Technical Analysis / Page 176

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 [..]

Technical Analysis – Netflix stock aims to fill gap as rebound resumes

Posted on January 5, 2023 at 2:28 pm GMT

Netflix’s stock experienced a devastating year, losing more than 60% of its value and generating a five-year low of 161.40. However, the share price has been staging a moderate rebound since May and is currently attempting to fill the massive gap created after its disappointing Q1 earnings announcement. The momentum indicators are endorsing the continuation of the stock’s recovery. Specifically, the RSI has crossed above its 50-neutral mark, while the stochastic oscillator is ascending within the 80 overbought zone. Should [..]

Technical Analysis – BTCUSD fails to break above 200-SMA

Posted on January 5, 2023 at 1:18 pm GMT

BTCUSD has been experiencing a prolonged period of consolidation in the four-hour chart, with the price failing to escape its narrow range. Since the beginning of 2023, the cryptocurrency has been attempting a rebound, but its advance has been repeatedly held down by the 200-period simple moving average (SMA). The momentum indicators currently suggest that near term risks are tilted to the upside. Specifically, the RSI is pointing upwards above its 50-neutral mark, while the stochastic oscillator is set to [..]

Technical Analysis – GBPJPY rises from 3-month low but is still negative

Posted on January 5, 2023 at 9:31 am GMT

GBPJPY edged higher from the 155.30 support level but remains well below the bearish crossover within the 20- and the 200-day simple moving averages (SMAs). In the short term, the pair is bearish after the selling interest that started from the almost seven-year high of 172.10. Technically, the RSI indicator is falling beneath the neutral threshold of 50; however, the MACD is trying to overcome its trigger line in the bearish region. Should the price retreat, the 155.30 level, which [..]

Technical Analysis – AUDUSD consolidates after 200-day SMA curbs advance

Posted on January 5, 2023 at 9:04 am GMT

AUDUSD has been in a recovery mode since mid-October when its long-term downtrend hit a bottom at the 32-month low of 0.6169. However, the pair’s rebound appears to be fading as the price has been constantly held down by the 200-day simple moving average (SMA). The momentum indicators currently suggest that bullish forces are subsiding but remain in charge. Specifically, the MACD histogram is holding above both zero and its red signal line, while the RSI is pointing downwards in the positive territory. If the [..]

Technical Analysis – EURUSD moves sideways, but recent “balance of terror” could end soon

Posted on January 5, 2023 at 8:55 am GMT

EURUSD is currently trading sideways but remains inside a well-respected rectangle since December 13. The beginning of the new trading year does not appear to have unsettled the recent “balance of terror” in the market. The momentum indicators seem to be hypnotized by the current range-trading as the Average Directional Movement Index (ADX) remains below 25 and shows minimal variation lately. Similarly, both the RSI and Stochastic are hovering just below their midpoints. A bearish double top pattern has formed since early December [..]

Technical Analysis – Silver bulls remain in control, but evidence of possible exhaustion appears

Posted on January 4, 2023 at 12:45 pm GMT

Silver has started the new trading year on a positive note, though less impressive than its shiny counterpart, as it currently trades close to the highest level since April 22. Silver has been gently moving higher, inside a well-structured upwards trending channel since November 3. A series of higher highs and higher lows have been recorded since September 2022, sending a strong message in favour of the current bullish medium-term trend. This trend continues to enjoy the support of both the [..]

Technical Analysis – Gold rallies to 7-month peak, stretching the bullish structure

Posted on January 4, 2023 at 10:44 am GMT

Gold skyrocketed to a new seven-month high of 1,865, exiting from the medium-term ascending channel, suggesting that the recent uptrend is likely to stay in place for now. The RSI is standing in the overbought territory, while the MACD is extending its bullish momentum above its trigger and zero lines. In case the pair continues its direction to the upside, the bulls will probably challenge the previous top at 1,878. A break higher, could last until the 2,000 psychological mark, registered in April [..]

Technical Analysis – Where next for natural gas futures?

Posted on January 4, 2023 at 9:34 am GMT

Natural gas futures (February delivery) have been in the red almost every single day since mid-December, having almost snapped the 2022 ascent to chart a new low of 3.88 on Tuesday. The price is currently trading 60% below the August peak of 9.95, but hopes for an upside reversal are now gaining strength as the market is nearing its 2022 base of 3.85-3.48 and the RSI and the stochastics are fluctuating within the oversold territory. If the bears stay in power, squeezing the market [..]

Technical Analysis – NZDUSD ticks up from falling trend line

Posted on January 4, 2023 at 8:44 am GMT

NZDUSD is rising after bouncing off the long-term descending trend line and the 200-day simple moving average (SMA) but is still hovering beneath the 20-day SMA. The negatively aligned Tenkan-sen line serves as a testament to the negative short-term momentum. The Chikou Span, though, is signaling a potentially oversold market; a near-term reversal should thus not be ruled out. The MACD oscillator is still declining beneath its trigger line in the positive region; however, the RSI is pointing upwards above the neutral [..]

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