Technical Analysis / Page 168

Technical Analysis – Apple stock adds 19% since the beginning of the year

Posted on February 2, 2023 at 10:57 am GMT

Apple stock recorded a stunning rally since the beginning of the year, marking an overall gain of 19% during the period. This week is the earning releases for the stock and the price is battling with the 38.2% Fibonacci retracement level of the down leg from 176.00 to 124.00 at 143.85. The RSI is currently increasing positive momentum towards the overbought region, while the MACD is strengthening its movement above its trigger and zero lines, both hinting that the next [..]

Technical Analysis – EURUSD aims for uptrend extension after FOMC boost

Posted on February 2, 2023 at 10:05 am GMT

EURUSD advanced to a ten-month high of 1.1032 in the wake of a less hawkish FOMC policy statement late on Wednesday, which telegraphed that monetary tightening is probably having the desired impact on inflation. The pair mildly trimmed some gains earlier today, edging slightly below the 1.1000 level as the RSI and the stochastics on the four-hour chart flagged overbought conditions. While a pause can be reasonable after the latest spike, yesterday’s close above the 1.0940 bar, which overlaps with the 50% Fibonacci retracement [..]

Technical Analysis – WTI oil futures retreat below 50-day SMA

Posted on February 2, 2023 at 8:58 am GMT

WTI oil futures (March delivery) have been stuck in a prolonged downtrend since June, posting a fresh one year-low of 70.30 in December. In the short-term, the commodity has begun another round of weakness, with the price dropping beneath its 50-day simple moving average (SMA). The momentum indicators currently suggest that selling pressures are intensifying. Specifically, the MACD histogram has dropped below its red signal but remains above zero, while the RSI is flatlining below its 50-neutral mark. To the downside, if [..]

Technical Analysis – AUDUSD unlocks new 8-month high

Posted on February 2, 2023 at 8:41 am GMT

AUDUSD surged to a fresh eight-month high of 0.7157 earlier today, boosting the rebound off the 0.6985 support level. The price is creating a steep bullish tendency after it bottomed at 0.6170 with the technical oscillators standing in positive region. The MACD is extending its move above its trigger and zero lines, while the RSI is approaching the overbought region. More increases could open the way towards the 0.7280 resistance, taken from the high in May 2022, while if the [..]

Technical Analysis – Gold 4-hour stuck between 50- and 100-day SMAs

Posted on February 1, 2023 at 10:08 am GMT

Gold is moving sideways today following an aggressive move higher in January when it touched 1,949, the highest level since April 22. The market appears to be in a consolidation mode as bulls could be reevaluating their strategy amidst a gold market euphoria. Interestingly, the first attempt by the bears to regain market control failed at the 1,915 support area set by both the 100-day simple moving average (SMA) and the December 22 upward sloping trendline. Gold quickly climbed and [..]

Technical analysis – NZDUSD extends pullback after advance got rejected

Posted on February 1, 2023 at 8:52 am GMT

NZDUSD had been on a steady decline in 2022, finding its feet at the 31-month low of 0.5510 in early October. Even though the pair has staged a solid rebound since then, it is currently experiencing a downside correction after its uptrend got rejected at the seven-month high of 0.6528. The momentum indicators currently suggest that selling forces are strengthening. Specifically, the MACD histogram is softening below its red signal line but remains in the positive region, while the stochastic oscillator is [..]

Technical Analysis – USDJPY lacks clear direction in near term; neutral bias

Posted on February 1, 2023 at 8:01 am GMT

USDJPY has been moving sideways over the last week, holding within the 61.8% Fibonacci retracement level of the upward wave from 114.64 to 151.93 at 128.70 and the 131.20 resistance level. The pair exited from the medium-term downward sloping channel but the momentum is too weak to support more gains. Regarding the technical oscillators, the RSI is pointing marginally up in the negative territory, while the stochastics posted a bullish crossover within its %K and %D lines, approaching the overbought [..]

Technical Analysis – US 100 index retreats after penetrating downtrend line

Posted on January 31, 2023 at 1:52 pm GMT

The US 100 cash index reached overbought levels according to the RSI and reversed lower after the price finally jumped above the long-term downtrend line and the 200-day simple moving average (SMA), creating a four-month high at 12,250. While the aforementioned technical oscillator continues to slow down, mirroring the market’s bearish behavior over the past two days, the indicator is still moving in bullish territory, flagging that a recovery could reemerge in the short term. The MACD is also holding above its red signal line, which supports [..]

Technical Analysis – JP225 cash index at key support area

Posted on January 31, 2023 at 10:01 am GMT

The JP225 cash index is currently testing the 27,085-27,226 area populated by the 50-, 100- and 200-day simple moving averages (SMAs). Today’s dip comes after a strong move recorded since the eve of 2023, that was assisted by the descending broadening wedge that formed in the December 13 – January 17 period. The momentum indicators appear to be sending a mildly bullish signal, but cracks are forming. The RSI is dipping towards 50 and the Average Directional Movement Index (ADX) [..]

Technical Analysis – EURJPY consolidates in tight range between SMAs

Posted on January 31, 2023 at 9:52 am GMT

EURJPY has been experiencing a downtrend since mid-October when the price peaked at the eight-year high of 148.39. In the short-term, the pair has been moving without a clear direction, currently trading sideways between the 50- and 200-day simple moving averages (SMAs). The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the stochastic oscillator is descending after posting a bearish cross within the 80-overbought zone, while the RSI crossed below its 50-neutral mark. If sellers manage to push [..]

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