Technical Analysis / Page 165

Technical Analysis – US 500 index rebound runs into trouble at 50% Fibo

Posted on February 15, 2023 at 2:33 pm GMT

The US 500 stock index (cash) has been edging sideways after the rebound from October’s two-year low of 3489.76 hit the buffers near the 50% Fibonacci retracement of the correction from the all-time high of 4,817.51. The latest upward attempt came on Tuesday, but the bulls could only manage a brief spike above the 50% Fibo of 4,153.64. The positive momentum has since started to wane, although it has not completely dissipated. The RSI is sloping downwards but is holding [..]

Technical Analysis – Gold plummets to fresh 5-week low

Posted on February 15, 2023 at 9:53 am GMT

Gold plunged towards a fresh five-week low of 1,831, continuing the strong selling interest of the ten-month peak of 1,960. The RSI is diving towards the oversold territory with strong momentum and the MACD is losing ground beneath its trigger and zero lines. In trend indicators, the 20- and the 50-period simple moving averages (SMAs) are following the descending move in price action. Further declines may meet support around 1,825, taken from the lows on January 15, while even lower [..]

Technical Analysis – EURGBP sees strong bullish momentum after a negative week

Posted on February 15, 2023 at 8:41 am GMT

EURGBP revived its bullish momentum on Wednesday after a week of losses, which pressured the pair from February’s high of 0.8978 to the 0.8800 round level. The pair is aiming to preserve strength above the short-term support trendline around 0.8820 and hold within the bullish channel. If it snaps the 38.2% Fibonacci retracement of the former 0.8201-0.9249 uptrend at 0.8850 too, the recovery may stretch towards the 23.6% Fibonacci of 0.9000 and the channel’s upper surface. Some consolidation around January’s resistance of [..]

Technical Analysis – EURJPY battles with upper boundary of trading range

Posted on February 15, 2023 at 8:11 am GMT

EURJPY is struggling to surpass the upper boundary of the trading range at 142.70, which is also the 23.6% Fibonacci retracement level of the upward wave from 124.40 to 148.40. In trend indicators, the 20-day simple moving average (SMA) posted a bullish crossover within the 200-day SMA, mirroring the latest rebound off the 139.90 support level. The MACD is extending the positive move above its trigger and zero lines; however, the RSI is pointing down in the bullish territory. Should [..]

Technical Analysis – USDJPY trapped below 133.00 as US CPI inflation looms

Posted on February 14, 2023 at 8:40 am GMT

USDJPY ran out of steam near February’s bar of 133.00 for the second time, despite Monday’s notable rebound. The 50-day simple moving average (SMA) is another struggle for the bulls slightly lower at 132.00, though there is a ray of hope that upside pressures may resume. Specifically, the upturn in the 20-day SMA is reflecting an improvement in short-term buying appetite, although a bullish cross with the 50-day SMA is still not in sight. In momentum indicators, the MACD has been [..]

Technical Analysis – GBPUSD shows some positive signs but outlook remains neutral

Posted on February 14, 2023 at 7:40 am GMT

GBPUSD rebounded off the 200-day simple moving average (SMA), which overlaps with the 23.6% Fibonacci retracement level of the up leg from 1.0325 to 1.2450 at 1.2050 and also found support on a potential uptrend line. However, the market is still developing within a medium-term trading range with an upper boundary the 1.2450 resistance level and a lower boundary the 1.1845 support. Technically, the MACD oscillator is moving sideways beneath its trigger and zero lines, while the RSI is flattening below the neutral threshold of 50. [..]

Technical Analysis – Gold’s bullish channel at risk; support at 50-SMA

Posted on February 13, 2023 at 9:06 am GMT

Gold was experiencing a flat trading session around the 1,860 level during Monday’s early European hours after a not-so-encouraging week, which sent the price to a one-month low of 1,852. Specifically, the precious metal could not attract enough buying to crawl back above the support-turned-resistance trendline, edging lower instead to test the 50-day simple moving average (SMA) at 1,856. That is where the lower boundary of a bullish channel seems to be positioned. Hence, failure to rebound here could cause a relatively [..]

Technical Analysis – EURUSD pauses its southern move slightly below 1.0700

Posted on February 13, 2023 at 8:00 am GMT

EURUSD is flirting with the 1.0670 support level, falling below the medium-term upward sloping channel and the short-term simple moving averages (SMAs). The MACD oscillator is weakening below its trigger line and near the zero level, while the RSI is moving sideways below the neutral threshold of 50. If price action remains above 1.0670 (immediate support), there is scope to test the 50- and then the 20-day SMAs at 1.0710 and 1.0815 respectively. Clearing these key levels would see additional gains [..]

Technical Analysis – ETHUSD breaks upward sloping trendline

Posted on February 10, 2023 at 11:37 am GMT

ETHUSD is moving sideways today following yesterday’s sizeable loss. It broke the January 4 upward sloping trendline, prompting the first decent correction since the start of the year. It is currently settling nicely inside the 1,500-1,700 rectangle that has formed since January 16, just above the 23.6% Fibonacci retracement level of the April 4, 2022 –June 18, 2022 downtrend of 1,510. The bears have failed to break this level on two separate occasions during January. The momentum indicators appear to [..]

Technical Analysis – USDCAD’s upside could be tested

Posted on February 10, 2023 at 8:37 am GMT

USDCAD has been on the sidelines this week, constrained between the familiar 1.3450 resistance and key upward-sloping line from August 2021 at 1.3400. The technical picture is leaning softly to the bullish side as the RSI is flattening slightly above its 50 neutral mark. Meanwhile, the MACD is gradually recovering above its red signal line but within the negative zone, while the Stochastic oscillator has already reached its 80 overbought level, reflecting fading upside pressures ahead of the Canadian employment report. Nevertheless, [..]

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