Technical Analysis / Page 134

Technical Analysis – Silver bears aim to stay; eyes on 24.45

Posted on May 11, 2023 at 1:44 pm GMT

Silver got rejected near April’s high of 26.00 last week, charting a bearish double top pattern in the short-term picture after an impressive two-month rally. Selling forces may persist in the short term according to the falling momentum indicators, though with the RSI approaching its 30 oversold mark, some consolidation cannot be ruled out within the 24.83-24.45 region. This is formed by the 23.6% Fibonacci retracement of the latest upleg and the neckline of the bearish pattern. Should the bears [..]

Technical Analysis – EURCAD approaches 100-day SMA as bearish pressures ease

Posted on May 11, 2023 at 1:23 pm GMT

EURCAD has steadied in the 1.4675 region following the sharp pullback from around the 1.5100 level where a double top was formed. However, despite the bearish signal, the pair remains above its long-term moving averages and the momentum indicators are pointing to an easing of the selling pressure. The fast stochastic (%K) has just crossed above the slow stochastic (%D), though they both remain within the oversold area, while the RSI has flatlined slightly below the 50 neutral level. With [..]

Technical Analysis – ETHUSD retreats below 50-day SMA but sideways pattern holds

Posted on May 11, 2023 at 11:56 am GMT

ETHUSD (Ethereum) had been trending higher since the beginning of the year, peaking at a fresh 11-month high of 2,142 before experiencing a significant downside correction. Since then, the digital coin has been rangebound, but the short-term picture deteriorated after the price dived beneath its 50-day simple moving average (SMA). The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is descending near its 20-oversold zone, while the RSI dipped below its 50-neutral [..]

Technical Analysis – US 30 cash index bulls anxiously look for bullish signs

Posted on May 11, 2023 at 10:14 am GMT

The US 30 cash index is hovering around the 33,550 area as the 34,280 level seems to haunt the index bulls. They are gathering their breath and trying to figure out the best way to stage an upside breakout. The recent series of lower highs is not a positive sign, but they are focusing on the stochastic oscillator. This indicator has broken above its moving average and a sustained move higher would be the signal the bulls might be waiting [..]

Technical Analysis – WTI oil futures set bullish tone, but too early for trend reversal

Posted on May 11, 2023 at 8:51 am GMT

WTI oil futures bounced back into the 70.00 territory after its latest downfall stalled marginally below the March 15-month low of 64.36. While the market seems to have formed a bullish double bottom pattern in the short-term picture, flagging a potential upside trend reversal, a confirmation signal could appear significantly higher above 83.00. In other trend signals, the simple moving averages (SMAs) have yet to post bullish crosses while maintaining a downward trajectory, warning that a change in the market direction could be a long [..]

Technical Analysis – EURUSD slips aggressively around 1.0900

Posted on May 11, 2023 at 8:16 am GMT

EURUSD is plunging beneath the 200-period simple moving average (SMA) and the crucial line of 1.0940. As the pair continues to exhibit its negative structure and the technical oscillators also confirm this view, the outlook is turning to a more bearish one. The RSI is pointing down beneath the 50 level, while the MACD is extending its negative momentum below its trigger and zero lines. More losses could open the door for a rest around the 1.0910 support ahead of the 1.0830 barrier that would endorse [..]

Technical Analysis – Is AUDUSD ready for a bullish breakout?

Posted on May 11, 2023 at 7:55 am GMT

AUDUSD had been trending lower within a downward sloping channel after peaking at 0.7157 in early February. Although the pair managed to break above this bearish pattern, it has been directionless since then, while its recent attempt to escape its tight range faltered and the price experienced a pullback. The short-term oscillators are cautiously tilting towards the positive side. The RSI is pointing down above its 50-neutral mark, while the MACD histogram is holding above zero and its red signal line. Should buying pressures [..]

Technical Analysis – Disney stock jumps above SMAs ahead of earnings

Posted on May 10, 2023 at 10:22 am GMT

Disney’s stock attempted a recovery after a disastrous 2022 in which the price lost almost half of its value. However, the 2023 rally paused in mid-February and the price erased most of its gains, while it has been stuck within a tight range in the past month. The momentum indicators currently suggest that near-term risks are tiled to the upside. Specifically, the stochastic oscillator is ascending after posting a bullish cross and the MACD is holding above both zero and [..]

Technical Analysis – EURGBP gains some ground after falling to new 5-month low

Posted on May 10, 2023 at 9:29 am GMT

EURGBP had a bullish start on Wednesday, after the price rebounded off the five-month low of 0.8675. The pair has been holding within a downward sloping channel since February and slipped below the 200-day simple moving average (SMA), confirming a negative structure in the medium-term timeframe as well. The momentum signals are bearish as well as the RSI remains in negative territory after failing to break below its 30 neutral mark. The MACD oscillator is strengthening its bearish momentum beneath [..]

Technical Analysis – NZDUSD in crucial battle area ahead of US CPI

Posted on May 10, 2023 at 7:59 am GMT

NZDUSD is trading at a critical area ahead of the US CPI inflation data, challenging the resistance trendline, which connects all the highs from April’s peak at 0.6343, for the third consecutive day. May’s upturn raised optimism for a bullish trend reversal as a double bottom pattern became more visible. Adding to the bright outlook is the clear positive trajectory in the RSI and the MACD, which point to constructive sessions ahead. Nevertheless, only a clear extension above 0.6345-0.6375 would [..]

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