Technical Analysis / Page 172

Technical Analysis – USDCAD battles with 50-day SMA

Posted on January 20, 2023 at 8:48 am GMT

USDCAD had been in an uptrend since March, posting a fresh 30-month high of 1.3976 before experiencing a downside correction. In the short-term, the pair attempted to edge higher after breaking above its sideways pattern, but its advance got rejected at the 50-day simple moving average (SMA). The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI has failed to cross above the 50-neutral mark, while the stochastic oscillator is set to post a bearish [..]

Technical Analysis – BTCUSD consolidates after advance pauses

Posted on January 19, 2023 at 2:51 pm GMT

BTCUSD (Bitcoin) edged higher after breaking above its prolonged sideways pattern in early 2023. However, the king of cryptocurrencies is currently trading within a range as its rebound got rejected at the four-month high of 21,640. The momentum indicators currently suggest that the recent rally could be overstretched as both the RSI and the stochastic oscillator are currently well within their overbought territories. Hence, a potential downside correction may be on the cards. Should buying pressures persist, the digital coin could test [..]

Technical Analysis – Netflix stock shows positive signs for 2023

Posted on January 19, 2023 at 9:44 am GMT

Netflix is releasing its earnings results later in the day and the stock is still experiencing more gains slightly below the nine-month high of 355. The MACD oscillator is stretching its bullish bias above its trigger and zero lines, while the RSI is flattening in the positive region. However, the stochastic is falling lower from the overbought territory. If earnings surprise to the upside, the stock price could move above the nine-month peak and meet the 395 region ahead of the 457 barrier, registered in January [..]

Technical Analysis – EURUSD is range-trading, but bearish pressure building up

Posted on January 19, 2023 at 9:39 am GMT

EURUSD is stuck in a narrow range for the past few sessions after touching 1.0887 on January 18. The market is trying to find a new direction following the strong move higher since January 6. The pair cannot rely on the support of the momentum indicators as both the Average Directional Movement Index (ADX) and RSI seem to be trendless. The same cannot be said for the stochastic oscillator though. It is moving downward, almost in a vertical fashion, potentially pointing to a [..]

Technical Analysis – USDCHF at risk of further weakness

Posted on January 19, 2023 at 8:38 am GMT

USDCHF slumped to test the former support area of 0.9085 on Wednesday before minimizing its losses to close the day around January’s low of 0.9166. The price continued to hang around 0.9166 on Thursday, though with the RSI resuming its negative slope below 50 and the MACD sliding back below its red signal line, selling pressures may dominate in the short term. If the bears retake control, the spotlight will fall again on the 0.9085 bar. Beneath that, the channel’s lower boundary seen at [..]

Technical Analysis – AUDUSD retraces lower as advance falters around 5-month peak

Posted on January 19, 2023 at 8:32 am GMT

AUDUSD has been staging an impressive rebound after finding its feet at the 32-month low of 0.6169 in mid-October. Nevertheless, the pair has experienced a moderate pullback in the near term, with its latest advance getting rejected at a fresh five-month high of 0.7062. The momentum indicators currently suggest that bullish forces are waning but retain control. Specifically, the MACD histogram is softening but continues to hold above both zero and its red signal line, while the RSI is pointing downwards [..]

Technical Analysis – WTI futures maintain bearish bias below downtrend line

Posted on January 19, 2023 at 8:04 am GMT

WTI crude oil futures are easing near the short-term simple moving averages (SMAs), which are ready to post a bullish crossover. The broader outlook is still bearish as the price remains beneath the long-term descending trend line. Technically, the stochastic oscillator is heading south after the pullback from the overbought region, while the RSI is moving lower, approaching the neutral threshold of 50. Both are indicating more bearish actions in the near term timeframe. If the market dives beneath the [..]

Technical Analysis – Gold bulls look a bit exhausted above 20-period SMA

Posted on January 18, 2023 at 10:51 am GMT

Gold stretched its positive move above the 20-period simple moving average (SMA) in the 4-hour chart but is currently moving slightly lower. The MACD seems to be gaining momentum below its red signal line in the positive region; however, the RSI is pointing down around above the neutral threshold of 50. The market trend is likely to hold on the upside as long as the price holds far above the 200-period SMA. Should weakness extend below the 20-period SMA, support to downside movements could be initially [..]

Technical Analysis – US 100 cash index trades sideways following strong start to new trading year

Posted on January 18, 2023 at 9:12 am GMT

The US 100 cash index is trading sideways following a climb of 900 points since December 28. This upward move appears to enjoy the universal support of the momentum indicators. The Average Directional Movement Index (ADX) is moving aggressively higher, and the stochastic oscillator is just below its overbought territory. Even the usually conservative RSI is hovering comfortably above the 50-midpoint. The recent move higher has pushed the US 100 index above both the 50- and 100-day simple moving averages (SMAs) and the [..]

Technical Analysis – GBPJPY displays double bottom pattern

Posted on January 18, 2023 at 8:46 am GMT

GBPJPY skyrocketed to 161.50, gaining almost 2.0% following a surprising dovish policy announcement by the Bank of Japan during Wednesday’s Asian trading hours. The quick bounce strengthened the bullish double bottom pattern created around January’s 4-month low of 155.34, though a sustainable extension above the 161.20 neckline is required to confirm the bullish structure. With the price having closed significantly above the upper Bollinger band and the RSI hovering near overbought levels on the four-hour chart, a downside correction is [..]

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