Technical Analysis / Page 137

Technical Analysis – EURAUD continues the upward waves

Posted on May 4, 2023 at 9:53 am GMT

EURAUD is heading north as it still trading within an upward sloping channel in the short-term with strong support from the 20-day simple moving average (SMA) as well. The technical indicators are holding in the positive region, with the stochastic posting a bullish crossover within its %K and %D lines, suggesting more bullish movements. Should the pair manage to strengthen its positive momentum, the next resistance could come around the two-and-a-half-year high of 1.6790. A break above this level would shift the bias [..]

Technical Analysis – WTI oil futures plummet to fresh 17-month low

Posted on May 4, 2023 at 8:06 am GMT

WTI oil futures (June delivery) had been in recovery mode since they encountered strong support in mid-March. However, the commodity retraced lower after the 200-day simple moving average (SMA) rejected further advances, re-entering its downward sloping channel and posting a fresh 17-month low of 63.80 in today’s session before recouping some losses. The momentum indicators currently suggest that bearish forces are reigning supreme. Specifically, the MACD histogram is softening below both zero and its red signal line, while the RSI [..]

Technical Analysis – US 30 cash index almost ripe for a decent pullback

Posted on May 4, 2023 at 7:51 am GMT

The US 30 cash index has once again failed to convincingly break above the 34,280 level prompting a small pullback. This is the sixth time that the bulls have not achieved an upwards breakout in the past 10 months, thus raising questions of their true ability to dictate market movements. The index is edging higher today, but the momentum indicators seem to favour the bears at this juncture. The Average Directional Movement Index (ADX) confirms that the short-term bullish trend from the mid-March [..]

Technical Analysis – EURUSD retests 13-month high ahead of ECB meeting

Posted on May 4, 2023 at 6:55 am GMT

EURUSD is attempting once more to climb above the 13-month high of 1.1095, endorsing the long-term upside structure. This outlook is reinforced by the RSI, which is rising and remaining above its neutral threshold of 50. In addition, the stochastic oscillator displayed a bullish crossover between its %K and %D lines and is approaching the overbought area. In the event of an upward price movement, the immediate 13-month high of 1.1095 that coincides with the 200-weekly simple moving average (SMA) [..]

Technical Analysis – AUDJPY tests downward sloping trendline

Posted on May 3, 2023 at 2:08 pm GMT

AUDJPY is edging lower today as it tests the support set by the September 13, 2022 downward sloping trendline. This pair has been enjoying a medium-term bearish trend since the 98.50 high, but it has not been a one-way street. Actually, the bulls have managed to stage a decent rally since the March 24, 2023 low of 86.05, raising questions on the viability of the medium-term downleg. The momentum indicators appear to be on the bulls’ side as the Average Directional Movement [..]

Technical analysis – NZDUSD slices through 50-day SMA as rebound extends

Posted on May 3, 2023 at 11:23 am GMT

NZDUSD had been steadily gaining ground after its latest retreat came to a halt at 0.6154 in late April. Moreover, the pair has already claimed crucial levels, jumping above both its 50- and 200-day simple moving averages (SMAs), while also entering within the Ichimoku cloud. The momentum indicators are reflecting a cautiously positive tone. Specifically, the MACD histogram has jumped above its trigger line but remains below zero, while the RSI surpassed its 50-neutral threshold. Should buying pressures persist, the pair might edge higher [..]

Technical Analysis – GBPAUD just below the 15-month high, correction likely

Posted on May 3, 2023 at 10:52 am GMT

GBPAUD is edging higher today but it remains a tad below the April 28, 2023 high of 1.9034. This is the highest print for almost 15 months, with the pair also recording an impressive 18% increase since the September 26, 2022 low of 1.5937. The recent upleg since mid-February has been very aggressive, which means that a correction could clearly be on the cards. This outcome appears to be supported by the stochastic oscillator. This indicator has broken below its moving [..]

Technical Analysis – Has gold regained its luster?

Posted on May 3, 2023 at 8:24 am GMT

Gold spiked back above 2,000 during Tuesday’s early US trading hours but it immediately faltered near the 2,020 level as the bulls got trapped below key trendlines ahead of the FOMC policy announcement. The support-turned-resistance trendline drawn from March 22 and the longer-term upward-sloping line coming from November 29 have been keeping the bulls busy within the 2,020-2,025 region over the past couple of hours. Therefore, although the latest turnup in the price sent the RSI and the MACD into the [..]

Technical Analysis – JP225 index just below 16-month high

Posted on May 3, 2023 at 8:23 am GMT

The JP225 cash index is edging higher today, but remains just below the May 1, 2023 print of 29,352, which is the highest traded level since January 5, 2022. The bulls are trying to push the index again towards the recent higher high, but the overall technical picture is less clear at the moment, increasing the possibility of a stronger pullback. While the Average Directional Movement Index (ADX) is still signaling a strong bullish trend, the stochastic oscillator conveys a more [..]

Technical Analysis – EURJPY storms to fresh 14½-year high

Posted on May 3, 2023 at 8:15 am GMT

EURJPY has been in a steep uptrend since early April, generating a structure of consecutive multi-year highs. In the previous daily session, the pair posted a fresh 14½-year peak of 151.60 before paring some gains. The momentum indicators currently suggest that a downside correction may be on the cards. Specifically, both the RSI and the stochastic oscillator declined below their overbought territories, hinting that the recent rally had been overstretched. To the downside, bearish actions could send the price to test the [..]

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