Technical Analysis / Page 14

Technical Analysis – Are there any bullish signals in the US 500 index?

Posted on June 3, 2024 at 3:37 pm GMT

US 500 index holds above 20- and 50-day EMAs Technical indicators are not in the bearish area yet A surge above 5,340 is needed for a positive outlook revision The US 500 stock index (cash) rose slowly to reach an intra-day high of 5,302 on Monday, only to immediately relinquish its mild gains and trade slightly negative below April’s bar of 5,281. Friday’s bounce off the 20- and 50-day exponential moving averages (SMAs) questioned the case of a bearish trend [..]

Weekly Technical Outlook – USDJPY, EURUSD, USDCAD

Posted on June 3, 2024 at 12:23 pm GMT

USDJPY continues to trade with resilience near April’s bar as forecasts point to robust US jobs data EURUSD holds within caution area as the ECB prepares to cut interest rates USDCAD directionless despite a probable rate cut in Canada this week Nonfarm payrolls, ISM business PMIs –> USDJPY The Fed is not expected to cut interest rates before September according to futures markets, and although the wolves of Wall Street are not fond of this scenario, the US dollar can enjoy more winning moments [..]

Technical Analysis – USDJPY battles with 50-SMA

Posted on June 3, 2024 at 10:54 am GMT

USDJPY advances steadily supported by the 50-SMA Oscillators suggest that bearish forces are strengthening USDJPY has been in a steady recovery since mid-May, posting a one-month high of 157.70 last week. Although the pair experienced a pullback from its recent peak, the ascending 50-period simple moving average (SMA) seems to be providing a strong floor. Should bullish pressures re-emerge, the pair could attempt to reclaim the 157.00 psychological level, which overlaps with the 61.8% Fibonacci retracement of the 160.20-151.84 downleg. Conquering this [..]

Technical Analysis – EURCHF declines sharply from 14-month high

Posted on June 3, 2024 at 8:17 am GMT

EURCHF hits a fresh 14-month high of 0.9928 Before plunging towards the 50-day SMA Momentum indicators turn bearish EURCHF has been in a steady recovery since late December, attempting to erase its massive 2021-2023 downtrend. Last week, the pair surged to a fresh 14-month peak of 0.9928, but quickly retraced lower until the 50-day simple moving average (SMA) curbed its retreat. If the recent weakness persists, the pair could violate the 50-day SMA and challenge the recent support of 0.9768. Further declines could then come [..]

Technical Analysis – Gold on a slippery slope

Posted on June 3, 2024 at 8:13 am GMT

Gold tries to enter Ichimoku cloud Prices stand in short-term sideways move Momentum oscillators lose steam Gold prices are currently capped by the 20- and the 50-day simple moving averages (SMAs), remaining within the short-term consolidation area of 2,277 and 2,431. In the near-term, the market could maintain a sideways move if the RSI keeps moving beneath 50 and the blue Kijun-sen line, hold flat. Regarding the trend, this is likely to remain on the downside as the MACD continues [..]

Technical Analysis – EURUSD neutral in short-term but still bullish in medium-term

Posted on June 3, 2024 at 6:52 am GMT

EURUSD rebounds off 1.0800 and 200-day SMA Trades within narrow range MACD and RSI lack direction EURUSD is currently moving sideways within a two-week consolidation area with upper boundary the 1.0895 resistance and lower boundary the 1.0800 round number. Looking at the momentum indicators, the RSI is lacking direction slightly above the neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD also supports this view in the positive territory but is currently embraced by its red signal line. Should the [..]

Technical Analysis – US 100 stock index might lose more in short-term

Posted on May 31, 2024 at 1:45 pm GMT

US 100 index starts a new bearish phase, tests 20-day SMA More losses likely below 18,467; Long-term uptrend solid above 17,760 US core PCE inflation index flat at 2.8% y/y; personal spending eases The US 100 stock index gave back last week’s gains to trade near the 20-day simple moving average (SMA) at 18,465 after its record rally flatlined near the 18,880 bar. The short-term outlook looks gloomy, as the momentum indicators trend down, reflecting some skepticism among traders. [..]

Technical Analysis – EURGBP stuck around the crucial 0.8500 floor

Posted on May 31, 2024 at 7:36 am GMT

EURGBP remains directionless near the long-term 0.8500 reflection point Technical signals flag oversold conditions, but a bullish outlook could come above 0.8600 Despite hitting a 20-month low of 0.8482, EURGBP has remained flat and unable to establish a clear direction around the significant level of 0.8500 over the past week. Eurozone’s preliminary CPI inflation data will be out today at 09:00 GMT. From a technical perspective, the bulls might be around the corner given the positive reversal in the stochastic oscillator. [..]

Technical Analysis – USDCAD meets uptrend line again and again

Posted on May 31, 2024 at 7:32 am GMT

USDCAD fails to climb above 1.3740 Momentum oscillators show contradicting signs USDCAD has been rebounding off the medium-term ascending trend line over the last couple of weeks, remaining in a positive territory. However, the pair is also finding strong resistance around the 1.3740 barricade with the short-term simple moving averages (SMAs) suggesting a potential bearish crossover. The technical oscillators are showing some mixed signs. The RSI is crossing the 50 level to the downside, while the stochastic oscillator is pointing [..]

Technical Analysis – AUDUSD bullish tendency in doubt

Posted on May 31, 2024 at 7:30 am GMT

AUDUSD in the green again today, above a key trendline AUD has managed to withstand the recent USD strength Momentum indicators mixed; stochastics could send a bearish signal AUDUSD is recording another green candle today as the market continues to react positively to the recent data releases from Australia and, in particular, the hotter April inflation print. Although the Fed is not expected to ease before the November Presidential elections, the RBA is seen as the most hawkish of the pack, [..]

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