Technical Analysis / Page 15

Technical Analysis – US 30 index on the slide for the second week

Posted on May 30, 2024 at 3:31 pm GMT

US 30 index creates a double top pattern near 40,000; slips below key support levels A step beneath 37,847 could motivate more selling US Q1 GDP figures revised down; core PCE inflation next on the agenda The US 30 index (cash) has been suffering the most on Wall Street over the past two weeks. Having topped twice near the 40,000 psychological mark last Monday, the index lost around 4.4% to trade near 38,050 ahead of Friday’s core PCE inflation data. [..]

Technical Analysis – Meta stock consolidates below 50-day SMA

Posted on May 30, 2024 at 3:31 pm GMT

Meta shares in a steady recovery after Q1 earnings plunge Stock remains rangebound below 50-day SMA in past few sessions Momentum indicators fail to turn positive Meta’s (Facebook) stock has been attempting a rebound in the short term following a 15% drop in the aftermath of its Q1 earnings announcement on April 24. However, the recovery has been on hold in the past few sessions as the price is trading sideways a tad beneath its 50-day simple moving average (SMA). Should [..]

Technical Analysis – ETHUSD pulls back from 2-month high

Posted on May 30, 2024 at 1:11 pm GMT

· ETHUSD posts fresh 2-month high following ETF approval · But sustains some losses as advance seems overstretched · Momentum indicators ease from overbought conditions ETHUSD (Ethereum) has been on the rise after claiming the 50-day simple moving average (SMA) in mid-May. Moreover, the regulatory approval of spot-Ethereum ETFs in the US boosted the price to a fresh two-month peak of 3,974 before erasing some gains. Should the latest weakness persist, the price could challenge 3,690, a region that has [..]

Midweek Technical Look – GBPUSD, EURJPY, Oil

Posted on May 30, 2024 at 10:22 am GMT

GBPUSD corrects lower but holds within a bullish channel ahead of US core PCE inflation EURJPY slides below 170 as the focus turns to EZ flash CPI inflation WTI oil futures erase some gains as OPEC+ meeting awaited on Sunday [..]

Technical Analysis – Gold flirts with lower Bollinger band

Posted on May 30, 2024 at 9:25 am GMT

Gold posts 3-week low around 2,322 Momentum oscillators stand below their mid-levels Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the upper Bollinger band and the 200-period simple moving average (SMA) in the 4-hour chart. The short-term technical indicators are bearish and point to more weakness in the market. Also, the commodity appears capped by the 20- and the 200-period SMAs which are flattening around the 2,350 level. The next [..]

Technical Analysis – USDJPY reapproaches multi-year highs

Posted on May 30, 2024 at 8:18 am GMT

USDJPY in a recovery mode after pullback halts at 50-day SMA Momentum indicators are softening but remain in bullish zones USDJPY experienced a strong setback from its 34-year high of 160.20 following an intervention by Japanese authorities in late April. However, the pair has slowly but steadily recouped a significant part of these losses, attempting to revisit its recent multi-year highs. Should bullish pressures persist, the price could initially test the May resistance region of 157.80. Further upside attempts could then cease [..]

Technical Analysis – WTI crude oil erases gains below 80.00

Posted on May 30, 2024 at 7:23 am GMT

WTI crude oil finds resistance at 200-day SMA Stochastics and RSI head south WTI crude oil futures with delivery in July have failed to surpass the 80.00 level once again and are currently returning below the 200-day simple moving average (SMA). The price has been developing within a narrow range of 76.58-80.00 since the beginning of the month. According to the technical oscillators, the RSI indicator is falling from the overbought region, while the stochastic oscillator is ready for a [..]

Technical Analysis – NZDUSD pauses advance at 61.8% Fibonacci

Posted on May 29, 2024 at 7:26 am GMT

NZDUSD stages a solid recovery from its 2024 lows Posts a two-month high and challenges 61.8% Fibo Oscillators point to persistent bullish pressures NZDUSD has been in an aggressive uptrend after recording a 2024 bottom of 0.5851 in mid-April. The positive short-term picture is reinforced by the fact that the pair broke above both its 50- and 200-day simple moving averages (SMAs), while the momentum indicators are also heavily tilted to the upside. Should the bulls attempt to push the price [..]

Technical Analysis – EURCHF pulls back from 14-month peak

Posted on May 28, 2024 at 8:30 am GMT

EURCHF may be ready for downside retracement MACD and RSI look overstretched EURCHF is travelling near the almost 14-month high of 0.9930, creating an impressive bullish movement since the beginning of the year. Given the current negative momentum in the very short-term, the question now is whether the pair will stay resilient above the 0.9880 key region. A clear step below it and beneath the 0.9847 support would wipe out Friday’s and Monday’s boosts, pressing the price back to the 20-day simple [..]

Technical Analysis – EURJPY advances towards 40-year high

Posted on May 28, 2024 at 7:31 am GMT

EURJPY is in a steady uptrend, threatening multi-year peak But oscillators point to overbought conditions EURJPY has been in a steady advance since the beginning of May following its bounce off the long-term ascending trendline. However, the risk of a pullback has increased as the price is approaching its 40-year high of 171.56 given that momentum indicators are flashing overbought conditions. Should the upward trajectory resume, the pair could revisit its recent 40-year peak of 171.65 registered on April 29. Violating that [..]

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