Technical Analysis / Page 185

Technical Analysis – USDJPY advances after the rebound off the 200-day SMA

Posted on December 7, 2022 at 9:23 am GMT

USDJPY recently bounced off the 200-day simple moving average (SMA) after the fall towards the three-and-half-month low of 133.55. The price is trying to create a bullish correction as in the short-term timeframe the bias is bearish. Technically, the MACD is gaining some momentum above its trigger line in the negative region, while the RSI is sloping slightly upwards to confirm the recent upside movement. However, the 20- and 40-day SMAs are still moving down, approaching the current market price. Should [..]

Technical Analysis – NZDUSD in a wait-and-see mode

Posted on December 7, 2022 at 8:55 am GMT

NZDUSD came under pressure marginally below the August high of 0.6467 at the start of the week, having gained almost 15% since the bottom at a 31-month high of 0.5510 in mid-October. Market sentiment may remain tepid, according to the momentum indicators. With the RSI losing steam near its 70 overbought mark, the stochastics struggling to post new highs above 80, and the MACD set to cross below its red signal line, a downside correction cannot be ruled out. The [..]

Technical Analysis – Is Facebook preparing for a bullish reversal?

Posted on December 6, 2022 at 2:09 pm GMT

The Facebook stock edged south after breaking below the lower bound of the sideways range that contained the price action between June 10 and September 13. The slide found a bottom at 87.00 on November 3, as thereafter the stock formed a higher low on November 28. What’s more, on the first day of December, investors took the price above 118.00, confirming a higher high and the completion of a failure swing bottom. Although this is usually considered a trend reversal [..]

Technical Analysis – Is AUDUSD set for another leg south?

Posted on December 6, 2022 at 12:34 pm GMT

AUDUSD traded in a consolidative manner on Tuesday, staying between the 50- and 100-period exponential moving averages (EMAs) and slightly below the prior upward sloping trendline drawn from the low of November 3. This keeps the door open for further declines but given that the pair is still trading above another, less steep, line taken from the low of October 13, such declines may be seen as just a deeper correction. The break below the steeper line confirmed the negative divergence [..]

Technical Analysis – JP225 consolidates above the 100-day SMA

Posted on December 6, 2022 at 10:10 am GMT

The drop in the Japan 225 stock index (cash) halted at the 100-day simple moving average (SMA) following the break of the October 3 – November 30 upward trending channel. The index is consolidating around the 27840 area, as it attempts to find its footing ahead of the festive lull. However, JP225 cannot rely on the momentum indicators for guidance. The stochastic oscillator managed to break below the overbought territory but now appears to be settling around the middle of [..]

Technical Analysis – GBPUSD declines from 5-month high, but outlook is still bullish

Posted on December 6, 2022 at 9:10 am GMT

GBPUSD retreated from the fresh five-month high of 1.2343 that was posted on Monday, returning back near the previous support at 1.2160 around the 200-day simple moving average (SMA). In the short-term the bias turned bullish, and more increases may switch the broader outlook to positive as well. From a technical perspective, the MACD oscillator is still gaining momentum above its trigger and zero lines, while the RSI is holding above the neutral threshold of 50 but it seems to [..]

Technical Analysis – EURJPY takes a swift upturn, but risks remain

Posted on December 6, 2022 at 8:56 am GMT

EURJPY drifted higher after stepping on the key support trendline that comes from the March lows at 140.75. Despite the swift upturn in the price, the RSI could not exit the bearish territory, while the MACD was unable to climb above its red signal line, both mirroring some persisting skepticism in the market. In the short-term picture, the pair has been trading within a downward-sloping channel since the peak at an eight-year high of 148.38. Hence, for buying interest to grow, the [..]

Technical Analysis – Gold faces August’s resistance; still supported

Posted on December 5, 2022 at 12:30 pm GMT

Gold sustained a muted tone during Monday’s early European trading hours, consolidating its latest spike around the August resistance territory and the 1,800 level despite inching to a new high of 1,809. Overbought signals become more evident as the RSI weakens below 70, while the stochastics look for a bearish crossover above 80. Yet, sellers may not take action, unless the 38.2% Fibonacci retracement of the 2,070–1,614 downleg at 1,788, which was a key barrier to downside movements during previous months, proves fragile. Should [..]

Technical Analysis – US 500 index stands above the 200-day SMA but for how long?

Posted on December 5, 2022 at 10:08 am GMT

The US 500 index is losing some momentum after an aggressive buying interest above the 200-day simple moving average (SMA) and the 4,000 round number in the preceding week. Technically, the RSI indicator is moving lower in the positive region, while the MACD is edging sideways near its trigger line and above the zero level. Both are suggesting a bearish correction. On the other hand, the 100- and 50-day SMAs are heading upwards, suggesting that the next movement would be [..]

Technical Analysis – EURCHF edges higher but bias unclear

Posted on December 5, 2022 at 9:09 am GMT

EURCHF has been gradually edging higher in the past few sessions as it attempts to find a clear direction ahead of an action-packed period. A series of higher highs and higher lows since the multi-decade low of September 26 of 0.9403 have placed the pair in a short-term bullish trend but the near-term bias remains unclear. The September 29 upward sloping trendline has been acting as a trailing support amidst an environment of lower volatility. A cross check of the indicators [..]

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