Technical Analysis / Page 163

Technical Analysis – NZDUSD flatlines but sellers still active

Posted on February 22, 2023 at 8:29 am GMT

NZDUSD faced little volatility during the Asian trading session after a more-or-less expected 50bps rate hike by the Reserve Bank of New Zealand. The pair keeps building floor around the 0.6200 level and marginally above the 200-day simple moving average (SMA), raising hopes for an upside correction, though with the RSI maintaining a downtrend comfortably below its 50 neutral mark and the MACD remaining negatively charged below its red signal line, the luck seems to be on the bears’ side. It’s also [..]

Technical Analysis – Gold remains under pressure; maintains short-term bearish bias

Posted on February 22, 2023 at 8:06 am GMT

Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 1,847 key level and the short-term simple moving averages (SMAs). The technical oscillators are looking neutral and point to more weakness in the market. Looking at the 4-hour chart, the RSI is pointing marginally down below the 50 level, while the MACD is moving sideways near the zero level. The next target to the downside is the 1,830 support level. At [..]

Technical Analysis – Amazon stock skids again as moving averages cap advance

Posted on February 21, 2023 at 2:13 pm GMT

Amazon stock hit a near one-month low on Friday after both the 100- and 200-day simple moving averages (SMA) blocked the latest upswing. The stock has been in retreat after peaking at the three-month high of 113.53 on February 2, but it had started to show some signs of life last week after notching up three days of gains. The momentum indicators reinforce the weakening bias as the stochastics have just posted a bearish crossover, while the MACD continues to [..]

Technical Analysis – EURJPY may close at higher levels; 144.00 in focus

Posted on February 21, 2023 at 10:28 am GMT

EURJPY gained new traction on Tuesday, breaking its short-term consolidation phase to print a new two-month high of 143.98. There is more room for improvement according to the technical oscillators as the RSI is expanding above its 50 neutral mark and the MACD continues to strengthen above its red signal line. Meanwhile, the stochastic oscillator has already entered the overbought region above 80 but has yet to show any convincing signs of weakness, keeping the bias on the bullish side as [..]

Technical Analysis – AUDUSD meets strong resistance at 0.6920

Posted on February 21, 2023 at 10:02 am GMT

AUDUSD traded somewhat lower yesterday and continued drifting south today, after it hit resistance near the 0.6920 barrier, which currently coincides with the 50-period exponential moving average. Overall, the pair lies below the prior uptrend line taken from the low of October 13, and below the newly drawn downtrend line taken from the high of February 2. This keeps the door for more selling wide open. The RSI has turned back below 50, while the MACD, although still above its [..]

Technical Analysis – UK 100 index’s picture dampens after record high above 8,000

Posted on February 21, 2023 at 9:17 am GMT

The UK 100 index gained significant buying traction above 8,000 in the previous week, with the price quickly returning lower and posting a sideways move in the short-term. The negative slope in the RSI and the falling MACD are endorsing the current neutral-to-bearish momentum in the price, though with the former nearing its 70 overbought level suggesting an overstretched market, the bears could be around the corner. A decisive close above the 8,000 psychological mark could reduce negative risks, producing another bullish [..]

Technical Analysis – GBPUSD muted between SMAs as rebound falters

Posted on February 21, 2023 at 8:12 am GMT

GBPUSD has been attempting a solid recovery since September when the pair fell to an all-time low of 1.0324. However, this latest advance appears to be fading after being rejected twice at the 1.2445 region, while the price has been trading sideways between the 50- and 200-day simple moving averages (SMAs) in the past three weeks. Despite the latest consolidation, the momentum indicators currently suggest that bearish forces have taken control. Specifically, the RSI is pointing downwards below the 50-neutral mark and [..]

Technical Analysis – US 500 index seems to be looking for recovery after 6-month peak

Posted on February 21, 2023 at 7:45 am GMT

The US 500 (cash) index is losing some momentum around the 4,050 level but it remains above the medium-term uptrend line and also well above the long-term descending trend line. The index failed to surpass the 4,200 round number with the technical oscillators suggesting that more gains may be on the cards. The RSI is resting near the neutral threshold of 50 after the fall from 70 level, while the MACD is heading south below its trigger line in the [..]

Technical Analysis – Can EURGBP travel further north?

Posted on February 20, 2023 at 1:55 pm GMT

EURGBP traded higher last week, after it hit support near the round figure of 0.8800. However, the advance was halted on Friday, with the pair pulling back somewhat. Overall, EURGBP remains above the uptrend line drawn from the low of August 2, as well as above all the plotted moving averages. These technical signs paint a positive near-term picture. That said, our momentum indicators are implying that some further retreat may be on the cards before the bulls take the reins again, perhaps [..]

Weekly Technical Analysis – USDJPY, NZDUSD, EURUSD

Posted on February 20, 2023 at 1:39 pm GMT

This week the highlight will be on the Fed minutes, the first RBNZ interest rate decision of the year and the Eurozone flash PMIs, while the focus may turn on the reaction of USDJPY, NZDUSD and EURUSD. Fed minutes → USDJPY The FOMC minutes will take up most of the attention on Wednesday with Fed officials have been much more hawkish since this meeting. USDJPY is flirting with the 134.75 resistance level again and the short-term SMAs posted a bullish crossover suggesting more gains. RBNZ [..]

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