Technical Analysis / Page 139

Technical Analysis – GBPUSD remains stuck in rectangle pattern

Posted on April 28, 2023 at 12:43 pm GMT

GBPUSD has been experiencing significant swings within a sideways pattern since the beginning of April. In the short term, the ascending 50-period simple moving average (SMA) has repeatedly curbed the pair’s downside, creating a series of higher lows but the pair seems to be struggling to generate higher highs. The momentum indicators currently suggest that bullish pressures are subsiding. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the MACD histogram fell beneath its red signal line but [..]

Technical Analysis – USDCHF gathers pace ahead of US data

Posted on April 28, 2023 at 12:12 pm GMT

USDCHF has been capped below the resistance trendline of a former bearish channel, which the price re-entered to post a new two-year low of 0.8850. Despite the unsuccessful attempts to return above 0.9000 over the past few weeks, the technical indicators show improvement in sentiment. The RSI has marked a new higher high in the bearish territory and the MACD is deviating above its red signal line. The stochastic oscillator has also changed trajectory to the upside. If the bulls run above the [..]

Technical Analysis – USDCAD brings weekly resistance back into play

Posted on April 28, 2023 at 8:52 am GMT

USDCAD bounced on the 50-day simple moving average (SMA) early on Friday to recoup Thursday’s losses and fight against the weekly resistance of 1.3650. The odds are leaning on the bullish side as the RSI is maintaining an upward trajectory above its 50 neutral mark and the MACD is trying to enter the positive area. Yet some caution is necessary as the stochastic oscillator seems to have already peaked in the overbought region. Should the bulls clear the 1.3650 resistance, the next [..]

Technical Analysis – GBPJPY flies to new high above 169.00

Posted on April 28, 2023 at 7:14 am GMT

GBPJPY is rallying above the 169.00 psychological mark, recording a new four-month high. The rebound off the 20-day simple moving average (SMA) and the 165.40 support is endorsing the bullish outlook in the long-term. The RSI is approaching the 70 level, while the MACD is moving sideways near its trigger line and well above the zero level. The 169.30 number, where the high from December 2022 lies could challenge any bullish attempts before resting near the next 172.20 resistance level. [..]

Technical Analysis – JP225 index bulls remain focused on retesting 28,650

Posted on April 27, 2023 at 2:12 pm GMT

The JP225 cash index is edging higher today as the bulls are trying to figure out a way to break the resistance set at 28,650. This area has been haunting them since March 2022 with the most recent price action bringing back memories of the August 14, 2022 failed breakout that prompted a sizeable drop during September 2022. While the JP255 index bounced off the March 15, 2023 upward sloping trendline today, the momentum indicators are not painting a favourable [..]

Technical Analysis – Palladium futures break above restrictive trendline but fail to rally

Posted on April 27, 2023 at 12:17 pm GMT

Palladium futures (June delivery) have been stuck in a prolonged downtrend since September 2022, generating consecutive lower highs and lower lows. Even though the commodity managed to slice through its descending trendline and the 50-day simple moving average (SMA), its upside attempt faltered quickly. The momentum indicators are reflecting a cautiously positive tone as buyers have not surrendered yet. Specifically, the stochastic oscillator is set to post a bullish cross, while the RSI managed to hold above its 50-neutral mark [..]

Technical Analysis – BTCUSD spikes upwards after hitting 50-day SMA

Posted on April 27, 2023 at 10:39 am GMT

BTCUSD (Bitcoin) experienced a pullback after its 2023 surge peaked at the 10-month high of 31,064 in mid-April. However, the price has bounced back again after the 50-day simple moving average (SMA) curbed its retreat. The momentum indicators currently suggest that buyers have re-gained the upper hand. Specifically, the RSI is pointing upwards above its 50-neutral mark, while the stochastic oscillator is ascending after posting a bullish cross in the 20-oversold zone. Should the recent advance extend above the 30,000 [..]

Technical Analysis – EURUSD eases somewhat after another failed attempt above 1.1070

Posted on April 27, 2023 at 10:06 am GMT

EURUSD is struggling to gain positive momentum after another unsuccessful closing session above the 1.1070 resistance level. The downside reversal in the RSI and the slowdown in the MACD oscillator justify the diminishing buying pressure, though both remain well above their neutral thresholds keeping the short-term risk skewed to the upside. Should selling forces strengthen, the 20- and the 50-period simple moving averages (SMAs) at 1.1040 and 1.0990 will come under pressure ahead of the medium-term uptrend line at 1.0980. [..]

Technical Analysis – AUDUSD set for third bearish monthly close

Posted on April 27, 2023 at 7:48 am GMT

AUDUSD is set for its third negative monthly close after failing to pierce through the 0.6800 level. The focus is currently on the March low of 0.6563 as the short-term outlook is looking blurry. The pair could not successfully climb above its 200-day simple moving average (SMA), with the 38.2% Fibonacci retracement level of the April-October 2022 downtrend triggering this week’s downfall to 0.6590. Notably, the 50-day SMA crossed back below the 200-day SMA, diminishing hopes for an uptrend resumption. [..]

Technical Analysis – WTI crude oil dips further from 200-day SMA

Posted on April 27, 2023 at 6:57 am GMT

WTI crude oil futures have been underperforming over the last couple of weeks after the pullback off the 83.46 resistance and the 200-day simple moving average (SMA). The market recouped the bullish gap posted on April 3 and the selling interest continues, something confirmed by the technical oscillators. The MACD is easing beneath its trigger line, while the stochastic is diving towards the oversold territory. Immediate support to further losses could come from the 71.66 inside swing high from March 23 ahead of the crucial lines [..]

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