Technical Analysis / Page 144

Technical Analysis – ETHUSD posts fresh 9-month high after Shanghai upgrade

Posted on April 13, 2023 at 9:30 am GMT

ETHUSD (Ethereum) has been stuck in an uptrend since the beginning of the year, generating a fresh nine-month high of 1,995 in today’s session following the successful completion of the long-awaited Shanghai upgrade. Now the focus turns to whether the pair can extend its 2023 rally and reclaim the 2,000 psychological mark. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI is attempting to cross above the 70-overbought territory, while the stochastic oscillators are ascending within [..]

Technical Analysis – AUDUSD recovers somewhat within upward sloping channel

Posted on April 13, 2023 at 7:21 am GMT

AUDUSD rebounded off the 0.6625 support level, which is also near the lower boundary of the short-term upward sloping channel. Currently, the market is standing above the 20-day simple moving average (SMA) and is approaching a bearish crossover within the 50- and the 200-day SMAs near 0.6740. Technically, the MACD oscillator is holding above its trigger line in the negative region, while the RSI is pointing upwards above the neutral threshold of 50, suggesting that more bullish moves may be [..]

Technical Analysis – WTI oil futures challenge crucial zone as advance resumes

Posted on April 13, 2023 at 7:02 am GMT

WTI oil futures (May delivery) posted a fresh 15-month low of 64.36 in mid-March after breaking below their long-lasting rectangle pattern. However, the commodity bounced strongly and jumped above both its downward sloping channel and the 50-day simple moving average (SMA), while it is currently battling with a fortified area that includes the 200-day SMA and 38.2% Fibo. The momentum indicators currently suggest that bullish forces are strengthening near their overbought territories. Specifically, the MACD histogram is gaining ground above both zero and [..]

Technical Analysis – USDJPY gets closer to the 134.50 barrier

Posted on April 12, 2023 at 12:01 pm GMT

USDJPY has been in a recovery mode recently, since it hit the upside support line drawn from the low of January 17. However, the pair seems to be struggling to overcome the 100- and 200-day exponential moving averages and thus, the short-term picture may be best considered neutral for now. The RSI lies above 50 but it has flattened the last couple of days, while the MACD lies above its trigger line, but is still fractionally below zero. Both indicators [..]

Technical Analysis – EURGBP rallies towards 200-SMA as bullish bias strengthens

Posted on April 12, 2023 at 11:46 am GMT

EURGBP has been surging in the four-hour chart after encountering strong support at the April low of 0.8728. Moreover, the price crossed above both the 50-day simple moving average (SMA) and the Ichimoku cloud before temporarily pausing its advance at the 200-day SMA. The short-term oscillators suggest that bullish forces are reigning supreme. Specifically, the MACD histogram is strengthening above both zero and its red signal line, while the RSI is ascending sharply in the positive zone. Should buying interest [..]

Technical Analysis – Gold eases but remains above 2,000

Posted on April 12, 2023 at 9:09 am GMT

Gold is currently under pressure but is still above the 2,000 psychological mark and the short-term simple moving averages (SMAs) in the 4-hour chart. The short-term technical oscillators are showing some bearish signs and point to more weakness in the market. The RSI is pointing down above the 50 level and the stochastic is looking overstretched near the 80 level. However, the MACD is still above its trigger and zero lines, confirming the broader bullish outlook. The next target to [..]

Technical Analysis – JPMorgan Chase range-trading continues; will there be first-mover advantage?

Posted on April 12, 2023 at 8:24 am GMT

JPMorgan’s (JPM) recovery since the October 12, 2022 low of 101.54 was interrupted by the March banking shenanigans. The stock dropped aggressively towards the 125 area where it remains for the past 25 days. Despite the positive news regarding the failed US banks, JPM bulls did not manage to stage a comeback prompting questions about the short-term outlook of the stock. JPM is actually hovering at a relatively busy area, revealing a fragile balance between market participants. This range-trading is depicted [..]

Technical analysis – NZDUSD slices through 50-day SMA as rebound falters

Posted on April 12, 2023 at 8:06 am GMT

NZDUSD had been steadily gaining ground after finding its feet at the 2023 low of 0.6083 in early March. However, the recovery proved to be short-lived and the price reversed lower, diving beneath its 50-day simple moving average (SMA), while the focus has now shifted towards the 200-day SMA. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator is declining within the 20-oversold territory, while the RSI has flatlined beneath its 50-neutral mark. Should [..]

Technical Analysis – USDCAD posts bearish cross within SMAs; next support at 1.3400

Posted on April 12, 2023 at 7:54 am GMT

USDCAD is plunging towards the long-term uptrend line that may act as a turning point for traders. The 20- and the 50-day simple moving averages (SMAs) are ready to post a bearish crossover, confirming the recent bearish movement from the 1.3800 psychological mark. The RSI indicator is moving sideways beneath the 50 level, while the MACD is moving below its trigger and zero lines. Any more losses could drive the market towards the immediate support of 1.3400, which overlaps with [..]

Technical Analysis – Has Citigroup’s rally run out of gas?

Posted on April 11, 2023 at 12:53 pm GMT

Citigroup’s rally appears to have hit a wall at the 47.00 area, with the stock currently hovering below the January 16, 2015 low of 46.65. It has actually been a good period for the bulls since the March 24 downside breakout, which proved short-lived, pushing the stock towards the middle of the year-long rectangle. This 42.81-54.30 range survived the October 2022 downside breakout, revealing an unstable balance among market participants. The convergence of the simple moving averages (SMAs) could be [..]

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