Technical Analysis / Page 141

Technical Analysis – US 100 cash index hovers at key area

Posted on April 25, 2023 at 8:06 am GMT

The US 100 index has been moving lower over the past five sessions as market participants appear to be on the sidelines ahead of the busy events over the next 10 days. The price is flirting with the inner Bollinger line that connects the US 100 lows since the March 17 break of the upper Bollinger Band. A break of this line is usually associated with a sizeable downward move. Even the bulls could be open to the possibility of [..]

Technical Analysis – GBPUSD eyes April’s bar; 2021 trendline in focus too

Posted on April 25, 2023 at 7:12 am GMT

GBPUSD managed to close marginally above the December-January ceiling of 1.2445 on Monday after a three-day intense battle, shifting the spotlight to April’s bar of 1.2520. Some caution is necessary as the RSI and the MACD have yet to correct their negative trajectory. Yet, with the price having recently secured another strong foothold around its 20-day simple moving average (SMA) and at the lower boundary of the seven-week-old bullish channel, a continuation higher seems to be very likely. The bulls will need [..]

Technical Analysis – EURJPY surges to fresh more-than-8-year high

Posted on April 25, 2023 at 6:58 am GMT

EURJPY skyrocketed to a fresh more than eight-year high of 148.60 earlier today but quickly returned some of the gains. The aggressive advance above the 146.35 support added 1.6% to the pair but the technical oscillators are looking overbought at the moment. The RSI found a strong obstacle near the 70 level and is pointing slightly down, while the MACD is still extending its upside pressure above its trigger and zero lines. Should the pair manage to strengthen its positive [..]

Technical Analysis – A Boeing breakout is potentially around the corner

Posted on April 24, 2023 at 2:50 pm GMT

Boeing is edging lower today as the market seems to be settling inside a symmetrical triangle. This is a very common pattern in technical analysis with a rather low market performance when confirmed. However, theory states that usually the breakout follows the underlying medium-term trend, which in our case is bullish and has been since the double-bottom pattern formed during 2022. This range-trending is clearly depicted by the momentum indicators. The Average Directional Movement Index (ADX) is struggling to rise above its 25-threshold and the stochastic oscillator [..]

Technical Analysis – EURCHF bears’ resolve is about to be tested

Posted on April 24, 2023 at 11:59 am GMT

EURCHF is hovering around the 0.9790 area, having recorded a good move since the March 31 high of 0.9989. It is trading well inside the wide 0.9741-1.0006 rectangle that has dominated price action since October 13, 2022, but EURCHF is closing in on the lower boundary for this structure. EUR bears may enjoy another bearish breakout, but the overall technical picture is not on their side at the moment. The Average Directional Movement Index (ADX) is trading at the highest since the [..]

Weekly Technical Analysis – USDJPY, EURUSD, Dollar index

Posted on April 24, 2023 at 10:12 am GMT

This week the focus of attention will be on the Bank of Japan interest rate decision and the Eurozone flash GDP data as well as on the US Core PCE index. So, the highlight will be how USDJPY, EURUSD and Dollar index may react. BoJ decision → USDJPY If Ueda maintains the status quo on all monetary policy measures during his first meeting on Friday, investors will be seeking for clues as to the timing of any potential change. If [..]

Technical Analysis – US 500 index pulls back after advance pauses

Posted on April 24, 2023 at 9:37 am GMT

The US 500 stock index (cash) has been on a steady uptrend since mid-March, slicing through both its 50 and 200-day simple moving averages (SMAs). However, this recent rebound faltered just shy of the 2023 peak of 4,195, with the price experiencing a moderate downside correction. The short-term oscillators are reflecting this loss of positive momentum. Specifically, the MACD histogram dropped below its red signal line but remains in the positive zone, while the stochastic oscillator is descending near the [..]

Technical Analysis – EURUSD sustains hopes for bullish continuation

Posted on April 24, 2023 at 7:36 am GMT

EURUSD opened with weak momentum on Monday, tiptoeing sideways within last week’s tight range of 1.0940-1.0988. Despite the muted tone in the market, the technical picture remains encouraging. The price has been trading within a short-term bullish channel over the past month and slightly above its exponential moving averages (EMAs), while it recently secured a strong foothold around the 50% Fibonacci retracement of the 2021-2022 downtrend and the ascending line from October. Meanwhile, some caution might be necessary as the RSI and the [..]

Technical Analysis – Gold maintains weak bias in near-term; broader trend is bullish

Posted on April 24, 2023 at 6:48 am GMT

Gold has been underperforming in the past few days, breaking back below the 20-day simple moving average (SMA) around 1,985. When looking at the bigger picture, the price is strongly bullish in the long-term timeframe as it is holding well above the ascending trend line, which has been drawn from the low in November 2022. Based on technical oscillators, momentum is titled to the downside as the RSI is approaching the neutral threshold of 50, while the MACD is standing beneath its trigger line [..]

Technical Analysis – Visa bulls delighted with latest move, ready for higher high

Posted on April 21, 2023 at 12:17 pm GMT

Visa not only survived the mid-March market rout but also managed to reach a higher high of 234.75 on April 14. It is recording an impressive 34% rally since the October 13, 2022 low of 174.50 and the stock is now trading a tad below the busy 235.75-237.30 area. The bulls are clearly enjoying this period, especially as the short-term bullish trend is supported by a series of higher highs and higher lows. The momentum indicators though are raising questions [..]

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