Technical Analysis / Page 157

Technical Analysis – AUDUSD meets upper boundary of descending channel

Posted on March 14, 2023 at 8:25 am GMT

AUDUSD is flirting with the upper boundary of the medium-term descending channel and the 50-period simple moving average (SMA) in the 4-hour chart. The technical oscillators currently confirm this upside pressure as the RSI is pointing upwards, while the MACD is standing above its trigger and zero lines. If the market jumps above the aforementioned lines, then it may challenge the 0.6715 resistance as well as the 0.6775 barrier, switching the short-term bias to positive. Even higher, the 0.6840 level [..]

Technical Analysis – USDJPY bounces off lows after plunge; could be oversold

Posted on March 13, 2023 at 3:23 pm GMT

USDJPY is attempting to reclaim the 133 handle after earlier sliding to a one-month low of 132.27. Only last week, the pair had climbed to a 12-week peak of 137.90 before coming under selling pressure. The selloff accelerated on Monday but the momentum indicators in the 4-hour chart are warning of oversold conditions. The RSI has just slipped below the 30 mark, while the MACD has dived deep into negative territory and is well below its red signal line. Price [..]

Technical Analysis – US 500 index meets broken trendline

Posted on March 13, 2023 at 12:30 pm GMT

The US 500 futures (cash) came under renewed downside pressure last Friday as cracks in the US banking sector resurfaced, with the index drifting lower to mark a new one-month low at 3,845. The sharp decline squeezed the price below the 200-day simple moving average (SMA), which had been acting as support since the end of January, increasing fears that the sell-off may continue. While the negative trajectory in momentum indicators keeps the bias on the bearish side, the broken resistance [..]

Weekly Technical Analysis – USDJPY, EURUSD, AUDUSD

Posted on March 13, 2023 at 11:58 am GMT

This week the focus of attention will be on the US CPI figures, the ECB meeting and the Australian employment report and how USDJPY, EURUSD and AUDUSD may react. US CPI → USDJPY The US CPI figures are coming out on Tuesday and it will be crucial for traders, as they might determine whether FOMC members vote for a 25 bps or 50 bps rise at their March policy meeting. The month-over-month rises for both the headline and core CPIs are predicted at 0.4% in February. USDJPY is currently printing the fourth [..]

Technical Analysis – EURUSD battles with 50-day SMA

Posted on March 13, 2023 at 9:01 am GMT

EURUSD has been in a consolidation mode after breaking below its upward sloping channel pattern. Nevertheless, the pair has realised some gains in the past few daily sessions, with the 50-day simple moving average (SMA) capping its upside. The momentum indicators currently suggest that bullish forces have gained the upper hand. Specifically, the RSI has crossed above its 50-neutral mark, while the stochastic oscillator is ascending near its 80-overbought zone. If buying pressures persist, initial resistance could be met at the [..]

Technical Analysis – Gold eyes profit taking after bullish explosion

Posted on March 13, 2023 at 8:33 am GMT

Gold opened higher and above its 50-day simple moving average (SMA) on Monday, stretching Friday’s impressive 2% rally, which was the fastest daily run since November 10, up to a five-week high of 1,894. The precious metal restored its safe-haven feature in the wake of the Silicon Valley Bank’s fallout, quickly recouping last Tuesday’s freefall as investors questioned whether the Fed will be able to deliver a 50 bps rate hike next week. Technically, the swift upturn pushed the price back [..]

Technical Analysis – US 30 index may remain under pressure

Posted on March 10, 2023 at 12:42 pm GMT

The US 30 index (cash) plummeted to 31,979 on Thursday, exiting the five-month-old range to mark a new lower low. The aggressive decline squeezed the price below the 200-day simple moving average (SMA), which acted as a firm support twice since the start of November, increasing the risk for more downside. The negative slope in the momentum indicators is endorsing the bearish case, shifting attention to the 38.2% Fibonacci retracement of the 36,950-25,583 downleg at 31,772. Slightly lower, sellers could test the [..]

Technical Analysis – USDCHF declines as rebound falters, eyes on 50-day SMA

Posted on March 10, 2023 at 9:05 am GMT

USDCHF has been trending lower since late October, but managed to escape its downward sloping channel and recoup some losses in the short term. However, this recent advance encountered strong resistance at the 0.9439 region, with the pair retracing lower towards its 50-day simple moving average (SMA). The momentum indicators currently suggest that bearish pressures are intensifying. Specifically, the stochastic oscillator is sloping downwards after posting a bearish cross, while the MACD histogram dropped below its red signal line but [..]

Technical Analysis – AUDUSD in a bearish configuration

Posted on March 10, 2023 at 8:54 am GMT

AUDUSD has been in a tight range, unable to recover from Tuesday’s crash to 0.6579, and this continues to push the pair, on a weekly basis, back to the red zone. The sharp shorting emerged after the strong rejection near the descending trendline drawn from May 2021, though an upside reversal might be underway as the RSI and the stochastic oscillator are currently flirting with oversold levels. Yet, as long as the indicators hover within the bearish area, downside corrections are more likely [..]

Technical Analysis – GBPJPY meets 200-day SMA and tries to move north

Posted on March 10, 2023 at 7:45 am GMT

GBPJPY is advancing above the 163.00 round number and is approaching the flat 200-day simple moving average (SMA) at 163.50. A closing day above the latter level could endorse a bullish bias in the near-term timeframe. The RSI indicator is pointing slightly up, while the MACD is holding beneath its trigger line in the positive region. Hence, the short-run risk is looking neutral-to-positive at the moment and another retest of the 166.00 barrier is likely. Particularly, a decisive close above [..]

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