Technical Analysis / Page 186

Technical Analysis – EURUSD shows positive signs above 1.0500

Posted on December 5, 2022 at 8:53 am GMT

EURUSD advanced above the 1.0500 in the previous couple of sessions, suggesting that the market is in a bullish mode in the short-term timeframe. Regarding the trend, it is likely to remain on the upside as the price continues to stay above the 200-day simple moving average (SMA). The MACD oscillator is strengthening its bullish momentum above its trigger line in the positive region; however, the RSI is holding near the overbought territory, suggesting some losses. An extension to the upside could meet the 1.0620 resistance level [..]

Technical Analysis – USDCAD steps on 20-SMA; bears still present

Posted on December 2, 2022 at 9:50 am GMT

USDCAD had a lukewarm start to December, barely gaining bullish traction despite taking support from the 20-day simple moving average (SMA) at 1.3394. The pair has completed two consecutive negative months, charting a bearish head and shoulders pattern around the 29-month peak of 1.3976. Even though the bulls attempted to deactivate the bearish structure above the 1.3500 neckline this week, the 50-day simple moving average (SMA) pressed the price aggressively lower, keeping negative trend risks alive. In momentum indicators, the [..]

Technical Analysis – USDCHF may open the way for lower lows in medium-term

Posted on December 2, 2022 at 8:45 am GMT

USDCHF is testing the previous bottom after two straight negative days with the technical oscillators suggesting a sideways move. The short-term bias is to the downside following the pullback from the three-year high of 1.0147. The MACD is holding in the bearish territory, weakening its momentum, while the RSI is flattening slightly above the 30 level. Immediate support to further declines may take place around the 0.9195 support, while the 0.9150 barrier could provide additional support in case of steeper losses. A [..]

Technical Analysis – GBPJPY crosses below 50-day SMA as bearish bias strengthens

Posted on December 2, 2022 at 8:27 am GMT

GBPJPY has experienced a steep uptrend since late September, with the price gaining almost 15% and posting a fresh 6½-year high of 172.10. However, the pair has declined moderately from its recent peak and has been trading below its 50-day simple moving average (SMA) in the last couple of sessions. The momentum indicators currently suggest that bearish forces are intensifying. Specifically, the RSI is declining beneath its 50-neutral mark, while the MACD histogram is retreating below both zero and its red signal line. [..]

Technical Analysis – LTCUSD completes golden cross but advance pauses

Posted on December 1, 2022 at 3:31 pm GMT

LTCUSD (Litecoin) experienced a massive decline in 2022, plummeting to a 25-month low of 40.30 in June. Even though the cryptocurrency managed to regain some ground after trading sideways for around five months, its rebound appears to have temporarily paused. The momentum indicators are endorsing a positive near-term tone. Specifically, the RSI is ascending above its neutral mark of 50, while the stochastic oscillator is approaching the overbought territory. Should buying pressures persist, the price could initially test the recent rejection region of [..]

Technical Analysis – Silver bulls roar back; meet key resistance

Posted on December 1, 2022 at 12:03 pm GMT

Silver staged an exciting rally to re-enter the 22.00 region on the back of Powell’s dovish tone on Wednesday. The 50% Fibonacci retracement of the 26.93-17.54 downtrend at 22.25 is again under the spotlight, pushing the market back to losses after the pickup to a new high of 22.39 early on Thursday. Yet, the bulls may have some extra fuel in the tank according to the RSI and the MACD. The former has recently recouped some ground above its 50 neutral mark, [..]

Technical Analysis – US 30 index unlocks new more-than-7-month high

Posted on December 1, 2022 at 11:11 am GMT

The US 30 cash index posted a notable bullish day yesterday, jumping above a key level of 34,280, adding to the optimism for further positive movements. The index hit a fresh more-than-seven-month high of 34,600; however, the technical oscillators are currently suggesting a bearish correction. The RSI touched the overbought region and dived lower, while the MACD is holding beneath its trigger line. Should the price manage to reinforce the upside move, the next resistance could come around 35,500, registered [..]

Technical Analysis – EURUSD consolidates within a trading range and below 1.0500

Posted on December 1, 2022 at 9:22 am GMT

EURUSD has reversed back down again after three consecutive green 4-hour sessions. The price failed to reach the 1.0495 barrier and the consolidation area in the medium-term is still in place. The RSI indicator is suggesting more losses as it is pointing down in the bullish area, while the stochastic is ticking south in the overbought zone. Further losses should see the 20- and 40-period simple moving averages (SMAs) at 1.0375 and 1.0350 respectively, acting as major support levels. Also, [..]

Technical Analysis – AUDUSD targets 200-SMA after solid November

Posted on December 1, 2022 at 9:08 am GMT

AUDUSD jumped into the 0.6800 territory early on Thursday after a remarkable session in November, which added 6% to the pair’s value—the largest gain since April 2020. The progress followed the confirmation of a bullish inverse head and shoulders (H&S) pattern near the 30-month low of 0.6169, though the 200-day simple moving average (SMA), which has been a major obstacle to bullish actions, remains a threat at 0.6915. The 50% Fibonacci retracement of the 0.7660-0.6169 downtrend is also in the neighborhood. Nevertheless, [..]

Technical Analysis – WTI oil futures bounce off 11-month low

Posted on December 1, 2022 at 9:06 am GMT

WTI oil futures (January delivery) have been stuck in a downtrend since mid-June when the price failed to surpass the 121.00 mark. Moreover, in the last few daily sessions, the commodity plummeted to a fresh 11-month low before recouping some losses. The momentum indicators currently suggest that bearish forces remain in control. Specifically, the RSI is hovering beneath its 50-neutral mark, while the MACD histogram is below both zero and its red signal line. If selling pressures persist, the September low of 76.25 could [..]

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