Technical Analysis / Page 192

Technical Analysis – Gold inches below key resistance, but still shines

Posted on November 14, 2022 at 8:31 am GMT

Gold opened with a small negative gap on Monday, pulling back below the August 25 high of 1,765 after stretching its extraordinary rally to a two-and-a-half month high of 1,772 last Friday. The latest impressive ascent confirmed a triple bottom structure around the 29-month low of 1,614, flagging a bullish trend reversal. Yet, some easing cannot be ruled out in the near term as the RSI and the stochastics seem to be losing momentum near overbought levels. Should the price reverse [..]

Technical Analysis – EURUSD skyrockets to 3-month high; bullish bias in near term

Posted on November 14, 2022 at 7:37 am GMT

EURUSD advanced sharply to a new three-month high of 1.0363 on Friday, continuing the bullish extension from Thursday’s session following the rebound off the parity level. The pair has jumped above the long-term descending channel, that was drawn since February, and is moving towards the 200-day simple moving average (SMA). If the market successfully surpassed the aforementioned line, then it may suggest a positive correction in the bigger outlook as well. However, the price is currently retreating with weak momentum, [..]

Technical Analysis – GBPJPY pauses decline at 50-day SMA

Posted on November 11, 2022 at 9:23 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. Even though the pair has been losing ground in the short term, the 50-day simple moving average (SMA) has capped its downside. The short-term oscillators are indicating that bearish forces are strengthening. Specifically, the RSI has dived beneath its 50-neutral mark, while the MACD histogram is softening below its red signal line but remains in the positive territory. If [..]

Technical Analysis – USDCAD confirms bearish trend reversal

Posted on November 11, 2022 at 8:36 am GMT

USDCAD completed a bearish head and shoulders structure following the rejection near the 50-day simple moving average (SMA) and the crash below the 1.3500 neckline on Thursday. The price marked a new two-month low of 1.3291 on Friday, stretching its losses below the crucial long-term resistance line and the 50% Fibonacci retracement of the 2020-2021 steep downtrend at 1.3330. Despite the freefall, the technical oscillators signal that the sell-off is not over yet. Particularly, with the MACD gaining extra negative momentum within the [..]

Technical Analysis – US 30 index tries to switch the outlook to slightly positive

Posted on November 11, 2022 at 8:25 am GMT

The US 30 index posted an aggressive bullish rally following the bounce off the 200-day simple moving average (SMA), shifting the short-term bias to positive. The RSI is moving higher approaching the overbought region, while the MACD is extending the bullish structure above its trigger and zero lines. An extension to the upside could take the market until the 34,280 resistance, registered on August 16. Further up, resistance could run towards the 35,500 barrier. On the other hand, if the pair [..]

Technical Analysis – BTCUSD plunges to 2-year low amid crypto market turmoil

Posted on November 10, 2022 at 2:56 pm GMT

BTCUSD (Bitcoin) has fallen sharply in the last couple of sessions on news that one of the largest crypto exchanges, FTX, is on the brink of default. The king of cryptocurrencies recorded a fresh two-year low of 15,620 before recouping a small part of its losses. The short-term oscillators are indicating that bearish forces have taken total control. Specifically, the RSI has exited the oversold zone but remains well below its 50-neutral mark, while the MACD histogram is retreating further beneath zero and [..]

Technical Analysis – AUDJPY trades between two key barriers

Posted on November 10, 2022 at 1:07 pm GMT

AUDJPY has been sliding since Monday, when it hit resistance slightly below the key territory of 95.60, which proved to be a strong hurdle for the bulls several times in the recent past. Yet, it remains above the important support zone of 91.00, something which combined with the fact that all the plotted moving averages point sideways, suggests a neutral outlook for now. The RSI is lying below 50 and is pointing down, but the MACD, although below its trigger line, [..]

Technical Analysis – JP 225 index falls from 28,000 peak

Posted on November 10, 2022 at 10:40 am GMT

The JP 225 index has come under renewed selling pressure, falling back below the 27,900 resistance level, but remaining slightly above the simple moving averages (SMAs). Despite the latest pullback though, the index has not posted a fresh lower low, which makes one hesitant to trust further declines for now. Looking at momentum oscillators on the daily chart though, they suggest further declines may be on the cards in the short-term. The RSI is near its neutral 50 line, detecting [..]

Technical Analysis – WTI oil futures plummet but 50-day SMA caps downside

Posted on November 10, 2022 at 9:05 am GMT

WTI oil futures (December delivery) have been experiencing a prolonged decline since mid-June when the price failed to surpass the 121.00 mark. Although the commodity managed to erase a part of its downtrend after bouncing at the nine-month low of 76.25, the technical picture has deteriorated again in the last couple of daily sessions. The momentum indicators currently suggest that bearish forces are strengthening. Specifically, the stochastic oscillator is descending near its 20-oversold zone, while the MACD histogram has dived beneath its red [..]

Technical Analysis – AUDUSD misses bullish target; bias neutral-to-bearish

Posted on November 10, 2022 at 8:33 am GMT

AUDUSD turned red after facing a strong rejection around the 0.6500 level on Wednesday. Notably, the pullback took place at the crossroads of two constraining lines, signaling a potential downside reversal. The technical oscillators reflect a neutral-to-bearish bias as the RSI is sliding gradually below its 50 neutral mark and the stochastics are changing direction to the south. Meanwhile, the MACD remains muted marginally below its zero line. The 23.6% Fibonacci retracement of the 0.7136-0.6139 downleg could provide immediate protection against selling pressures along with [..]

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