Technical Analysis / Page 156

Technical Analysis – EURGBP at risk of breaking below sideways range

Posted on March 15, 2023 at 3:19 pm GMT

EURGBP has mostly been trading between the 23.6% and 50% Fibonacci retracement levels of the September-December 2022 downtrend over the past three months, but the lower bound of that range came under attack on Wednesday. Sellers swarmed into the market after the 20- and 50-day simple moving averages (SMA) caved in on the price. The 20-day SMA is in the process of crossing below the 50-day one, while the Tenkan-sen and Kijun-sen lines of the Ichimoku cloud are sloping downwards [..]

Technical Analysis – Gold spikes higher as uncertainty floods markets

Posted on March 15, 2023 at 1:51 pm GMT

Gold has been in an uptrend in the four-hour chart, which temporarily paused near the 1,914 territory. However, gold spiked higher as markets turned pessimistic over Credit Suisse’s solvency, while technically, the ascending 50-period period moving average (SMA) is positively closing the gap with the 200-period SMA. The momentum indicators are endorsing this bullish breakout. Specifically, the RSI is ascending sharply within the overbought zone, while the stochastic oscillator is sloping upwards after posting a bullish cross. Should gold extend [..]

Technical Analysis – GER 40 index crashes as bank risks stretch to Europe

Posted on March 15, 2023 at 12:52 pm GMT

The German 40 index (cash) returned to losses as Credit Suisse came to the center of the bank turmoil on Wednesday, with the index plummeting to a three-month low of 14,695. From a technical perspective, the index could not find enough buyers to overcome the 20-period simple moving average (SMA) on the four-hour chart despite stubbornly testing the line over the past couple of sessions. Consequently, the price plunged below the 14,900 support area, which overlaps with the 38.2% Fibonacci retracement of [..]

Technical Analysis – USDJPY recoups losses after sharp drop

Posted on March 15, 2023 at 9:17 am GMT

USDJPY has been in a massive downtrend after peaking at the 32-year high of 151.94 in October. Even though the pair exhibited some signs of recovery, trading within an upward sloping channel in the short term, this bullish pattern was recently broken to the downside. The momentum indicators currently suggest that the recent decline is slowly reversing as near-term risks are tilting to the upside. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator posted a bullish [..]

Technical Analysis – EURCHF battles with key resistance level

Posted on March 15, 2023 at 9:03 am GMT

EURCHF is edging higher today as the bulls are trying to build some market momentum after the pair traded at the lowest level for almost four months on March 13. It is currently battling with the 38.2% Fibonacci retracement of the June 9 – September 26 downtrend at 0.9827, just below a series of simple moving averages (SMAs). The bulls cannot rely on the Average Directional Movement Index (ADX) for assistance as this is currently pointing to the presence of a strengthening bearish trend. However, [..]

Technical Analysis – NZDUSD exercises caution despite bullish breakout

Posted on March 15, 2023 at 8:42 am GMT

NZDUSD stalled immediately around 0.6230 following the clear break above the descending trendline that kept the bulls in control over the past month. The pair has crawled above its 20- and 200-day simple moving averages (SMAs) too, raising optimism for a bullish trend reversal. That said, the negative trajectory from February’s eight-month high of 0.6536 is still in place as the price has yet to print a new higher high above the 0.6300 barrier. The 50-day SMA and the falling [..]

Technical Analysis – Goldman Sachs stock plummets amid banking sector crisis

Posted on March 14, 2023 at 2:27 pm GMT

Goldman Sachs’ stock has been experiencing significant losses following the collapse of the Silicon Valley Bank on Friday and the broader crisis in the financial sector. However, the price managed to recoup some losses and open higher today, indicating that this steep decline could be overstretched. The latest bounce to the upside is also promoted by the momentum indicators, which are rebounding from oversold conditions. Specifically, the stochastic oscillator posted a bullish cross within the 20-oversold zone, while the RSI [..]

Technical Analysis – US 100 cash index hovers above key level

Posted on March 14, 2023 at 9:46 am GMT

The US 100 cash index is trying to find a new balance following the recent market developments. It is currently trading above the 200-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the November 22, 2021 – October 13 downtrend. This is the second attempt from the bulls to resist the bearish pressure that is dominating market sentiment since the February 2 high of 12,894. The bulls cannot rely on the Average Directional Movement Index (ADX) for [..]

Technical Analysis – GBPUSD hovers around 50-SMA as advance falters

Posted on March 14, 2023 at 9:35 am GMT

GBPUSD had been on a steady decline after its upside movement got rejected twice at the 1.2445 region. However, the pair has been gaining ground in the last few daily sessions, with the price jumping above its 50-day simple moving average (SMA) before paring some of its gains. The momentum indicators currently suggest that near-term risks remain tilted to the upside. Specifically, the RSI has flatlined above its 50-neutral mark, while the stochastic oscillator is sloping upwards near its 80-overbought [..]

Technical Analysis – EURJPY aims to start its next bullish wave

Posted on March 14, 2023 at 9:18 am GMT

EURJPY minimized its gains and losses around the 142.90 level after an extremely volatile day within the 144.37-141.36 region on Monday. Traders may pay special attention to the 142.90 area, which has been a key constraining zone since September and currently the lower boundary of a bullish channel. This is also where the 50% Fibonacci retracement of the 148.38-137.37 downleg is placed. The technical signals are mixed at the moment as the RSI is fluctuating around its 50 neutral mark and [..]

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