Technical Analysis / Page 199

Technical Analysis – Natural gas futures set for big weekly loss; outlook threatened

Posted on October 21, 2022 at 10:21 am GMT

Natural gas futures (November delivery) are on track for their biggest weekly loss since June after the negative gap below the 2022 support trendline exacerbated the seven-week sell-off. The bears are currently looking to downgrade the medium-term outlook to negative below June’s floor of 5.31. If they succeed, all the attention will turn to the crucial 4.85-4.65 region, where the price peaked several times over the past decade. Should downside pressures persist, support could next occur within the 4.30-4.00 constraining area. Alternatively, an upside reversal may [..]

Technical Analysis – ETHUSD rangebound after decline pauses

Posted on October 21, 2022 at 9:47 am GMT

ETHUSD has been trending downwards since mid-August when the price failed to surpass the 2,030 mark. Even though Ethereum experienced an acceleration of its decline following the successful completion of the Merge in mid-September, it has been trading within a tight range during the past month. The momentum indicators currently suggest that near-term risks remain tilted to the downside. Specifically, the RSI is declining beneath its 50-neutral mark, while the stochastic oscillator is descending after posting a bearish cross. Should selling pressures intensify, the [..]

Technical Analysis – GBPJPY consolidates after hitting 6½-year high

Posted on October 21, 2022 at 8:44 am GMT

GBPJPY has experienced some large moves in the short term, with the price losing around 10% before recovering back and forming a fresh 6½-year high of 170.80. Nevertheless, the pair has been trading sideways in the last few daily sessions, waiting for developments that could provide fresh directional impetus. The short-term oscillators currently suggest that bullish forces remain in control. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is strengthening above its red signal line in [..]

Technical Analysis – USDCAD trapped below 1.3800; uptrend intact

Posted on October 21, 2022 at 7:54 am GMT

USDCAD has partially recovered Monday’s pullback as the 1.3800 level proved hard to overcome during the week, limiting bullish moves. Although the RSI and the MACD reflect some caution as the former is lacking direction in the bullish area, and the latter keeps decelerating below its red signal line, the positive trend is still intact above the 20-day simple moving average (SMA). If the bulls manage to pierce through the 1.3800 level, where the 61.8% Fibonacci retracement of the 1.4667-1.2006 downtrend is [..]

Technical Analysis – USDCHF retests the 3-year peak of 1.0070

Posted on October 21, 2022 at 7:11 am GMT

USDCHF has gained a little this week, and it managed to hold above the 20-day simple moving average (SMA) and re-enter the bullish area, with the technical indicators feeding prospects for a possible positive short-term trading outlook; the RSI holds well above 50, while the MACD is trying to gain some ground in the positive territory. However, should the price close comfortably above the three-year high of 1.0070, that could add optimism for a test of the 1.0235 resistance, registered in April 2019. More advances could [..]

Technical Analysis – EURAUD in bearish corrective move; uptrend intact

Posted on October 20, 2022 at 12:26 pm GMT

EURAUD took a soft bearish turn after its steep uptrend found strong resistance at an almost eight-month high of 1.5686. Previously, the pair advanced above June’s high of 1.5396, adding more credence to the two-month-old bull run. Yet, the technical oscillators currently warn that the ongoing bearish correction may get more legs before the focus shifts to the upside again. Particularly, with the RSI retreating below its 70 overbought mark and the stochastics shifting southwards, the bears may keep leading [..]

Technical Analysis – GBPAUD plummets more than 2% towards 200-day SMA

Posted on October 20, 2022 at 9:51 am GMT

GBPAUD plunged by 2.2% and straight towards the 200-day simple moving average (SMA) after a failed attempt to surpass the seven-month high of 1.8210. The 20- and 50-day simple moving averages (SMAs) seem to be acting as support levels once again at 1.7420 and 1.7185 respectively, though the price needs to break the 1.7705 region first. Also, the aforementioned lines are containing the 1.7315 support as well, so any declines below these levels may switch the outlook to bearish. The [..]

Technical Analysis – WTI oil futures drift higher, crucial barriers on sight

Posted on October 20, 2022 at 8:05 am GMT

WTI oil futures (December delivery) have been experiencing a prolonged decline since mid-June, while their two latest rebounds fell short at the lower boundary of the Ichimoku cloud. However, the commodity seems to be gaining some ground after encountering strong support at 81.30, with the price now aiming for the 50-day simple moving average (SMA). The momentum indicators currently suggest that the bullish forces are strengthening. Specifically, the stochastic oscillator is ascending after rebounding from the 20-oversold zone, while the RSI has jumped above its 50-neutral [..]

Technical Analysis – AUDUSD vulnerable near 30-month lows

Posted on October 20, 2022 at 7:50 am GMT

AUDUSD could not successfully exit the consolidation area of 0.6200-0.6300 despite starting the week on a positive note, with the price remaining exposed to its 30-month low of 0.6169. The RSI is lacking direction below its 50 neutral mark, while the MACD is attached to its red signal line within the bearish area, both endorsing the short-term neutral trajectory in the price. A close above the 20-day simple moving average (SMA) and the 23.6% Fibonacci retracement of the 0.7136-0.6169 downleg [..]

Technical Analysis – JP 225 index finds strong obstacle at 100- and 200-day SMAs; neutral bias

Posted on October 20, 2022 at 7:28 am GMT

The JP 225 index has been struggling to jump above the 200- and 100-day simple moving averages (SMAs) over the last month as it shifted the short-term outlook to neutral. The price is consolidating within the 25,860 and 27,400 barriers. Technically, the RSI is pointing marginally down around the neutral threshold of 50, while the stochastic posted a bearish crossover within the %K and %D lines in the overbought region, suggesting a negative bias. In the case of more downside [..]

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