Technical Analysis / Page 195

Technical Analysis – XRPUSD (Ripple) trapped between moving averages

Posted on November 3, 2022 at 3:54 pm GMT

XRPUSD (Ripple) has been consolidating after its recent upside attempt hit a wall at the 38.2% Fibonacci retracement of the March-June downtrend around 0.5257. The neutral picture looks set to last a little longer as the 20-day simple moving average (SMA) is capping prices from above, while the 200-day SMA has been providing a floor. The momentum indicators are further backing the neutral bias in the short term as the RSI has been hovering around the 50 level for a [..]

Technical Analysis – EURUSD slips back below downtrend line

Posted on November 3, 2022 at 1:38 pm GMT

EURUSD came under strong selling pressure yesterday following Fed Chair Powell’s hawkish remarks, breaking back below the medium-term downtrend line drawn from the high of February 10. The pair extended its slide today, breaking a short-term upward sloping support line taken from the low of September 28. These technical signs suggest that the bears are back in the driver’s seat. Our short-term oscillators are detecting strong downside speed, which adds more credence to that notion. The RSI is lying below 30 [..]

Technical Analysis – AUDUSD retreats after latest rebound falters

Posted on November 3, 2022 at 8:54 am GMT

AUDUSD has been in a steep downtrend since early March, generating a profound structure of lower highs and lower lows. Although the pair managed to find its feet at the 30-month low of 0.6169 and recoup some losses, it quickly moved lower after the 50-day simple moving average (SMA) curbed its upside. The momentum indicators are endorsing this bearish near-term bias. Specifically, the RSI is declining below its 50-neutral mark, while the stochastic oscillator has dived in the oversold area. Should selling [..]

Technical Analysis – GBPJPY in the red ahead of BoE rate decision

Posted on November 3, 2022 at 8:27 am GMT

GBPJPY returned to losses after marking its largest monthly gain in more than five years in October, with the price pulling below the almost six-year high of 172.10 to trade within the 167.00 region. The bearish wave saw another extension following the close below the ascending trendline, but the oversold signals in the RSI and the stochastics suggest that the decline in the four-hour chart might be overdone. The key support region around 167.60 is currently under examination, while slightly beneath that, the 23.6% [..]

Technical Analysis – EURAUD tests key support zone

Posted on November 2, 2022 at 2:54 pm GMT

EURAUD traded lower during the last 10 days as marked by the downward trending resistance line drawn from the high of October 24. However, the pair found strong resistance between the 1.5350 and 1.5400 territories, slightly above the 200-period exponential moving average and the uptrend line drawn from the low of August 26. This paints a neutral picture for now. The RSI is lying below 50 and pointing up, while the MACD is running below both its zero and trigger [..]

Technical Analysis – GER 40 index snaps key resistance; more obstacles ahead

Posted on November 2, 2022 at 2:53 pm GMT

The German 40 index (cash) improved its fortunes after crawling above the tough descending trendline that has been navigating the market since the double top at a record high of 16,296 in January. Given the overbought signals in the stochastics and the weakening moment in the RSI, a downside correction could be possible. Yet, traders may not get concerned unless the price tumbles below the 13,100 area. That is where the broken descending trend line intersects the 38.2% Fibonacci retracement of the 7,961-16,296 upleg at the [..]

Technical Analysis – EURGBP stays below the lower bound of a range

Posted on November 2, 2022 at 12:56 pm GMT

EURGBP has been trading in a consolidative manner recently, staying above the 0.8565 support level, marked by the low of September 6, but also below the lower boundary of the sideways range that contained most of the price action between October 3 and 27. This suggests a cautiously negative short-term outlook and the fact that the pair is trading below all three of the plotted exponential moving averages adds extra credence to that view. The RSI ticked down after it hit resistance [..]

Technical Analysis – Gold accelerates above short-term SMAs

Posted on November 2, 2022 at 10:50 am GMT

Gold prices are rising above the short-term simple moving averages (SMAs) but the medium-term view in the 4-hour chart is neutral. The RSI is sloping upwards above the 50 level, while the MACD is moving sideways near its trigger and zero lines. A decisive close above the 1,657 resistance and the 200-period SMA at 1,662 could reduce negative risks, producing another bullish extension towards the key 1,667 resistance. Beyond that, traders will target the 1,675 barrier, a break of which [..]

Technical Analysis – USDJPY consolidates after advance pauses, uptrend intact

Posted on November 2, 2022 at 8:56 am GMT

USDJPY has been in a prolonged uptrend for almost two years, crossing above its historical resistance levels to reach consecutive multi-year highs. However, the pair has been trading sideways in the last few daily sessions as its rally appears to be running out of juice. The short-term oscillators currently suggest that bullish forces are waning but still retain control. Specifically, the RSI is pointing downwards slightly above its 50-neutral mark, while the MACD histogram is softening below its red signal line in the positive territory. To the [..]

Technical Analysis – US 30 index looks overbought after exciting rally

Posted on November 2, 2022 at 8:51 am GMT

The US 30 index (cash) has completed four strong bullish weeks, with the price advancing above the 200-day simple moving average (SMA) to top at a two-month low of 32,965 last week. The market has trimmed a small portion of its gains this week after finding strong resistance around the ascending trendline drawn from the record high of 36,950. From a technical perspective, the weakness could persist as overbought signals in the RSI and the stochastics may encourage profit-taking activities. Still, the [..]

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