Technical Analysis / Page 200

Technical Analysis – EURGBP finds support at 50-day SMA

Posted on October 19, 2022 at 9:10 am GMT

EURGBP is looking bullish in the short term after the rebound off the 50-day simple moving average (SMA) in the previous week. Prices are moving towards the next resistance at the 20-day SMA and the technical indicators are all pointing to further positive momentum. The stochastics are heading upwards, with the %K line and %D lines completing a bullish cross, suggesting plenty of scope for additional upside moves. The RSI is trying to enter the positive area with weak momentum. [..]

Technical Analysis – USDJPY aims for 150; overbought signals strong

Posted on October 19, 2022 at 7:51 am GMT

USDJPY has trimmed its bullish momentum since the spike above the 1998 top of 147.71, gradually moving northwards within the 149.00 area – the highest since 1990. The pair is in its tenth week of gains well above the Ichimoku cloud, increasing speculation that the bull run is probably nearing a peak. The RSI is flirting with its previous high in the overbought area, while the stochastics are also comfortably above their 80 overbought level, backing that narrative too. If the 150.00 psychological mark proves easy [..]

Technical Analysis – NZDUSD rangebound after bouncing off 30-month low

Posted on October 19, 2022 at 7:37 am GMT

NZDUSD has been trending lower since March, generating a profound structure of lower highs and lower lows. Nevertheless, the pair has been trading sideways in the last few daily sessions, attempting a minor recovery after hitting a 30-month low of 0.5510. The momentum indicators are endorsing a cautiously positive near-term tone. Specifically, the MACD histogram has jumped above its red signal line but remains in the negative territory, while the stochastic oscillator is ascending sharply towards its 80-overbought region. To [..]

Technical Analysis – Gold flirts with previous lows at 1,640

Posted on October 19, 2022 at 7:11 am GMT

Gold prices are heading south following the multiple pullbacks off the 20-period simple moving average (SMA). The short-term picture is still bearish as the price has lost more than 5% from the beginning of this year. Technically, the RSI is sloping downwards in the negative region, while the MACD is trying to lose momentum beneath its trigger and zero lines. The price is approaching the 1,640 support, while steeper declines may meet the next obstacle of 1,615, which is a 29-month trough. On the other hand, [..]

Technical Analysis – J&J rises on better Q3 numbers, but still within a range

Posted on October 18, 2022 at 3:27 pm GMT

The Johnson & Johnson stock opened with a negative gap today but rose instantly to cover the gap due to the firm beating top- and bottom-line estimates for Q3, helped by pharmaceutical sales. Having said all that though, the stock remains within the sideways range that’s been containing most of the price action since August 23, which implies a neutral short-term outlook. Both the RSI and the MACD are detecting positive momentum, suggesting that some further advances could be possible. [..]

Technical Analysis – US 100 rebounds from near 11035, but still in a downtrend

Posted on October 18, 2022 at 1:34 pm GMT

The US 100 cash index rebounded from 11035 last Thursday, with the recovery accelerating this week. That said, the index remains well below the downside resistance line drawn from the high of December 28, as well as below all the plotted exponential moving averages, which keeps the broader outlook negative. The RSI and the MACD point to weakening downside momentum, which means that some further recovery may be on the cards before the bears take the upper hand again. The [..]

Technical Analysis – EURJPY advances to fresh 7½-year highs

Posted on October 18, 2022 at 7:59 am GMT

EURJPY has been in a prolonged uptrend since early March, generating consecutive multi-year highs. Moreover, even though the pair exhibited a substantial downside correction in late-September, the short-term picture has improved drastically again, with the price edging higher to a fresh 7½-year high of 146.98 in today’s session. The short-term oscillators currently indicate that bullish forces are intensifying. Specifically, the RSI has entered its 70-overbought area, while the MACD histogram is strengthening above its red signal line in the positive territory. Should buying [..]

Technical Analysis – GBPUSD faces a rocky path ahead

Posted on October 18, 2022 at 7:45 am GMT

GBPUSD continued to flirt with the 1.1400 round level for the fourth consecutive trading day, despite its muted tone early on Tuesday. The price was also pushing for a close above a short-term descending trendline, which has kept the bulls under control so far this month. Despite the efforts, the technical picture continues to question the prospect for a meaningful rally. The RSI has barely increased above its 50 neutral mark, remaining below its previous high, while the stochastics seem to be looking for a bearish [..]

Technical Analysis – AUDUSD stays in downtrend, but struggles to go for a lower low

Posted on October 17, 2022 at 1:09 pm GMT

AUDUSD traded higher late on Friday and today after it found support at 0.6190, slightly above the two and a half year low of 0.617 hit on Thursday. Overall, the pair continues to trade below the downtrend line drawn from the high of September 13, as well as below a longer-term downside line, taken from the high of August 11. This keeps the broader outlook negative, but a break below 0.6170 may be needed to signal a continuation of the [..]

Technical Analysis – EURCHF consolidates after advance pauses

Posted on October 17, 2022 at 10:43 am GMT

EURCHF has been marching higher in the short term after finding its feet at the 0.9643 level. However, in the last couple of sessions its recovery has been on hold, with the bulls appearing to have lifted the foot off the gas. The momentum indicators suggest that bullish forces are waning. Specifically, the stochastic oscillator is descending after posting a bearish crossover, while the MACD has dropped beneath its red signal line in the positive region. If selling pressures intensify, the pair could [..]

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