Technical Analysis / Page 198

Technical Analysis – Gold ascends sharply but 200-SMA curbs upside

Posted on October 26, 2022 at 1:09 pm GMT

Gold has been in a downtrend since the beginning of the month, generating a structure of lower highs and lower lows. However, bullion managed to recoup some losses lately and jump above the upper boundary of the Ichimoku cloud before the 200-period simple moving average (SMA) capped its advance. The momentum indicators suggest that near-term risks are tilted to the upside. Specifically, the stochastic oscillator is ascending near the 80-overbought region, while the MACD histogram is strengthening beyond both zero [..]

Technical Analysis – EURGBP trades in trendless mode

Posted on October 26, 2022 at 11:36 am GMT

EURGBP traded lower yesterday, after it hit resistance slightly below the 0.8780 zone. Today, the rate is flirting with the 0.8655 barrier, but a break lower may be needed before the bears claim full control of the pair. Most of the price action has been contained between that barrier and 0.8780 since the beginning of the month, which suggests a neutral short-term picture. The RSI is lying below 50 and the MACD is running below both its zero and trigger lines, [..]

Technical Analysis – Apple stock accelerates recovery, 50-day SMA in focus

Posted on October 26, 2022 at 9:42 am GMT

Apple’s stock has been trending lower since mid-August when it met strong resistance at the 176.00 region. Nevertheless, the price has been attempting a strong recovery in the short term, currently approaching its 50-day simple moving average (SMA), while trading above its upper-Bollinger band. The momentum indicators suggest that bullish forces are in control. Specifically, the stochastic oscillator is ascending within the overbought area and the RSI is strengthening above its 50-neutral mark. To the upside, if the advance resumes, [..]

Technical Analysis – NZDUSD eyes a bullish break; caution required

Posted on October 26, 2022 at 7:24 am GMT

NZDUSD is testing the 200-period simple moving average (SMA) in the four-hour chart for the first time since August at 0.5764. The pair has been gently trending up following the drop to 0.5510, the lowest since March 2020. From a technical perspective, the positive trajectory in the RSI and the MACD is signaling additional gains ahead, though any advances could prove limited if the channel’s upper boundary halts the recovery within the 0.5830-0.5860 region. The 0.5900 psychological mark might be another hurdle, preventing a sharp [..]

Technical Analysis – USDJPY fails to improve bullish outlook but still above 20-day SMA

Posted on October 26, 2022 at 6:49 am GMT

USDJPY is losing some momentum after the rally towards the fresh 32-year high of 151.93 in the very near-term. However, the market is still rebounding on the 20-day simple moving average (SMA), confirming the long-term bullish outlook. According to the technical indicators, the MACD is heading south below its trigger line in the positive region, while the RSI is pointing downwards after the sharp advance towards the overbought area. In trend indicators, the 20- and 50-day simple moving averages (SMAs) [..]

Technical Analysis – EURJPY trapped below 147.00; bias cautiously bullish

Posted on October 25, 2022 at 12:26 pm GMT

EURJPY quickly recovered Friday’s sharp pullback, but it could not close above the tough 147.00 ceiling, which has been restraining bullish movements for almost a week now. Strikingly, the resistance line drawn from August 2020 is also positioned in the same area. The RSI and the stochastics have fallen from overbought levels, reflecting a weakening bias. Yet, the former is still comfortably above its 50 neutral mark, while the MACD is well elevated above its red signal line, both suggesting that [..]

Technical Analysis – GBPUSD struggles withing short-term SMAs; neutral bias

Posted on October 25, 2022 at 6:36 am GMT

GBPUSD is hovering within the 20- and 50-day simple moving averages (SMAs) after the bearish movement from the 1.1400 mark on Monday. In the short-term, the price is failing to endorse a bullish correction and is shifting the bias to neutral. Technically, the MACD oscillator is still strengthening its positive momentum, while the RSI is moving sideways near the neutral threshold of 50. Should prices reverse lower, immediate support could come from the 20-day SMA at 1.1205. Below that, the [..]

Technical Analysis – US 500 index bounces off 23-month low, downtrend intact

Posted on October 24, 2022 at 8:40 am GMT

The US 500 stock index (cash) has been constantly losing ground in the short term, recording consecutive fresh multi-month lows. Nevertheless, the price has managed to recoup some losses after rebounding from the 23-month low of 3,490. The short-term oscillators currently suggest that bullish forces are strengthening. Specifically, the RSI has jumped above its 50-neutral mark, while the MACD histogram is edging higher above its red signal line in the negative territory. Should buying pressures persist, the price could initially test 3,812, which is the 38.2% [..]

Technical Analysis – Gold’s bearish trend falters, but sellers still in play

Posted on October 24, 2022 at 7:34 am GMT

Gold stretched Friday’s upleg to an intra-day high of 1,670 before turning negative again below 1,660 on Monday. In terms of market trend, the precious metal seems to be forming a bullish double bottom pattern around 1,614, though a durable extension above the 1,730 neckline is required to confirm it. Encouragingly, the previous three candlesticks resembled a bullish doji setting, increasing hopes for an upside reversal too. In the meantime, though, the technical oscillators suggest that the market may keep facing choppy [..]

Technical Analysis – EURUSD tests 50-day SMA and returns lower again

Posted on October 24, 2022 at 6:40 am GMT

EURUSD stretched its upside movement towards the descending trend line and the 50-day simple moving average (SMA) near 0.9900 but is quickly returning those gains. The MACD is holding above its trigger and zero lines in the negative region, while the RSI is ticking slightly lower around the 50 level, confirming the recent downside momentum. A pullback may meet immediate support around the 20-day SMA at 0.9785, while even lower the bears could try to overcome the 0.9630 barrier. Should [..]

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