Technical Analysis / Page 175

Technical Analysis – Gold shines near new 8-month peak

Posted on January 11, 2023 at 10:17 am GMT

Gold is flying to a fresh eight-month high of 1,886 today, continuing the strong bullish rally. The short-term oscillators suggest an increase in positive momentum for now. The MACD, in the positive region, is trying to overcome its trigger line, while the rising RSI is moving towards the overbought territory. If buyers push above the intraday high, then the price may hit the next barrier at 1,892, taken from the inside swing low from March 2022. The next target would [..]

Technical Analysis – NZDUSD bulls get congested; sentiment fragile

Posted on January 11, 2023 at 8:43 am GMT

NZDUSD got trapped around 0.6370 immediately after the bounce on the 50- and 200-day simple moving averages (SMAs) at 0.6200. Interestingly, the congestion is developing around the lower boundary of the broken 2021-2022 bearish channel. While the bullish SMA crosses flag a resumption of the latest upleg, the momentum indicators are still reflecting some caution. Although above its 50 neutral mark, the RSI is struggling to gain impetus, while the MACD remains capped below its red signal line. Moreover, the stochastics are already [..]

Technical Analysis – USDJPY ticks marginally up, but momentum is weak

Posted on January 11, 2023 at 8:24 am GMT

USDJPY is moving slightly higher within the medium-term downward sloping channel, but the momentum is weak to continue the bullish structure above the 50.0% Fibonacci retracement level of the upward wave from 114.64 to 151.93 at 133.10. The MACD is rising somewhat above its trigger line in the bearish area; however, the RSI is flattening in the negative territory. Also, the 50- and the 200-day simple moving averages (SMAs) are approaching each other suggesting a death cross in the next [..]

Technical Analysis – GER 40 cash index close to new high – does the move have legs?

Posted on January 10, 2023 at 11:23 am GMT

The GER 40 cash index has started the new trading year positively as it currently trades close to the highest level since March 30. This jump is another leg of the upward move that started on October 3 when it registered 11,809, the lowest print since November 4, 2011. The September 9 golden cross could have played a role in the latest move as the higher high recorded has been welcomed by the bulls. The momentum indicators appear to be [..]

Technical Analysis – EURJPY bounces back within bearish channel

Posted on January 10, 2023 at 8:55 am GMT

EURJPY rose as high as 141.91 after charting a three-month low of 137.37 at the lower boundary of a bearish channel. The pair switched into gains in January after two negative months, and although the positive slope in the momentum indicators raises hopes for more upside ahead, room for improvement could be limited as the channel’s upper trendline is within a breathing distance at 142.60. Prior to that, the 20-day simple moving average (SMA), which is capping bullish actions for the second consecutive [..]

Technical Analysis – GBPUSD holds a bullish bias but the momentum is weak

Posted on January 10, 2023 at 8:51 am GMT

GBPUSD returned back above the medium-term uptrend line after the fall below the 23.6% Fibonacci retracement level of the upward wave from 1.0325 to 1.2450 at 1.2050. Currently, the price is losing some momentum, confirmed by the technical oscillators. The MACD is moving sideways near the zero level, while the RSI is sloping down near the 50 neutral threshold of 50. Failure to remain above the ascending line could send the price down to the 200-day simple moving average (SMA) at 1.2000, which [..]

Technical Analysis – USDJPY pauses decline, but downtrend remains intact

Posted on January 9, 2023 at 9:38 am GMT

USDJPY has been stuck in a downtrend in the four-hour chart, with the restrictive trendline formed from its recent lower highs repeatedly capping any upside moves. In the last couple of four-hour sessions, the pair’s retreat has come to a halt but efforts for recovery are currently meeting resistance at the 50-period simple moving average (SMA). The short-term oscillators are indicating that near-term risks are tilted to the downside. Specifically, the MACD histogram is softening below its red signal line [..]

Technical Analysis – US 500 cash index breaks rectangle; could this move last?

Posted on January 9, 2023 at 9:16 am GMT

The US 500 cash index has broken the upper boundary of imperfect rectangle it has been trading since December 20, but it is currently giving back some of the gains. This appears to be logical given the mixed signals provided by the momentum indicators. The RSI edged higher but now appears to be reevaluating, while the Average Directional Movement Index (ADX) seems unimpressed as it remains pinned down below the 25-level threshold. And the stochastic oscillator is once again complicating the overall [..]

Technical Analysis – Gold builds bullish trend; tests familiar resistance

Posted on January 9, 2023 at 8:38 am GMT

Gold bulls achieved another milestone last week, successfully retracing half of the March-September downtrend to stretch to a new five-month high of 1,879 on Monday. Some caution could develop at this phase as the price is currently trading around a key constraining zone, which rejected the rally in 2011 and capped bullish actions several times over the past two years. Yet there are a couple of encouraging signals that could still secure buying positions and send the precious metal higher. [..]

Technical Analysis – EURUSD jumps higher in ascending channel

Posted on January 9, 2023 at 7:47 am GMT

EURUSD recorded a stunning rally last week, adding more than 2% so far and approaching the 1.0700 psychological mark, holding within the upward sloping channel. The technical indicators suggest that the market could be boosted a little bit more in the short term. The RSI is currently increasing positive momentum above its neutral threshold of 50, while the MACD is gaining ground in the bullish area, remaining beneath its trigger line. Both are hinting that the next move in prices [..]

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