Technical Analysis / Page 162

Technical Analysis – GBPUSD extends sideways pattern between SMAs

Posted on February 28, 2023 at 9:00 am GMT

GBPUSD has been edging higher since September when it found its feet at the all-time low of 1.0324. However, this latest rebound seems to be fading after being rejected twice at the 1.2445 region, with the price remaining stuck in a tight range formed by its 50- and 200-day simple moving averages (SMAs). Despite the pair’s rangebound pattern, the short-term oscillators are indicating that near-term risks remain tilted to the downside. Specifically, the RSI is pointing downwards after failing to cross [..]

Technical Analysis – EURUSD rebounds off 7-week low near uptrend line

Posted on February 28, 2023 at 7:49 am GMT

EURUSD is battling with the medium-term uptrend line as the market sank towards a new seven-week low of 1.0530 on Monday. The 20- and 50-day simple moving averages (SMAs) confirmed the recent negative move as they posted a bearish crossover. The MACD is extending its bearish structure beneath its trigger and zero lines, while the RSI is pointing down in the negative region. Further losses should see the seven-week low of 1.0530 acting as a major support ahead of the 1.0480 barrier and [..]

Technical Analysis – Gold tests cloud bottom as it slumps to 2-month low

Posted on February 27, 2023 at 7:33 am GMT

Gold is extending its decline on Monday, brushing a two-month low of 1,806.45 and testing the bottom of the Ichimoku cloud. The momentum indicators point to further losses in the near term. The RSI has just reached the 30 oversold level, while the %K and %D lines of the stochastic oscillator have both slipped into their respective oversold zone. This could be an indication that the selloff has gone too far and a near-term upside correction is on the cards, [..]

Technical Analysis – GBPJPY finds support but lacks bullish confidence

Posted on February 24, 2023 at 8:51 am GMT

GBPJPY pinned a new two-month high of 163.74 near the 200-day simple moving average (SMA) earlier this week before easing slightly below the 162.00 level. The pair is currently trying to set a foothold near the former resistance of 161.70, which overlaps with the 38.2% Fibonacci retracement of the 172.10-155.34 downleg and the 50-period SMA in the four-hour chart. The technical picture, however, suggests that the market is not ready for a meaningful rally yet. Specifically, the RSI has given up significant ground within [..]

Technical Analysis – USDCAD improves above the descending triangle

Posted on February 24, 2023 at 8:04 am GMT

USDCAD advanced above the descending triangle, surpassing the 1.3520 resistance level; however, the RSI indicator is moving sideways above the neutral threshold of 50 and the MACD oscillator is moving slightly higher above its trigger and zero lines, but with weak momentum. The 20- and the 50-day simple moving averages (SMAs) suggest a potential bullish crossover in the next few sessions. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 1.3700 psychological mark. [..]

Technical Analysis – BTCUSD consolidates as advance pauses

Posted on February 23, 2023 at 2:33 pm GMT

BTCUSD (Bitcoin) has been trending upwards since the beginning of the year, posting a 10-month high of 25,250 on Tuesday. However, the king of cryptocurrencies seems to be lacking the necessary momentum to march higher and has been trading sideways for the past few daily sessions. The momentum indicators are depicting this loss of positive momentum for the digital asset. Specifically, the MACD histogram dropped beneath both zero and its red signal line, while the stochastic oscillator is sloping downwards [..]

Technical Analysis – EURUSD battles with 1.0600 and a lower low in near term

Posted on February 23, 2023 at 8:45 am GMT

EURUSD has been underperforming, moving towards the 1.0600 psychological mark and remaining well below the short-term descending trend line and the 20- and 50-period simple moving averages (SMAs). On the 4-hour chart, based on technical indicators, momentum is currently too weak to provide a sustained move higher. The RSI is pointing down below the neutral threshold of 50 and the MACD is strengthening its negative movement. Any moves beneath the 1.0600 round number could open the way towards the next [..]

Technical Analysis – WTI oil futures at risk of a bearish breakout

Posted on February 23, 2023 at 8:43 am GMT

WTI oil futures came under renewed selling pressure on Wednesday, speeding their decline to the bottom of its range area seen around 73.35. The region has been a significant support zone since the start of the year, making another rebound likely as the Stochastic oscillator is approaching its previous lows below its 20 oversold level. Still, the indicator has not attempted to change direction to the upside, while the falling RSI has yet to reach its 30 oversold level, although it’s close to its [..]

Technical Analysis – AUDUSD plummets but 200-day SMA curbs decline

Posted on February 23, 2023 at 8:33 am GMT

AUDUSD had been staging an impressive rebound, trading within an upward sloping channel since mid-October. Nevertheless, the pair experienced a moderate pullback in the short term, with the price escaping its pattern to the downside to find strong support at the 200-day simple moving average (SMA). The momentum indicators currently suggest that bearish forces have gained total control. Specifically, the MACD histogram is softening below both zero and its red signal line, while the RSI is pointing upwards but remains well [..]

Technical Analysis – USDJPY extends breakout move, 200-day SMA in focus

Posted on February 22, 2023 at 9:03 am GMT

USDJPY had been trading within a downward sloping channel since mid-October when the price peaked at a 32-year high of 151.94. Nevertheless, the pair managed to break above this pattern in early February, with its strong advance currently approaching the 200-day simple moving average (SMA). This positive short-term bias is also endorsed by the momentum indicators. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator posted a bullish cross within the 80-overbought zone. If the upside tendency persists, [..]

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