Technical Analysis / Page 143

Weekly Technical Analysis – EURUSD, USDJPY, NZDUSD

Posted on April 19, 2023 at 9:34 am GMT

The highlights on the remainder of this week’s agenda could be the Eurozone PMIs, as well as the Japanese and New Zealand CPIs. So, traders are likely to be interested in how EURUSD, USDJPY and NZDUSD may react. Eurozone PMIs -> EURUSD On Friday, euro traders will be looking in the business surveys for clues as to whether the performance of the euro area economy warrants more hikes by the ECB. EURUSD pulled back recently, but it continues to trade [..]

Technical Analysis – US 100 cash index edges lower; all eyes on the stochastic

Posted on April 19, 2023 at 8:12 am GMT

US 100 cash index is edging lower today as the bulls appear to be taking a breather following a decent move higher since the March 13 low. Their attempts to break the 13,206 level during April have failed, prompting a potential rethink of their strategy. Consequently, market volatility has been dropping with the Bollinger Bands tightening aggressively. Similarly, the various simple moving averages (SMAs) employed in our analysis have started to move horizontally, revealing a delicate market balance. The momentum indicators [..]

Technical Analysis – USDJPY slices through 50-day SMA

Posted on April 19, 2023 at 7:56 am GMT

USDJPY had been trending lower since its upward sloping channel broke to the downside in early March. However, the pair crossed above its 50-day simple moving average (SMA) following the strong rebound from its March lows, which has temporarily stalled at the upper Boundary of the Ichimoku cloud. The momentum indicators currently suggest that bullish forces are in control. Specifically, the stochastic oscillator is ascending within the 80-overbought zone, while the MACD histogram is strengthening above both zero and its [..]

Technical Analysis – NZDUSD range bound ahead of quarterly CPI

Posted on April 19, 2023 at 7:02 am GMT

NZDUSD got another rejection near the 0.6300 round-level last week, drifting lower to retest the 200-day simple moving average (SMA) around 0.6158 ahead of New Zealand’s quarterly CPI inflation data. The focus will remain on the downside as the RSI has returned to the bearish region, and the MACD has slipped into the negative area, both suggesting that downside corrections are more likely than upside ones. A close below the 200-day SMA may renew selling pressures, likely driving the price straight to the [..]

Technical Analysis – EURJPY just below the October 2022 high

Posted on April 18, 2023 at 9:31 am GMT

EURJPY is edging higher following the successful break of the 145.71 level that troubled the bulls in February. The pair is currently a tad below the October 21, 2022 high of 148.39 as EUR bears are trying to stage a comeback. This will not be easy as the Average Directional Movement Index (ADX) is hovering well above its 25-threshold, signaling a decent trending market. Hence, EUR bears have understandably turned their focus to the stochastic oscillator. This is trading at the highest [..]

Technical Analysis – GBPUSD returns back inside the recent rectangle

Posted on April 18, 2023 at 7:19 am GMT

GBPUSD bulls’ upside breakout proved short-lived. They managed to record a higher high of 1.2546 on April 14, 2023, but the pair has returned back inside the rectangle that has formed since Nov 21, 2022. This range-trading activity has resulted in a tightening of the Bollinger Bands and a convergence of the 50- and 100-day simple moving averages (SMAs) respectively. Both are usually signals that a sizeable move is on the cards. The momentum indicators could provide some clues on [..]

Technical Analysis – Gold retreats from recent highs; bulls try to keep it above 2,000

Posted on April 17, 2023 at 9:00 am GMT

Gold is hovering around the March 20, 2023 high of 2,010, having retreated from the recent one-year higher high. Keeping gold price above the 2,000 threshold appears to be their primary target for the bulls, following the rather explosive move from the early March 2023 dip at the 1,800 area. On the other hand, gold bears are trying to stage a comeback. They appeared massively unprepared at the recent rally as multiple resistance points were broken until the April 13, [..]

Technical Analysis – EURUSD makes one-year high; bears prepare their response

Posted on April 17, 2023 at 7:09 am GMT

The EURUSD rally that started after the September 28, 2022 low of 0.9535 made a new higher high at 1.1075, surpassing the February 2, 2023 high of 1.1032. It has not been a one-way street higher, but euro bulls managed to recover from the early March 2023 dip. The recent price action appears to have formed a nicely structured double-top pattern, but euro bears should wait for confirmation. Specifically, a move lower and a subsequent break of the 1.0523 area, [..]

Technical Analysis – GBPJPY storms to fresh 3-month high

Posted on April 14, 2023 at 6:44 am GMT

GBPJPY has been edging higher in the short term, posting a fresh three-month high of 167.50 on Thursday. Moreover, the ascending 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where a potential golden cross may help the pair extend its advance. The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line. However, the pair is currently trading near [..]

Technical Analysis – US 30 cash index advance stalls

Posted on April 13, 2023 at 12:44 pm GMT

The US 30 cash index has enjoyed a strong rally since the March 15 low of 31,426, in line with other main stock markets. It managed to overcome some key levels with relative ease, but the rally appears to have stalled around the 33,650 area. This move higher felt like a relief rally with the bulls now preparing for the next leg higher. The Average Directional Movement Index (ADX) continues to indicate a strong trend in the market as it is hovering [..]

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