Technical Analysis / Page 191

Technical Analysis – EURUSD flirts with 20-period SMA as bounce loses steam

Posted on November 17, 2022 at 10:06 am GMT

EURUSD has been consolidating in the 4-hour chart, after the rally towards the 1.0480 resistance level. The neutral to bearish picture in the short-term looks like it will last for a while longer as the technical oscillators are suggesting some losses as well. The RSI is ticking down in the positive area, while the MACD is moving south below its trigger line. Resistance was met at around the 1.0480, forcing the pair to reverse lower. If prices continue to head down and drop beneath the [..]

Technical Analysis – AUDUSD remains above downtrend line but with weak momentum

Posted on November 17, 2022 at 8:00 am GMT

AUDUSD is still standing above the long-term downtrend line; however, the momentum is too weak to sustain the bullish movement that started after the bounce off the 0.6270 support level. The MACD oscillator is strengthening the positive move above its trigger and zero lines, suggesting more gains, but, on the other hand, the RSI is sloping marginally down after several failed attempts to climb into the overbought region. In trend indicators, the 20- and 50-day simple moving averages (SMAs) created [..]

Technical Analysis – USDCHF rebounds near 2020 support trendline

Posted on November 17, 2022 at 7:50 am GMT

USDCHF suffered a tremendous drop of 5% last week, but the 2020 support trendline came to the rescue, halting the freefall at a seven-month low of 0.9355. Although in bearish territory, the RSI and the stochastics are pushing higher to exit the oversold region, reflecting fading selling forces. The pair has been trapped below the familiar resistance of 0.9450 so far this week and a penetration of that wall is probably required to trigger the next bullish phase. Note that the 50% Fibonacci retracement [..]

Technical Analysis – Gold builds base around 3-month high

Posted on November 16, 2022 at 10:49 am GMT

Gold has advanced considerably since the beginning of the previous week, adding more than 7% and hitting a new three-month high of 1,786. The technical picture supports that the price may continue the move with weaker momentum than before as the RSI is moving sideways in the overbought territory, while the MACD fell beneath its red signal line in the positive zone. In the wake of negative pressures, the market could meet support at the 20-period simple moving average (SMA) [..]

Technical Analysis – Nvidia stock ascends sharply ahead of earnings

Posted on November 16, 2022 at 9:15 am GMT

Nvidia’s stock has been stuck in a prolonged downtrend since mid-March, generating a profound structure of lower highs and lower lows. However, the price has rebounded in recent weeks after finding its feet at the 2022 low of 108.00. The momentum indicators currently suggest that positive momentum is picking up. Specifically, the RSI is hovering within the 70-overbought territory, while the MACD histogram is strengthening above both zero and its red signal line. Should buying pressures persist, the price could meet initial resistance at [..]

Technical Analysis – USDJPY consolidates above previous lows

Posted on November 16, 2022 at 8:30 am GMT

USDJPY is moving sideways after the selling interest that started in the preceding week. The drop beneath the long-term ascending trend line is shifting the market to neutral with the technical oscillators endorsing the previous negative movement. The MACD is losing momentum below its trigger and zero lines, indicating more losses, while the RSI is still holding in the negative territory but is pointing slightly up. Further losses should see the 137.40 support ahead of the next low of 135.55. [..]

Technical Analysis – NZDUSD consolidates gains near September’s high

Posted on November 16, 2022 at 8:18 am GMT

NZDUSD finished Tuesday’s session below September’s high of 0.6160 despite touching the 0.6200 level. Previously, the pair set a nice foothold around the broken bullish channel at 0.6093, defending its short-term uptrend off 31-month lows. The 38.2% Fibonacci retracement of the 0.7032-0.5510 downleg cemented that floor as well. But the bears could be just around the corner as the price is struggling to gain fresh positive momentum and the RSI and the stochastics are flagging overbought conditions. Selling interest, however, may remain muted [..]

Technical Analysis – US 500 index edges higher, 200-day SMA in focus

Posted on November 15, 2022 at 2:26 pm GMT

The US 500 stock index (cash) has been constantly gaining ground in the short term, recording consecutive higher highs. Moreover, the advance accelerated last week after the softer-than-expected US CPI print, with the price currently approaching the 200-day simple moving average (SMA). The short-term oscillators currently suggest that bullish forces are intensifying. Specifically, the RSI is sloping upwards above its 50-neutral mark, while the MACD histogram is strengthening beyond both zero and its red signal line. Should buying pressures persist, the price could initially test [..]

Technical Analysis – EURJPY’s bullish trend cracks

Posted on November 15, 2022 at 8:43 am GMT

EURJPY halted its latest steep decline near the 50-day simple moving average (SMA), returning to the green zone on Monday. The bulls are currently aiming for the 145.00 psychological mark, though the short-term technical picture is barely backing the positive action in the price. Particularly, the bullish trend is showing signs of exhaustion in the short-term timeframe after the peak at an eight-year high of 148.38, with the price making lower lows and lower highs. In momentum indicators, the RSI and [..]

Technical Analysis – GBPUSD remains slightly below the 2½-month peak

Posted on November 15, 2022 at 8:38 am GMT

GBPUSD is looking bullish in the short term after surging above its daily moving averages (MAs) and the long-term descending trend line. Prices hit a two-and-half-month high of 1.1853 on Friday, and the technical indicators are all pointing to further positive momentum in the near term. The MACD oscillator is heading upwards, strengthening its positive momentum above its trigger and zero lines, suggesting plenty of scope for additional upside moves. The RSI is moving slightly sideways into bullish territory but [..]

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