Technical Analysis / Page 146

Technical Analysis – GBPJPY’s signals warrant some caution

Posted on April 7, 2023 at 7:51 am GMT

GBPJPY has been on the sidelines this week, unable to find fresh impetus to successfully climb above February’s bar of 164.30. Despite the weekly neutral trajectory, the shooting star candlestick created on Tuesday is keeping bearish risks in sight, flagging a potential downturn. The double top pattern in the RSI is another discouraging signal, though with the indicator hovering above its 50 neutral mark and the MACD remaining elevated within the positive region, sell-side pressure could be constrained. The 20-day exponential moving average [..]

Technical Analysis – USDCHF holds above 22-month trough of 0.9000

Posted on April 7, 2023 at 6:43 am GMT

USDCHF is in the process of recouping some of the previous days’ 2% losses, after the price plunged to a fresh 22-month low near 0.9000. However, the momentum is still too weak to create a sustained climb higher. The RSI is suggesting more losses as it continues the downside movement beneath the neutral threshold of 50, while the MACD is standing beneath its trigger and zero lines. As the pair is in red this week, any more dives could take the market towards the 0.8930 support, [..]

Technical Analysis – BTCUSD extends sideways move around 28,000

Posted on April 6, 2023 at 1:51 pm GMT

BTCUSD experienced a remarkable surge in 2023, storming to a fresh nine-month high of 29,187 in mid-March. However, the king of cryptocurrencies has repeatedly failed to advance higher, with the price trading within a tight range for the past 20 days. The momentum indicators are currently reflecting a cautiously positive near-term tone. Specifically, the RSI is ticking downwards above its 50-neutral mark, while the stochastic oscillator has flatlined in the positive zone after failing to complete a bullish cross. Should buying [..]

Technical Analysis – EURUSD challenges 1.0900 number once again

Posted on April 6, 2023 at 9:56 am GMT

EURUSD rebounded off the 1.0883 support level and is currently testing the 20-period simple moving average (SMA) around the 1.0900 round number in the 4-hour chart. The market is still standing above the medium-term uptrend line, with the RSI indicator confirming the recent upside pullback as it is pointing slightly higher near the 50 level. However, the MACD is holding beneath its trigger line in the positive region. Should the price close comfortably above the 20-period SMA (1.0900), traders could add more [..]

Technical Analysis – USDCAD recoups some losses after decline halts

Posted on April 6, 2023 at 9:56 am GMT

USDCAD has been in a steep downtrend after peaking at the 1.3850 region in mid-March. However, the pair managed to pause its retreat and pare some losses just shy of the 200-day simple moving average (SMA). Despite the minor bounce, the short-term oscillators remain deep in their negative territories, suggesting that the bearish bias is intact. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram is softening below both zero and its red signal line. If the downtrend [..]

Technical Analysis – GER40 cash index consolidates below early April highs

Posted on April 6, 2023 at 9:26 am GMT

The GER40 cash index managed to make a higher high on April 4, reaching the highest point since January 2022 and potentially kicking off a party at the bulls’ camp. However, the situation is more complicated than it appears. The failure, up to now, to hold above the upper lower boundary of the January-March 2023 rectangle could be a sign that the market is not mature enough to stabilize at these elevated levels. To be fair, the move higher since [..]

Technical Analysis – WTI oil futures need to breach $83 to brighten outlook

Posted on April 6, 2023 at 8:13 am GMT

WTI oil futures have been tiptoeing sideways along the upper boundary of the seven-month-old bearish channel and within a tight range of $79.00-$81.00 so far this week. The trend signals are still discouraging as the price has been struggling to post new higher highs above the $81.00-$83.00 ceiling since the start of the year, while the exponential moving averages (EMAs) have yet to print bullish crosses yet, endorsing the broad negative trajectory in the market. On the other hand, the momentum [..]

Technical Analysis – TD rally in danger as bears regain confidence

Posted on April 5, 2023 at 1:27 pm GMT

TD has been recovering from the March lows, in line with other major banking institutions. This move has been rather aggressive with the stock dropping today, essentially undoing Tuesday’s move. TD has actually been on a downwards path since the February 11, 2022 high of 85.94, touching a 2.5-year low of 55.19 on March 24. The bulls would love for the rally to continue, but they need support from the momentum indicators. The stochastic oscillator appears willing to answer the [..]

Technical Analysis – EURGBP bears face big challenge around 0.8720

Posted on April 5, 2023 at 10:19 am GMT

EURGBP has been making lower lows and lower highs since the beginning of February when it touched the 0.8930 resistance level. Technical indicators, though, continue to send neutral signals, suggesting that the softness in the market is not over yet. The MACD has flattened near its zero and trigger lines, while the RSI is pointing marginally higher below the neutral threshold of 50. The 20- and the 50-day simple moving averages (SMAs) are suggesting sideways and bearish signs. Should prices [..]

Technical Analysis – NZDUSD points to bullish continuation

Posted on April 5, 2023 at 8:07 am GMT

NZDUSD advanced to a seven-week high of 0.6378 in the wake of a bolder-than-expected 50bps rate hike by the Reserve Bank of New Zealand early on Wednesday. The pair has been developing northwards within a bullish channel since the drop to 0.6083 on March 10th, having already climbed above its simple moving averages (SMAs). Encouragingly, the RSI and the MACD are sending clear positive signals at the moment, with the former trending up confidently above its 50 neutral mark and the latter [..]

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