Technical Analysis / Page 150

Technical Analysis – EURAUD hits the 1½-year peak again and again

Posted on March 29, 2023 at 9:09 am GMT

EURAUD has been moving sideways since the rebound off the 1.5860 support and the 20-day simple moving average (SMA), unable to surpass the one-and-a-half-year high of 1.6225. In the short-term, the market could maintain consolidation if the RSI keeps moving below the 70 level and the MACD holds near its trigger line in the positive region. Regarding the trend, this is likely to remain on the upside in the near-term as the 20-day SMA continues to gain strength above the 50-day SMA. An [..]

Technical Analysis – Gold battles with 50-SMA as latest rebound falters

Posted on March 29, 2023 at 8:23 am GMT

Gold had been edging higher in the four-hour chart, peaking at a fresh one-year high of 2,009 on March 20 before entering a sideways move. In the near term, bullion dropped below its 50-period simple moving average (SMA) after its latest rebound got rejected. The momentum indicators currently suggest that bearish forces are in control. Specifically, the stochastic oscillator is descending after posting a bearish cross in the overbought zone, while the RSI has crossed below its 50-neutral mark. Gold has [..]

Technical Analysis – USDJPY stays above 130.00; outlook still grim

Posted on March 29, 2023 at 7:58 am GMT

USDJPY resumed its bullish momentum early on Thursday, sustaining a strong foothold within the 130.00 area and around the short-term ascending trendline that has been navigating the market since the start of the year. The RSI is following the price higher at the moment, though it has not exited the bearish territory yet. Likewise, the MACD has not crawled above its red signal line, both suggesting that the latest rebound is unconvincing. For the recovery to continue, buyers would need to pierce through the wall of 132.35-133.00. [..]

Technical Analysis – US 100 cash index consolidates after higher high

Posted on March 29, 2023 at 7:33 am GMT

The US 100 cash index is consolidating after reaching 12,948, the highest level since August 26, 2022, and having survived the mid-March banking sector woes. This upward move was probably the end-product of the recent broadening wedge. However, if the index fails to record another rally and a drop towards the 11,700 area ensues, then a potential double top pattern would be completed. The bears would clearly love such a development, but they need concrete information before going all in. [..]

Technical Analysis – NZDUSD hovers within a tight range of SMAs

Posted on March 29, 2023 at 7:24 am GMT

NZDUSD is hovering within a tight range with boundaries of the 20- and the 50-day simple moving averages (SMAs) at 0.6190 and 0.6280 respectively. From the technical perspective, the RSI is standing near the neutral threshold of 50 and is pointing south, while the MACD is moving sideways below the zero level and near its trigger line. In the event of an upside reversal, the immediate 0.6285 resistance could act as a significant barrier before being able to re-challenge the [..]

Technical Analysis – EURCHF turns bullish again but strong resistance lies ahead

Posted on March 28, 2023 at 3:38 pm GMT

EURCHF is making another attempt at a rebound after its previous efforts failed at the first ascending trendline. Aside from being capped by the ascending trendline, the bulls also hit a wall at the 50% Fibonacci retracement of the May-September 2022 downtrend at 0.9959, as well as the upper surface of the Ichimoku cloud. The pair is again trying to pierce above this strong resistance area today and the signals from the momentum indicators are encouraging. The RSI is pointing [..]

Technical Analysis – AUDUSD battles with 50-SMA and ascending trendline

Posted on March 28, 2023 at 2:54 pm GMT

AUDUSD had been in a steady uptrend in the four-hour chart, trading within an upwards sloping channel. However, the price recently broke below this bullish pattern, while its attempts for recovery have encountered strong resistance at the 50-period simple moving average (SMA) and the lower boundary of the ascending channel. The short-term oscillators are indicating a cautiously bullish near-term tone. Specifically, the RSI has crossed above its 50-neutral mark and the MACD histogram is strengthening above its red signal line [..]

Technical Analysis – UBS stock clinches some gains as volatility fades

Posted on March 28, 2023 at 11:33 am GMT

UBS’ stock has experienced significant swings following the takeover of Credit Suisse amid the ongoing turbulence in the global banking sector. Nevertheless, in the last couple of daily sessions, volatility seems to be subsiding, with the share price gaining some ground even if this rebound seems unconvincing. The momentum indicators reflect a divergence between the price action. Although the stock managed to recoup some losses, the stochastic oscillator is descending steeply, while the MACD histogram remains below both zero and [..]

Weekly Technical Analysis – Dollar index, EURUSD, USDJPY

Posted on March 28, 2023 at 9:42 am GMT

This week the focus of attention will be on the US PCE price index, Eurozone flash CPI data and Japan CPI figures. As such, the focus will turn on how Dollar index, EURUSD and USDJPY may react. US PCE price index → Dollar index As the Fed’s favourite way to measure inflation, the PCE inflation numbers, which are due out on Friday, may be closely watched by traders. As for the PCE rates, there is no forecast for the headline [..]

Technical Analysis – JP225 index upward move appears to have run its course

Posted on March 28, 2023 at 7:46 am GMT

The JP225 cash index has been on a decent upward move since the March 15 low of 26,457. This short-term rally appears to have halted just above the 27,423- 27,470 range set by the 38.2% Fibonacci retracement level of the March 8, 2022 – August 17, 2022 uptrend and the 50-day simple moving average (SMA). This move appears to have been the least-resistance path for the index, correcting half of the acute downward move recorded in early March. At [..]

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