Technical Analysis / Page 135

Technical Analysis – USDJPY shows recovery signs after sharp pullback

Posted on May 10, 2023 at 7:51 am GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above both its 50-day simple moving average (SMA) and the Ichimoku cloud. Even though the pair experienced a pullback after failing to extend its rally above the 200-day SMA, it has been steadily re-gaining ground in the last few daily sessions. The momentum indicators currently suggest that bullish forces are in control. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the RSI is flatlining [..]

Technical Analysis – Citigroup bulls ready to see light at the end of the tunnel?

Posted on May 10, 2023 at 7:42 am GMT

Citigroup survived the mid-March madness, but it has failed to make sustainable gains despite touching 50.35 on April 19. It is currently hovering below the January 16, 2015 low of 46.65, around 12% lower than the February 2 high and comfortably inside the 42.81-54.30 range that has been dominating the price action since March 2022. It has been a tough period for the bulls, but they could finally see light at the end of the tunnel. The Average Directional Movement [..]

Technical Analysis – Gold falls from record high but 2,000 remains strong support

Posted on May 10, 2023 at 7:20 am GMT

Gold is still developing well above the 2,000 round number, remaining strongly bullish but the short-term simple moving averages (SMAs) in the 4-hour chart suggest a potential downside correction. The RSI indicator is falling in the positive area, while the MACD is heading sideways near its trigger and zero lines. An extension of the declining move may find support at the 50-period SMA at 2,015 ahead of the 2,000 psychological mark and the 200-period SMA. Any movements beneath the latter [..]

Technical Analysis – JP225 index retests 16-month high

Posted on May 9, 2023 at 1:06 pm GMT

The JP225 cash index is edging higher today, a tad below the May 1, 2023 print of 29,352, which is the highest traded level for 16 months. Despite the aggressive rally since the March 15 low, the bulls seem to be still hungry for higher highs even though the momentum indicators are sending mixed signals. While the Average Directional Movement Index (ADX) appears to be stabilizing at decent levels signaling a bullish trend, the stochastic oscillator has broken below its overbought territory. [..]

Technical Analysis – AUDUSD suggests bearish correction on cards

Posted on May 9, 2023 at 9:05 am GMT

AUDUSD is plunging from the 0.6795-0.6805 restrictive region, giving the green light for a bearish correction in the short-term, especially if there is a drop beneath the 20-period simple moving average (SMA). The RSI is dropping in the bullish area, while the MACD is extending its decline beneath its trigger line. Should the pair stretch south, the 20-period SMA at 0.6740 could provide immediate support before the pair touches the 200-period SMA at 0.6690. If the selloff extends, the attention [..]

Technical Analysis – EURJPY pauses bullish action; support at 20-SMA

Posted on May 9, 2023 at 8:00 am GMT

EURJPY pivoted higher after its three-day downfall from the 15-year high of 151.60 paused near the 20-day simple moving average (SMA) at 147.78. The recovery mode, however, stalled immediately on Monday as the bulls could not preserve strength above the 23.6% Fibonacci retracement of the 138.81-151.60 upleg at 148.58 despite rising as high as 149.25. With the RSI marking new lower lows in the bullish area, and the MACD easing below its red signal line, the odds are in favor of [..]

Technical Analysis – GBPUSD storms to a fresh 11-month high

Posted on May 9, 2023 at 7:42 am GMT

GBPUSD has been in a steady uptrend and recently managed to escape its rectangle pattern, which was in place since November 2022. In the previous daily session, the pair generated a fresh 11-month high of 1.2668 before paring some gains. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line. If bullish pressures intensify, the [..]

Technical Analysis – Brent adds almost 9% after rebound off 71.30

Posted on May 9, 2023 at 7:27 am GMT

Brent crude oil (delivery in July) jumped almost 9% after the pullback off the 71.30 support level and is holding near the inside swing low of 77.35. Currently, the long-term outlook is neutral-to-bearish and the short-term simple moving averages (SMAs) posted a bearish crossover in the preceding sessions too. However, the technical oscillators are showing some contradictory signs for bullish movements. The stochastic created a bullish cross in the oversold zone, while the RSI is heading slightly upwards. If [..]

Technical Analysis – USDJPY pauses rebound at 50-SMA

Posted on May 8, 2023 at 1:19 pm GMT

USDJPY had been rebounding strongly from its March bottom, generating a clear structure of higher highs and higher lows. Although the pair experienced a moderate pullback after its advance came to a halt, it slowly regained ground in the last few four-hour sessions to meet resistance at the 50-period simple moving average (SMA). The short-term oscillators currently suggest that bullish forces are intensifying. Specifically, the MACD jumped above its red signal line but it is remaining in the negative territory, [..]

Technical Analysis – US 500 index rises after another bounce off 50-day SMA

Posted on May 8, 2023 at 9:59 am GMT

The US 500 (cash) index added more than 2% on Friday after another rebound off the 4,050 support level and the 50-day simple moving average (SMA). The index has been moving sideways since March 31 with the technical oscillator mirroring the latest price action. The RSI is flattening above the 50 level, while the MACD is falling beneath its trigger line in the positive area. Should the pair manage to strengthen its positive momentum, the next resistance could come around [..]

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