Technical Analysis / Page 182

Technical Analysis – EURAUD breaks rectangle, but bullish bias not confirmed yet

Posted on December 16, 2022 at 9:39 am GMT

EURAUD has finally broken above the recent rectangle and currently trades around 1.5880, a busy area with multiple highs seen in the December 2021 – January 2022 period. Successful breakouts higher from rectangle patterns tend to result in sizable moves, but at the moment only the upward sloping simple moving averages (SMA) are vividly supporting a bullish bias. Should the bulls decide to push EURAUD higher, there seems to be little resistance until the February 4 high of 1.6228. On [..]

Technical Analysis – USDCAD stuck in range, supported by 50-day SMA

Posted on December 16, 2022 at 9:03 am GMT

USDCAD has been in an uptrend since March, storming to a fresh 30-month high of 1.3976 before experiencing a downside correction. Even though the pair erased part of its recent pullback, it has been rangebound in the last few daily sessions, with the 50-day simple moving average (SMA) capping its downside. The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the MACD histogram is strengthening above both [..]

Technical Analysis – GBPJPY hovers in ascending triangle near 167.00

Posted on December 16, 2022 at 8:31 am GMT

GBPJPY reversed to the downside to test its short-term simple moving averages (SMAs) after the pullback off the 169.05 barrier. Although the pair has been printing higher lows above September’s trough, it was unable to find enough buying power to chart new highs. In other discouraging signals, the RSI is pointing downwards near the neutral threshold of 50, while the MACD is moving with weak momentum near its trigger and zero lines. Should the pair stretch south and break the upward line, it may [..]

Technical Analysis – EURCHF completes symmetrical triangle

Posted on December 15, 2022 at 1:53 pm GMT

EURCHF remained on the sidelines on Thursday following the ECB policy announcement, completing a symmetrical triangle below the 200-day simple moving average (SMA) at 0.9868. The formation occurred within a short distance above the 7½-year low of 0.9551, with the momentum indicators currently flagging a neutral-to-bullish bias. The RSI is moving horizontally marginally above its 50 neutral mark, the stochastics – although pointing upwards – maintain a neutral trajectory between their 20 and 80 levels, while the MACD is stable [..]

Technical Analysis – BTCUSD tests upper range of sideways channel

Posted on December 15, 2022 at 12:28 pm GMT

BTCUSD has been trading in a new lower sideways channel since November but a gradual pickup of positive momentum over the last couple of weeks has raised the price close to the range ceiling at 18,000. However, the 18,000 resistance is proving to be a tough obstacle as the technical indicators are pointing to a weakening of the bullish bias. The RSI has started to gently dip lower even before reaching the 70 overbought level, while the %K line of [..]

Technical Analysis – EURUSD bullish bias under threat

Posted on December 15, 2022 at 10:49 am GMT

EURUSD is correcting towards the 1.0610 area after reaching 1.0694, the highest level since June 29. EURUSD has been on an upward trending path since printing a multi-decade low of 0.9535 on September 28, with the latest upleg since late November being the most aggressive one. There are still a few supportive factors for the current bullish bias. The simple moving averages (SMA) are pointing higher, EURUSD is hovering above the Bollinger bands’ midpoint and the November 4 upward trendline remains valid. If the bulls [..]

Technical Analysis – AUDUSD consolidates as rebound falters near 200-day SMA

Posted on December 15, 2022 at 8:45 am GMT

AUDUSD had been stuck in a steep downtrend since early March but managed to recoup some losses after bouncing at the 30-month low of 0.6169. However, the pair has been trading without clear direction in the last couple of daily sessions as its advance came to a halt at the 200-day simple moving average (SMA). The momentum indicators are reflecting a loss of positive momentum. Specifically, the MACD histogram is softening but remains above both zero and its red signal [..]

Technical Analysis – WTI futures head north after one-year low

Posted on December 15, 2022 at 8:39 am GMT

WTI crude oil futures have found a strong support level at the one-year low of 70.15, sending the price higher towards the 20-day simple moving average (SMA). The price remains well below the medium-term descending trend line with the technical indicators suggesting some contradicting signs. The MACD is standing above its trigger line in the positive region, while the stochastic is advancing in the overbought region. However, the RSI is ticking marginally down near the neutral threshold of 50, confirming today’s bearish start. In [..]

Technical Analysis – US 30 index keeps focus on the upside

Posted on December 14, 2022 at 4:04 pm GMT

The US 30 index (cash) trimmed a large part of Tuesday’s rally to close back below the 61.8% Fibonacci retracement of the January-October downtrend at 34,275. Despite the pullback, the technical signals remain encouraging. The price has bounced on the 20-day simple moving average (SMA) and the 34,000 psychological mark to trade higher again. The progressing golden cross between the 50- and 200-day SMAs is raising hopes for an uptrend resumption. Meanwhile, both the RSI and the stochastics are strengthening in [..]

Technical Analysis – Adobe stock struggles to clear 350 resistance level

Posted on December 14, 2022 at 3:23 pm GMT

Adobe stock has jumped above its long-term descending trendline, although this may have been a false breakout as the positive momentum has already started to fade. Subsequently, the price is facing a fresh obstacle at the 100-day simple moving average (SMA) around 345. The stochastic oscillator seems to be headed towards a bearish crossover of the %K and %D lines, while the MACD histogram has yet to rise above its red signal line after the latest recovery in the price [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

Technical Analysis

XM Live Chat