Technical Analysis / Page 16

Technical Analysis – GBPUSD challenges new 2-month high

Posted on May 28, 2024 at 6:35 am GMT

GBPUSD creates upside rally from five-month low Stochastic and RSI hold in overbought areas GBPUSD has been in a steady uptrend over the last month, posting a fresh two-month high of 1.2782 and remaining well above the short-term simple moving averages (SMAs). Technically, the pair is sailing near overbought waters according to the stochastic oscillator. The RSI is also flagging a potential downfall as it’s losing impetus near 70. If buyers stay in play, the door will open for the [..]

Technical Analysis – Will gold resume its prevailing uptrend?

Posted on May 27, 2024 at 1:24 pm GMT

Gold stabilizes after last week’s sharp slide Oscillators point to corrective phase A break of record high could challenge $2,500 For the outlook to change, a dip below $2,145 may be needed Gold stabilized on Friday and is recovering ground today, following a decent drop from its record high at around $2,450 on May 20. The precious metal remains well above the uptrend line drawn from the low of October 6 and above all three of the plotted exponential moving [..]

Technical Analysis – USDJPY remains stuck in a tight range

Posted on May 27, 2024 at 12:22 pm GMT

USDJPY trades sideways in the past few 4-hour sessions After its failure to conquer the 157.00 psychological mark Momentum indicators deteriorate but remain in bullish territories USDJPY had been in a steady recovery since mid-May, posting a three-week high of 157.18 last week. However, the pair has been rangebound since then due to its persistent inability to extend its advance above the 157.00 psychological barrier. Should bullish pressures persist, the pair could attempt to claim the 157.00 psychological level, which overlaps with [..]

Weekly Technical Outlook – USDJPY, EURUSD, AUDUSD

Posted on May 27, 2024 at 9:04 am GMT

US Core PCE price index may boost USDJPY to surpass 156.00 Eurozone preliminary CPI attracts traders’ attention with EURUSD standing above 1.0800 Australia monthly CPI indicator may be a breath for AUDUSD US Core PCE price index –> USDJPY Investors may turn their focus to the US core PCE price index for April on Friday, which is the Fed’s preferred measure of inflation. Following a period of stability at 2.8% y/y in March, there are indications that the core [..]

Technical Analysis – EURUSD ticks up before testing descending trendline

Posted on May 27, 2024 at 7:50 am GMT

EURUSD retreats from a fresh 2-month high of 1.0894 But meets support a tad above its long-term restrictive trendline Oscillators suggest bulls remain in charge despite the latest drop EURUSD had been in a steady advance following its 2024 bottom of 1.0600 on April 16. However, the pair reversed lower after its rejection at a fresh two-month high of 1.0894 in mid-May, with the price finding strong support just above its long-term downward sloping trendline. Should the latest uptick gain momentum, the [..]

Technical Analysis – Is the pause in NGAS a warning signal?

Posted on May 24, 2024 at 11:15 am GMT

Natural gas faces limits near January’s peak Technical signals flag some weakness Improved trend signals suggest bullish continuation Lower-than-usual storage increases, improved demand forecasts, and the summer season ahead boosted natural gas prices above the key 200-day simple moving average (SMA) and more recently to a four-month high of 2.90. The price, however, eased immediately to close again below January’s peak of 2.77, making investors wonder whether the upward pattern, which started from the well-known support region of 1.50, is [..]

Technical Analysis – GBPJPY continues its journey north

Posted on May 24, 2024 at 9:31 am GMT

GBPJPY closing in to pre-intervention levels BoJ has the habit of intervening during bank holidays Momentum indicators remain bullish GBPJPY is edging higher again today, trading very close to the levels that forced the BoJ to intervene twice in late April. This pair has been experiencing a non-stop rally from the early May lows, quickly erasing the post-intervention correction. With Monday, May 27 being a bank holiday in the US, there is an opportunity for the BoJ to intervene, if [..]

Technical Analysis – AUDUSD outlook turns neutral again

Posted on May 24, 2024 at 8:22 am GMT

AUDUSD loses its gains above 0.6640 and falls into previous range area Short-term risk skewed to the downside; next support near 0.6570 US durable goods orders and more Fed speakers on the calendar Despite the exciting bull run to a four-month high of 0.6712 last week, AUDUSD could not sustain its gains above the 0.6640 threshold, diving back into its previous range area. Having closed below the support trendline from April’s lows and eased slightly beneath the ascending line from [..]

Technical Analysis – WTI crude oil opens the way for bearish actions

Posted on May 24, 2024 at 7:15 am GMT

WTI drops below diagonal line 20- and 200-day SMAs post death cross RSI flattens and Stochastics hold in oversold region WTI crude oil with delivery in July is plummeting from the 80.00 level, which is acting as a strong resistance obstacle as well as the 200-day simple moving average (SMA). The commodity slipped beneath the medium-term ascending trend line, suggesting more declines in the market. To attract new buyers, the bulls will have to surpass the nearby resistance of the uptrend [..]

Technical analysis – US 500 index slips after all-time high but holds within bullish area

Posted on May 23, 2024 at 2:53 pm GMT

US 500 prints new record high thanks to Nvidia’s upbeat earnings Better-than-expected US PMIs weigh on the market Technical outlook positive above 5,280 The US 500 stock index has been moving from record high to record high over the past week, surging to a new high of 5,350 on Thursday following Nvidia’s upbeat Q1 earnings report. Upbeat US business PMI figures, however, reminded investors that rate cuts could come with some delay, initiating a decline towards the tentative ascending [..]

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