Technical Analysis / Page 151

Technical Analysis – GBPUSD aims for a bullish breakout

Posted on March 28, 2023 at 7:40 am GMT

GBPUSD was stubbornly pushing for a close above the 1.2280 bar during Tuesday’s early European trading hours despite six consecutive failed attempts. From a technical perspective, the short-term bias remains skewed to the upside as the RSI and the MACD are clearly fluctuating within the bullish area. Yet, the former is maintaining a sideways trajectory, suggesting that some caution is warranted. If the bulls successfully climb above the 1.2280 wall, which coincides with the 50% Fibonacci retracement of the 2021-2022 downtrend, the next barrier might [..]

Technical Analysis – EURJPY edges sideways as progress remains capped

Posted on March 28, 2023 at 6:58 am GMT

EURJPY is moving back and forth from the 200-day simple moving average (SMA) and is consolidating between the 139.00 support and the 143.60 resistance. A paused state of directional momentum is reflected in the Ichimoku lines, while the price rests within the cloud. The mixed signals in the short-term oscillators further mirror the stall in the price. The MACD has barely inched above its red trigger line in the negative region, while the RSI moves south from its neutral mark. [..]

Technical Analysis – USDJPY stages recovery, but remains in downtrend

Posted on March 27, 2023 at 1:35 pm GMT

USDJPY staged a fierce recovery over the last few sessions. The pair found fresh buy orders near 129.65 and has risen to challenge the 131.70 region, where a battle is currently taking place between bulls and bears. Despite this rebound though, the market has not escaped its downtrend. The price structure on the four-hour chart still consists of lower highs and lower lows. Similarly, the 50-period moving average (MA) has crossed below the 200-period one, forming a so-called ‘death cross’. [..]

Technical Analysis – EURUSD pulls back but 50-day SMA caps downside

Posted on March 27, 2023 at 11:36 am GMT

EURUSD had been steadily gaining ground after finding its feet at the March low of 1.0515. Nevertheless, the pair encountered strong resistance and pared a part of its gains before the 50-day simple moving average (SMA) curbed further retreats. The momentum indicators currently suggest that the bullish near-term bias is waning. Specifically, the stochastic oscillator is descending after posting a bearish cross, while the MACD histogram is softening but remains above both zero and its red signal line. If the negative [..]

Technical Analysis – Gold struggles for direction after advance pauses

Posted on March 27, 2023 at 7:45 am GMT

Gold has experienced significant gains since early March mainly due to the turmoil observed in the global banking sector. Even though bullion posted a fresh one-year high of 2,010 in the previous week, it quickly retraced lower and has been moving sideways for the last few daily sessions. The short-term oscillators currently suggest that bullish near-term forces are subsiding but remain in control. Specifically, the MACD histogram is softening but holds above zero and its red signal line, while the RSI [..]

Technical Analysis – Deutsche Bank retreat continues

Posted on March 24, 2023 at 12:24 pm GMT

Deutsche Bank has dropped to a five-month low amidst the latest banking sector shenanigans. It has been an aggressive correction since the January 30 high of 12.33, clearing some key levels with relative ease. It currently hovers just above the 2.5-year low of 7.22 recorded on September 30, 2022. To be fair, the overall technical picture is not a pleasant reading for the Deutsche Bank bulls. The Average Directional Movement Index (ADX) has shot up with its D- component testing the highs [..]

Technical Analysis – Citigroup tests lower boundary of year-long range

Posted on March 24, 2023 at 10:24 am GMT

Citigroup is trading very close to the lower boundary of a year-long rectangle. This 42.81-54.30 range survived the October 2022 downside breakout, revealing a precarious balance among market participants. However, the recent developments in the US banking sector appear to have invigorated the stock bears. Citigroup has not recorded a lower low in the current phase, potentially disappointing the bears, but the long-term trend remains bearish. Despite the momentum indicators plunging in bearish territory, the bears should not feel very [..]

Technical Analysis – GBPJPY slices through 50-day SMA as decline resumes

Posted on March 24, 2023 at 9:16 am GMT

GBPJPY has been losing ground after its 2023 advance got rejected at the 166.00 region in early March. Even though the pair attempted to rebound after finding its feet near the 50-day simple moving average (SMA), the upper boundary of the Ichimoku cloud and the 200-day SMA curbed the upside. The momentum indicators are endorsing this bearish near-term bias. Specifically, the RSI is sloping downwards below its 50-neutral mark, while the MACD histogram dropped below both zero and its red signal [..]

Technical Analysis – CADJPY meets pandemic trendline as bears take the lead

Posted on March 24, 2023 at 8:59 am GMT

CADJPY snapped a two-month winning streak, extending its March losses to the 2023 low of 94.62 this week. Strikingly, the price has also reached the extension of the support trendline drawn from the 2020 pandemic low at 95.00. Hence, although the momentum indicators keep decelerating in the bearish region, flagging more downside ahead, that could be an ideal place to pause, reverse and maybe head uphill. Note that the RSI and the stochastic oscillator are not far from oversold levels. If [..]

Technical Analysis – USDCAD looks for recovery after peaking at 1.3860

Posted on March 24, 2023 at 8:24 am GMT

USDCAD has been consolidating losses since the day it surged to 1.3860 and holds near the 20-day simple moving average (SMA). The momentum indicators, though, are currently suggesting that the sell-off may have found a bottom and the pair may be pushing for some recovery. The RSI and the Stochastics are pointing up, with the former standing in the positive region and the second one posting a bullish crossover between its %K and %D lines. A closing price above 1.3860 could boost buying interest and confirm additional gains [..]

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