Technical Analysis / Page 160

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, [..]

Technical Analysis – Gold adds 3% after the bounce off 1,805

Posted on March 6, 2023 at 8:02 am GMT

Gold prices added more than 3% after the bounce off the 1,805 support level, moving within the Ichimoku cloud. The RSI is flattening above the neutral threshold of 50, while the MACD is jumping above its trigger line in the negative region. Also, the 200-day simple moving average (SMA) is moving sideways, suggesting a neutral bias in the medium-term. If the market continues to move north, then the price may flirt with the 23.6% Fibonacci retracement level of the upward [..]

Technical Analysis – USDCHF capped by familiar resistance

Posted on March 3, 2023 at 9:37 am GMT

USDCHF could not extend last week’s impressive gains, remaining neutral below the 0.9400 level as the descending line from June’s peak, which acted as strong resistance twice in 2022, came to block the way once again. Technically, the bullish bias is still in place, though weaker. The RSI is heading lower to meet its 50 neutral mark, while the stochastic oscillator is set to exit the overbought region. Meanwhile, the MACD remains elevated above its red signal and zero lines. In [..]

Technical Analysis – USDCAD loses steam within a trading range

Posted on March 3, 2023 at 8:32 am GMT

USDCAD has been on the sidelines over the last four months as 1.3700 seems to be a real struggle for the bulls. In the near-term, the market is losing steam but the bounce off 1.3225 remains on cards. Technically, the RSI is changing direction to the downside and towards its 50 neutral mark, while the stochastics are dropping from the overbought region after the %K and the %D lines posted a bearish cross. Also, the 20- and the 50-day simple moving averages (SMAs) recorded a [..]

Technical Analysis – GBPJPY hovers around 200-day SMA after advance falters

Posted on March 3, 2023 at 8:12 am GMT

GBPJPY has been steadily gaining ground after finding its feet at the 2023 low of 155.34. In the short-term, the latest rebound seems to have stalled and the price has experienced a moderate pullback despite its temporary break above the 200-day simple moving average (SMA). The momentum indicators currently suggest that bullish forces remain in control. Specifically, the RSI is flatlining above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line. If the [..]

Technical Analysis – ETHUSD in a wait-and-see mode

Posted on March 2, 2023 at 4:04 pm GMT

ETHUSD has partially recovered the pullback from the four-month high of 1,741 registered two weeks ago, currently trading sideways within a neutral symmetrical triangle and slightly below the 1,700 round level. The technical indicators are providing little direction at the moment as the RSI is moving sideways marginally above its 50 neutral mark and the MACD is gradually weakening below its red signal line. Despite the confusing signals, buyers may stay in play if the price sets a strong foothold around the 1,600 number, [..]

Technical Analysis – EURAUD boosts bullish sentiment in near term

Posted on March 2, 2023 at 11:26 am GMT

EURAUD is extending the upside pressure after the price found a turning point at the 1.5260 support level. The 20- and the 50-day simple moving averages (SMAs) recorded a bullish crossover, and the price is moving above the Ichimoku cloud. The RSI is heading towards the overbought region, while the MACD is strengthening its momentum above its trigger and zero lines. Immediate resistance to further gains would likely come from the 1.5860 barrier ahead of the previous peak at 1.5980, [..]

Technical Analysis – WTI oil futures extend sideways pattern

Posted on March 2, 2023 at 8:44 am GMT

WTI oil futures (April delivery) have been stuck in a rectangle pattern since early November, appearing unable to adopt a clear trend. Meanwhile, the commodity has been gaining ground in the last few daily sessions, but the 50-day simple moving average (SMA) has capped its upside. The momentum indicators currently suggest that buying pressures are intensifying. Specifically, the stochastic oscillator is ascending near its 80-overbought zone, while the MACD histogram jumped above its red signal line but remains below zero. To the [..]

Technical Analysis – AUDUSD shifts the medium-term outlook to bearish

Posted on March 2, 2023 at 8:43 am GMT

AUDUSD is still developing below the penetrated medium-term uptrend line with strong resistance being also the 200-day simple moving average (SMA) at 0.6790. In trend indicators, the 20- and the 50-day SMAs posted a bearish crossover, confirming the recent bearish move after the pullback off the eight-month high of 0.7160. The MACD oscillator is losing momentum beneath its trigger and zero lines, while the RSI is pointing down in the negative territory, both indicating more losses. Should the pair stretch south, the low [..]

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