Technical Analysis / Page 133

Technical Analysis – EURCHF extends decline near 2023 lows

Posted on May 15, 2023 at 11:44 am GMT

EURCHF has been trending lower since its latest rebound got rejected just shy of the parity level in late March. In addition, the price retreated below both its 50- and 200-day simple moving averages (SMAs), which are set to post a bearish cross, painting an even gloomier technical picture for the pair. The short-term oscillators currently suggest that bearish forces are reigning supreme. Specifically, the MACD dropped below its red signal line in the negative territory, while the RSI is [..]

Weekly Technical Analysis – EURUSD, EURTRY, USDJPY

Posted on May 15, 2023 at 10:32 am GMT

This week the focus of attention will be on the US retail sales, the Turkish elections that are coming up with a second round on May 28 and the Japanese GDP and CPI data. The attention will therefore be switched on how EURUSD, EURTRY and USDJPY may react. US retail sales → EURUSD The highlight will be the US retail sales for April. Expectations are for both the headline and core month-over-month rates to have rebounded to 0.7% and 0.4% respectively from -0.6% and -0.4%. Turkish presidential elections → EURTRY [..]

Technical Analysis – US 500 index extends sideways move

Posted on May 15, 2023 at 7:55 am GMT

The US 500 stock index (cash) has been gaining ground since mid-March, slicing through both its 50 and 200-day simple moving averages (SMAs). Nevertheless, this recent advance faltered just shy of the 2023 peak of 4,195, with the price entering a consolidation phase beyond the 4,000 psychological mark. The momentum indicators are tilting towards the bearish side. Specifically, the MACD dropped below its red signal line but remains in the positive zone, while the stochastic oscillator is ticking down after [..]

Technical Analysis – EURUSD falls into bearish control

Posted on May 15, 2023 at 7:21 am GMT

EURUSD traded muted near Friday’s one-month low of 1.0847 early on Friday after suffering its worst week since mid-September, having retreated from a one-year high of 1.1094. Technically, the bears pressed the price below key trendlines and beneath its 20- and 50-day exponential moving averages (EMAs), dampening hopes for a bullish continuation. The weekly chart is also witnessing a negative tendency as the pair seems to have completed a bearish doji candlestick pattern after failing to crawl above its 200-weekly EMA. Also, [..]

Technical Analysis – Gold finds support near 20-day SMA and holds above 2,000

Posted on May 15, 2023 at 6:46 am GMT

Gold is finding a strong support level near the short-term 20-day simple moving average (SMA) and remains well above the 2,000 level, confirming the long-term upside structure. The RSI is pointing north above the neutral threshold of 50, while the MACD is losing some momentum beneath its trigger line in the positive region. Should the pair manage to strengthen its positive momentum, the next resistance could come around 2,050. A break above the aforementioned level would shift the bias to [..]

Technical Analysis – GBPCAD bulls catch their breath after strong rally

Posted on May 12, 2023 at 7:49 am GMT

GBPCAD is currently hovering around the busy 1.6862 area as the bulls appear to be taking a breather after reaching a 14-month high last week. The move higher since mid-February has been very aggressive with GBPCAD recording a series of higher highs and higher lows. The bulls could be content with a local trough above the 1.6528 mark, acting as a basis for potentially another leg higher. Should the bulls stage another rally and clear the 1.6862 level, they would [..]

Technical Analysis – USDCAD rebounds strongly above 200-day SMA

Posted on May 12, 2023 at 7:41 am GMT

USDCAD has been generating a structure of lower highs after peaking at the 2023 high of 1.3860 in mid-March. Although the pair managed to bounce off its May low and reclaim the 200-day simple moving average (SMA), the developing bearish flag pattern is indicating that the price could soon experience a bearish breakout. The momentum indicators currently suggest that despite the recent bounce, near-term risks remain tilted to the downside. Specifically, the RSI rebounded but failed to cross above the 50-neutral [..]

Technical Analysis – GBPJPY rebounds off 168.00 in short-term

Posted on May 12, 2023 at 6:42 am GMT

GBPJPY posted two consecutive red days, meeting the 168.00 support, and is currently holding near the 20-day simple moving average (SMA). When looking at the bigger picture, the pair is bullish as it is standing above the long-term uptrend line and the 200-day SMA. From a technical perspective, the RSI is pointing upwards near the 50 level, while the MACD is losing momentum beneath its trigger line in the positive region. If price action remains above 168.00 (immediate support), there is scope to test 171.24. [..]

Technical Analysis – AUDJPY slips again in choppy trade, breaches moving averages

Posted on May 11, 2023 at 2:44 pm GMT

AUDJPY has come under fresh selling pressure after a succession of three higher highs over the last couple of months. The last one took the pair’s retracement of the September 2022 – March 2023 downtrend to the 50% Fibonacci level, peaking at 92.42. However, despite falling back and then rebounding, AUDJPY is on the slide again, slipping below the converging 20- and 100-day simple moving averages (SMA) in the 90.15 region today. The momentum indicators are painting a mixed picture [..]

Technical Analysis – Copper futures collapse to a fresh 2023 low

Posted on May 11, 2023 at 1:54 pm GMT

Copper futures (HGCOP, July delivery) have been in a steady downtrend after peaking at the 2023 high of 4.3532 in mid-January. Moreover, the commodity experienced a huge downward spike in Thursday’s session, dropping beneath the 200-day simple moving average (SMA) and posting a fresh 2023 low. This aggressive move to the downside is also reflected in the short-term oscillators. Specifically, the MACD dropped beneath its red signal line in the negative territory, while the RSI fell into its 30-oversold zone. [..]

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