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Technical Analysis

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Technical Analysis – EURGBP tests critical pivot area after slump

Posted on May 23, 2024 at 11:10 am GMT

EURGBP at a make-or-break point near 0.8500 after plunge Oversold conditions detected, but the bears not ready to give up the battle   EURGBP was knocked down near the 200-day simple moving average (SMA) at the start of the month, subsequently losing around 1.0% to reach the critical pivot zone of 0.8490-0.8500 which rescued the pair fourth times since July 2023. Better-than-expected eurozone PMI figures generated fresh positive momentum today after a decline to 0.8498. With the price having stretched below the [..]
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Technical Analysis – Is USDJPY still searching for new highs?

Posted on May 23, 2024 at 8:40 am GMT

USDJPY surpasses key resistance, but more steps needed Short-term risk tilted to the upside; 157.00 mark under examination US S&P Global PMIs, initial jobless claims, new home sales on the agenda   USDJPY closed Wednesday’s session with modest gains at 156.75 as the FOMC minutes highlighted worries about inflation and disagreements among policymakers on the timeline of monetary easing. The soft bullish move was enough to drive the price above the short-term resistance line drawn from April and therefore boost [..]

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Technical Analysis – Can Nvidia unlock 1,000 level?

Posted on May 22, 2024 at 3:27 pm GMT

Nvidia’s stock flatlines as FOMC minutes, Q1 earnings eagerly awaited Stock fluctuates within short-term bullish channel; support at 910-920   Nvidia’ stock bounced off its 20-period simple moving average (SMA) in the four-hour chart on Monday with scope to start a new bullish phase, but the 950 zone came to cap the action ahead of the company’s Q1 earnings due later on Wednesday. The bulls may not give up yet, according to the technical picture. The positive cross between the 20- [..]

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Technical Analysis – GBPUSD renews positive momentum within channel

Posted on May 22, 2024 at 8:27 am GMT

GBPUSD strengthens to a two-month high within bullish channel Short-term bias looks positive, but buying appetite might lose pace FOMC minutes due for release today at 18:00 GMT UK S&P Global PMIs and BoE member Pill on the agenda on Wednesday   Following a short period of consolidation around the 1.2700 level, GBPUSD quickly climbed to a two-month peak of 1.2760, boosted by stronger-than-anticipated core UK CPI figures. Technically, the pair pierced through the descending line drawn from May 2021, [..]

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Technical Analysis – Gold flirts with mid-level of Bollinger band

Posted on May 22, 2024 at 8:26 am GMT

Gold fluctuates within 2,405-2,435 Oscillators continue to hold in positive territories Gold prices are retreating somewhat near the mid-level of the Bollinger band, moving horizontally within the 2,405-2,435 region in the 4-hour chart. However, the commodity is still developing above the short-term uptrend line, failing to post a notable downside correction. Technically, the MACD is travelling beneath its trigger line above the zero level, while the RSI is pointing marginally north near the neutral threshold of 50. If buyers stay [..]

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Technical Analysis – NZDUSD posts new 2-month high

Posted on May 22, 2024 at 7:04 am GMT

NZDUSD starts the day with strong upside momentum after RBNZ decision MACD and RSI tick higher NZDUSD had an aggressive bullish start at the beginning of the day, following the bounce off the 0.6080 support level and creating a spike towards a fresh two-month high of 0.6151 after the RBNZ’s interest rate decision. The market has been developing well above the penetrated descending trend line since May 14 as well as above the strong obstacle of 200-day simple moving average [..]

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Technical Analysis – ETHUSD heads towards 2024 highs on ETF approval hopes

Posted on May 21, 2024 at 2:04 pm GMT

ETHUSD set to notch up a second straight day of sharp gains Hopes of spot ether ETF trigger broad-based crypto rally But danger that upswing is becoming overstretched   ETHUSD (ether) has charged through its 50-day simple average (SMA) to make a fresh bid for the March peak of 4,093.70, which was a more than two-year high. The surge comes on renewed speculation that an approval by the US Securities and Exchange Commission for a spot ether ETF is imminent. [..]

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Technical Analysis – US 100 index unlocks another all-time high

Posted on May 21, 2024 at 12:22 pm GMT

 US 100 index holds above uptrend line and SMAs MACD and RSI move within positive areas Next obstacle at 261.8% Fibo extension The US 100 cash index reached another all-time high of 18,704.55 yesterday as the index extended its move after the rebound off the 16,980 support level. The price broke above the 18,470 level for the first time on May 15 and is trading above its moving averages. The bullish long-term picture is further supported by the MACD, which is rising above its trigger and zero lines. Also, [..]

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Technical Analysis – Is the time for WTI crude oil to create bearish correction?

Posted on May 21, 2024 at 10:56 am GMT

Fed’s cautious stance drives WTI crude oil lower Commodity capped by bearish cross and 80.00 level in daily chart Prices consolidate in 4-hour timeframe Oil prices continued to decrease on Tuesday due to the cautious stance of Fed officials despite the recent softening of inflation. This has raised concerns that US interest rates may remain elevated for an extended period. The prices of Brent crude and WTI futures have both decreased by almost 2% from yesterday, with Brent crude trading at $83.11 per barrel and WTI trading [..]

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