Technical Analysis / Page 159

Technical Analysis – GBPCAD stuck inside Ichimoku cloud amid neutral bias

Posted on March 7, 2023 at 3:01 pm GMT

GBPCAD has been consolidating after hitting a 9-month peak of 1.6844 in December, but the sideways range has tightened recently, with the price action developing inside the Ichimoku cloud. The short-term bias remains neutral according to the momentum indicators. The RSI is fluctuating around the 50 neutral level, while the MACD is barely above zero. However, with both the RSI and the MACD currently in positive territory, the risk may be tilted slightly more to the upside. Should there be [..]

Technical Analysis – AUDUSD extends its downtrend

Posted on March 7, 2023 at 1:23 pm GMT

AUDUSD slipped today, breaking below the 0.6695 support (now turned into resistance) barrier, and confirming a lower low on the 4-hour chart. In the bigger picture, the pair is printing lower peaks and lower troughs below the downtrend line drawn from the high of February 2, as well as below all three of the plotted moving averages. This paints a negative short-term outlook for now. The case for further declines is also supported by the short-term momentum indicators. The RSI fell below 30 [..]

Technical Analysis – Alphabet stock charges higher, slicing through 50-day SMA

Posted on March 7, 2023 at 12:24 pm GMT

Alphabet’s (Google) stock has experienced some significant swings in the short-term, with its latest retreat coming to an end around 18% below the stock’s 2023 high. However, the share price is exhibiting some signs of life in the last few daily sessions as it profoundly jumped above its 50-day simple moving average (SMA). The momentum indicators are endorsing this bullish near-term bias. Specifically, the stochastic oscillator is sloping upwards near the 80-overbought zone, while the RSI reclaimed its 50-neutral mark [..]

Technical Analysis – JP 225 index flies more than 5% to reach 3-month high

Posted on March 7, 2023 at 10:52 am GMT

The JP 225 index has advanced considerably by about 5% since roughly the end of February and is currently exiting from the upper Bollinger band, recording a new three-month high at 28,396. Looking at momentum indicators, the RSI is flattening near the 70 level, suggesting that the market may be overstretched, while the MACD is standing above its trigger and zero lines. In terms of negative pressures, the market could meet support at the 27,850 barrier before it heads lower [..]

Technical Analysis – EURJPY pulls back from 11-week high

Posted on March 7, 2023 at 8:30 am GMT

EURJPY has reversed back down again after finding resistance at the 11-week high of 145.55 achieved at the end of December. However, the market is still developing above the short-term uptrend line that has been drawn from the beginning of January. Technically, the momentum indicators are pointing to a neutral to positive bias in the short term with the RSI just above the uptrend line and the MACD standing above its trigger and zero lines. Any losses should see the [..]

Technical Analysis – GBPUSD lacks bullish conviction; resistance at 1.2045

Posted on March 7, 2023 at 8:15 am GMT

GBPUSD is making another attempt to climb the constraining 20-day simple moving average (SMA) at 1.2045, which has been capping bullish actions over the past week. Although the pair seems to have secured a strong footing near January’s support area, where the 200-day SMA and the 23.6% Fibonacci retracement of the 1.0324-1.2445 upleg are positioned, the technical indicators have yet to show meaningful improvement. The RSI is sloping upwards, but it has yet to breach its neutral trajectory above its [..]

Technical Analysis – USDJPY bounces off crucial technical region

Posted on March 6, 2023 at 1:01 pm GMT

USDJPY has been in a steady uptrend since early January, generating a clear structure of higher highs and higher lows in the four-hour chart. Nevertheless, the pair experienced a minor pullback after getting rejected at the two-month high of 137.09, but the 50-period simple moving average (SMA) curbed further declines. The momentum indicators currently suggest that bullish pressures are intensifying. Specifically, the RSI jumped above its 50-neutral mark, while the stochastic oscillator is sloping upwards after posting a bullish cross. [..]

Weekly Technical Analysis – AUDUSD, USDCAD, USDJPY

Posted on March 6, 2023 at 11:59 am GMT

This week the focus of attention will be on the RBA and BoC policy meetings as well as on the NFP report so, how may AUDUSD, USDCAD and USDJPY react? RBA decision → AUDUSD Early on Tuesday, the Reserve Bank of Australia (RBA) policy meeting will take place and markets give a 75% probability for a quarter-point rate hike. AUDUSD is still developing beneath the medium-term uptrend line and the 200-day simple moving average (SMA), suggesting more losses may come. BoC decision → USDCAD The Bank of Canada (BoC) interest rate decision will come [..]

Technical Analysis – US 500 index slices above 50-day SMA

Posted on March 6, 2023 at 9:27 am GMT

The US 500 stock index (cash) experienced a significant pullback after its latest advance came to a halt at the 4,195 region. However, the index managed to bounce back and recoup some losses in the last couple of daily sessions, jumping decisively above its 50-day simple moving average (SMA). The momentum indicators currently suggest that the buying interest is intensifying. Specifically, the RSI crossed above its 50-neutral mark, while the stochastic oscillator is ascending steeply near the 80-overbought zone. If bullish pressures persist, the [..]

Technical Analysis – EURUSD faces limited bull pressure below 1.0700

Posted on March 6, 2023 at 8:39 am GMT

EURUSD started the week with minor gains, trading at the crossroads of the 20- and 50-day exponential moving averages (EMAs) at 1.0660, which have been navigating the price southwards over the past month. Previously, the pair refused to close below January’s low and the 200-day EMA, reducing the risk of a worsening outlook in the medium-term picture. Technically, there might be more push for improvement in the coming sessions as the RSI is strengthening its uptrend in the bearish area, [..]

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