Technical Analysis / Page 142

Technical Analysis – WTI oil futures on a slippery slope again

Posted on April 21, 2023 at 8:08 am GMT

WTI oil futures returned to losses after a whopping continuous 24% rally during the previous four weeks, which lifted the price up to an almost five-month high of 83.37. Disappointingly, the price has reversed its bullish channel breakout and is currently at risk of another bearish correction beneath the 77.00 number and its 20- and 50-day exponential moving averages (EMAs). The technical indicators are showing warning signs. Specifically, the RSI has stepped into the bearish area below 50 and the MACD is [..]

Technical Analysis – USDCAD rebounds strongly from April lows

Posted on April 21, 2023 at 7:21 am GMT

USDCAD had been trending lower after peaking at the 2023 high of 1.3860 in mid-March. However, the pair managed to halt its decline and has been gaining significant ground in the past few daily sessions, jumping above the 200-day simple moving average (SMA). The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI crossed above its 50-neutral mark, while the stochastic oscillator is ascending in the overbought zone. Should the rebound resume, initial resistance could be met at [..]

Technical Analysis – EURUSD flirts with medium-term uptrend line

Posted on April 21, 2023 at 7:18 am GMT

EURUSD is moving sideways in the very short-term after the failed attempt to jump above the 1.0990 resistance level, but it is still standing above the medium-term ascending trend line in the 4-hour chart. Currently, the market is easing beneath the 20- and the 40-period simple moving averages (SMAs) with the technical oscillators also suggesting a bearish move. The RSI is dropping beneath the neutral threshold of 50; however, the MACD is consolidating near the zero level with weak momentum. [..]

Technical Analysis – ETHUSD pulls back aggressively from 11-month peak

Posted on April 20, 2023 at 9:59 am GMT

ETHUSD (Ethereum) had been trending higher since the beginning of the year, peaking at a fresh 11-month high of 2,142 after the successful completion of the Shanghai update. However, the digital coin experienced a significant downside correction in the past couple of sessions after reaching extremely overbought conditions. The momentum indicators currently suggest that the recent advance was indeed overstretched as both the RSI and the stochastic oscillator are coming down from their overbought territories. However, they remain above their 50-neutral marks, [..]

Technical Analysis – EURAUD ticks up as it targets again the recent peak

Posted on April 20, 2023 at 9:15 am GMT

EURAUD is currently pointing upwards after the bounce off the 1.6260 support level and the 20-day simple moving average (SMA). The upside momentum appears to have more steam as prices have been attempting to run towards the two-and-half-year high of 1.6245. The bullish bias in the near term is also supported by the RSI, which has been hovering above the 50-neutral level in the past few days and the stochastic oscillator posted a positive cross within its %K and %D [..]

Technical Analysis – AUDUSD extends sideways move amid diverging signals

Posted on April 20, 2023 at 8:17 am GMT

AUDUSD had been trending lower within a downward sloping channel after peaking at 0.7157 in early February. Although the pair managed to break above this bearish pattern, it has been directionless since then, with the recent completion of a death cross between the 50-day simple moving average (SMA) and the 200-day SMA inducing negative pressures. However, the short-term oscillators are cautiously tilting towards the positive side. The RSI is holding slightly above its 50-neutral mark, while the MACD histogram is battling with the zero mark [..]

Technical Analysis – JP225 index advance stalls; bears prepare for a comeback

Posted on April 20, 2023 at 7:49 am GMT

The JP225 cash index is edging higher today, but the aggressive rally recorded since March 15 appears to have stalled at the 28,650 area. The current price action is a repeat of the early March movement when the bulls failed to close above the aforementioned area, prompting an around 8% sell-off to 26,457. On face value, the momentum indicators are still bullish. But closer examination reveals some cracks in the short-term bullish trend. More specifically, the Average Directional Movement Index (ADX) appears [..]

Technical Analysis – GBPJPY meets upper border of ascending channel

Posted on April 20, 2023 at 7:37 am GMT

GBPJPY gained extra positive momentum on Wednesday to peak at a five-month high of 167.96 and near the upper boundary of a bullish channel. The price was trading slightly weaker during Thursday’s European trading hours, increasing speculation that a new bearish wave may soon start within the channel as the RSI and the Stochastic oscillator seem to be losing impetus near their overbought levels. Sellers, however, may not dominate unless the price eases back below the former nearby resistance of 166.75, which coincides with [..]

Technical Analysis – Gold flirts with 2,000 and remains bullish

Posted on April 20, 2023 at 7:15 am GMT

Gold recently rebounded off the short-term uptrend line and near the 1,980 significant support. The price is currently testing the 20-period simple moving average (SMA) near the 2,000 round number with the technical oscillators confirming an advance. The RSI is pointing upwards around the neutral threshold of 50, while the MACD is holding above its trigger line below the zero level. A move to the upside could see immediate resistance at the 50-period SMA at 2,007 but should the market increase positive [..]

Technical Analysis – Tesla stock stuck in rectangle pattern ahead of earnings

Posted on April 19, 2023 at 1:53 pm GMT

Tesla’s stock had experienced a massive downtrend since September before recouping some losses in the beginning of 2023. In the short term, the share price has been moving without clear direction within a rectangle pattern, awaiting the crucial earnings report later on Wednesday for directional impetus. The momentum indicators are promoting a bearish outlook. Specifically, the MACD histogram is currently below zero and its red signal line, while the RSI is pointing down in the negative territory after failing to [..]

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