Technical Analysis / Page 177

Technical Analysis – USDCHF loses ground after exciting rally

Posted on January 4, 2023 at 8:22 am GMT

USDCHF experienced its fastest daily rally in a couple of months on Tuesday, advancing by 1.2% to chart an almost one-month high of 0.9397. Despite the strong bullish momentum, the price could not crawl back above the broken support trendline from the 2021 lows, sliding back to the red zone on Wednesday. A bullish bias has yet to be confirmed as the RSI keeps hovering below its 50 neutral mark, while the MACD, although above its red signal line, is still [..]

Technical Analysis – USDJPY plummets to fresh 7-month low

Posted on January 4, 2023 at 8:10 am GMT

USDJPY had experienced a significant uptrend in the past year, climbing to a 32-year high of 151.94 in mid-October. However, the pair has been experiencing a prolonged downside correction since then, with the price hitting a fresh seven-month low of 129.50 in the previous daily session. The short-term oscillators currently suggest that bearish forces have gained total control. Specifically, the RSI is declining near its 30-oversold zone, while the MACD histogram is retreating further below both zero and its red signal line. [..]

Technical Analysis – US 100 index shows encouraging signs

Posted on January 3, 2023 at 10:42 am GMT

The US 100 stock index (cash) opened the new year with a gap higher at 11,050, with the bulls aiming to cross the 2022 crucial dashed trendline that resumed its resistance role last week. The technical picture is showing signs of improvement. First of all, a triple bottom pattern seems to be in progress around 10,680, flagging a potential bullish trend reversal. In short-term signals, the positive slope in the RSI and the stochastic oscillator is an encouraging sign that upside pressures may persist [..]

Technical Analysis – US 500 index remains in tight range below short-term SMAs

Posted on January 3, 2023 at 10:18 am GMT

The US 500 cash index is looking more neutral as prices are consolidating within the 3,765 support and the 3,900 resistance. However, the upside momentum appears to be stronger as prices are attempting to climb above the 50- and the 100-day simple moving averages (SMAs) near the 3,900 barrier. The upside bias is also supported by the RSI, which has been hovering near the 50-neutral level, while the MACD is surpassing its trigger line. Should the pair manage to strengthen its positive [..]

Technical Analysis – JP225 index tries to stage a comeback after bearish December

Posted on January 3, 2023 at 10:12 am GMT

The JP225 cash index is trading sideways today as the bulls are trying to stage a comeback following an aggressively negative December. The bears, on the other hand, appear to be more confident as the momentum indicators seem to be supportive of the recent bearish bias. The RSI is well below the 50-midpoint and the Average Directional Movement Index (ADX) is drifting higher, pointing to a gradually stronger trend in the market. As the D- subcomponent remains clearly above the [..]

Technical Analysis – AUDUSD plunges more than 1% in short-term

Posted on January 3, 2023 at 8:49 am GMT

AUDUSD is retreating below the 0.6770 level and is hitting the bullish crossover within the 50- and the 200-period simple moving averages (SMAs). The RSI indicator is dropping beneath the neutral threshold of 50, while the stochastic is moving towards the oversold territory, both suggesting more losses in the short-term. If prices continue to head lower, support should come from the 0.6710 barrier. A decline below this line, too, would reinforce the bearish view and open the way towards the [..]

Technical Analysis – EURJPY hits 3-month low, but key support area nearby

Posted on January 3, 2023 at 8:46 am GMT

EURJPY stretched its bearish wave into the new year, tumbling to a three-month low of 138.20 on Tuesday. Previously, the support trendline drawn from March lows turned into resistance, squeezing the price below the 200-day simple moving average (SMA). While the RSI and the stochastics have yet to confirm oversold conditions, the lower boundary of the bearish channel could soon halt the sell-off around 137.50. If the above scenario materializes, the price may reverse up to retest the 140.00 mark. [..]

Technical Analysis – GBPUSD pinned down near 200-day SMA

Posted on January 3, 2023 at 8:34 am GMT

GBPUSD has been marching higher since September when the pair recorded an all-time low of 1.0324. However, in the short-term, the price appears to be stuck in a tight range around the 200-day simple moving average (SMA), with the narrowing Bollinger bands reinforcing the case of a potential impending spike. The short-term oscillators currently suggest that near-term risks are tilted to the downside. Specifically, the RSI slid below its 50-neutral mark, while the stochastic oscillator is set to post a bearish [..]

Technical Analysis – USDJPY flounders as the new year kicks in

Posted on January 2, 2023 at 10:28 am GMT

USDJPY could not gain fresh impetus on the first trading day of the year, retaining a muted tone near December’s four-month low of 130.55. The pair suffered its worst monthly loss since 2016 in December, with the decline worsening significantly following the rejection from the key resistance trendline that connects all the highs from the peak of 151.93. Failure to reach that trendline last week increased the odds for more downside in the four-hour timeframe. The negative trajectory in the [..]

Technical Analysis – EURCHF ready to escape the recent range trading?

Posted on January 2, 2023 at 9:16 am GMT

EURCHF has been range-trading since early December as the market focused on developments elsewhere. Both the Average Directional Movement Index (ADX) and RSI confirm this lack of trend, an indication of market complacency. On the other hand, while the Stochastic oscillator is trading around its midpoint, it appears to be sending a potential bearish signal. It is trying to break below the moving average. While this potential bearish signal seems to be in its infancy, the same cannot be said [..]

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