Technical Analysis / Page 158

Technical Analysis – EURAUD declines after meeting 13-month peak

Posted on March 9, 2023 at 2:12 pm GMT

EURAUD is retreating following the jump towards a fresh 13-month peak of 1.6045 on Tuesday. A paused state of directional momentum is reflected in the RSI, which is moving south after the pullback from the overbought region. However, the MACD oscillator is extending its positive momentum above its trigger and zero lines. If buyers manage to jump above the 1.6045 resistance then the picture would turn brighter, potentially meeting the peak from January 2022 at 1.6225. Otherwise, if sellers drive the pair lower, then [..]

Technical Analysis – WTI futures lose ground below short-term SMAs

Posted on March 9, 2023 at 9:49 am GMT

WTI crude oil futures are easing beneath the 20- and 50-day simple moving averages (SMAs), which are acting as a mid-level of the medium-term consolidation area of 72.70-82.65. The RSI is moving slightly lower below the neutral threshold of 50, while the MACD is losing momentum near its trigger and zero lines. The market seems to be well supported by the lower boundary of the range at 72.70 and therefore only a decisively close below it would put traders in a [..]

Technical Analysis – ETHUSD extends retreat below 50-day SMA

Posted on March 9, 2023 at 9:43 am GMT

ETHUSD (Ethereum) has staged a significant rally since the beginning of the year, posting a fresh five-month high of 1,740 in mid-February. However, the digital asset has come under pressure lately, with the price crossing below its 50-day simple moving average (SMA) for the first time since January 4. The momentum indicators currently suggest that the bearish forces are reigning supreme. Specifically, the stochastic oscillator is descending within its 20-oversold zone, while the RSI is ticking downwards below its 50-neutral mark. To the [..]

Technical Analysis – USDCAD tests a make-or-break point

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

USDCAD skyrocketed in the wake of Powell’s hawkish rate hike comments, with the Bank of Canada adding more fuel to the rally on Thursday after saying that inflation may decelerate significantly in the middle of the year. The pair rallied by 1.4% over the past two days to pause at a three-month high of 1.3816. This is where the uptrend from 2021 stalled last fall and a similar episode could play again as the RSI and the Stochastic oscillator flag overbought [..]

GER40 (DAX) cash index: Top-down Technical Analysis – Special Report

Posted on March 8, 2023 at 11:39 am GMT

GER40 (DAX) cash index: Top-down Technical Analysis – Special Report Technical analysis is generally accepted as a valid and quite key method of market analysis. This has not always been the case and there are still certain market pockets that continue to dismiss it as irrelevant. However, most accept that a proper application of technical analysis equips the participants with significant information to act upon. A mistake usually made when employing technical analysis is to rush into the specific timeframe of interest. Day traders [..]

Technical Analysis – AUDJPY slips below 50-day SMA but finds support at ascending trendline

Posted on March 8, 2023 at 11:27 am GMT

AUDJPY has been under selling pressure this week, crashing below its 50-day simple moving average (SMA) on Tuesday. However, the price appears to be bouncing off the medium-term ascending trendline today, and the momentum indicators suggest that a rebound could be underway. The RSI has already started to turn upwards, having dipped below 50 on Friday, but has yet to reach its zero neutral line. The stochastics are rebounding in the 4-hour but will need more time in the daily [..]

Technical Analysis – Gold gives up March’s gains, looks oversold

Posted on March 8, 2023 at 10:48 am GMT

Gold plummeted in the face of Powell’s hawkish interest rate rhetoric on Tuesday, reversing March’s gains from 1,858 to pause at 1,809 earlier today. Encouragingly, the precious metal seems to have formed a doji morning star candlestick near its recent lows in the four-hour chart, with traders waiting to see whether the market can confirm the bullish pattern with another strong green candlestick. The oversold signals from the RSI and the Stochastics are also raising hopes for an upside reversal, though with [..]

Technical Analysis – EURGBP eyes multi-month peaks

Posted on March 8, 2023 at 9:16 am GMT

EURGBP has been trading without a clear direction in the past three months, remaining stuck in a wide rectangle pattern despite posting a five-month high of 0.8978 in February. In the near-term, the pair has been gaining ground, appearing ready to challenge the upper boundary of its sideways pattern. The momentum indicators are endorsing a bullish near-term bias. Specifically, the RSI is flatlining above its 50-neutral mark, while the stochastic oscillator is ascending within the 80-overbought zone. Should the buying interest [..]

Technical Analysis – USDJPY stays within caution zone despite Powell’s boost

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

USDJPY jumped into the green territory during the early US trading hours on Tuesday after the Fed chief Jerome Powell told Senate lawmakers that a return to bigger rate hikes is likely. The pair closed moderately above the 38.2% Fibonacci retracement of the 151.93-127.21 downleg, which had been limiting bullish actions over the past couple of sessions around 136.65. But the bulls will also need to win the battle against the 200-day simple moving average (SMA) and the 138.00 round level in order [..]

Technical Analysis – NZDUSD hovers near today’s 3½-month trough

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

NZDUSD sank to a fresh three-and-half month low of 0.6080, earlier today after the aggressive selling interest on Tuesday. The price is currently holding beneath the 200-day simple moving average (SMA) and the 0.6130 key level as well as below the bearish cross within the 20- and the 50-day SMAs. According to the technical oscillators, the RSI indicator dived towards the 30 level and is flattening, while the MACD is strengthening its bearish momentum below its trigger and zero lines. [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat