.98 has halted, with the stock hovering around the 135 area. The March 24 upward sloping trendline is acting as support at this stage with the bulls hoping that the recent downleg proves to be a local trough. The momentum indicators though are not really supportive of the bulls’ hopes. The Average Directional Movement index (ADX) is showing a muted bearish trend and the stochastic oscillator continues to edge lower, towards its oversold [..]

Technical Analysis – USDJPY aims to revive 2023 uptrend

Posted on May 17, 2023 at 7:39 am GMT

USDJPY has been in the green for almost a week, aiming to resume its 2023 uptrend above the key 137.50-138.00 resistance territory. The technical picture suggests there is more room for improvement. The exponential moving averages (EMAs) remain positively aligned, with the price trading above those lines. Moreover, the RSI and the MACD are sloping upwards in the bullish area, reflecting a bullish bias too. The stochastic oscillator, though, is already in the overbought region. Therefore, some caution might be necessary as the price is [..]

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