Technical Analysis / Page 197

Technical Analysis – EURUSD drops below parity but remains above descending trendline

Posted on October 31, 2022 at 8:35 am GMT

EURUSD has been losing ground since the beginning of the year, creating a clear structure of lower highs and lower lows. Although the pair managed to cross above both its descending channel and the 50-day simple moving average (SMA), it quickly retraced lower slightly below parity. The momentum indicators currently suggest that bullish forces are subsiding but still hold the upper hand. Specifically, the RSI is pointing downwards above its 50-neutral mark, while the MACD histogram is softening above both zero [..]

Technical Analysis – Gold moves down from short-term SMAs

Posted on October 31, 2022 at 7:50 am GMT

Gold prices are moving lower after several failed attempts to jump above the short-term simple moving averages (SMAs). The price remains below the long-term descending trend line and the technical oscillators currently confirm the bearish structure. The MACD oscillator is moving sideways below the zero level, while the RSI is flattening in the negative region. To the downside, immediate support could come from the two-and-half-year low of 1,615, which was tested two times over the last month. Moving lower, the troughs of March [..]

Technical Analysis – BTCUSD jumps above 50-day SMA but advance losses steam

Posted on October 28, 2022 at 12:47 pm GMT

BTCUSD (Bitcoin) has been in a downtrend after the price failed to surpass the 25,200 region in mid-August. Although the king of cryptocurrencies has been trading within a tight range in the past month, it broke its sideways pattern to the upside and crossed above its 50-day simple moving average (SMA). The momentum indicators suggest that bullish forces are subsiding. Specifically, the MACD histogram is weakening above zero and its red signal line, while the RSI is declining but remains [..]

Technical Analysis – GBPJPY consolidates after posting a 6½-year high

Posted on October 28, 2022 at 9:44 am GMT

GBPJPY has experienced significant moves in the short term, with the price losing around 11% before recovering back to form a fresh 6½-year high of 170.59. In the last couple of sessions, the pair has been trading sideways, but a break to the upside seems to be a matter of time as positive momentum is strengthening. The short-term oscillators currently endorse a positive near-term bias. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is strengthening above its [..]

Technical Analysis – USDCAD extends retreat after hitting 29-month high

Posted on October 28, 2022 at 7:51 am GMT

USDCAD has been in a steep uptrend since mid-September when the price managed to forcefully cross above the 1.3222 region. Although the pair recently spiked higher to a fresh 29-month high, it quickly lost some ground, hinting that its latest rally could be overstretched. The momentum indicators currently suggest that bullish forces are waning. Specifically, the RSI has fallen marginally below its 50-neutral mark, while the MACD histogram has dived beneath its red signal line but remains in the positive territory. [..]

Technical Analysis – USDCHF recoups some losses near 0.9900

Posted on October 27, 2022 at 11:00 am GMT

USDCHF is recouping some of the losses of the preceding couple of days, while in the previous week, the market posted a spike towards a fresh three-year high of 1.0147. Currently, the price is developing beneath the 20-day simple moving average (SMA), while the technical oscillators are suggesting a weakening bias. The MACD is standing beneath its trigger line in the bullish area and the RSI is flirting with the neutral threshold of 50. In case of further losses, the [..]

Technical Analysis – EURUSD bears show up ahead of ECB rate decision

Posted on October 27, 2022 at 9:39 am GMT

EURUSD lost momentum after speeding up to the six-week high of 1.0092 in the four-hour chart. According to the RSI and the stochastics, the pair has reached overbought levels, making a downside correction possible ahead of the ECB policy announcement. Yet, sellers may not take a lead if the support around the 78.6% Fibonacci retracement of the 1.0197-0.9535 downleg stands firm at 1.0054. In this case, the price could pivot northwards with scope to test September’s high of 1.0197. A decisive close above [..]

Technical Analysis – WTI oil futures aim for continuation higher

Posted on October 27, 2022 at 7:21 am GMT

WTI oil futures (December delivery) closed strongly up by 4.0% on Wednesday at 88.26 after four consecutive days of muted trade, raising speculation that the upturn could gain extra legs in the near term. Previously, the price stepped on the broken descending trendline to defend the rebound off the nine-month low of 76.25. In momentum indicators, the RSI has climbed back above its 50 neutral mark and the stochastics keep sloping upwards, reflecting a bullish bias. Yet, the latter is already near [..]

Technical Analysis – AUDUSD moves up, suggesting an upside correction in near term

Posted on October 27, 2022 at 6:56 am GMT

AUDUSD has been showing improvement over the last couple of days, taking the market above the 20-day simple moving average (SMA). The MACD oscillator is rising above its trigger line in the negative region, while the RSI is ticking higher above the neutral threshold of 50. The red Tenkan-sen line is also moving higher, suggesting an upside correction. Immediate resistance to further gains would likely come from the 0.6550 resistance ahead of the 50-day SMA at 0.6590. If there is a successful break [..]

Technical Analysis – AUDNZD rebounds but stays below a prior uptrend line

Posted on October 26, 2022 at 2:35 pm GMT

AUDNZD traded higher this week, after hitting support at the 200-day exponential moving average, slightly below the 1.1030 support, marked by Thursday’s low. That said, the pair remains below the prior uptrend line drawn from the low of November 22, while the 50-EMA appears to be the first line of defense for the bears. This keeps the case of another round of selling soon well on the table. The RSI rebounded from near its 30 line and the MACD, although [..]

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