Technical Analysis / Page 147

Technical Analysis – GBPCAD at tight range, bulls on their toes

Posted on April 5, 2023 at 7:45 am GMT

GBPCAD has been hovering inside the rather tight 1.6535-1.6862 rectangle since mid-March. The first test of the upper boundary was unsuccessful, but the bulls appear determined to make another attempt. They have been holding all the cards since the September 26, 2022 low of 1.4038, achieving an impressive 20% rally despite the BoE’s measured approach. The bulls are actively looking for sufficient evidence to stage another upleg. However, the momentum indicators appear to be less enthusiastic about this prospect. The [..]

Technical Analysis – USDJPY dips after failing to jump above Ichimoku cloud

Posted on April 5, 2023 at 7:39 am GMT

USDJPY had been trending lower since its upward sloping channel broke to the downside in early March. Although the pair attempted a rebound, it is now on the retreat again after the congested region that includes the 50-day simple moving average (SMA) and the upper Boundary of the Ichimoku cloud rejected further advances. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI has flatlined below its 50-neutral mark, while the stochastic oscillator is [..]

Technical Analysis – Gold finally rallies well above 2,000

Posted on April 5, 2023 at 7:26 am GMT

Gold surged above the 2,000 round number and reached a new 13-month peak of 2,025 earlier today, confirming the long-term bullish outlook. The commodity is standing well above the short-term simple moving averages (SMAs) as well as above the ascending trend line. Technically, the RSI indicator is flattening near the overbought territory but is weakening the current bullish momentum, while the MACD is strengthening above its trigger and zero lines. Should the price manage to strengthen its upside move, the [..]

Technical Analysis – AUDUSD could pivot higher again

Posted on April 4, 2023 at 2:26 pm GMT

AUDUSD reversed half of its Monday gains, pulling straight to 0.6730 after touching the upper boundary of the bullish channel near 0.6790. The RSI and the MACD have weakened closer to their neutral levels on the four-hour chart, reflecting fading buying appetite, though the pair could still find support to pivot higher or stabilize the current downfall. Notably, a bullish cross between the 20- and 200-period simple moving averages (SMAs) is currently in progress, increasing optimism for a positive trend [..]

Technical Analysis – Silver hovers at midpoint of the December-February rectangle

Posted on April 4, 2023 at 2:05 pm GMT

Silver has completed a 2-month round trip and it is currently hovering at the midpoint of the December 2022 – February 2023 rectangle. The bulls managed to overcome, for now, the developing bearish divergence between the silver price action and the stochastic oscillator. However, a higher high above the 24.53 area is needed from the bulls’ standpoint to cement the bullish trend. The overall technical picture remains somewhat positive for the bulls. The Average Directional Movement Index (ADX) is edging higher, [..]

Technical Analysis – Alibaba stock corrects lower after huge jump

Posted on April 4, 2023 at 1:53 pm GMT

Alibaba’s stock has been on a wild ride since early 2022, exhibiting steep uptrends that were followed by massive declines and vice versa. In the latest episode, the share price rebounded strongly from its 2023 retreat after news emerged concerning a potential strategic restructuring of the firm. The momentum indicators currently suggest that the recent rebound was overstretched as both the RSI and the stochastic oscillator are coming down from their overbought territories. This loss of momentum is also evident in the [..]

Technical Analysis – GBPUSD rises to a fresh 9-month high

Posted on April 4, 2023 at 8:33 am GMT

GBPUSD has been experiencing significant swings within a rectangle pattern for the past four months. In the short term, the pair has been in a recovery mode after hitting the bottom of its range and in today’s session it managed to surpass the crucial 1.2445 area , which has acted as strong resistance both in December and January. The momentum indicators currently suggest that near-term risks are tilted to the upside. Specifically, the RSI is climbing above its 50-neutral mark, while [..]

Technical Analysis – JP225 index bulls remain in control, but biggest battle has not occurred yet

Posted on April 4, 2023 at 8:07 am GMT

The JP225 cash index has been on an aggressive upward path since the March 15 low of 26,457. It managed to break some key levels with relative ease, revealing the underlying strength of this upmove. The bulls will feel a lot better if the index achieves a higher high soon. Until this occurs, the current move could be seen as just a correction and hence a lower low could be on the cards next. Interestingly, the convergence of the simple moving [..]

Technical Analysis – EURJPY holds bullish bias near key resistance zone

Posted on April 4, 2023 at 7:32 am GMT

EURJPY has been in quiet trading mode over the past couple of days, being constrained within the 144.00-144.88 zone. The pair lost momentum after its impressive rebound stuck around the 61.8% Fibonacci retracement of the 148.38-137.37 downleg last week. Overbought conditions have yet to be confirmed. Although the Stochastic oscillator looks for a downside reversal after peaking above 80, the rising RSI has yet to reach its 70 overbought level. Meanwhile, the MACD continues to strengthen within the positive area, reflecting improving market sentiment. [..]

Technical Analysis – USDJPY consolidates between Fibonacci levels

Posted on April 3, 2023 at 1:43 pm GMT

USDJPY has been in a recovery mode after bouncing off the March low of 129.63. However, the price is trading sideways in the past few four-hour sessions after the 50.0% Fibonacci retracement of the 137.90-129.63 downleg rejected further advances. The momentum indicators currently suggest that bullish forces are subsiding. Specifically, the stochastic oscillator posted a bearish cross, while the MACD histogram retreated below its red signal line in the positive zone. If the price extends its pullback, the 23.6% Fibo [..]

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