Technical Analysis / Page 194

Technical Analysis – EURCHF is printing higher highs and higher lows

Posted on November 7, 2022 at 11:20 am GMT

EURCHF has been in a recovery mode since Thursday, after it hit support at around 0.9830, near the 100-day exponential moving average. Overall, the pair has been printing higher highs and higher lows since September 26, when it hit a record low near the 0.9400 level. That said, it remains below the 200-day EMA and thus, a break above that moving average may be needed for the picture to become brighter. The RSI rebounded from slightly above its 50 line, while the [..]

Technical Analysis – US 500 index flirts with 50-day SMA but outlook remains negative

Posted on November 7, 2022 at 11:03 am GMT

The US 500 stock index is moving slightly higher, approaching the 50-day simple moving average (SMA), holding well above the crucial 200-weekly SMA, which is acting as strong support level near 3,635. The RSI indicator is pointing slightly up near the neutral threshold of 50, while the MACD is moving sideways near its trigger and zero lines. If price action jumps above the 50-day SMA (immediate resistance), there is scope to test the 100-day SMA around the 3,920 barrier. Clearing [..]

Technical Analysis – Gold jumps above trendline but 50-day SMA curbs advance

Posted on November 7, 2022 at 8:48 am GMT

Gold has been losing ground since early March, generating a profound structure of lower highs and lower lows within a descending channel. However, in the previous daily session, bullion managed to profoundly cross above its restrictive trendline before the 50-day simple moving average (SMA) capped its upside. The momentum indicators currently suggest that bullish forces are strengthening. Specifically, the RSI has jumped above its 50-neutral mark, while the stochastic oscillator is ascending after bouncing at its 20-oversold level. To the upside, [..]

Technical Analysis – EURUSD perks up after impressive rally

Posted on November 7, 2022 at 8:41 am GMT

EURUSD experienced its fastest daily rally in two years on Friday, advancing by 2.0% to an intra-day high of 0.9965. The swift bounce back took place at the bottom of a short-term ascending channel, adding credence to the series of higher highs and higher lows that emerged following the plunge to a 20-year low of 0.9535. The momentum signals are also sending some encouraging signals as the RSI has forcefully returned above its 50 neutral mark and the stochastics have resumed their [..]

Technical Analysis – USDJPY hovers within symmetrical triangle; lacks direction

Posted on November 7, 2022 at 8:05 am GMT

USDJPY has been developing within a symmetrical triangle since October 24 in the 4-hour chart, indicating a weakening bias of the strong bullish move of the preceding months. The technical oscillators are confirming this view as the RSI is flattening beneath the neutral threshold of 50 and the MACD is moving sideways below its trigger and zero lines. A decisive close above the short-term simple moving averages (SMAs) near 147.40-147.50 could reduce negative risks, producing another bullish extension towards the [..]

Technical Analysis – GBPJPY declines sharply after hitting 6½-year high

Posted on November 4, 2022 at 2:19 pm 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. Nevertheless, the pair has quickly surrendered some ground in the past week, hinting that the latest rally could be overstretched. 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 has crossed below its red signal line but remains in the positive territory. If [..]

Technical Analysis – USDCHF pulls below October’s high; bias still bullish

Posted on November 4, 2022 at 12:07 pm GMT

USDCHF’s swift advance ran out of steam near October’s 3½-year high of 1.0147 on Thursday, with the price returning to the red zone early on Friday. From a technical perspective, buying interest may keep supporting the market as long as the momentum indicators fluctuate within the bullish area. Though, with the stochastics setting a bearish cross above their 80 overbought level, a negative correction may not be surprising. If the price slips below May’s resistance of 1.0063, the door will open [..]

Technical Analysis – GBPUSD breaks a short-term uptrend line

Posted on November 4, 2022 at 12:06 pm GMT

GBPUSD tumbled yesterday after the BoE’s dovish triple hike, breaking below the short-term uptrend line drawn from the low of September 26. The slide came after the pair struggled to overcome the longer-term downtrend line taken from the high of February 23, taking it below all three of the plotted exponential moving averages. All this points to a negative short-term outlook. GBPUSD hit support near the 1.1145 level after the slide and rebounded somewhat, while our short-term oscillators are suggesting [..]

Technical Analysis – WTI oil futures sustain bullish bias but with some caution

Posted on November 4, 2022 at 8:46 am GMT

WTI oil futures (December delivery) are set to close with mild gains for the third consecutive week after struggling to successfully enter the 90 territory. While the positive trajectory in the momentum indicators promotes a bullish continuation, the 90.57-92.32, which includes the 20- and 50-period simple moving averages (SMAs) on the weekly chart, could ruin further progress. A decisive close above that region would mark a new higher high in the chart, boosting hopes for a positive trend reversal. If that were the case, the [..]

Technical Analysis – USDCAD pauses rebound as positive momentum weakens

Posted on November 4, 2022 at 8:39 am GMT

USDCAD has been in a steep uptrend since mid-September, storming to a fresh 29-month high of 1.3976 before experiencing a moderate pullback. Although the pair managed to recoup some losses after finding its feet at the 1.3500 region, the recent recovery appears to be running out of juice. The momentum indicators currently suggest that bullish forces are waning. Specifically, the MACD histogram remains beneath its red signal line but in the positive territory, while the stochastic oscillator is pointing downwards after [..]

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