Technical Analysis / Page 161

Technical Analysis – EURCHF endorses bullish bias above Ichimoku cloud

Posted on March 1, 2023 at 2:18 pm GMT

EURCHF is recording its fifth consecutive bullish day, adding around 1.5%, and the jump above the Ichimoku cloud shows signs for positive movements. The RSI is heading north and is approaching the overbought region, while the MACD is trying to overcome the neutral zone, both suggesting that the next move could be to the upside rather to the downside. An extension to the upside could meet the 1.0070-1.0097 restrictive region. Steeper increases could also touch the 1.0215 barrier, taken from the inside swing low [..]

Technical Analysis – NZDUSD rebounds strongly from near 0.6125

Posted on March 1, 2023 at 2:18 pm GMT

NZDUSD has been in a recovery mode since Monday when the pair triggered some buy orders near the 0.6125 territory, an area around which the pair changed hands several times since the summer. Today, the recovery accelerated, adding around 1.5% worth of gains to the pair, but given that it is still trading below the plotted exponential moving averages, the outlook could still be neutral. The RSI rebounded from near the 30 line, while the MACD, although below both its [..]

Technical Analysis – US 100 cash index remains above key area

Posted on March 1, 2023 at 1:36 pm GMT

The US 100 cash index continues to trade sideways, just above the busy 11,900-11,926 area populated by the 23.6% Fibonacci retracement level of the November 22, 2021 – October 13 downtrend and the 200-day simple moving average (SMA) respectively. This is the first decent correction following the 21% rally that was recorded during the January 6 – February 2 period, as the market is trying to find its next direction. The Average Directional Movement Index (ADX) is pointing to a developing [..]

Technical Analysis – Apple stock retraces lower but 200-day SMA caps decline

Posted on March 1, 2023 at 12:34 pm GMT

Apple’s stock had been trending lower since mid-August, plunging to a 20-month low of 124.00. Nevertheless, the price has been attempting a recovery in the short term, which has paused for now after failing to cross above the 157.20 ceiling. The momentum indicators currently suggest that bullish forces are in control. Specifically, the RSI climbed slightly above its 50-neutral mark, while the stochastic oscillator posted a bullish cross. To the upside, if the advance resumes, immediate resistance might be encountered [..]

Technical Analysis – Gold strengthens the rebound around 1,800

Posted on March 1, 2023 at 10:04 am GMT

Gold is overperforming the last couple of sessions on the 4-hour chart, advancing above the short-term downward sloping channel and the 20- and the 50-period simple moving averages (SMAs). The RSI is moving higher above the 50 level, while the stochastic remains in the overbought territory, indicating a possible overstretched market. Should the metal manage to gather more upside momentum, the next resistance could come around 1,847. A break above this level would shift the bias to a more bullish one and open the way towards the 1,870 [..]

Technical Analysis – EURJPY hits fresh 2-month high as rebound strengthens

Posted on March 1, 2023 at 9:15 am GMT

EURJPY has been in a downtrend since mid-October when the price peaked at the eight-year high of 148.39. In the short-term, however, the pair has staged a moderate rebound despite the completion of a death cross between its 50- and 200-day simple moving averages (SMAs). The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI is ticking upwards in the positive zone, while the MACD histogram is strengthening above both zero and its red signal line. If [..]

Technical Analysis – USDJPY fights with 38.2% Fibo and 200-day SMA

Posted on March 1, 2023 at 8:09 am GMT

USDJPY is struggling to surpass the 38.2% Fibonacci retracement level of the downward wave from 151.90 to 127.25 at 136.66, where also the 200-day simple moving average (SMA) lies. Any movements above these obstacles could open the door for more positive actions. Technically, the MACD oscillator is strengthening its momentum above its trigger and zero lines, while the RSI is flattening near the overbought region, suggesting that the market may be overstretched. In trend indicators, the 20- and the 50-day [..]

Technical Analysis – US 500 plummets but 200-day SMA curbs decline

Posted on February 28, 2023 at 12:45 pm GMT

The US 500 stock index (cash) staged a massive rebound after posting a fresh 23-month low of 3,490 in October. However, the index has experienced a moderate downside correction in the short term, with the retreat coming to a halt at the 200-day simple moving average (SMA). The short-term oscillators currently suggest that the bearish forces are strengthening. Specifically, the RSI is flatlining beneath its 50-neutral mark, while the MACD histogram has dropped below both zero and its red signal line. If selling pressures intensify, immediate support [..]

Weekly Technical Analysis – USDJPY, EURUSD, AUDUSD

Posted on February 28, 2023 at 11:03 am GMT

This week the focus of attention will be on the US ISM manufacturing and non-manufacturing PMIs, Eurozone CPI and Australian GDP figures and the focus would be at how USDJPY, EURUSD and AUDUSD may react. US ISM PMIs → USDJPY On Wednesday and Friday, the ISM PMIs are likely to get a lot of attention. The manufacturing PMI is expected to have risen from 47.4 to 47.9, but the non-manufacturing PMI is expected to have fallen from 55.2 to 54.2. [..]

Technical Analysis – EURGBP returns to February’s low; caution remains

Posted on February 28, 2023 at 9:15 am GMT

EURGBP pulled below its 50-day simple moving average (SMA) at 0.8820, following encouraging headlines that the UK and the EU have found a new deal to replace the problematic Northern Ireland Protocol, which caused severe disagreements between the two sides. The downside correction, however, was not strong enough to violate February’s low of 0.8782, providing a ray of hope that the pair may switch back to recovery mode soon. That said, the technical indicators are not generating clear bullish signals yet. Despite the [..]

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