Technical Analysis / Page 174

Technical Analysis – WTI oil futures retest 50-day SMA

Posted on January 13, 2023 at 12:24 pm GMT

WTI oil futures (February delivery) have been trending downwards since June but managed to regain some ground after finding their feet at the one-year low of 70.30. In the near term, the price is challenging the 50-day simple moving average (SMA), which has repeatedly rejected the commodity’s rebound. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the stochastic oscillator is ascending in the overbought zone, while the RSI has crossed above its 50-neutral mark. If buyers manage to push [..]

Technical Analysis – GBPJPY tumbles to weekly lows; bears could stay

Posted on January 13, 2023 at 8:28 am GMT

GBPJPY sank by almost 2.0% on Thursday following the rejection around the 20-day simple moving average (SMA) and the 23.6% Fibonacci retracement level of the 2020-2022 uptrend at 160.75. The decline stretched to January’s support region of 156.72 early on Friday, with the momentum indicators dashing hopes for a meaningful recovery. Specifically, the MACD has resumed its negative momentum, while the RSI has changed trajectory back to the downside, currently standing comfortably above its 30 oversold level. Likewise, the stochastic oscillator is [..]

Technical Analysis – USDCAD turns bearish in short-term after recent slump

Posted on January 13, 2023 at 8:11 am GMT

USDCAD broke the short-term sideways range to the downside in the preceding sessions, holding beneath the 1.3400 level. According to the RSI, the market could maintain the latest downside momentum as the indicator is negatively sloped below its neutral threshold of 50, though the fast Stochastics suggest that the market is located in oversold territory, and therefore, some weakness is possible. The MACD is still extending the negative structure beneath its trigger and zero lines. On the upside, the price [..]

Technical Analysis – ETHUSD marches higher to test 200-day SMA

Posted on January 12, 2023 at 12:54 pm GMT

ETHUSD (Ethereum) has been trading within a tight range after finding its feet at the four-month low of 1,071 in early November. In the near term, the price managed to exit its sideways pattern and it is currently battling with the 200-day simple moving average (SMA). 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 not be off [..]

Technical Analysis – EURUSD struggles to meet 1.0800

Posted on January 12, 2023 at 10:56 am GMT

EURUSD attempted to break the upper border of the neutral zone of 1.0775 it has been ranging within this week, but its efforts proved unsuccessful so far. The short-term oscillators are in favor of the bears; the RSI is moving down above its 50 neutral mark and the stochastic oscillator is ready to post a bearish crossover within its %K and %D lines below the overbought area. Hence, the short-run risk is looking neutral-to-positive at the moment and another retest [..]

Technical Analysis – US 30 cash index pauses after strong start in new trading year

Posted on January 12, 2023 at 9:56 am GMT

The US 30 cash index has enjoyed a positive start in the new trading year, partly recovering from the correction seen in December. This move higher has not caused a noteworthy reaction to the momentum indicators. The Average Directional Movement Index (ADX) is hovering in sub-25 levels, but it is edging higher. Similarly, the stochastic oscillator has broken above its moving average and moves towards its oversold territory, potentially signaling that the recent short-term bullish trend is gaining traction. In addition, a descending [..]

Technical Analysis – USDCHF awaits its next leg higher; bears still around

Posted on January 12, 2023 at 8:54 am GMT

USDCHF is making another attempt at breaking above the 0.9300 level and the 20-day exponential moving average (EMA) after Wednesday’s quick bounce on the 0.9200 floor. The pair avoided a drop towards the lower boundary of the short-term bearish channel earlier in the week, raising hopes for a bullish breakout above 0.9355. The RSI and the MACD are also sending some encouraging signals as the indicators have been trending positively and against the market direction since mid-December, displaying a bullish divergence setup; this is [..]

Technical Analysis – AUDUSD stalls below the 4-month peak

Posted on January 12, 2023 at 8:29 am GMT

AUDUSD is finding strong resistance at the 0.6920 barrier, which is near the upper boundary of the short-term upward sloping channel. The RSI indicator reflects a stall in the positive momentum, as it is flattening in the bullish territory. However, the MACD is strengthening its movement above its trigger and zero lines. To the upside, an initial important resistance region from the 0.6920 high to the four-month peak of 0.6946 could prove difficult to overrun. Conquering this, the 0.7010 resistance [..]

Technical Analysis – EURGBP tries to clear the 0.8870 resistance

Posted on January 11, 2023 at 3:36 pm GMT

EURGBP rebounded this week, after it found support near the 0.8775 barrier, marked by the low of January 4. Currently, the bulls are trying to emerge above the key resistance zone of 0.8870, the break of which could carry larger bullish implications. In the bigger picture, the pair is trading above all three of the plotted moving averages and well above the uptrend line drawn from the low of March 7, technical signs of a positive medium-term outlook. The RSI, [..]

Technical Analysis – JP Morgan stock posts fresh 9-month high ahead of Q4 earnings

Posted on January 11, 2023 at 3:12 pm GMT

JP Morgan’s stock had been trending downwards for the biggest part of 2022, generating a profound structure of lower highs and lower lows. However, the share price has been attempting a strong rebound after finding its feet at the two-year low of 101.50 in mid-October. The momentum indicators currently suggest that buying pressures are intensifying. Specifically, the MACD histogram is strengthening above both zero and its red signal line, while the RSI is pointing upwards near the 70-overbought zone. In [..]

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