Technical Analysis / Page 167

Technical Analysis – USDJPY jumps above a downtrend line

Posted on February 6, 2023 at 1:35 pm GMT

USDJPY shot up on Friday following the robust US employment report and opened with a positive gap today. The rally took the pair above the downtrend line drawn from the high of November 21, as well as above the key resistance (now turned into support) zone of 130.60. On top of that, today, the pair is trading above the 200-EMA, which adds credence to a short-term reversal case. The RSI has flattened near 70, while the MACD, although well above [..]

Technical Analysis – US 500 index shifts into corrective mode; uptrend intact

Posted on February 6, 2023 at 12:46 pm GMT

The US 500 futures (cash) were down by slightly less than 1.0% during Monday’s early European trading hours following the reversal from the 4,195 peak last week. The index also tested the 23.6% Fibonacci retracement of the 2020-2021 rally before pivoting southwards. With the momentum indicators decelerating after touching overbought levels, the odds for a downside continuation towards the 20-day simple moving average (SMA) at 4,022 are large. The 50- and 200-day SMAs may also keep the bears busy at 3,970 and 3,940 respectively [..]

Technical Analysis – EURUSD maintains bullish trend despite post-NFP crash

Posted on February 6, 2023 at 9:07 am GMT

EURUSD opened with a slight negative gap on Monday around 1.0780 following Friday’s post-NFP crash, which erased February’s gains and squeezed the price below its 20-day exponential moving average (EMA). Encouragingly, the positive trend from September’s 20-year low remains unchanged above the nearby 1.0760-1.0700 support region. The 50-day SMA and the ascending trendline, which connects all the lows from mid-November, are approaching that area as well. If the sell-off snaps that floor, there are a couple of key levels at which [..]

Technical Analysis – Gold recoups some losses after strong sell-off

Posted on February 6, 2023 at 7:41 am GMT

Gold prices experienced a steep bearish move in the preceding week, losing more than 5% from the recent ten-month top of 1,960 and breaking the uptrend line to the downside. The price found a support level near the 50-day simple moving average (SMA) at 1,864, failing to continue the bearish move. The RSI is picking up speed near 50; however, the MACD continues to distance itself below its red signal line. A reversal to the downside could stall at the 1,825 barrier, before challenging the crucial [..]

Technical Analysis – Facebook gets meaningful boost; nearby support important

Posted on February 3, 2023 at 12:44 pm GMT

Facebook’s stock (Meta platforms) closed 23% higher on Thursday and far above its 200-day simple moving average (SMA) for the first time in a year. The spike in the price pushed the RSI comfortably above its 70 overbought mark and straight up to its 2017 and 2013 highs, making some profit-taking likely in the short term. Yet sellers may not take control unless the price dips below the long-term constraining line from August 2015 around 179.50, which triggered the bullish trend in 2018-2019 and in [..]

Technical Analysis – ETHUSD hovers around highs, but bullish momentum is weakening

Posted on February 3, 2023 at 10:07 am GMT

ETHUSD (Ethereum) is moving sideways today, just below the January 21 high of 1,679. Cryptocurrencies started the year on a very positive note and appear to have survived the busy week almost unscathed. However, the recent bullish trend seems to be weakening. While the RSI remains comfortably above 50, supporting, on face value, further bullish episodes, the stochastic is sending a different message. It broke between its overbought area and it is edging aggressively lower, potentially setting up for a bearish [..]

Technical Analysis – USDCHF steps on familiar support ahead of NFP

Posted on February 3, 2023 at 8:51 am GMT

USDCHF seems to have escaped a downgrade in its long-term outlook for now after establishing a strong foothold ahead of the US nonfarm payrolls report around the familiar 0.9085 base, which has rejected the bears three times since October 2021. That said, negative risks have not been eliminated yet. Although the RSI and the MACD keep trending gently against the market direction, showing a bullish divergence over the past two months, the short-term oscillators remain within the bearish area. On the upside, the 20-day exponential moving average (EMA) [..]

Technical Analysis – GBPJPY declines sharply on dovish BoE remarks

Posted on February 3, 2023 at 8:40 am GMT

GBPJPY has been losing ground since early November when it posted a fresh seven-year high of 172.10. In the short-term, the pair’s downtrend accelerated after the BoE delivered an anticipated 50 basis points hike, albeit with dovish commentary that disappointed GBPJPY’s bulls. The momentum indicators currently suggest that bearish forces have taken the upper hand. Specifically, the stochastic oscillator is descending within the oversold zone, while the RSI is flatlining beneath its 50-neutral mark. Should the negative momentum strengthen, the pair [..]

Technical Analysis – USDCAD rebounds off 3-month low; looks oversold

Posted on February 3, 2023 at 8:10 am GMT

USDCAD has declined considerably after touching the 1.3700 round number, losing more than 3%. During Thursday’s trading session, it posted an almost three-month low of 1.3260, while it is currently not far above that nadir. The negatively aligned Tenkan- and Kijun-sen lines serve as a testament to the negative short-term momentum that is in place. The Chikou Span, though, is signaling a potentially oversold market; a near-term reversal should thus not be ruled out. The RSI is heading north in the negative [..]

Technical Analysis – Amazon’s stock opens higher but still fragile

Posted on February 2, 2023 at 4:13 pm GMT

Amazon’s stock opened with a positive gap on Thursday but it instantly came under pressure at 111.00 and slightly below its 200-day simple moving average (SMA). The giant e-commerce company is expected to report bleak yearly earnings comparisons after the close of trading today and some caution is required as the overbought signals coming from the RSI and the stochastics are currently suggesting that the 30% recovery from January’s low of 80.97 might take a breather in the coming sessions. If the [..]

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