Technical Analysis / Page 153

Gold: Top-down Technical Analysis – Special Report

Posted on March 22, 2023 at 12:57 pm GMT

During tumultuous times like the current Credit Suisse-bailout period, the top-down technical analysis could be the compass for market investors/traders. Focusing on multiple timeframes can protect from decisions based purely on the very short-term periods examined. This process tends to be more time-consuming and ignored by most traders, but the benefits clearly outweigh the negatives. In this report, we analyse gold, which along with other financial instruments continue to feel the banking sector crisis aftershocks, starting from the longer-term and gradually moving [..]

Technical Analysis – USDJPY finds support ahead of FOMC, but bears still loom

Posted on March 22, 2023 at 9:03 am GMT

USDJPY turned green ahead of Wednesday’s FOMC policy announcement, pivoting on the tentative support trendline that joins the lows from January and February on Tuesday. Discouragingly though, the pair could not close above Monday’s high of 132.64, unable to complete a bullish engulfing candlestick pattern. The flattening 50-day simple moving average (SMA) is blocking bullish actions around the same area for the third consecutive day, while not far above, the 23.6% Fibonacci retracement of the 151.93-127.21 downleg at 133.00 might keep traders [..]

Technical Analysis – GER40 cash index edges lower, but battle for 15,271 has just started

Posted on March 22, 2023 at 8:48 am GMT

GER40 cash index is edging lower after touching the January 17 high of 15,271 and the 50-day simple moving average (SMA). This is a busy area that acted as the lower boundary of the January-March 2023 rectangle and it has now turned into resistance. Since the start of the year, it has almost been a one-way move for GER40, in line with the medium-term trend that commenced on October 3, 2022. Actually, the index has been obeying a bullish peak/trough pattern and the correction in [..]

Technical analysis – NZDUSD stuck in range ahead of Fed meeting

Posted on March 22, 2023 at 8:34 am GMT

NZDUSD lost ground after peaking at the 2023 high of 0.6536 in early February. Nevertheless, the pair managed to halt its retreat and has been moving sideways within a rectangle pattern for more than a month now. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator has posted a bearish cross, while the RSI failed to reclaim its 50-neutral mark after breaking below it for the first time in the past seven [..]

Technical Analysis – EURGBP recoups weekly losses; stays below key barrier

Posted on March 21, 2023 at 4:33 pm GMT

EURGBP drifted sharply higher on Thursday after securing another strong foothold around the key ascending trendline that connects the lows from last August and December 2022. The 50% Fibonacci retracement of the 0.8201-0.9249 uptrend cemented that floor too. The pair has almost recovered from last week’s freefall, but it keeps trading around the key resistance region of 0.8825-0.8850, while it has also been fluctuating within a descending channel over the past six weeks. Therefore, traders may preserve some caution as the momentum indicators are [..]

Technical Analysis – Apple stock posts fresh 6-month high

Posted on March 21, 2023 at 12:52 pm GMT

Apple’s stock has been trending higher since late December, generating a fresh six-month high of 157.65 in the previous daily session. Moreover, the ascending 50-day simple moving average (SMA) is positively closing the gap with the 200-day SMA, where a potential golden cross may accelerate the rally. The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the stochastic oscillator is ascending within the 80-overbought zone, while the MACD histogram is strengthening above both zero and its red signal line. Should the rally [..]

Technical Analysis – EURCHF rallies after the rebound off 0.9705

Posted on March 21, 2023 at 10:36 am GMT

EURCHF added almost 3% after the bounce off the 0.9705 support level, rallying beyond the simple moving averages (SMAs). In the short-term, the market could retain the range-bound trading as the RSI holds above its 50 neutral mark and the MACD remains around zero and above its red signal line. In case the pair continues its short-term direction to the upside, the bulls will probably challenge the previous top at 1.0040. A break higher could stretch the rally until the 1.0070-1.0097 resistance region. [..]

Technical Analysis – EURJPY fails to rise above 200-day SMA

Posted on March 21, 2023 at 9:19 am GMT

EURJPY has been under selling pressure after its latest advance got rejected at the 145.56 territory in early March. Even though the pair managed to halt its retreat and attempt a rebound, its 200-day simple moving average (SMA) has repeatedly curbed the upside. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI is ticking upwards but remains below its 50-neutral mark, while the MACD histogram is below both zero and its red signal line. [..]

Technical Analysis – JP225 cash index could see a sizeable move soon

Posted on March 21, 2023 at 8:28 am GMT

The JP225 cash index is trying to stay in the green as volatility today is lower following a short period of extreme market movements. The index remains below the 38.2% Fibonacci retracement level of the March 8, 2022 – August 17, 2022 uptrend of 27,423. More importantly, there is an impressive convergence of the 50-, 100- and 200-day simple moving averages (SMAs) taking place that, in our book, is a signal for a sizable move coming soon. The Average Directional Movement Index (ADX) [..]

Technical Analysis – GBPUSD retests 1.2270 but outlook still neutral

Posted on March 21, 2023 at 7:59 am GMT

GBPUSD is struggling to surpass the 1.2270 resistance level but successfully jumped above the short-term simple moving averages (SMAs), which are hovering in the middle of the medium-term trading range of 1.1800-1.2450. Short-term momentum indicators are also pointing to a continuation of the neutral-to-negative bias. The stochastic is well above the overbought level but is flattening, suggesting some losses, while the RSI is moving slightly lower in the bullish region. Should prices reverse lower, immediate support could come from the [..]

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