Technical Analysis / Page 166

Technical Analysis – GBPJPY is in neutral bias with 161.80 being strong obstacle

Posted on February 10, 2023 at 8:03 am GMT

GBPJPY is standing above the long-term uptrend line, but the short-term view seems to be neutral, finding strong resistance at 161.80. The RSI indicator is pointing slightly down in the bearish region, while the MACD is moving sideways below its trigger and zero lines. In trend indicators, the 20- and the 200-day simple moving averages (SMAs) are flattening, mirroring the price action. Should the pair manage to strengthen its momentum, the next resistance could come around the 50-day SMA at [..]

Technical Analysis – EURUSD struggles to surpass 200-period SMA

Posted on February 9, 2023 at 10:26 am GMT

EURUSD is flirting with the 200-period simple moving average (SMA) near the 1.0765 resistance in the 4-hour chart, failing to improve the recent bullish bias. As regards the market momentum, some optimism seems to be building over an upside correction as the RSI is moving near the neutral threshold of 50, while the stochastic is heading towards the overbought region. In the event the bulls take control, the 1.0800 resistance level could come next ahead of the 50-period SMA at [..]

Technical Analysis – AUDUSD forms bullish setup

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

AUDUSD established a bullish setup around its 50-day simple moving average (SMA), aiming to recover last week’s rapid downfall. Specifically, the pair has completed a large green candlestick following a doji candlestick earlier this week, pointing to fizzling selling tendencies. Interestingly, the rebound in the price took place at the lower boundary of a bullish channel, raising optimism that the recovery has just started. Yet, with the support-turned-resistance trendline capping upside pressures around 0.6965 over the past few days, the current consolidation phase may [..]

Technical Analysis – WTI crude oil gains some ground within trading range

Posted on February 9, 2023 at 8:18 am GMT

WTI crude oil futures’ price is gaining some ground after the strong bounce off the lower boundary of the trading range of 72.45-82.60. The price is battling with the 20- and the 50-day simple moving averages (SMAs) and given that it is still below the long-term falling trend line, the outlook remains gloomy. The stochastic oscillator is moving towards the overbought area, while the RSI is flattening near the neutral threshold of 50, so both are suggesting that the price may show some short-term? weakness. If the market breaks [..]

Technical Analysis – Walt Disney consolidates after impressive rally

Posted on February 8, 2023 at 9:44 am GMT

Walt Disney has made an impressive recovery since touching the 3-year low of 83.97 on December 28, 2022. It is currently hovering just below the 23.6% Fibonacci retracement of the March 8, 2021 – December 28, 2022 downtrend as the market appears to be catching its breath. The latest upward move has managed to push the stock above the previous high of 108.72, breaking a long series of lower highs and lower lows. A local trough above the 83.97 area could [..]

Technical Analysis – USDJPY returns to losses; fragile below 50-SMA

Posted on February 8, 2023 at 9:01 am GMT

USDJPY closed Monday’s positive gap by rapidly falling to 131.00 on Tuesday after hitting a wall near the 50-day simple moving average (SMA) at 133.60. Another leg down would ruin the bull’s efforts for a trend reversal, but the pair could still maintain the soft ascent from 127.21 if it pivots within the 129.70-129.20 region represented by the 20-day SMA and the surface of the shorter-term bearish channel respectively. If not, the sell-off may continue towards the previous low of 127.21, while lower, some [..]

Technical Analysis – NZDUSD points marginally up within trading range

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

NZDUSD is ticking slightly higher, remaining within a medium-term consolidation area with upper boundary the 0.6510 resistance and lower boundary the 0.6190 support. The technical oscillators are confirming this sideways move on price as the MACD is standing near the zero level, while the RSI is flattening in the negative region. Should selling forces strengthen, the 200-day simple moving average (SMA), which overlaps with the lower boundary of the channel at 0.6190 will come under the spotlight. The 0.6150 could [..]

Technical Analysis – UK 100 hangs near all-time high

Posted on February 7, 2023 at 1:47 pm GMT

The UK 100 stock index (cash) has fully recovered the pandemic’s loss but with a long delay compared to other major European and US indices, peaking at a new record high of 7,912 last Friday despite the UK’s fragile economic outlook. The index has been struggling to gain fresh momentum so far this week, but its resilience above its 20-day simple moving average (SMA), which has been supporting the market since the end of January, is strengthening the case for another bull run. The RSI [..]

Technical Analysis – GBPUSD forms bearish double top; confirmation required

Posted on February 7, 2023 at 9:07 am GMT

GBPUSD raised questions over its four-month-old positive trend after failing to print a new higher high above December’s peak of 1.2445, subsequently crashing below two support trendlines. Despite the latest rapid downfall, the bullish pattern remains intact as the bears have not charted a new lower low below January’s trough of 1.1840. The flattening 200-day simple moving average (SMA) and the 23.6% Fibonacci retracement of the 1.0324-1.2445 upleg are also on guard slightly higher at 1.1945 as the falling technical indicators are flagging [..]

Technical Analysis – EURJPY lacks direction as near-term outlook turns neutral again

Posted on February 7, 2023 at 7:44 am GMT

EURJPY has found a strong resistance level near the 23.6% Fibonacci retracement level of the up leg from 124.40 to 148.40 at 142.70 once again, which is also acting as an upper boundary of the short-term consolidation area. The pair penetrated the long-term symmetrical triangle to the upside in the previous couple of sessions, but it seems to be a false bullish sign for traders. According to the technical oscillators, the RSI is sloping down in the positive region and is standing near the neutral threshold of 50, while [..]

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