Technical Analysis / Page 138

Technical Analysis – Is USDJPY creating a double top formation?

Posted on May 3, 2023 at 6:33 am GMT

USDJPY plunged below the 200-day simple moving average (SMA) once again after the climb towards the 137.90 resistance level, which is acting both as a significant resistance level and a possible double top pattern is in progress. The pullback below the 38.2% Fibonacci retracement level of the down leg from 151.90 to 127.25 at 136.66 is indicating the start of a consolidation area in the medium-term timeframe. Technically, the RSI has found strong resistance near the 70 level and dropped lower again, while the stochastic [..]

Technical Analysis – Qualcomm bulls preparing for a rally

Posted on May 2, 2023 at 12:58 pm GMT

Qualcomm closed lower yesterday as the market is waiting for the first-quarter 2023 earnings release. It has been a relatively steep downleg from the January 5, 2022 highs of 193.43 with the stock now standing at around 40% lower, having recovered somewhat from the November 2022 low of 101.49. Qualcomm is currently battling with the November 3, 2022 upward sloping trendline as it is trying to find a clear direction. The Average Directional Movement index (ADX) is just a tad above the [..]

Technical Analysis – Apple stock extends uptrend, eyeing 2022 highs

Posted on May 2, 2023 at 11:51 am GMT

Apple’s stock has been trending higher since late December, generating a fresh eight-month high of 170.30 in the previous daily session. However, the price is currently trading above its upper Bollinger band, hinting that this recent rally might have reached overbought conditions. The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending within the 80-overbought zone, while the RSI is flatlining above its 50-neutral mark. Should the rally resume, the April 2022 resistance of 171.20 could [..]

Weekly Technical Analysis – USDJPY, EURUSD, Dollar index

Posted on May 2, 2023 at 11:00 am GMT

This week the focus of attention will be on the Fed decision on Wednesday, the ECB interest rate decision on Thursday and the NFP report on Friday. Traders will be looking at how USDJPY, EURUSD and Dollar index may react. Fed decision→ USDJPY The Federal Reserve is likely to raise interest rates for the last time this year, so the dollar will mostly respond to hints about what will happen next. Most investors agree that the economic slump has not [..]

Technical Analysis – US 100 cash index at higher high

Posted on May 2, 2023 at 10:27 am GMT

The US 100 index recorded its highest level for almost 9 months, finally managing to break above the August 26, 2022 high of 13,206. The bulls appear to be confident at this juncture as the stochastic oscillator has broken above its moving average and is apparently preparing to enter its overbought territory. In addition, the various simple moving averages used here are all moving upwards. However, the bulls should not be overly optimistic as the Average Directional Movement Index (ADX) is stuck below [..]

Technical Analysis – Are natural gas futures set for a bullish reversal?

Posted on May 2, 2023 at 9:23 am GMT

Natural gas futures (June delivery) have been range bound over the past two months, consolidating the downtrend from August’s highs near the 2.00 round level. The sideways move is developing within a descending triangle and at the bottom of a downtrend, which is technically an ideal setup for a bullish trend reversal. Meanwhile, the RSI and the MACD have been making higher lows during the same period, reflecting fading selling forces too. Still, buyers may remain patient until the price successfully exits [..]

Technical Analysis – Gold remains rangebound beneath 2,000

Posted on May 2, 2023 at 8:21 am GMT

Gold experienced a remarkable surge since early March, forming a series of higher highs to peak at the 13-month high of 2,048. However, bullion quickly retraced lower, falling below the 2,000 mark and trading without a clear direction in the past few daily sessions. The momentum indicators currently suggest that bullish forces are subsiding but have not surrendered yet. Specifically, the stochastic oscillator is declining after posting a bearish cross, while the MACD histogram fell below its red signal line but [..]

Technical Analysis – USDJPY looks overbought near March’s peak

Posted on May 2, 2023 at 8:11 am GMT

USDJPY staged an impressive two-day rally of 2.5% after refusing to cross below its exponential moving averages (EMAs) and the support trendline from April’s low. Tuesday’s session has been relatively calmer so far as the March peak of 137.90 came into sight. Technically, some profit taking may occur as the RSI and the stochastic oscillator flatline in overbought territory. The weakening momentum in the MACD is backing this narrative too. Nevertheless, if the pair finds enough buyers to pierce through [..]

Technical Analysis – EURCHF moves higher, but overall picture remains mixed

Posted on May 2, 2023 at 8:02 am GMT

EURCHF is edging higher today, bouncing off a support area defined by the 200-day simple moving average (SMA) and the 38.2% Fibonacci retracement of the June 9, 2022 – September 26, 2022 downtrend respectively. The recent upleg could be the product of the recent bullish divergence that formed between the EURCHF lows and the stochastic oscillator, which has the potential to further impact price action. A smile has most likely appeared on the bulls’ faces, especially if one adds the stochastic’s recent [..]

Technical Analysis – GBPUSD meets 1.2500 after hitting 11-month high

Posted on May 2, 2023 at 7:47 am GMT

GBPUSD is retreating after the climb towards a new eleven-month high of 1.2585 in the previous week and is finding significant support near the 20-day simple moving average (SMA). Currently, the market remains well above the long-term uptrend line, indicating more gains. The MACD oscillator is moving sideways in the positive territory, while the RSI is ticking marginally higher above the neutral threshold of 50. More upside pressures could open the way for a retest of the previous high of [..]

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