Technical Analysis / Page 164

Technical analysis – Gold’s decline takes a breather; caution remains

Posted on February 20, 2023 at 8:56 am GMT

Gold slid to a seven-week low of 1,818 last Friday before closing narrowly back above the 1,835 support for the third consecutive day. The precious metal was trying to extend its minor gains above the 1,835 base during Monday’s early trading hours. But excluding the upside reversal in the Stochastic oscillator, the RSI and the MACD did not show any meaningful reaction, with the former remaining below its 50 neutral mark and the latter hovering within the negative area and near its previous [..]

Technical Analysis – EURUSD extends pullback below 50-day SMA

Posted on February 20, 2023 at 8:50 am GMT

EURUSD has been on a steep uptrend after finding its feet at the 20-year low of 0.9535, storming to a fresh 10-month high in early February. However, the pair experienced a moderate downside correction, with the price diving below its 50-day simple moving average (SMA) in the last couple of daily sessions. The momentum indicators currently suggest that bearish forces have gained the upper hand. Specifically, the RSI has flatlined beneath its 50-neutral mark, while the MACD histogram is weakening further [..]

Technical Analysis – GBPJPY eases from 7-week high, bias turns neutral

Posted on February 17, 2023 at 12:38 pm GMT

GBPJPY is drifting lower after entering the Ichimoku cloud as the bounce higher to Tuesday’s seven-week high of 162.17 ran out of steam even before visible obstacles were encountered. However, there are multiple barriers to the downside that stand in the way of a major selloff should the bears manage to get the upper hand. For now, the near-term picture is mostly neutral. The %K line of the stochastic oscillator has crossed below the %D line in the overbought area, [..]

Technical Analysis – ETHUSD edges lower, bulls continue to vie for a breakout above 1,700

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

ETHUSD is edging lower today following three days of advances that pushed it momentarily above the 1,700 area. It remains inside the nicely shaped 1,500-1,710 rectangle that has formed since January 16, in line with the 23.6% Fibonacci retracement level of the April 4, 2022 –June 18, 2022 downtrend of 1,510. ETHUSD made unsuccessful attempts to break down the rectangle on both the downside and upside, but the market appears to be in a fine balance at the moment. Market participants [..]

Technical Analysis – USDCHF bulls gain impetus; 0.9300 in focus

Posted on February 17, 2023 at 8:38 am GMT

USDCHF is getting bullish vibes, aiming to close significantly above the resistance trendline that has been keeping buying pressures under control since the end of November at 0.9245. The RSI has finally stretched its uptrend clearly above its 50 neutral mark, backing the positive momentum in the price. Likewise, the MACD continues to strengthen above its red signal line, set to cross above zero, reflecting growing optimism in the market too. Still, traders may remain patient until the price successfully [..]

Technical Analysis – USDCAD posts gains near 1.3500 and ahead of crucial resistance

Posted on February 17, 2023 at 7:56 am GMT

USDCAD has been overperforming over the last three days and is currently hitting the medium-term descending trend line of the symmetrical triangle. The pair surpassed above the 20- and 50-day simple moving averages (SMAs) with the next obstacle coming from the 1.3520 resistance level. The RSI is heading north above the neutral threshold of 50, while the MACD is moving sideways above its trigger line and below the zero level. To the upside, there is immediate resistance just above the [..]

Technical Analysis – Lyft stock begins to close gap after crash

Posted on February 16, 2023 at 3:19 pm GMT

Lyft stock has recorded three days of gains as it attempts to recoup the heavy losses incurred on the back of the company’s weak Q1 guidance issued at last week’s earnings call. The price has started Thursday’s session slightly softer and the momentum indicators are looking a little less encouraging too. But further upside is possible in the near term. The RSI, although flatlining slightly, does have the potential to stretch further up to recover above the 50 neutral level, [..]

Technical Analysis – AUDUSD meets the lower boundary of the channel; bullish outlook

Posted on February 16, 2023 at 9:11 am GMT

AUDUSD is battling with the lower boundary of the medium-term upward sloping channel near the 50.0% Fibonacci retracement level of the downleg from 0.7660 to 0.6170 at 0.6915. The price is finding a key support level near the 0.6870 barrier and the 50-day simple moving average (SMA). Technically, the oscillators are giving some contradictory signs as the MACD is losing momentum beneath its trigger line and near the zero level, while the RSI is pointing marginally up near the neutral [..]

Technical Analysis – WTI oil futures trade within a bearish rectangle

Posted on February 16, 2023 at 8:45 am GMT

WTI oil futures have been trading within a rectangle since their downtrend stalled at a one-year low of 71.75 in December, unable to make any headway either way. Although the floor around 73.35 is creating speculation that sellers are losing power, there is barely any convincing sign that the market is transitioning from a downtrend to an uptrend. The price has yet to mark a new higher high above the tough ceiling around 83.00, which coincides with the 38.2% Fibonacci [..]

Technical Analysis – NZDUSD hits 3-week low as bearish bias strengthens

Posted on February 15, 2023 at 3:54 pm GMT

NZDUSD has come under selling pressure after failing to reclaim its 50-day simple moving average (SMA). The pair is currently testing the 38.2% Fibonacci retracement of the February 2021-October 2022 downtrend, which falls at 0.6257. The momentum indicators suggest a breach of this support is more likely than not. The RSI has fallen sharply below the 50 neutral level, while the MACD is headed deeper into negative territory, with its signal line also about to dip below zero. If NZDUSD [..]

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