Technical Analysis / Page 196

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 [..]

Technical Analysis – NZDUSD shows positive signs above 50-day SMA in short-term

Posted on November 2, 2022 at 7:52 am GMT

NZDUSD rebounded off the 31-month low of 0.5510 in the mid-October. Currently, the market is advancing above the 50-day simple moving average (SMA) with the technical oscillators showing positive signs as well. The MACD is extending the bullish momentum above its trigger and zero lines, while the RSI is standing above the neutral threshold of 50. More upside pressures could lead the price towards the 0.6000 psychological mark before meeting the long-term downtrend line around 0.6070. If traders continue to [..]

Technical Analysis – US 500 index seeks next bullish breakout

Posted on November 1, 2022 at 11:00 am GMT

The US 500 stock index (cash) has been building a pattern of higher highs and higher lows since its 2021 downtrend stalled at an almost two-year low of 3,489 in mid-October. With the price trading above its simple moving averages (SMAs) on the four-hour chart and the momentum indicators fluctuating within the bullish territory, buying interest could persist in the short term. October’s high of 3,913, which coincides with the 50% Fibonacci retracement of the 4,325-3,489 downleg, is currently under examination. The bulls will [..]

Technical Analysis – AUDUSD tests key resistance as signals improve

Posted on November 1, 2022 at 8:38 am GMT

AUDUSD regained some lost ground after stepping on the 50-period simple moving average (SMA) on the four-hour chart on Monday. The 20- and 200-period SMAs immediately came to reject a continuation higher on Tuesday within the 0.6420-0.6440 territory, but the RSI and the MACD, although gradually improving, are feeding some hopes that the recovery may get back on track. The positive trajectory in the stochastics is also an encouraging sign that there might be some room for further improvement in the market. Above the [..]

Technical Analysis – GBPUSD battles with descending trendline

Posted on November 1, 2022 at 8:34 am GMT

GBPUSD has been in a prolonged downtrend since the beginning of the year, plummeting to an all-time low of 1.0324 in mid-September. Although the pair has been in a recovery mode since then and lately crossed above its descending trendline, its latest advance failed to strengthen further, with the pair retracing back to its bearish pattern. The short-term oscillators are currently indicating a cautiously bullish near-term tone. Specifically, the RSI is hovering slightly above its 50-neutral mark, while the MACD histogram is [..]

Technical Analysis – EURJPY pauses near 8-year high; neutral bias in near term

Posted on November 1, 2022 at 7:49 am GMT

EURJPY is moving sideways after the jump to the eight-year high of 148.40, failing to endorse the bullish outlook in the long-term. The RSI indicator is moving lower in the positive region, while the MACD oscillator dived beneath its trigger line above the zero level. The 20- and 40-day simple moving averages (SMAs) are still moving north and are acting as strong support lines. Should selling forces strengthen, the 20-day SMA at 145.25 will come under the spotlight ahead of [..]

Technical Analysis – EURCHF tests the upper Bollinger band; bullish in short-term

Posted on October 31, 2022 at 10:31 am GMT

EURCHF appears to be maintaining a horizontal trajectory trapped between the 0.9865 support and the 0.9950 resistance, which is near with the upper Bollinger band. A paused state of directional momentum is reflected in the RSI indicator; however, the MACD oscillator is still strengthening its movement above its trigger and zero lines. To the upside, bearish pressure over the last week has denied upside moves. If buyers manage to jump above the 0.9950 barrier, a revisit of the 200-day simple moving [..]

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