Technical Analysis / Page 148

Technical Analysis – US 500 index ticks up above 4,000 and the medium-term uptrend lines

Posted on April 3, 2023 at 12:59 pm GMT

The US 500 cash index has surged more than 3.5% over the last three days, overcoming the 4,100 level. However, the technical oscillators appear overbought. The RSI is pointing down in the positive territory, while the stochastic is turning lower above the 80 level, suggesting that the bullish move in the market may come to an end soon. Also, the index is still standing above the simple moving averages (SMAs) and the medium-term uptrend lines. Should the index manage to strengthen its positive momentum, the next resistance [..]

Technical Analysis – US 30 cash index advance continues

Posted on April 3, 2023 at 12:49 pm GMT

The US 30 cash index has been enjoying a strong rally since the March 15 low of 31,426, in line with other main equity markets. It managed to overcome some key levels with relative ease and it is now hovering just below the busy 33,518-33,754 range. The bulls appear to be enjoying this period and understandably so. The overall technical picture remains in their favour. The Average Directional Movement Index (ADX) is edging higher in support of the current rally. Similarly, the stochastic oscillator [..]

Weekly Technical Analysis – EURUSD, AUDUSD, NZDUSD

Posted on April 3, 2023 at 9:42 am GMT

The focus this week will be on the US nonfarm payrolls report, where further improvement could dampen expectations that the Fed would soon begin cutting interest rates, thereby aiding the dollar’s recovery. The central banks of Australia and New Zealand are expected to take different approaches. US Non-farm payrolls → EURUSD In March, nonfarm payrolls are anticipated to increase 238k from 311k before, while the unemployment rate is anticipated to remain stable at 3.6%, near multi-decade lows. EURUSD is turning slightly higher after a negative open today, holding above 1.0800. RBA decision → AUDUSD [..]

Technical Analysis – EURUSD pulls back after failing to surpass crucial zone

Posted on April 3, 2023 at 8:13 am GMT

EURUSD had been steadily gaining ground since finding its feet at the March low of 1.0515. Nevertheless, the pair’s rebound appears to be fading as the 1.0928 barrier has repeatedly rejected any price advances in the past two weeks. The short-term oscillators currently suggest that bullish forces are waning. Specifically, the MACD histogram is softening but remains above both zero and its red signal line, while the RSI is pointing downwards in the positive territory. Moreover, the price is holding above [..]

Technical Analysis – EURCHF bears could be in for a treat

Posted on April 3, 2023 at 8:03 am GMT

EURCHF is edging higher today, bouncing off the 50-day simple moving average (SMA). The pair continues to trade inside the wide 0.9706-1.0006 rectangle established since October 13, 2022. The recent price action amidst elevated volatility clearly points to a precarious balance in the market, reinforced by the various upside breakouts that proved to be false. This balance is also evident in the Average Directional Movement Index (ADX) that has gradually dived below its 25-threshold and thus is signaling a purely trendless market at this [..]

Technical Analysis – Gold challenges bullish pennant formation

Posted on April 3, 2023 at 8:00 am GMT

Gold opened on a negative note on Monday, gently easing to last week’s lows registered within the 1,950-1,943 zone. Technically, the bearish correction is contrasting the three-week-old bullish pennant formation, pushing for a breakout on the wrong side. The downturn in the RSI and the MACD is promoting that scenario too, though the day is not over yet, and the bears will need to close successfully below the triangle’s lower boundary at 1,960 and then extend clearly below 1,943 in order to dampen [..]

Technical Analysis – Will GBPUSD manage to overcome the 1.2440 hurdle?

Posted on March 31, 2023 at 12:11 pm GMT

GBPUSD traded lower on Friday but triggered some buy orders near the 1.2350 zone and rebounded. That zone acted as resistance on March 23 and 29 and thus, as long as the pair stays above it, the chances for a move higher likely remain decent. In the somewhat bigger picture, GBPUSD is trading above the uptrend line drawn from the low of March 8 and above all three of the plotted moving averages. Both short-term momentum indicators are detecting upside [..]

Technical Analysis – Is the sell-off in USDCAD overdone?

Posted on March 31, 2023 at 8:04 am GMT

USDCAD is set to close the month on a negative note despite the rally to a five-month high of 1.3860 on March 10th. Having dived back below its 20- and 50-day simple moving averages (SMAs) after the formation of a bearish doji candlestick near the 61.8% Fibonacci retracement of the 2020-2021 downtrend, the pair is currently eyeing the important support trendline that connects all the lows from June at 1.3485. Meanwhile, the Stochastic oscillator is trying to bounce from multi-year lows, [..]

Technical Analysis – Have GBPCAD bulls run out of gas?

Posted on March 31, 2023 at 8:04 am GMT

GBPCAD is hovering around the 1.6760 area, below the March 23 peak of 1.6864. This is the second time in the past four months that GBPCAD bulls have not managed to break this area. A slightly odd looking double top pattern has formed, which should attract the interest of GBP bears. For this pattern to be deemed as valid, there needs to be a move towards the 1.61 area, the neckline of the structure. The bears would clearly prefer to [..]

Technical Analysis – GBPJPY surpasses the descending line, suggesting more gains

Posted on March 31, 2023 at 7:26 am GMT

GBPJPY is extending its buying interest above the medium-term descending line and the simple moving averages (SMAs), suggesting more gains in the near term. The pair rebounded off the 158.45 support and the long-term uptrend line, with the next crucial resistance level coming from the 166.00 psychological mark. From the technical perspective, the RSI is heading north in the bullish territory and is approaching the overbought region, while the MACD is extending its movement above its trigger and zero lines. [..]

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