Technical Analysis / Page 145

Technical Analysis – US 100 cash index in delicate balance after higher high

Posted on April 11, 2023 at 7:47 am GMT

The US 100 cash index is consolidating after reaching 13,225, the highest level since August 19, 2022, fully recovering from the mid-March banking sector woes. The bulls might not be so upset about the current price action as they may accept that a small correction could set the stage for a new high afterwards, provided that the next low recorded is above the 11,850 area. There are some key support levels on the way down starting with the 38.2% Fibonacci [..]

Technical Analysis – EURJPY ascends steeply towards 2023 highs

Posted on April 11, 2023 at 7:39 am GMT

EURJPY has been moving without a clear direction since mid-March albeit with very high volatility. In the past few daily sessions, the pair has rebounded after a minor pullback and it is ready to challenge its highest levels observed in 2023. The momentum indicators are promoting this strong recovery. Specifically, the MACD histogram is strengthening above both zero and its red signal line, while the RSI has flatlined significantly above its 50-neutral mark. If bullish pressures persist, the 2023 peak of [..]

Technical Analysis – GBPUSD remains above 1.2400, recouping some losses

Posted on April 11, 2023 at 6:42 am GMT

GBPUSD has reversed back down again after finding resistance at the ten-month high of 1.2525 in the preceding week but is currently trying to recoup some of the losses. The momentum indicators are showing some contradictory signs as the MACD is still standing beneath its trigger line in the positive area, while the RSI is pointing slightly up above the neutral threshold of 50. The 20- and the 50-day simple moving averages (SMAs) posted a bullish crossover, and the price is [..]

Weekly Technical Analysis – USDJPY, USDCAD, AUDUSD

Posted on April 10, 2023 at 9:50 am GMT

This week the focus of attention will be on the US CPI data and the FOMC minutes as well as on the BoC decision and the Australian employment report. So, the highlight will be how USDJPY, USDCAD and AUDUSD may react. US CPI → USDJPY In the US, the March reading on consumer prices is due out on Wednesday, and later that day, the FOMC will release the minutes from its latest meeting, at which they raised rates by 25bps [..]

Technical Analysis – USDJPY gives up gains, eyes 132 level

Posted on April 10, 2023 at 8:09 am GMT

USDJPY gained extra ground within the 132.00 region on a relatively quiet day on Monday as several major markets remained closed for the Eastern holidays. Despite the encouraging start to the day, the bullish correction ran out of steam soon after touching the 200-period exponential moving average (EMA) on the four-hour chart and the familiar resistance of 132.80, which represents the 38.2% Fibonacci retracement of the 137.90-129.63 downleg. The pair also seems to have reversed near the upper boundary of [..]

Technical Analysis – EURCHF bulls under pressure; can they stage a comeback?

Posted on April 10, 2023 at 7:54 am GMT

EURCHF appears to stabilize in the middle of the wide 0.9741-1.0006 rectangle that has dominated price action since October 13, 2022. The latest move lower from the end-March highs seems to be the product of the bearish divergence between EURCHF and the stochastic oscillator that could further influence price action going forward. The convergence of the 50- and 100-day simple moving averages (SMAs) and the aggressive tightening of the Bollinger Bands convey a message of a fragile balance between buyers [..]

Technical Analysis – Gold slides below 2,000 as bullish bias weakens

Posted on April 10, 2023 at 7:43 am GMT

Gold experienced a remarkable surge since early March, breaking above its bullish pennant formation to post a fresh one-year high of 2,032 in the previous week. However, bullion quickly retraced lower and fell back below its 2,000 psychological mark but the bulls have not surrendered yet. The short-term oscillators currently suggest that the positive momentum is waning, but buyers remain in control. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the stochastic oscillator is retreating after posting [..]

Technical Analysis – EURUSD loses ground around 1.0900

Posted on April 10, 2023 at 6:31 am GMT

EURUSD is losing momentum after the climb towards the 1.0970 resistance level, dropping back below the 1.0900 psychological mark. In the medium-term timeframe, the pair is consolidating within a range, with upper boundary 1.0970 and lower boundary the 1.0530 barrier. However, in the longer timeframe, the pair is still bullish as it is holding above the uptrend line, drawn on September 28. From the technical perspective, the MACD oscillator is holding near its trigger line in the positive region, while [..]

Technical Analysis – EURAUD bulls eager for another move higher

Posted on April 7, 2023 at 8:41 am GMT

EURAUD is just a tad below the August 20, 2021 high of 1.6435, almost completing a 20-month round trip. It has actually been a one-way street since the August 26, 2022 low of 1.4280 with the EUR bulls staging an impressive 15% rally in just eight months. The recent banking sector events, which did not involve euro area banks, did little to dent the EUR bulls’ appetite. The interesting thing is that the most recent upleg has occurred even though [..]

Technical Analysis – AUDUSD remains directionless as 50-day SMA caps upside

Posted on April 7, 2023 at 8:06 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 escape this bearish pattern to the upside, it has been stuck in a sideways move as initially the 200- day simple moving average (SMA) and later the 50-day SMA rejected further advances. The momentum indicators are currently endorsing a bearish near-term bias. Specifically, the RSI dropped below its 50-neutral mark, while the stochastic oscillator is falling after posting a bearish cross. Furthermore, the [..]

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