Technical Analysis / Page 203

Technical Analysis – GBPUSD extends decline, approaching the 1.1000 region

Posted on October 11, 2022 at 6:58 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. Even though the pair managed to bounce back and recoup some losses, it has turned lower again after the latest advance fell short near the 1.1480 zone. The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, the stochastic oscillator has dived lower and entered the 20-oversold territory, while the RSI has flatlined beneath [..]

Technical Analysis – EURJPY is capped by 20-day SMA in the short-term

Posted on October 11, 2022 at 6:47 am GMT

EURJPY is easing for the fifth consecutive red day and is being capped by the 20-day simple moving average (SMA). The pair is creating a bearish correction in the short-term timeframe, but it still remains above the long-term uptrend line. Technically, the RSI indicator is moving slightly lower around the neutral threshold of 50, while the stochastic is entering the oversold zone. Both currently confirm the recent negative movement. Should prices decline further, immediate support could be found around the 23.6% Fibonacci retracement level of [..]

Technical Analysis – US 500 index remains bearish as recent bounce runs out of steam

Posted on October 10, 2022 at 9:41 am GMT

The US 500 cash index is tumbling for the fourth red day after finding strong resistance at the 20-day simple moving average (SMA) near the 3,811 barrier. The RSI indicator is pointing down in the negative region, while the MACD is still in bearish area but is moving above its trigger line. If the index continues the negative movement, a lower low will be posted beneath the 3,630 trough. The price found strong support at the weekly SMA in the [..]

Technical Analysis – AUDUSD plummets to fresh lows; bearish bias intact

Posted on October 10, 2022 at 9:21 am GMT

AUDUSD opened the week on a negative note, worsening its broad downtrend to a new 30-month low of 0.6287. The market seems to be trading within oversold waters according to the RSI and the stochastics on the four-hour chart. However, with the indicators showing no signs of improvement, the selling round may continue a bit longer before it stabilizes again. The 0.6282-0.6250 area, which was last active in April 2020, is currently under the spotlight. If that floor cracks, the door will open for the [..]

Technical Analysis – USDJPY retains bullish outlook

Posted on October 10, 2022 at 7:27 am GMT

USDJPY inched slightly lower to retest Friday’s constraints in the four-hour chart after stretching its gains moderately up to 145.66 – the highest in almost three weeks. Previously, the pair closed marginally above an ascending triangle, raising confidence that the bullish trend could see further continuation. That could preserve the buying the dip mentality in the near term. Besides, with the MACD and the RSI maintaining a positive trajectory within the bullish area, and the 20-day simple moving average (SMA) [..]

Technical Analysis – EURUSD retreats after rebound falters

Posted on October 10, 2022 at 7:17 am GMT

EURUSD has been losing ground since the beginning of the year, creating a clear structure of lower highs and lower lows within a descending channel. Although the pair managed to post a moderate rebound after finding its feet at the 20-year low of 0.9430, it quickly retraced back as the 50-day simple moving average (SMA) curbed the upside. The momentum indicators currently suggest that the negative near-term bias is strengthening. Specifically, the RSI is declining below its 50-neutral mark, while the stochastic oscillator has [..]

Technical Analysis – Gold eases below the falling trend line again

Posted on October 10, 2022 at 6:45 am GMT

Gold prices are continuing the decline from the 1,730 resistance level, dropping back below the long-term descending trend line. In trend indicators, the 20- and 50-day simple moving averages (SMAs) are acting as support and resistance levels for traders, while the MACD is moving sideways in the negative zone. However, the RSI is confirming the recent bearish bias as it is developing beneath the neutral threshold of 50. Further losses should see the 20-day SMA currently at 1,675, before plunging to [..]

Technical Analysis – USDCHF maintains uptrend structure but consolidation not over yet

Posted on October 7, 2022 at 1:12 pm GMT

USDCHF has more than recouped the losses from Tuesday when it tumbled sharply and is testing the 0.9950 resistance region. The momentum indicators point to a bullish bias in the near term, with the RSI ticking up and aiming for the 70 level, though the stochastics have already entered overbought territory, suggesting limited scope for further gains. The uptrend line in the 4-hour chart taken from the September 13 low remains intact. Moreover, the price is additionally above the Ichimoku [..]

Technical Analysis – AUDJPY escapes rising wedge formation

Posted on October 7, 2022 at 12:20 pm GMT

AUDJPY tumbled yesterday, after hitting resistance at the crossroads of the 94.50 level and the upper bound of a rising wedge formation that had been containing the price action since September 27. The slide resulted in the break below the lower end of the pattern but thereafter, the pair began oscillating slightly above 92.65. This paints a negative picture, but a break below 92.65 may be needed for more declines to materialize. Both the RSI and the MACD are lying within [..]

Technical Analysis – GBPJPY flirts with short-term SMAs after declining move

Posted on October 7, 2022 at 8:56 am GMT

GBPJPY is posting a bearish correction after the 11% gain and the rebound off the 26-month low of 148.80. Currently, the price is testing the 20- and 50-day simple moving averages (SMAs) and slightly lower the 200-day SMA is acting as significant support. The RSI is consolidating near the 50 level, while the MACD is standing near the zero level. To the downside, immediate support could come from the 200-day SMA at 160.50 before diving towards the 152.60 barrier. [..]

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