USDJPY gets hammered after monthly US data miss forecasts; support could develop near 153.35 Gold strengthens short-term upleg; eyes turn to the 2,400 area as bias remains positive US 500 stock index hits all-time high; looks bullish, but room for improvement could be limited [..]
Gold remains bullish in near term RSI moves horizontally below 70 level Gold prices recorded their second session of losses in the 4-hour chart after a failed attempt to break significantly above the 2,400 round level. Chances for a reversal are increasing as the RSI is pointing south after the climb in the overbought region, while the MACD is weakening its momentum above its trigger and zero lines. Another step lower may reach a key support at 2,378, where the price [..]
AUDUSD jumps above trading range MACD indicates more gains; but RSI heads south 20- and 50-day SMAs post bullish cross AUDUSD posted a strong bullish day on Wednesday, showing some more upside pressure today, towards a fresh four-month high, exiting from the consolidation area of 0.6390-0.6635. A rally higher until the next resistance level of 0.6730 could endorse a bullish retracement in the market. Technically, the 20- and the 50-day simple moving averages (SMAs) posted a bullish crossover suggesting more [..]
Tesla reverses higher before coming under pressure again Key hurdles on the upside yet to be cleared Tesla stock rebounded off the 20-day simple moving average (SMA) following the retreat from the two-month high of 198.62. But further gains are in doubt as the price is heading lower today. The short-term picture is mixed according to the momentum indicators. The stochastic oscillator has bounced sharply off from oversold levels, but the RSI is fluctuating around the 50 neutral level. If [..]
EURUSD powers up after US CPI & retail sales data favor rate cuts But gains almost evaporate as overbought conditions emerge Buyers need a close above 1.0880 EURUSD sped up to a fresh one-month high of 1.0868 as a slightly softer-than-expected monthly CPI data and stagnant retail sales weighed on the US dollar. The spike in the price, however, proved short-lived, with the pair returning to its pre-CPI level near 1.0830 in the next hours. Technically, the pair hit a [..]
NZDUSD rises above 200-day SMA too RSI and stochastics suggest more bullish moves NZDUSD is flying above the medium-term ascending trend line and the 200-day simple moving average (SMA), indicating a potential upside recovery. According to the technical oscillators, the RSI is heading north and is approaching the 70 level with strong momentum, while the stochastic is entering the overbought territory after the bullish crossover within its %K and %D lines. If the market continues the buying interest, then it may move [..]
USDJPY bulls face limitations ahead of the US CPI inflation figures Short-term risk tilted to the upside, but confirmation required above 156.60 USDJPY recouped more than half of its sharp losses that occurred at the start of the month thanks to the bounce off the 50-day simple moving average (SMA) near 151.84. But the bulls seem to be struggling to jump back into the broken bullish channel, which is currently capping upside movements near 156.60. Given the pair’s rise [..]
US 500 remains positive but looks overstretched Stochastics suggest negative retracement The US 500 cash index is moving with weak momentum around the 5,240 resistance level, failing to extend the rebound off the uptrend line that started back on May 1. The technical oscillators are indicating a negative correction, as the RSI is flattening above the 50 territory, while the stochastic posted a bearish crossover in the overbought region. A downside movement could take the price until the immediate 50-day [..]
Platinum futures surge to the highest this year Traders might turn cautious as key resistance area is nearby Platinum futures (July delivery) surpassed April’s high and advanced to a more-than-a-five month high of 1,023 on Monday to enter their third week of gains. But there are some warning signs that the bulls might lose some impetus. First, the price is trading marginally below the 61.8% Fibonacci retracement of the April-November 2023 downleg at 1,030, which caused the sharp downfall in January 2024. [..]
EURJPY in the green for the seventh consecutive trading day Bulls aim for April’s multi-year highs, but they might run out of steam soon For the past week, EURJPY has been experiencing a non-stop upward movement, currently targeting April’s bar of 169.27, which proved tough to claim despite the flash spike to a 40-year high of 171.56. Having jumped back above January’s upward-sloping channel, the pair might retain buying interest in the coming sessions. The technical indicators confirm this narrative as [..]
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